Maks Energy Solutions India Limited (MAKS)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Maks Energy's revenue was ₹28.0 Cr (-13.8% year on year, +7.1% on the previous half-year), and net profit ₹0.6 Cr (+42.9% year on year); the operating margin was 7.2%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹28.0 | -13.8% | +7.1% |
| Operating profit | ₹2.0 | +14.9% | +108.3% |
| Net profit | ₹0.6 | +42.9% | +757.1% |
| EPS (₹) | 0.87 | +42.6% | +770.0% |
| Operating margin | 7.2% | — | — |
MAKS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the MAKS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 98.89%. That is close to its usual level. Turnover was under ₹1 lakh, so a handful of trades can move this figure. It closed at its lower price band (circuit) on 16 Oct, one of 4 band closes in about the last 20 sessions.
Delivery in the last 3 sessions: 100.0% · 100.0% · 100.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Maks Energy Solutions India Limited responded to an NSE surveillance inquiry dated September 09, 2026, regarding recent movements in its share price. The company confirmed that it has made all necessary disclosures under Regulation 30 of SEBI LODR and currently has no undisclosed price-sensitive information or announcements. Management attributed recent stock price fluctuations purely to normal market conditions and investor sentiment. The micro-cap stock (market cap ₹9 Cr) has declined 54.2% over the past 12 months.
- NSE surveillance letter reference Ref. No. NSE/CM/Surveillance/17523 dated September 09, 2026 received
- Company confirmed compliance under Regulation 30 of SEBI LODR Regulations, 2015
- Management affirmed zero pending or upcoming undisclosed price-sensitive information as of September 10, 2026
- Price movements attributed entirely to standard market conditions and sentiment
Maks Energy Solutions India Limited has announced its record date and book closure details for its upcoming Annual General Meeting (AGM). The record date to determine member entitlement for electronic voting is fixed as September 16, 2026. The company's register of members will remain closed from September 17, 2026 to September 23, 2026. The AGM is scheduled to take place on Wednesday, September 23, 2026.
- Record date for e-voting entitlement set as 16th September 2026
- Book closure period scheduled from 17th September 2026 to 23rd September 2026
- Annual General Meeting (AGM) to be held on Wednesday, 23rd September, 2026
Maks Energy Solutions India Limited has fixed September 16, 2026, as the record date to determine members entitled to cast votes electronically at the upcoming Annual General Meeting (AGM). The company's register of members and share transfer books will remain closed from September 17, 2026, to September 23, 2026. The AGM is scheduled to take place on Wednesday, September 23, 2026. This is a standard corporate compliance filing under Regulation 42 of SEBI LODR Regulations.
- Record date for e-voting entitlement set as 16th September 2026
- Book closure period scheduled from 17th September 2026 to 23rd September 2026
- Annual General Meeting scheduled to be held on Wednesday, 23rd September, 2026
Maks Energy Solutions India Limited has issued the notice for its 16th Annual General Meeting scheduled for September 23, 2026. The accompanying audit report details recurring qualifications for the fourth consecutive time regarding ₹460.91 Lakhs (₹4.61 Cr) of aged trade receivables and ₹82.43 Lakhs of vendor advances without provision. These unprovided balances aggregate to ₹5.43 Cr, which is significant against the company's net worth of ₹18 Cr. Management states that ₹290 Lakhs of receivables are under active legal proceedings and vendor advances are being monitored for adjustment.
- 16th Annual General Meeting scheduled for Wednesday, September 23, 2026, at 11:00 AM in Pune
- Auditor flagged unprovided trade receivables of ₹460.91 Lakhs outstanding for 2-3 years (4th-time qualification)
- Auditor flagged unprovided vendor advances of ₹82.43 Lakhs outstanding for 1-3 years (4th-time qualification)
- Management noted ₹290 Lakhs of receivables are under legal recovery proceedings and ₹32 Lakhs are disputed post-shipment
- Remote e-voting window open from September 20, 2026 (9:00 AM) to September 22, 2026 (5:00 PM)
Maks Energy Solutions India Limited announced that its Annual General Meeting (AGM) will be held on Wednesday, September 23, 2026, in Pune. The record/cut-off date for determining member entitlement for electronic voting has been fixed for September 16, 2026. Remote e-voting will be open from September 20, 2026 (9:00 AM) to September 22, 2026 (5:00 PM). The company also closed its Register of Members from September 17 to September 23, 2026, and appointed CS Gauri Hemant Gokhale as the voting scrutiniser.
- AGM scheduled for Wednesday, September 23, 2026, at 11:00 AM IST in Pune
- Record date / cut-off date for e-voting entitlement fixed as September 16, 2026
- Remote e-voting open from September 20, 2026 (9:00 AM IST) to September 22, 2026 (5:00 PM IST)
- Book closure set from September 17, 2026, to September 23, 2026 (both days inclusive)
Financial Performance
Revenue Growth by Segment
For FY 2024-25, the Trading segment contributed ₹3,575.48 lakh (approx. 53.6% of total income), while the Manufacturing/Assembling segment contributed ₹3,072.68 lakh (approx. 46.1%). For the half-year ended September 30, 2025, Trading revenue was ₹1,738.64 lakh and Manufacturing was ₹872.54 lakh, reflecting a shift toward trading activities in the current period.
