Maharashtra Scooters Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2024 • Investments: 95.0% • Manufacturing: 5.0%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Company has delivered good profit growth of 103.9% CAGR over last 5 years
- Asset quality is healthy - gross NPA of just 0.0%
- Company has delivered good sales growth of 82.9% CAGR over last 5 years
- Operating margins have improved to 98.6% from 90.1%
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
CONS
- Capital adequacy is tight at 0.0% - limited headroom to grow
- Company has a low return on capital employed of 0.9%
- Company has a low return on equity of 0.9% over last 3 years
- Effective tax rate is unusually low at -0.5% - earnings may be flattered
- Thin net interest margin of 0.0%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJAJFINSV | 1924.00 | 30.39 | 308236.60 | 0.08 | 62966.70 | 1081.55 | 420369.00 | 1091.26 | 11.88 | 40.79 |
| AIIL | 512.35 | 20.74 | 43510.07 | 0.00 | 11082.20 | 1075.19 | 14695.40 | 1109.37 | 13.85 | 88.91 |
| CHOLAHLDNG | 1525.85 | 10.74 | 28652.02 | 0.09 | 1788.99 | 42.04 | 11113.57 | 42.92 | 10.52 | 57.53 |
| TVSHLTD | 13146.60 | 13.50 | 26598.34 | 0.65 | 1173.58 | 73.77 | 17076.18 | 40.01 | 19.39 | 16.25 |
| CGCL | 272.25 | 23.23 | 26194.64 | 0.07 | 353.38 | 102.04 | 1576.47 | 62.12 | 11.68 | 68.54 |
| MAHSCOOTER | 13098.50 | 53.75 | 14969.71 | 1.68 | 3.32 | -90.61 | 5.41 | -81.52 | 1.06 | 84.10 |
| JSWHL | 11436.55 | 92.41 | 12694.14 | 0.00 | 24.54 | -92.74 | 34.58 | 14.97 | 0.58 | 92.45 |
| JMFINANCIL | 127.35 | 11.72 | 12186.88 | 2.55 | 368.57 | -19.66 | 1200.53 | 9.69 | 11.91 | 58.30 |
| TSFINV | 441.15 | 20.13 | 9798.11 | 2.53 | 124.95 | -92.11 | 305.57 | 102.23 | 3.47 | 53.35 |
| RELIGARE | 258.30 | 162.10 | 8904.47 | 0.00 | -46.98 | -674.86 | 2353.40 | 1051.76 | 4.71 | -2.08 |
| KAMAHOLD | 2288.70 | 7.89 | 7344.57 | 1.81 | 584.02 | 10.80 | 4657.56 | 7.07 | 20.86 | 22.01 |
| PILANIINVS | 4326.95 | 145.21 | 4790.91 | 0.21 | -47.26 | -17.55 | 14.44 | -70.70 | 1.41 | -9.33 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 5 | 206 | 6 | 5 | 8 | 163 | 6 | 7 | 29 | 271 | 6 | 6 | 5 | |
| 4 | 6 | 5 | 4 | 6 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | |
| Operating Profit | 1 | 200 | 1 | 1 | 2 | 161 | 4 | 5 | 28 | 270 | 6 | 5 | 5 |
| OPM % | 23.00% | 97.28% | 19.00% | 13.32% | 25.65% | 98.64% | 70.64% | 71.43% | 96.31% | 99.55% | 86.34% | 82.59% | 84.10% |
| 0 | 0 | 1 | 0 | -13 | 0 | 1 | 58 | 0 | 0 | 0 | 0 | 0 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 1 | 200 | 1 | 0 | -12 | 161 | 4 | 62 | 28 | 270 | 6 | 5 | 5 |
| Tax % | 30.43% | 1.09% | 28.57% | 41.18% | 170.18% | 5.93% | 23.43% | 16.79% | -25.48% | 1.01% | 25.77% | 26.56% | 27.03% |
| Net Profit | 0 | 198 | 1 | 0 | 8 | 151 | 3 | 52 | 35 | 267 | 4 | 4 | 3 |
| 0.40 | 173.00 | 0.90 | 0.10 | 7.20 | 132.30 | 2.90 | 45.20 | 30.90 | 233.70 | 3.60 | 3.50 | 2.91 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 8 | 12 | 14 | 15 | 15 | 194 | 216 | 223 | 183 | 313 | 289 | |
| 14 | 20 | 20 | 20 | 20 | 21 | 23 | 19 | 12 | 4 | 4 | |
| Operating Profit | -6 | -8 | -6 | -5 | -4 | 174 | 194 | 203 | 172 | 309 | 285 |
| OPM % | -68.93% | -62.63% | -37.95% | -31.47% | -29.17% | 89.40% | 89.50% | 91.33% | 93.69% | 98.65% | 98.61% |
| 21 | 70 | 81 | 199 | 16 | 0 | 1 | 1 | 45 | 0 | 0 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 0 | 0 |
| Profit before Tax | 14 | 61 | 74 | 192 | 9 | 172 | 193 | 202 | 215 | 309 | 285 |
| Tax % | 8.87% | 0.95% | 2.15% | 6.18% | 2.57% | 17.14% | -1.14% | 1.41% | 0.43% | -0.51% | 2.40% |
| Net Profit | 13 | 61 | 73 | 180 | 9 | 143 | 195 | 199 | 214 | 311 | 279 |
| EPS | 11.43 | 53.16 | 63.70 | 157.45 | 7.71 | 124.87 | 170.90 | 174.37 | 187.53 | 271.71 | — |
| Dividend Payout % | 262.38% | 62.07% | 51.81% | 31.76% | 648.45% | 64.06% | 93.65% | 97.49% | 90.65% | 80.97% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 43%
- 5 Years:
- 83%
- 3 Years:
- 13%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 12%
- 5 Years:
- 104%
- 3 Years:
- 17%
STOCK PRICE CAGR
- 10 Years:
- 24%
- 5 Years:
- 24%
- 3 Years:
- 20%
- 1 Year:
- -26%
RETURN ON EQUITY
- 10 Years:
- 1%
- 5 Years:
- 1%
- 3 Years:
- 1%
- Last Year:
- 1%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 |
| 6,541 | 8,214 | 11,312 | 8,199 | 16,232 | 22,842 | 19,031 | 27,005 | 30,851 | 27,623 | |
| 10 | 7 | 4 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 0 | 1 | 0 | 1 | 2 | 1 | 0 | 0 | 0 | 0 |
| 9 | 10 | 386 | -21 | 1,034 | 1,845 | 1,355 | 2,377 | 3,725 | 3,156 | |
| Total Liabilities | 6,572 | 8,243 | 11,714 | 8,192 | 17,280 | 24,699 | 20,398 | 29,394 | 34,588 | 30,791 |
| 7 | 13 | 15 | 15 | 14 | 13 | 12 | 10 | 0 | 0 | |
| 6,511 | 8,196 | 11,680 | 8,080 | 17,189 | 24,654 | 20,364 | 29,362 | 34,563 | 30,759 | |
| 1 | 1 | 2 | 3 | 4 | 6 | 4 | 4 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | |
| Cash & Bank | 28 | 13 | 6 | 82 | 56 | 5 | 5 | 6 | 8 | 8 |
| 25 | 20 | 12 | 12 | 17 | 22 | 13 | 11 | 16 | 25 | |
| Total Assets | 6,572 | 8,243 | 11,714 | 8,192 | 17,280 | 24,699 | 20,398 | 29,394 | 34,588 | 30,791 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -31 | 2 | 1 | -8 | -5 | 146 | 206 | 206 | 159 | 267 | |
| Cash from Investing | 35 | 40 | 45 | 195 | -68 | -62 | -3 | -12 | 36 | -19 |
| Cash from Financing | -2 | -41 | -45 | -113 | -1 | -58 | -205 | -194 | -193 | -250 |
| 0 | 0 | -0 | 75 | -75 | -0 | 0 | 0 | 1 | -2 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-01 - Maharashtra Scooters Limited has informed the Exchange regarding change in Registered Office of the Company.
2026-08-29 - Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Newspaper Advertisement
2026-08-28 - Maharashtra Scooters Limited has informed the Exchange regarding Notice of Postal Ballot
2026-07-31 - Maharashtra Scooters Limited has submitted the Exchange, a copy of Scrutinizers report and voting results of the Annual General Meeting held on 29 July 2026.
2026-07-29 - Maharashtra Scooters Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on 29 July 2026
2026-07-29 - Maharashtra Scooters Limited has informed the Exchange regarding the Amendment to AOA/MOA of the company.
2026-07-29 - Maharashtra Scooters Limited has informed the Exchange about amendment to the Object Clause of the Memorandum of Association ( MOA ) of the Company and Change in Name of the Company subject to the approval of Members of the Company, statutory and regulatory authorities as may be required.
2026-07-29 - Maharashtra Scooters Limited has submitted to the Exchange, the un-audited financial results for the period ended 30 June 2026.
2026-07-13 - Maharashtra Scooters Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30 June 2026
News
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