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Maharashtra Scooters Limited (MAHSCOOTER)

₹12,401.00 -0.06% last close, 16 Oct

📊 NSE: MAHSCOOTER 🏢 Finance & Investments 📢 Latest filing: 08 Oct 2026 📝 Analysis written: 14 Dec 2025

Q2 FY27 results

📅 Next results: 22 Oct 2026 (board meeting)

Maharashtra Scooters Limited's board meets on 22 Oct 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q3 FY26, Maharashtra Scooters' net interest income was ₹6.2 Cr (+13.0% year on year, -15.3% on the previous quarter), and net profit ₹4.1 Cr (+24.8% year on year).

Q3 FY26 (₹ Cr)	Value	YoY vs Q3 FY25	QoQ
Net interest income	₹6.2	+13.0%	-15.3%
Operating profit	₹5.5	+28.8%	-97.9%
Net profit	₹4.1	+24.8%	-98.5%
EPS (₹)	3.60	+24.1%	-98.5%

Full quarterly financials → Results calendar →

MAHSCOOTER delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 50.76% of the MAHSCOOTER shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.94%. That is close to its usual level.

50.76%Delivery, 16 Oct

52.94%Own 20-session average

0.7×Volume vs its average

₹12,401.00NSE close · -0.06%

Delivery in the last 5 sessions: 50.4% · 51.0% · 40.3% · 77.1% · 50.8%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Maharashtra Scooters Submits Demat Certificate for Q2 Ended 30 September 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 08 Oct 2026, 04:58 PM

Maharashtra Scooters Limited submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the period ending 30 September 2026. The certificate, issued by Registrar and Share Transfer Agent KFin Technologies Limited, confirms that dematerialization requests received between 1 July 2026 and 30 September 2026 were processed within the mandated 15 days. All security certificates were duly mutilated and cancelled, and depositories were registered as owners where applicable. This is a standard quarterly regulatory submission with no impact on earnings or business fundamentals.

Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
Covers the quarter spanning 1 July 2026 to 30 September 2026
Registrar KFin Technologies confirmed requests were addressed within 15 days of receipt
Issued and digitally signed on 8 October 2026 following RTA sign-off on 6 October 2026

💡 No action required. Investors should track Maharashtra Scooters' upcoming Q2 financial results and dividend declarations for fundamental developments.

Maharashtra Scooters Closes Trading Window from October 1, 2026 for Q2 Financial Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 28 Sep 2026, 07:07 PM

Maharashtra Scooters Limited has informed the exchanges that its trading window will remain closed starting Thursday, October 1, 2026. The closure applies to designated persons and their immediate relatives/dependents in accordance with SEBI PIT Regulations. It will stay in effect until 48 hours after the declaration of unaudited financial results for the quarter and half-year ending September 30, 2026. The formal date of the board meeting will be communicated separately.

Trading window closes effective Thursday, 1 October 2026
Closure covers designated persons ahead of Q2/H1 results for period ending 30 September 2026
Window to reopen 2 days after declaration of unaudited financial results
Board meeting date to consider financial results will be intimated in due course

💡 Track the upcoming exchange announcement specifying the board meeting date for Q2 FY27 financial results.

Maharashtra Scooters Shareholders Approve Name Change and MOA Alteration with 99.99% Majority

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 28 Sep 2026, 05:10 PM

Maharashtra Scooters Limited announced the results of its Postal Ballot, where shareholders approved special resolutions for changing the company's name and altering its Memorandum of Association (MOA) and Articles of Association (AOA). Out of 7,062,197 total votes polled, 99.9872% (7,061,295 votes) voted in favour of both resolutions. The voting concluded on September 27, 2026, with an overall voter turnout of 61.79% across 26,011 shareholders. This formalises the company's shift away from its legacy scooter manufacturing identity towards its present function as an investment holding company.

Shareholders approved name change and MOA object clause alteration with 99.9872% votes in favour
Total votes polled stood at 7,062,197 out of 11,428,568 outstanding equity shares (61.7942% turnout)
Voting closed on September 27, 2026, across 26,011 registered members as of the cut-off date
Only 902 votes (0.0128%) were cast against both special resolutions

💡 Track subsequent regulatory filings with the Registrar of Companies (RoC) and stock exchanges for the formal notification of the new corporate name and revised ticker symbols.

