NSE: MAHSCOOTER · BSE: 500266
MAHARASHTRA SCOOTERS LTD
Now an Unregistered Core Investment Company (CIC) of the Bajaj group, it has wound down its manufacturing operations and earns essentially all of its revenue from its equity portfolio. In the segment snapshot for the period ending 31 December 2024, the Investment segment made up 97.5% of segment revenue with a 100% EBIT margin, while Manufacturing contributed 1.6% and ran at a loss. FY26 revenue of ₹312.76 crore was driven mainly by dividend income of ₹28,602 lakh on holdings in Bajaj group firms, with net profit of ₹310.56 crore because materials, capex and employee costs are minimal. Total assets stood at ₹30,791 crore with no debt on the balance sheet. The Board has approved removing the old scooter-manufacturing objects from the MOA and adding a renewable-energy clause covering solar and wind, alongside a proposed company name change to reflect its CIC status. Q1 FY27 revenue fell to ₹541 lakh from ₹2,927 lakh a year earlier because no dividend was booked that quarter versus ₹2,277 lakh previously. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Investment (98%), Manufacturing (2%), Unallocable (1%). Bajaj-group core investment company; essentially a financial-asset holding entity with negligible operating cost base.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 17 | 216 | 223 | 183 | 313 |
| EBITDA (ex other income) | (3) | 194 | 203 | 215 | 309 |
| margin % | (17.8) | 89.5 | 91.3 | 117.5 | 98.6 |
| Owners' profit | 143 | 195 | 199 | 214 | 311 |
| EPS, as reported (₹) | 124.87 | 170.88 | 174.40 | 187.60 | 271.70 |
| ROE % · ROCE % | 0.6 · 0.7 | 1.0 · — | 0.7 · — | 0.7 · — | 1.1 · — |
| Debt / equity (x) | 0.00 | — | — | — | — |
| Cash from operations | (38) | 209 | 206 | 159 | 267 |
| Capex | (0) | (2) | (0) | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 163 | 6 | 7 | 29 | 271 | 6 | 6 | 5 |
| Profit before tax | 161 | 4 | 62 | 28 | 270 | 6 | 5 | 5 |
| Net profit | 151 | 3 | 52 | 35 | 267 | 4 | 4 | 3 |
| EPS (₹) | 132.30 | 2.90 | 45.20 | 30.90 | 233.70 | 3.60 | 3.50 | 2.91 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JIO FIN SERVICES LTD | 1,35,496 | 63.7 | 1.01 | — | 1.2 | — | — | 70.7 |
| ADITYA BIRLA CAPITAL LTD. | 97,598 | 22.8 | 2.65 | — | 10.5 | — | 18.8 | 40.8 |
| L&T FINANCE LIMITED | 61,858 | 19.4 | 2.21 | — | 10.6 | — | 5.5 | 62.3 |
| TATA INVESTMENT CORP LTD | 28,442 | 66.0 | 0.97 | — | 1.5 | — | 19.5 | 92.6 |
| CHOLAMANDALAM FIN HOL LTD | 24,545 | 9.2 | 0.72 | — | 16.2 | — | 23.0 | 58.4 |
| TVS HOLDINGS LIMITED | 23,883 | 12.1 | 1.85 | — | 26.3 | — | 23.4 | 16.4 |
| MAHARASHTRA SCOOTERS LTD ◆ | 13,373 | 48.0 | 0.48 | — | 1.1 | — | — | 84.1 |
| JSW HOLDINGS LIMITED | 12,440 | 90.6 | 0.38 | — | 0.4 | — | 14.1 | 84.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 48.0 | 19.9 | 36 of 51 | 30% |
| P/B | 0.5 | 0.6 | 27 of 63 | 58% |
| ROE | 1.1 | 1.3 | 37 of 65 | 44% |
| EBITDA margin | 84.1 | 61.6 | 22 of 62 | 66% |
| Revenue growth | (81.5) | 13.6 | 53 of 56 | 6% |
| Profit growth | (90.6) | 10.7 | 55 of 66 | 17% |
| Market cap | 13373 | 273 | 7 of 68 | 91% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Quarter profit rose 10%; Rs 160 per share interim dividend paid | results | high | — | — |
| 22 Oct 2026 · Quarterly profit rises 9.8 percent; half-year profit dips 2 percent | results | high | — | — |
| 19 Oct 2026 · MOA Object Clause altered - renewable energy added, scooter manufacturing objects dropped | general | medium | — | — |
| 16 Oct 2026 · Company name changed to Bajaj Nivesh Limited effective 16 Oct 2026 | corporate actions | medium | — | — |
| 8 Oct 2026 · Reg 74(5) Certificate: Demat Requests Confirmed for Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · Board meeting on Oct 22 to approve Q2 and H1 FY27 results | results | low | — | — |
| 28 Sept 2026 · Trading window closed from 1 Oct 2026 till results declaration | compliance | minimal | — | — |
| 28 Sept 2026 · Postal Ballot Results: Name Change and Object Clause Change Approved | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Maharashtra Scooters shareholders approve name change and object clause change | board shareholder meetings | medium | — | — |
| 18 Sept 2026 · Communication to shareholders on TDS on interim dividend and bank details | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.