1. At a Glance
Maharashtra Scooters Ltd (MSL) is a scooter manufacturer-turned-Bajaj share hoarder with an identity crisis. Q1 FY26 revenue jumped to ₹29 Cr (from ₹8 Cr YoY), net profit at ₹35 Cr — all mostly due to dividends and investment income. The actual business? Making jigs and fixtures. Cute.
2. Introduction with Hook
If Berkshire Hathaway ever bought a toolbox and just stared at it for 20 years, you’d get Maharashtra Scooters.
- P/E: 87.6x (because earnings are allergic to growth)
- Book Value: ₹27,005… Stock price: ₹14,815… That’s right, a discount!
It’s like buying a ₹100 note for ₹55, and then burning the ₹45 just to keep things fair.
3. Business Model (WTF Do They Even Do?)
MSL manufactures pressure die-cast parts and fixtures, but that’s just for fun. The real show?
- 90%+ of assets invested in Bajaj Group shares
- Registered as an unregistered Core Investment Company (because irony is free)
- Basically, an NBFC in denial — dressed up as a factory worker.
“Think of it as a financial mannequin holding spanners.”
4. Financials Overview
Here’s how Q1 FY26 shook out:
| Metric | Q1 FY26 | Q1 FY25 |
|---|---|---|
| Revenue | ₹29 Cr | ₹8 Cr |
| Net Profit | ₹35 Cr | ₹8 Cr |
| OPM % | 96% | 26% |
| EPS | ₹30.94 | ₹7.23 |
| Dividend Yield | 0.95% | — |
Commentary:
Revenue went up. Profits went up. But let’s be honest — this was likely dividend income and not from mass-producing scooter parts.
5. Valuation
CMP: ₹14,815 | Book Value: ₹27,005
P/E: 87.6x (LOL) | Dividend Payout: 88.6%
Method 1: Book Value Approach
- CMP/BV = 0.55x → “Stock trading at half of book? Sounds sexy.”
- Fair Value Range: ₹20,000 – ₹24,000 (based on 0.75–0.9x BV)
Method 2: NAV of Investments
- 90%+ invested in Bajaj Finserv, Bajaj Auto, etc.
- Add a 10–20% holding company discount → still undervalued.
FV Range: ₹18,000 – ₹24,000
“Looks like a ₹2 coin being sold at ₹1.20 just because it’s old and dusty.”
6. What’s Cooking – News, Triggers, Drama
- Q1 FY26 Result: ₹35 Cr profit
- Management Shuffle: Two non-exec directors to become Joint MDs from Aug 1, 2025
- Zero debt, fat reserves, regular dividends
- Low trading volume, high FII buzz
But let’s not kid ourselves — this is a Bajaj investment proxy, not a manufacturing turnaround.
7. Balance Sheet
| Metric | FY25 |
|---|---|
| Equity Capital | ₹11 Cr |
| Reserves | ₹30,851 Cr |
| Borrowings | Zero |
| Total Assets | ₹34,588 Cr |
| Investments | ₹34,563 Cr |
| Fixed Assets | ₹0 Cr |
Summary:
No debt. No factories (basically). Just a bajillion rupees invested in other people’s businesses.
8. Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net Cash |
|---|---|---|---|---|
| FY25 | ₹159 Cr | ₹36 Cr | ₹-193 Cr | ₹1 Cr |
| FY24 | ₹206 Cr | ₹-12 Cr | ₹-194 Cr | ₹0 Cr |
| FY23 | ₹209 Cr | ₹-3 Cr | ₹-205 Cr | ₹0 Cr |
Insight:
CFO driven by dividends. CFI is random. CFF is just “take the profit and throw it at shareholders.” Sensible.
9. Ratios – Sexy or Stressy?
| Ratio | FY25 |
|---|---|
| ROE | 0.61% |
| ROCE | 0.59% |
| P/E | 87.6x |
| Dividend Yield | 0.95% |
| CMP/BV | 0.55x |
Verdict:
Ratios look sleepy… until you look under the hood and realize this is a stealth Bajaj investment holding in disguise.
10. P&L Breakdown – Show Me the Money
| Year | Revenue | OPM | Net Profit |
|---|---|---|---|
| FY23 | ₹216 Cr | 90% | ₹195 Cr |
| FY24 | ₹223 Cr | 91% | ₹199 Cr |
| FY25 | ₹184 Cr | 94% | ₹214 Cr |
Analysis:
Flat revenues. Juicy profits. Investment income keeps this ship sailing like a ghost galleon of dividend dreams.
11. Peer Comparison
| Company | P/E | ROE | Dividend Yield |
|---|---|---|---|
| JSW Holdings | 123.7x | 0.69% | 0.00% |
| Tata Investment | 109.9x | 1.02% | 0.39% |
| Maharashtra Scoot | 87.6x | 0.61% | 0.95% |
| Jio Financial | 124.2x | 1.23% | 0.00% |
Takeaway:
They’re all investment corps with low ROE and high P/Es. MSL at least gives you dividends and has a bigger Bajaj basket.
12. Miscellaneous – Shareholding, Promoters
| Category | Jun 2025 |
|---|---|
| Promoters | 51.00% |
| FIIs | 5.12% |
| DIIs | 4.26% |
| Public | 39.60% |
Fun Fact:
FII holding has steadily increased every quarter. Clearly, some fund manager somewhere read the Screener page.
13. EduInvesting Verdict™
Maharashtra Scooters is a scooter in name, a Bajaj ETF in soul, and a dividend ATM in practice. Zero debt, zero operations drama, and 100% passive-aggressive portfolio magic.
Final Take:
“If you can’t buy Bajaj directly, just buy the guy holding it all and pretending to make scooters.”
Metadata:
Written by EduInvesting Team | 23 July 2025
Tags: Maharashtra Scooters Ltd, Bajaj Group, MAHSCOOTER, Investment Company, EduInvesting Premium