Maharashtra Scooters Issues Shareholder Communication on Interim Dividend TDS & Bank Updation

🟡 NEUTRAL ⭐ 2/10

DIVIDEND 📅 18 Sep 2026, 10:31 AM

Maharashtra Scooters Limited has circulated a communication to shareholders regarding Tax Deduction at Source (TDS) on interim dividends and mandated bank account updation. The notice was dispatched on September 17, 2026, to shareholders registered as of the cut-off date of September 11, 2026. This informs investors about documentation requirements for tax exemption pursuant to the Income-tax Act. Additionally, shareholders are requested to update their electronic payment details with depositories or KFin Technologies Ltd. to ensure seamless dividend credit.

Communication sent to shareholders on September 17, 2026
Shareholder eligibility cut-off date for communication set as September 11, 2026
Outlines tax exemption documentation process under the Income-tax Act
Mandates updation of bank account details with DPs or RTA KFin Technologies Ltd. for electronic payouts

💡 Shareholders seeking lower or nil TDS on the interim dividend should submit requisite tax exemption forms and verify their bank account mandates with their DP/RTA before the dividend payment date.

Maharashtra Scooters Declares Rs 160/Share Interim Dividend; Record Date 21 Sep 2026

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 15 Sep 2026, 10:11 AM

Maharashtra Scooters Limited has declared an interim dividend of Rs 160 per equity share (1600% on face value of Rs 10) for FY 2026-27. The record date to determine eligible shareholders is fixed for Monday, 21 September 2026. The dividend payout is scheduled to be credited on or before 13 October 2026. This reflects the company's continuous cash flow distribution as a core investment holding vehicle for Bajaj Group entities.

Interim dividend declared at Rs 160 per equity share (1600% of Rs 10 face value)
Record date set as Monday, 21 September 2026
Payout credit date scheduled on or before Tuesday, 13 October 2026

💡 Track the ex-dividend date prior to the 21 September 2026 record date for eligibility and watch for credit by 13 October 2026.

Maharashtra Scooters Declares Rs 160 Per Share (1600%) Interim Dividend

🟢 POSITIVE ⭐ 6/10

DIVIDEND 📅 15 Sep 2026, 10:09 AM

Maharashtra Scooters Limited has declared an interim dividend of Rs. 160 per equity share (1600% on a face value of Rs. 10) for FY27. Based on the current share price of Rs. 13,032, this interim payout represents an approximate dividend yield of 1.23%. The record date for determining eligible shareholders has been fixed as 21 September 2026. Payment or credit of the dividend will be completed on or before 13 October 2026.

Interim dividend declared at Rs. 160 per equity share of face value Rs. 10 (1600%)
Record date fixed as Monday, 21 September 2026
Dividend payout will be credited on or before Tuesday, 13 October 2026
Dividend vs Current Market Price (Rs 13,032) represents an interim yield of ~1.23%

💡 Eligible investors should track the ex-dividend date around 21 September 2026 and verify payout credit by 13 October 2026.

Maharashtra Scooters Shifts Registered Office to Bajaj Finserv House Effective 1 September 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 01 Sep 2026, 04:31 PM

Maharashtra Scooters Limited has informed the exchanges of the relocation of its Registered Office with effect from 1 September 2026. The office has shifted from the Bajaj Auto premises in Akurdi, Pune (411035) to the 6th Floor of Bajaj Finserv House in Viman Nagar, Pune (411014). This is a routine administrative change with zero impact on the company's financial operations or investment portfolio.

Registered office shifted with effect from 1 September 2026
New registered office address: 6th Floor, Bajaj Finserv House, Off Pune – Ahmednagar Road, Viman Nagar, Pune – 411014
Previous registered office address: C/O Bajaj Auto Ltd, Bombay Poona Road, Akurdi, Pune – 411035
Published statutory newspaper advertisements regarding the address relocation

💡 Note the new address for official correspondence. No investment action is required as this is a purely administrative filing.

Maharashtra Scooters Seeks Shareholder Approval to Rebrand as 'Bajaj Nivesh Limited'

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Aug 2026, 06:02 PM

Maharashtra Scooters Limited has issued a Postal Ballot Notice to seek shareholder approval for changing its name to 'Bajaj Nivesh Limited' and altering the Object Clause of its Memorandum of Association. The rebranding formally aligns the corporate identity with its operational status as an investment holding company, following the shutdown of its manufacturing business. Remote e-voting runs from 29 August 2026 to 27 September 2026 for shareholders on record as of 21 August 2026.

