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Maharashtra Scooters

MAHSCOOTER NSE
₹11,775.00 −343.00 (−2.83%)
P/E
48.32
View as Markdown
MCP
Close 4 Nov 2026 ₹11,775.00 −2,994.00 −20.3% 1Y
Start ₹14,769.00

Key Fundamentals

SmallcapFinanceFinancial Services

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
1.06%
Debt to Equity
0.00
EPS (TTM)
₹243.70
Book Value
₹28,359.90
Market Cap
—
P/E (TTM)
48.32
P/B
0.42
ROE
1.06%
Dividend Yield
1.32%
EBITDA
₹309 Cr
52W High
₹15,680.00
52W Low
₹10,901.00
Day Range
₹11,513.00 – ₹12,200.00
Volume
1,938

Peer Comparison

Financial Services › Investment Company

Maharashtra Scooters peer comparison
Jio Financial
₹222.2784.51₹1,43,288 Cr1.160.28%1.19%1.86%₹5,623 Cr₹1,711 Cr
Aditya Birla Capital
₹379.9525.26₹1,05,060 Cr2.440.00%12.00%—₹48,186 Cr₹4,119 Cr
Tata Investment Corporation
₹564.5066.26₹28,326 Cr0.920.61%1.44%1.57%₹404 Cr₹431 Cr
Cholamandalam Financial Holdings
₹1,374.809.67₹26,343 Cr1.670.09%17.50%—₹40,890 Cr₹6,015 Cr
TVS Holdings
₹12,237.0012.55₹24,865 Cr3.700.69%30.60%17.00%₹62,488 Cr₹3,888 Cr
Maharashtra Scooters (this company)
₹11,775.0048.32₹13,738 Cr0.421.32%1.06%1.06%₹289 Cr₹279 Cr
JSW Holdings
₹10,942.0088.41₹12,133 Cr0.340.00%0.46%0.59%₹184 Cr₹138 Cr
Median 7 companies₹1,374.8048.32₹26,343 Cr1.160.28%1.44%1.57%₹5,623 Cr₹1,711 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

53 Average

Data confidence 97/100

Category scores

Quality
43
Weak
Returns, margins, earnings quality 22% weight
Valuation
48
Average
Cheap vs sector & own history 24% weight
Growth
95
Strong
Sales & profit trajectory 9% weight
Financial Health
73
Strong
Solvency, leverage, coverage 9% weight
Momentum
22
Poor
Trend strength, vol-adjusted 12% weight
Ownership
56
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

4
  • Company is almost debt free.
  • Stock is trading at 0.51 times its book value
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 84.4%

Weaknesses

2
  • Tax rate seems low
  • Company has a low return on equity of 0.83% over last 3 years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1162
OscillatorsBullish162
Moving AveragesStrong Bearish1000

Key readings

RSI (14)
39.51
Neutral
MACD (12,26,9)
−253.48
Bullish
SMA (50)
12,771.50
Bearish
SMA (200)
12,847.59
Bearish

As of

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+42.60%
5Y+59.84%
3Y+12.99%
1Y+70.11%
TTM+41.01%

Net profit

Net profit growth by window
10Y+11.90%
5Y+103.10%
3Y+16.84%
1Y+45.33%
TTM+15.35%

Operating cash flow

Operating cash flow growth by window
10YTurned positive
5YTurned positive
3Y+8.51%
1Y+67.92%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+165.39 pp
5Y+62.05 pp
3Y+9.32 pp
1Y+4.70 pp
TTM+1.98 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹8.00 Cr
Mar 2018₹82.00 Cr
Mar 2019₹95.00 Cr
Mar 2020₹211 Cr
Mar 2021₹30.00 Cr
Mar 2022₹194 Cr
Mar 2023₹217 Cr
Mar 2024₹223 Cr
Mar 2025₹184 Cr
Mar 2026₹313 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹13.00 Cr
Mar 2018₹61.00 Cr
Mar 2019₹73.00 Cr
Mar 2020₹180 Cr
Mar 2021₹9.00 Cr
Mar 2022₹143 Cr
Mar 2023₹195 Cr
Mar 2024₹199 Cr
Mar 2025₹214 Cr
Mar 2026₹311 Cr

AI Analysis — Bull vs Bear

Figures as of 29 Oct 2026
AI opinion · based on fundamentals
Risk medium

Maharashtra Scooters Ltd trades at ₹11,615 as of 2026-10-29 with a market cap of ₹13,274 crore. The company is virtually debt-free with a price-to-book of 0.41, but its return on equity stands at just 1.12%, reflecting the nature of its investment-holding business rather than an operating enterprise.

