MaxiPARTS (ASX:MXI) Rises 10% as Cash Conversion and FY26 Profit Improve

Aditi Sarkar

21 August 2026 02:07 PM AEST

MaxiPARTS (ASX:MXI) Rises 10% as Cash Conversion and FY26 Profit Improve

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Highlights

MaxiPARTS (ASX:MXI) rose 10.03% to AUD 1.70, although the stock remains down about 25% over one year.
FY26 operating NPBT was expected at AUD 14.2mn, up 12% from the prior year.
Revenue was expected at AUD 274.4mn, up 3%, with cash conversion of 115%.
The company finished FY26 with a net cash position of AUD 7.0mn.

MaxiPARTS Limited (ASX:MXI) rose 10.03% to AUD 1.70, valuing the company at about AUD 94.5mn. The shares remain roughly 25% lower over one year, leaving the market focused on whether better cash conversion and higher operating Earnings can translate into a more durable recovery.

FY26 operating profit moved higher

MaxiPARTS indicated operating NPBT of AUD 14.2mn for FY26, up 12% from the prior year and above its earlier guidance range. Revenue was expected at AUD 274.4mn, up 3%.

Working capital improved materially

A targeted inventory program reduced excess and slow-moving stock by AUD 9mn in the second half. Combined with operating performance, that helped lift full-year cash conversion to 115% and moved the Balance Sheet to AUD 7.0mn net cash.

Two operating brands provide the revenue base

The group operates MaxiPARTS, which supplies truck and trailer parts, and Forch Australia, which distributes workshop consumables. The Forch Acquisition has broadened the customer and product mix while the core parts Business remains tied to freight and commercial vehicle activity.

The small-cap recovery case

The earnings base is modest, but the move back to net cash gives management greater flexibility around capital returns, organic expansion and acquisitions. Higher cash conversion also improves the quality of reported profit.

The risks

Commercial transport activity can be affected by freight demand, diesel costs and broader industrial conditions. Inventory management remains important in a parts-distribution business, while acquisitions need to deliver acceptable returns.

What to watch next

Final FY26 profit, Dividend policy, cash balance, inventory levels and organic growth initiatives are the main indicators.

FAQs

Q:What operating NPBT did MaxiPARTS indicate for FY26?

A:AUD 14.2mn.

Q:What was expected FY26 revenue?

A:AUD 274.4mn.

Q:What was the year-end net cash position?

A:AUD 7.0mn.

Q:What are MaxiPARTS' two main brands?

A:MaxiPARTS and Forch Australia.

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