Maximus buys 40% of Quebec Petroleum for ₹18.4 cr
A related-party deal that nearly doubles Maximus's effective scale — the target's ₹184.7 cr turnover matches Maximus's own top line.
— 1 earlier story on Maximus International Ltd. →What's new
- Board approves 40% stake in Quebec Petroleum Resources for ₹18.43 cr cash.
- Deal is a related-party transaction with director Aniruddh Gandhi.
- Target's FY25 turnover of ₹184.7 cr is nearly identical to Maximus's own revenue.
Why this matters
For a nano-cap with a ₹160 cr market cap, this acquisition is a major scale-up. The target alone matches Maximus's revenue. But the related-party structure demands close scrutiny — the seller is a sitting director.
What we're watching
- Completion of share purchase agreement and standard conditions.
- How the acquisition is funded given Maximus's debt/equity of 0.32.
- Potential governance scrutiny given the related-party nature.
The full read
Maximus International is buying a 40% stake in Quebec Petroleum Resources for ₹18.43 crore. That is about 11.7% of its own ₹160 crore market cap. The target reported turnover of ₹184.73 crore in FY25, nearly identical to Maximus's ₹185 crore top line. The deal is a related-party transaction: the stake comes from Non-Executive Director Aniruddh Gandhi. For a nano-cap, this acquisition doubles the company's effective revenue base. The ₹18.43 crore outlay is material relative to equity, but Maximus's low debt/equity of 0.32 gives it flexibility. The open question is governance. A related-party deal of this magnitude demands strong oversight. The board has approved a Share Purchase Agreement; details on funding and closing conditions will follow.
Questions answered
- Why is this acquisition significant for Maximus?
- Maximus has a market cap of ~₹160 cr and annual revenue of ~₹185 cr. The target, Quebec Petroleum, also has ₹184.7 cr turnover. Adding 40% of that effectively brings in significant additional scale, though only proportional profits.
- Is this a related-party transaction?
- Yes. The 40% stake being acquired is held by Non-Executive Director Aniruddh Gandhi, making it a related-party deal. This requires additional disclosures and shareholder scrutiny.
- How is Maximus financing the ₹18.43 cr acquisition?
- The announcement states cash consideration but does not specify the source. Maximus has a low debt/equity of 0.32, so it could use internal accruals or debt.
- What does Quebec Petroleum do?
- It is a Vadodara-based lubricants manufacturer and petroleum products distributor with over two decades in business. It operates in automotive, industrial, and specialty lubricant segments.
- When will the deal close?
- The board approved entering into a Share Purchase Agreement, subject to standard conditions. No specific timeline was provided.
Maximus International Ltd.
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All notes on MAXIMUS →- 19 Jun 2026 · 4:53 PM IST Maximus buys 40% of Quebec Petroleum for ₹18.4 cr
- 4d ago Maximus International board to mull stake in lubricants peer