Bull Case 8
  • The company is almost debt-free with a debt-to-equity ratio of 0, eliminating balance sheet risk and interest cost concerns.
  • Stock trades at 0.41 times book value, well below par, suggesting the market prices it at a steep discount to its net asset base.
  • Compounded profit growth over the TTM period is 44%, indicating a sharp recent acceleration in earnings.
  • Compounded sales growth over the TTM period is 41%, showing strong top-line momentum in the most recent period.
  • The company maintains a healthy dividend payout ratio of 84.4%, returning a significant portion of earnings to shareholders, with a current dividend yield of 1.38%.
  • 10-year stock price CAGR of 21% demonstrates sustained long-term wealth creation for shareholders.
  • 5-year compounded sales growth stands at 59% and 5-year compounded profit growth at 104%, reflecting meaningful medium-term expansion.
  • The company is expected to deliver a good upcoming quarter, which could serve as a near-term positive catalyst.
Bear Case 8
  • Return on equity is just 1.12% (and has averaged around 1% over 3, 5, and 10 years), indicating very poor capital efficiency for shareholders.
  • Return on capital employed is only 1%, meaning the business generates minimal returns on the total capital it deploys.
  • At a trailing P/E of 47.66, the stock commands a premium earnings multiple despite negligible returns on equity, creating a valuation disconnect.
  • The stock has declined 29% over the past 1 year and trades roughly 26% below its 52-week high of ₹15,750, reflecting significant negative momentum.
  • The low tax rate raises questions about the sustainability of reported earnings and whether effective tax rates could normalise higher in future periods.
  • 3-year return on equity has averaged just 1%, showing no improvement in capital efficiency even over a medium-term horizon.
  • Despite high sales and profit growth rates, the persistently low ROE of 1% across all time frames suggests earnings growth has not translated into meaningful shareholder returns on equity.
  • The 52-week range of ₹10,901 to ₹15,750 represents a wide 44% band, indicating elevated price volatility for what is an investment-holding company.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

8d ago

TL;DR: Limited recent news flow for Maharashtra Scooters Ltd. The only development is a shareholder-approved name change and object clause amendment, signaling a potential strategic pivot but with no immediate financial impact. With no headwinds or positive catalysts in the news, the near-term outlook depends on broader portfolio performance and any follow-through on the rebranding direction.

Neutral 1
  • Shareholders approve name change Sep 28

    Maharashtra Scooters Ltd shareholders approved special resolutions for a name change and object clause amendment via postal ballot, with 99.98% votes in favour.

Quarterly Results

₹ Cr
MAHSCOOTER quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
5.26
206
6.37
5.18
7.72
163
5.79
6.65
29.27
271
6.44
6.03
5.41
Expenses
4.05
5.61
5.16
4.49
5.74
2.22
1.7
1.9
1.08
1.22
0.88
1.05
0.86
Operating Profit
1.21
200
1.21
0.69
1.98
161
4.09
4.75
28.19
270
5.56
4.98
4.55
OPM %
23%
97.28%
19%
13.32%
25.65%
98.64%
70.64%
71.43%
96.31%
99.55%
86.34%
82.59%
84.1%
Other Income
0
0.11
0.7
0
−13.23
0.22
0.7
57.78
0
0
0
0.48
0
Interest
0
0
0
0
0
0
0
0
0
0
0
0
0
Depreciation
0.52
0.52
0.51
0.52
0.52
0.48
0.48
0.48
0.01
0
0.01
0
0
PBT
0.69
200
1.4
0.17
−11.77
161
4.31
62.05
28.18
270
5.55
5.46
4.55
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
0.48
198
1
0.1
8.26
151
3.3
51.63
35.36
267
4.12
4.01
3.32
EPS (₹)
0.42
173
0.87
0.09
7.23
132
2.89
45.18
30.94
234
3.6
3.51
2.9

Profit & Loss

₹ Cr
MAHSCOOTER profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
7
9
8
82
95
211
30
194
217
223
184
313
289
Expenses
12
15
14
20
20
20
20
20
23
19
12
4
4
Operating Profit
−5
−6
−6
61
75
191
11
174
194
203
173
309
285
OPM %
−72%
−72%
−69%
75%
79%
90%
35%
90%
90%
91%
94%
99%
99%
Other Income
63
108
21
1
1
3
0
0
1
1
44
0
0
Interest
0
0
0
0
0
0
0
0
0
0
0
0
0
Depreciation
3
1
1
1
2
2
2
2
2
2
2
0
0
PBT
55
101
14
61
74
192
9
172
193
202
215
309
285
Tax %
0%
0%
9%
1%
2%
6%
3%
17%
−1%
1%
0%
−1%
—
Net Profit
55
101
13
61
73
180
9
143
195
199
214
311
279
EPS (₹)
47.91
88.37
11.44
53.16
63.7
157
7.71
125
171
174
188
272
244
Div. Payout %
63%
34%
262%
62%
52%
32%
649%
64%
94%
97%
75%
81%
—

