💰 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.