Geographic Revenue Split
Not specifically disclosed in the provided documents, though the company identifies as an 'Exporter' of Diesel Generator sets, indicating a portion of revenue is derived from international markets.
Profitability Margins
The Net Profit Ratio improved significantly by 95.06%, rising from 0.43% in FY 2023-24 to 0.83% in FY 2024-25. This was driven by an 85.9% increase in Profit Before Tax (PBT) to ₹73.74 lakh, despite nearly flat revenue growth of 0.13%.
EBITDA Margin
The company reported a Profit Before Tax of ₹73.74 lakh for FY 2024-25, an 85.9% increase YoY. For the half-year ended September 30, 2025, the PBT was ₹9.16 lakh, compared to ₹14.72 lakh in the same period of the previous year, a decrease of 37.7% due to higher interest and unallocable expenses.
Capital Expenditure
The company invested ₹0.50 lakh in tangible/intangible assets during the half-year ended September 30, 2025, compared to ₹1.37 lakh in the previous year's corresponding period, indicating a conservative approach to immediate physical expansion.
Credit Rating & Borrowing
Interest expenses for FY 2024-25 were ₹176.60 lakh. For the half-year ended September 30, 2025, interest costs were ₹77.62 lakh, representing approximately 2.95% of total income for that period.
Operational Drivers
Raw Materials
Specific raw materials include diesel engines, alternators, and steel components for generator assembly, though exact percentage of total cost per material is not disclosed.
Capacity Expansion
The company manufactures Diesel Generator Sets ranging from 3 kVA to 3000 kVA. Specific installed capacity in units or planned expansion figures are not provided.
Raw Material Costs
Not disclosed as a specific line item, but the Manufacturing/Assembling segment results show a profit of ₹116.80 lakh for FY 2024-25, suggesting cost management in production despite competitive pressures.
Manufacturing Efficiency
Inventory Turnover Ratio improved by 15.56%, decreasing from 79 days to 66 days in FY 2024-25, indicating better stock management and manufacturing throughput.
Strategic Growth
Expected Growth Rate
15.20%
Growth Strategy
The company is implementing a strategic growth roadmap focused on its dual Manufacturing and Trading segments. Growth is targeted through the expansion of its Diesel Generator range (3 kVA to 3000 kVA) and increasing its service-based revenue including AMC, rentals, and turnkey projects. The 15.20% increase in median employee remuneration suggests an investment in human capital to drive this expansion.
Products & Services
Diesel Generator Sets (3 kVA to 3000 kVA), Spare Parts, AMC (Annual Maintenance Contracts), Rental Generators, Installation services, and Turnkey Energy Projects.
Brand Portfolio
MAKS, MAKS Energy Solutions.
New Products/Services
The company continues to focus on its core range of 3 kVA to 3000 kVA DG sets; specific new product launch revenue contributions are not disclosed.
Market Expansion
The company is targeting growth through its 'strategic growth roadmap' despite global macroeconomic uncertainties and demand cycle fluctuations.
External Factors
Industry Trends
The industry is characterized by a stable but highly competitive environment. MAKS is positioning itself by diversifying into services (AMC/Rental) and maintaining a wide product range (3-3000 kVA) to mitigate flat revenue trends in core sales.
Competitive Landscape
The company operates in an 'increasingly competitive environment' which has led to flat revenue growth (0.13%) despite improved internal profitability.
Competitive Moat
The company's moat is built on its OEM status and integrated service model (Sales, Service, Parts, AMC, Rental). Sustainability is challenged by high receivable days (93 days) and competitive pricing pressures.
Macro Economic Sensitivity
The company is sensitive to global macroeconomic uncertainties and inflationary pressures, which impact the cost of raw materials and the pace of growth plan implementation.
Geopolitical Risks
Global demand cycles and trade uncertainties are cited as potential impacts on operational performance.
Regulatory & Governance
Industry Regulations
The company complies with the Companies Act 2013, SEBI Listing Regulations, and Indian GAAP. It maintains a structured compliance management system to adhere to evolving environmental and health risks.
Taxation Policy Impact
The company reported a current tax expense of ₹21.47 lakh for FY 2024-25.
Legal Contingencies
The statutory auditor issued a modified opinion regarding trade receivables of ₹477.37 lakhs outstanding for more than 2-3 years without provision. If adjusted, this would turn the reported profit into a loss for the period.
Risk Analysis
Key Uncertainties
The primary uncertainty is the recoverability of ₹477.37 lakh in long-term trade receivables, representing a significant portion of the company's net worth.
Geographic Concentration Risk
The company is headquartered in Pune, Maharashtra, with branches in Nanded, Latur, and Hyderabad, indicating a strong regional concentration in Western and Southern India.
Technology Obsolescence Risk
The company has implemented IT controls and cybersecurity measures to mitigate digital risks associated with its operational platforms.
Credit & Counterparty Risk
Trade Receivables Turnover Ratio deteriorated by 24.90%, increasing from 74 days to 93 days in FY 2024-25, indicating rising credit risk and slower collections from customers.
