1. At a Glance – The Smallcap Oil Trader With Global Dreams
₹135 crore market cap.
₹174 crore TTM sales.
₹9.10 crore TTM profit.
Stock price: ₹9.95.
P/E: 14.9.
ROE: 15.8%.
Debt: ₹28 crore.
Promoter holding: 57.6%.
Return in last 3 months: -13.7%.
And here’s the twist — Q3 FY26 (Dec 2025) revenue came in at ₹43.45 crore, but PAT dropped 29.5% YoY to ₹1.97 crore.
This is a company selling lubricants and base oils across 25+ countries, running manufacturing units in UAE and Kenya, promising East African expansion, and yet the stock has been sliding like an un-oiled gearbox.
Sales are growing 17% TTM. Profit CAGR over 5 years is 29%. But working capital is stretched with 182 debtor days.
So the question is simple: Is this a quietly compounding petrochemical trader… or a liquidity stress story in disguise?
Let’s open the drum and check what’s really inside.
2. Introduction – The Global Oil Hustler From Vadodara
Maximus International isn’t your typical Gujarat trading company.
It is a subsidiary of Optimus Finance Ltd — yes, an NBFC parent. Which means your lubricant company is technically a child of a finance company. Already interesting.
The company imports and exports lubricants, base oils, and petrochemical products. It operates manufacturing facilities through step-down subsidiaries in UAE and Kenya.
So technically:
Vadodara HQ
Manufacturing in UAE
Blending in Kenya
Distribution in East Africa
Exports to Middle East & Africa
Not bad for a ₹135 crore company.
They even signed a distributorship agreement in Kenya covering Uganda, Tanzania, Congo, and Rwanda — projecting East African revenue to cross ₹100 crore in 2 years.
Ambition level? High.
Execution consistency? Let’s examine.
Because when you see:
• Repeated equity warrant conversions
• Rising borrowings
• Debtor days at 182
• No dividend despite profits
You start asking questions.
Ready? Let’s dive deeper.
3. Business Model – WTF Do They Even Do?
Imagine you want to manufacture engine oil in Africa.
You call Maximus.
They can:
• Manufacture lubricants
• Blend oils
• Supply base oils
• Do turnkey lubricant projects
• Toll manufacture for you
• Help you set up a plant
They operate in four segments:
- Lubricant Manufacturing
- Turnkey Projects
- Sourcing & Distribution
- Toll Blending
Manufacturing capacity: 18,000 KL per annum.
Products include:
• Automotive lubricants
• Textile oils
• Transformer oils
• Refrigeration oils
• Specialty oils
Basically, if it moves, rotates, heats, or conducts electricity — they have an oil for it.
But here’s the reality:
They are part manufacturer.
Part trader.
Part project consultant.
Which means margins can swing depending on commodity pricing and receivable cycles.
And when you’re exporting to Africa and GCC — currency, credit, and geopolitical risks come free with the shipment.
So the business sounds diversified.
But is it stable?
Let’s check the numbers.
4. Financials Overview – Q3 FY26
EPS:
Jun 2025: ₹0.17
Sep 2025: ₹0.20
Dec 2025: ₹0.14
Average = (0.17 + 0.20 + 0.14) / 3 = ₹0.17
Annualised EPS = ₹0.17 × 4 = ₹0.68
Current Price ₹9.95
Calculated P/E = 9.95 / 0.68 ≈ 14.6
Matches reported P/E ~14.9.
Quarterly