Proposed change of company name from 'Maharashtra Scooters Limited' to 'Bajaj Nivesh Limited'
E-voting period scheduled from 29 August 2026 (9:00 AM IST) to 27 September 2026 (5:00 PM IST)
Record/cut-off date for determining voting rights fixed as 21 August 2026
Statutory auditor certificate issued on 25 August 2026 confirming compliance under SEBI LODR Regulation 45(1)

💡 Eligible shareholders may cast votes on the postal ballot resolutions by 27 September 2026. Track the subsequent declaration of voting results and regulatory approval from the Registrar of Companies for the final name change.

₹60 Dividend Approved: Maharashtra Scooters Shareholders Pass All AGM Resolutions

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Jul 2026, 01:13 AM

Shareholders of Maharashtra Scooters Limited approved all three resolutions at the 51st Annual General Meeting held on July 29, 2026. A final dividend of ₹60 per equity share (face value ₹10) was declared for FY26, representing a yield of approximately 0.47% at current prices. The voting results showed high consensus, with the adoption of FY26 financial statements receiving 99.996% approval. The company continues to operate as a Core Investment Company, with 90% of its assets concentrated in Bajaj Group entities.

Final dividend of ₹60 per equity share approved for the financial year ended March 31, 2026.
Total of 68,65,327 votes were polled, representing 60.07% of the 1,14,28,568 total equity shares.
Resolution for the adoption of FY26 audited financial statements passed with 99.996% majority.
Re-appointment of Director Ravikumar Srinivasan approved with 99.618% votes in favor.
Promoter group, holding 58,28,560 shares (51% stake), voted 100% in favor of all resolutions.

💡 Investors should monitor the dividend credit timeline, typically completed within 30 days of the AGM. As a holding company, the primary value driver remains the performance and dividend payouts of Bajaj Auto and Bajaj Finserv.

₹60 Final Dividend Approved at Maharashtra Scooters 51st AGM

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 29 Jul 2026, 09:13 PM

Maharashtra Scooters Limited (MSL) concluded its 51st AGM on July 29, 2026, where shareholders approved a final dividend of ₹60 per share for FY26. The company operates as a Core Investment Company (CIC) with a massive investment portfolio of ₹34,451.82 Cr, primarily concentrated in Bajaj Group entities. Following the permanent shutdown of its manufacturing arm in FY25, MSL maintains a lean structure with a TTM operating margin of 98.2%. The audit reports for FY26 were confirmed to be free of any adverse remarks or qualifications.

Final dividend of ₹60 per equity share approved for the financial year ended March 31, 2026.
91 members attended the 51st Annual General Meeting conducted via video conferencing.
The company manages an investment portfolio valued at ₹34,451.82 Cr, primarily in Bajaj Group entities.
FY26 Audit and Secretarial reports were confirmed to have zero adverse remarks or qualifications.

💡 Monitor the dividend payment timeline and the stock price movements of Bajaj Auto and Bajaj Finserv, which represent 90% of the company's assets.

Maharashtra Scooters Q1 PAT at ₹3.32 Cr; Proposes Name Change and Renewable Energy Entry

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 29 Jul 2026, 10:58 AM

Maharashtra Scooters Limited (MSL) reported a Q1 FY27 PAT of ₹3.32 Cr, a significant drop from ₹35.36 Cr in the same quarter last year, primarily due to the timing of dividend income. However, the company saw a massive Total Comprehensive Income of ₹4,892.85 Cr, driven by a ₹5,705.41 Cr fair value gain on its investment portfolio. Strategically, the board has approved deleting legacy scooter manufacturing clauses from its Memorandum of Association (MOA) and adding renewable energy (solar/wind) as a new business objective. A name change was also approved to better reflect its core status as an investment holding company.

Q1 FY27 Profit After Tax stood at ₹3.32 Cr compared to ₹35.36 Cr in Q1 FY26.
Fair value gains on equity instruments (OCI) reached ₹5,705.41 Cr during the quarter.
Reported book value per share is ₹28,462 as of June 30, 2026.
Proposed entry into renewable energy production through solar and wind resources.
Board approved a name change and the deletion of manufacturing-related clauses from the MOA.

💡 Investors should monitor the upcoming shareholder vote on the name change and MOA amendments, and watch for any specific capex announcements regarding the new renewable energy business.