Balance Sheet

₹ Cr
MAHSCOOTER balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
11
11
11
11
11
11
11
11
11
11
11
11
Reserves
241
301
6,541
8,214
11,312
8,199
16,232
22,842
19,031
27,005
30,851
27,623
Borrowings
0
0
0
0
0
0
0
0
0
0
0
0
Other Liabilities
66
25
20
18
391
14
1,036
1,846
1,355
2,377
3,725
3,156
Total Liabilities
318
337
6,572
8,243
11,714
8,225
17,280
24,699
20,398
29,394
34,588
30,791
Fixed Assets
4
7
7
13
15
15
14
13
12
10
0
0
CWIP
0
0
0
0
0
0
0
0
0
0
0
0
Investments
271
280
6,511
8,196
11,680
8,080
17,189
24,654
20,364
29,362
34,563
30,759
Other Assets
43
50
54
34
20
130
76
33
22
22
24
32
Total Assets
318
337
6,572
8,243
11,714
8,225
17,280
24,699
20,398
29,394
34,588
30,791

Cash Flow

₹ Cr
MAHSCOOTER cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
−10
−8
−33
1
1
−7
−6
119
209
206
159
267
Investing
41
81
35
40
45
195
−68
−62
−3
−12
36
−19
Financing
−33
−80
−2
−41
−45
−113
−1
−58
−205
−194
−193
−250
Net Cash Flow
−2
−6
0
0
0
75
−75
0
0
0
1
−2
Free Cash Flow
−10
−12
−34
−5
−2
−9
−6
119
207
206
224
267
CFO/OP
180
104
530
3
5
−2
−44
86
119
106
100
92

Ratios

MAHSCOOTER financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
137
99
95
15
14
8
82
19
11
3
0
0
Inventory Days
134
42
111
57
72
—
163
—
—
—
—
—
Days Payable
27
37
40
40
8
—
99
—
—
—
—
—
Cash Conversion Cycle
243
104
166
33
78
8
146
19
11
3
0
0
Working Capital Days
−2,141
−203
−43
1
4
4
103
31
10
7
−35
13
ROCE %
20%
35%
0%
1%
1%
2%
0%
1%
1%
1%
1%
1%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Maharashtra Scooters insights

59 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 51.00%
  • Public 24.12%
  • Others 14.75%
  • FIIs 6.30%
  • DIIs 3.82%
  • Government 0.01%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Maharashtra Scooters

What does Maharashtra Scooters Ltd do?
Maharashtra Scooters Ltd. (MSL) is a manufacturing & and an unregistered core investment company. It is engaged in the business of manufacturing dies, Jigs, fixtures and die casting components primarily for the automobiles industry, etc.
Where is Maharashtra Scooters Ltd (MAHSCOOTER) listed?
Maharashtra Scooters Ltd trades as MAHSCOOTER on the NSE and under code 500266 on the BSE.
Which sector does Maharashtra Scooters Ltd belong to?
Maharashtra Scooters Ltd is classified under the Financial Services sector, in the Investment Company industry.
What is the PE ratio of Maharashtra Scooters Ltd?
Maharashtra Scooters Ltd trades at a PE ratio of 48.32 as of 4 Nov 2026, on earnings per share of ₹243.7, against a book value of ₹28,359.9 per share.
What is the 52-week high and low of Maharashtra Scooters Ltd?
Over the last 52 weeks Maharashtra Scooters Ltd has traded between ₹10,901 and ₹15,680 as of 4 Nov 2026.
Does Maharashtra Scooters Ltd pay dividends?
Maharashtra Scooters Ltd has a dividend yield of 1.32%.
What is the Return on Equity (ROE) of Maharashtra Scooters Ltd?
Maharashtra Scooters Ltd reported a return on equity of 1.06%. Its debt-to-equity ratio is 0.00.

Company Information

Maharashtra Scooters Ltd. (MSL) is a manufacturing & and an unregistered core investment company. It is engaged in the business of manufacturing dies, Jigs, fixtures and die casting components primarily for the automobiles industry, etc.

Website mahascooters.com
CEO Mr. Anant Gopal Marathe
Employees 4
Listed 8 Feb 1995
Face Value ₹10

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