Maximus International MD, chairman, board of directors and AGM
BSE: 540401Commercial Services & SuppliesSmall Cap
Share price at the BSE close on 23 Oct 2026. Previous close ₹15.24.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹204 Cr2,675th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. The filing of 13 Aug 2026
- 22.7
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. The filing of 4 Jun 2026
- 2.3
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonein the last 12 months
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it. The filing of 13 Aug 2026
- 11.3%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet. The filing of 13 Aug 2026
- 8.8%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026. The filing of 4 Jun 2026
- 0.41
- Volume, BSEVolume. Shares traded on the last trading day.
- 25,483
Maximus International board of directors
At the end of the quarter to Jun 2026, as the company filed it; changes since are in its announcements.Their trades in its shares
- Chairperson and managing directorDIPAK VRAJLAL RAVAL
- Company Secretary and Compliance OfficerMs. Sonali Panchal
6 directors3 independent1 executive2 non-executive
- DIPAK VRAJLAL RAVAL · Chairperson and managing directorExecutive · joined Dec 2015 · reappointed Oct 2021 · 2 listed boards · 4 committee seats
- VINAY SHRIKRISHNA PANDYAIndependent · joined Apr 2019 · reappointed Apr 2024 · 86 months as independent · 2 listed boards · 2 as independent · 4 committee seats
- RAHIL THAKERIndependent · joined Dec 2021 · reappointed Dec 2021 · 54 months as independent · 2 listed boards · 2 as independent · 2 committee seats
- DIVYA CHIRAYU ZALANIIndependent · joined Dec 2021 · reappointed Dec 2021 · 54 months as independent · 2 listed boards · 2 as independent · 4 committee seats, 4 as chair
- ANAND SHAHI KANT MULEYNon-executive · joined Nov 2019 · reappointed May 2022 · 1 listed board
- ANIRUDDH RINKI GANDHINon-executive · joined Apr 2026 · reappointed Apr 2026 · 1 listed board
An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.
1 director who left
- MURALI KRISHNAMOORTHY, left 11 Oct 2025: Tenure Completion
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 19 Jun 20265 of 6 present3 independent · 21 days in between
- 28 May 20265 of 6 present3 independent · 39 days in between
- 18 Apr 20264 of 5 present3 independent · 66 days in between
- 10 Feb 20264 of 5 present3 independent
Audit Committee
Chair DIVYA CHIRAYU ZALANI
DIPAK VRAJLAL RAVAL, VINAY SHRIKRISHNA PANDYA, RAHIL THAKER
- 19 Jun 20264 of 4 present3 independent · 21 days in between
- 28 May 20264 of 4 present3 independent · 106 days in between
- 10 Feb 20264 of 4 present3 independent
Nomination and remuneration committee
Chair DIVYA CHIRAYU ZALANI
VINAY SHRIKRISHNA PANDYA, RAHIL THAKER
- 18 Apr 20263 of 3 present3 independent · 66 days in between
- 10 Feb 20263 of 3 present3 independent
Stakeholders Relationship Committee
Chair DIVYA CHIRAYU ZALANI
VINAY SHRIKRISHNA PANDYA, DIPAK VRAJLAL RAVAL
- 28 May 20263 of 3 present2 independent
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditor
Named in the results for the quarter to Mar 2026.
- Shah Mehta & BakshiPeer-review certificate valid to Jul 2028
1 earlier auditor
- Shah Mehta and BakshiNamed in the filing for the quarter to Mar 2025
A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.
Maximus International AGM and shareholder votes
Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Maximus International share news and announcements
Annual general meeting, 30 Sep 2026
31,017 shareholders on the register on 23 Sep 2026; present: 6 promoters and 35 others; votes counted by Mr. Kamal A. Lalani / Kamal A. Lalani.The company's voting result (opens in a new tab)
Adoption of The Audited Financial Statements As At 31st March, 2026: To receive, consider and adopt: a) Audited Standalone Financial Statements of the Company for the Financial Year ended 31st March, 2026 together with the Reports of the Board of Directors and the Auditors thereon; and b) Audited Consolidated Financial Statements of the Company for the Financial Year ended 31st March, 2026 together with the Report of the Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 66.88% · promoters 100.00% · institutions 0.00% · other public 21.93%
- Appointment of Mr. Dipak Raval (Din: 01292764) As A Director Liable To Retire By RotationOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 66.88% · promoters 100.00% · institutions 0.00% · other public 21.93%
- Appointment Of Statutory AuditorsOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 66.88% · promoters 100.00% · institutions 0.00% · other public 21.93%
- Appointment of Statutory Auditors To Fill Casual VacancyOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 66.88% · promoters 100.00% · institutions 0.00% · other public 21.93%
- Re-Appointment of Mr. Dipak Raval (DIN: 01292764) As A Managing DirectorSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 66.88% · promoters 100.00% · institutions 0.00% · other public 21.93%
- Re-Appointment of Ms. Divya Zalani (DIN: 09429881) As An Independent Director For The Second TermSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 66.88% · promoters 100.00% · institutions 0.00% · other public 21.93%
- Appointment of Mr. Ramesh Kheradia (DIN:11804859) As An Independent Director of The CompanySpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 66.88% · promoters 100.00% · institutions 0.00% · other public 21.93%
- Approval For Material Related Party TransactionsSpecialPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 9.30% · promoters 0.00% · institutions 0.00% · other public 21.93%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Tax disputes
Reported in the filing for the quarter to Jun 2026.
- Tax disputeThe Learned State Tax Officer, Ghatak-39, Division-5, Vadodara.Since 21 Dec 2023The Appeal is pending before Appellate Authority [Joint Commissioner (Appeals), State Tax, Vadodara]
At the filing before: Office of State Tax Officer, Ghatak - 40 (Vadodara), Range - 10, division - 5, Gujarat has issued an order under Section 73 of CGST and GGST Act, 2017 for the financial Year 2017-18 and Demanded Total amount of Rs. 44,20,502. Against the order issued under section 73, the company has filed appeal to Appellate Authority on 14th March, 2024.MoreLess
In the company's own words, from its latest governance filing.
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
- The board is made up as the listing rules require
- Yes
- The board has a regular chairperson
- Yes
- The company has a risk management committee
- No
- The chair is related to the managing director
- No
- The filing has a part on fines and penalties
- No
- The filing has a part on tax disputes
- Yes
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.
How money raised was used
Reported for the quarter to Mar 2025. The company's results filing for the quarter to Jun 2026 says no statement of how money raised was used applies to it. A preferential issue sells new shares to chosen investors rather than to the public. A warrant or partly paid issue plans the whole issue while the money comes in over time, so the amount set aside can be more than raised so far.
| Raised | Amount raised | For | Set aside | Spent | Spent elsewhere | Reason and comments |
|---|---|---|---|---|---|---|
| Preferential IssuesJun 2024 | 0.06 | a. To enhance investment, by way of equity or debt, in its Wholly Owned Subsidiary (WOS) viz: Maximus Global FZE-Sharjah-UAE & MX Africa Limited-Nairobi-Kenya for their working capital, capital expenditure, repayment of borrowing and/or to invest in their subsidiaries by way of equity or debt for their working capital, capital expenditure, repayment of borrowing and/or to acquire controlling or non-controlling stake in any of the prospective manufacturing/trading body corporates. b. To meet the own need of working capital, repayment of borrowing and/or to acquire controlling or non-controlling stake in any of the prospective manufacturing/trading body corporates. c. For any other general corporate purposes. Note: The company may invest the funds in Fixed Deposits, Inter Corporate Deposits, Mutual Funds, Equity shares or any other suitable investment avenue as deemed fit by the board or by the office authorized by Board for the period where the funds are idle and not invested for aforesaid purposes, but not beyond 18 months. | 0.06 | 0.06 | No | Audit committee: The Funds are utilized for the objects for which it was raised. |
| Preferential IssuesJul 2024 | 0.07 | a. To enhance investment, by way of equity or debt, in its Wholly Owned Subsidiary (WOS) viz: Maximus Global FZE-Sharjah-UAE & MX Africa Limited-Nairobi-Kenya for their working capital, capital expenditure, repayment of borrowing and/or to invest in their subsidiaries by way of equity or debt for their working capital, capital expenditure, repayment of borrowing and/or to acquire controlling or non-controlling stake in any of the prospective manufacturing/trading body corporates. b. To meet the own need of working capital, repayment of borrowing and/or to acquire controlling or non-controlling stake in any of the prospective manufacturing/trading body corporates. c. For any other general corporate purposes. Note: The company may invest the funds in Fixed Deposits, Inter Corporate Deposits, Mutual Funds, Equity shares or any other suitable investment avenue as deemed fit by the board or by the office authorized by Board for the period where the funds are idle and not invested for aforesaid purposes, but not beyond 18 months. | 0.07 | 0.07 | No | Audit committee: The Funds are utilized for objects for which it was raised. |