Maharashtra Scooters Q1 PAT Rs 3.32 Cr; Proposes Name Change and Renewable Energy Entry

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 29 Jul 2026, 10:43 AM

Maharashtra Scooters reported a sharp decline in Q1 FY27 PAT to Rs 3.32 Cr from Rs 35.36 Cr in the same quarter last year, primarily due to the absence of dividend income (nil vs Rs 22.77 Cr). The company is formally pivoting its corporate identity by proposing a name change and deleting legacy scooter manufacturing clauses from its Memorandum of Association. Notably, the board has approved adding renewable energy generation (solar/wind) to its business objects, though it intends to maintain its status as an Unregistered Core Investment Company (CIC). The reported book value of Rs 28,462 per share remains significantly higher than the current market price.

Q1 FY27 Revenue from operations dropped to Rs 5.41 Cr from Rs 29.27 Cr YoY due to timing of dividend receipts.
Reported Book Value per share stands at Rs 28,462 as of June 30, 2026, compared to a market price of ~Rs 12,733.
Dividend income for the quarter was Rs 0, compared to Rs 22.77 Cr in the year-ago period.
Proposed amendment to MOA to include renewable energy generation as a new business object.
Total Comprehensive Income for the quarter was Rs 4,892.85 Cr, driven by fair value gains on equity instruments (Bajaj Group holdings).

💡 Monitor the upcoming shareholder vote on the name change and the new renewable energy object. Investors should focus on the dividend cycles of Bajaj Auto and Bajaj Finserv, as these are the primary drivers of the company's cash flow and valuation.

₹3.32 Cr PAT in Q1; MSL to Enter Renewable Energy and Change Name

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 29 Jul 2026, 10:38 AM

Maharashtra Scooters (MSL) reported a standalone PAT of ₹3.32 cr for Q1 FY27, a 90.6% drop YoY primarily due to the absence of dividend income (₹22.77 cr in Q1 FY26) which typically fluctuates by quarter. However, Total Comprehensive Income surged to ₹4,892.85 cr, driven by a massive ₹5,705.41 cr mark-to-market gain on its Bajaj Group investment portfolio. Strategically, the Board approved entering the renewable energy sector (solar/wind) and changing the company name to reflect its core identity as an investment vehicle. The company also moved to delete legacy scooter manufacturing clauses from its Memorandum of Association.

Standalone PAT decreased to ₹3.32 cr from ₹35.36 cr YoY due to zero dividend income in the current quarter.
Total Comprehensive Income reached ₹4,892.85 cr, reflecting a ₹5,705.41 cr gain in the valuation of its equity holdings.
Reported Book Value per share stands at ₹28,462 as of June 30, 2026, vs a market price of ~₹12,733.
Board approved a pivot into renewable energy production (solar, wind) subject to shareholder approval.
Proposed name change and MOA amendment to remove manufacturing objects following the FY25 tool room closure.

💡 Watch for shareholder approval of the name change and specific capex announcements regarding the new renewable energy business. Investors should focus on the underlying value of Bajaj Group holdings rather than quarterly PAT volatility.

Maharashtra Scooters Submits Quarterly Compliance Certificate for June 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Jul 2026, 06:44 PM

Maharashtra Scooters Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document, issued by KFin Technologies Limited, confirms that all dematerialization requests received between April 1, 2026, and June 30, 2026, were processed within the mandated 15-day timeline. This involves the verification, listing, and mutilation of physical share certificates to maintain accurate electronic records. This is a standard administrative filing with no impact on the company's financial performance or business strategy.

Compliance certificate covers the quarter ended 30 June 2026
Demat requests were confirmed or rejected within 15 days of receipt
Physical security certificates were mutilated and cancelled after due verification
Certificate issued by Registrar and Share Transfer Agent, KFin Technologies Limited, on 08 July 2026

💡 No action is required as this is a routine regulatory filing. Investors should monitor the company's upcoming quarterly financial results for material performance updates.

₹60 Final Dividend Proposed; 51st AGM Scheduled for July 29, 2026

🟢 POSITIVE ⭐ 6/10

DIVIDEND 📅 04 Jul 2026, 05:42 PM

Maharashtra Scooters Limited (MSL) has scheduled its 51st Annual General Meeting for July 29, 2026, to approve a final dividend of ₹60 per equity share for FY2026. The company has transitioned into a pure-play Core Investment Company (CIC) following the permanent shutdown of its manufacturing operations in FY25. Its primary value driver remains its ₹34,451.82 Cr investment portfolio, which is 90% concentrated in Bajaj Group entities like Bajaj Auto and Bajaj Finserv. The cut-off date for determining dividend eligibility and voting rights is July 22, 2026.

Proposed final dividend of ₹60 per equity share of face value ