Maharashtra Scooters Ltd.

Financial Services — Asset Management · NSE

₹12,439.00+₹31.00 (+0.25%)

DalalBaazaar Score

70 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Moderate

Driven by small-cap size, which brings sharper price swings, a very high earnings multiple, which leaves little margin for disappointment, falling profits.

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

The 60-second version of Maharashtra Scooters Ltd. — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Maharashtra Scooters Ltd. invests in securities in India. It is also involved in treasury operations, as well as managing funds. The company was incorporated in 1975 and is based in Pune, India. Maharashtra Scooters Ltd. is a subsidiary of Bajaj Holdings & Investment Limited.

IndustryAsset Management

SectorFinancial Services

Employees5

Annual revenue₹313 Cr

How does it make money?

Turns over ₹313 Cr a year. Of every ₹100 of sales, about ₹99 reaches shareholders as profit, with ₹99 left at the operating level before interest, tax and depreciation. Each of its 5 employees supports ₹62.59 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹62.59 Cr

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC BANK LTD, ICICI BANK LTD., STATE BANK OF INDIA. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE16.5%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +45% while net margin moved +10% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+45%

Margin effect+10%

DalalBaazaar Score

70/ 100

Good

Weighted across six categories. Every point is explained below.

✗ P/E of 51.0x is demanding — it needs sustained high growth to justify
• P/E is close to its own historical median of 55.9x
✓ P/B of 0.51x is modest against book value

Quality vs. Valuation

Company Quality

73/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

36/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

Historical Valuation

Current P/E

51.0x

3Y Median

55.9x

40 monthly readings · mean 59.9x · range 41.8x–92.1x

Sector Median

17.0x

median of 4 sector peers

🟡Currently trading close to its 3y median of 55.9x — the market is paying about what it usually pays for this company.

⚠️Against its sector it trades 200% above the peer median of 17.0x.

vs. its own history

Fair

55.9x median over 40 months · -9%

vs. sector peers

Expensive

17.0x median of 4 peers · +200%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

46.1x

PEG

3.05

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from 89.7% to 98.6% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 89.7% to 98.6%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

A premium to the sector to defend
It trades 200% above the peer median. That premium needs a reason that persists, or it closes.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 10% a year✓ 13.1% CAGR
Latest reported year was -81.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 97%✓ 98.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 8%✗ 1.1%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Valuation vs its own median of 55.9x✓ 51.0x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

4 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✗ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 3 neutral · 5 weak

Market Cap

₹14,216 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

51.0x

Expensive

Expensive — verify against sector peers

P/B Ratio

0.51x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹243.7

Profitable

Profitable on a per-share basis

ROE

1.1%

Weak

Weak capital efficiency

ROCE

1.0%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

-81.5%

Shrinking

Sales are contracting

Profit Growth (YoY)

-90.6%

Falling

Profits are shrinking

Dividend Yield

1.77%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹267 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

84.1%

Good

Healthy core-business profitability

Net Margin

96.3%

Good

Strong bottom-line conversion

Current Ratio

12.10

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.08

Defensive

Steadier than the market

52W Range Position

23%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

12673.3 / 13116.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

34.9

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹216 Cr	₹223 Cr	₹183 Cr	₹313 Cr	+13.1%
EBITDA	₹194 Cr	₹204 Cr	₹128 Cr	₹309 Cr	+16.8%
EBITDA Margin	89.7%	91.7%	70.3%	98.6%	—
PAT (Net Profit)	₹195 Cr	₹199 Cr	₹214 Cr	₹311 Cr	+16.7%
EPS	₹170.9	₹174.4	₹187.6	₹271.7	+16.7%
ROE	1.0%	0.7%	0.7%	1.1%	—
ROCE	0.9%	0.7%	0.5%	1.0%	—
Free Cash Flow	₹207 Cr	₹206 Cr	₹159 Cr	₹267 Cr	+8.8%

🟢 Revenue has grown at 13.1% a year over 3 years.

🟢 EBITDA has grown at 16.8% a year over 3 years.

🟢 EBITDA Margin has risen from 89.7% to 98.6% over 3 years (+8.9 pts).

🟢 PAT (Net Profit) has grown at 16.7% a year over 3 years.

🟢 EPS has grown at 16.7% a year over 3 years.

🟡 ROE has held roughly flat at 1.1% over 3 years.

🟡 ROCE has held roughly flat at 1.0% over 3 years.

🟢 Free Cash Flow has grown at 8.8% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹30,791 Cr

Total Liabilities

₹3,156 Cr

Total Debt

—

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹267 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

7.9%

Insider Holding

62.1%

Corporate Actions

Dividend Rate

₹220

Ex-Dividend Date

21 Sept 2026

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%
STATE BANK OF INDIA	10.3x	15.2%

Recent News

3 positive1 mixed2 general

Maharashtra Scooters | Stock Share Price Live

MarketSmith India, 28 Sept

Maharashtra Scooters Share Price Forecast: 3 Year Outlook to 2030

Univest, 21 Jul

Maharashtra Scooters ₹160 Dividend: Bajaj Holdings’ arm declares mega payout! Check record date, other details

Livemint, 15 SeptCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Maharashtra Scooters Ltd. (NSE:MAHSCOOTER) Looks Like A Good Stock, And It's Going Ex-Dividend Soon

Simply Wall Street, 18 SeptCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Maharashtra Scooters shares rise 7% on Q3FY26 results; check details inside

Business Standard, 13 JanPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Maharashtra Scooters Dividend ₹60; Shares in Focus After FY26 Results

HDFC Sky, 22 AprCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Watch Items

Revenue growth is negative (-81.5%) on the latest reported period — check if this is one-off or a trend.
This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Risk

MiddlingProfitability · Valuation

Points for each in the Score ↑

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you.

1 of 4 tripwires tripped — Return on equity stays above 8% · see Key things to watch ↑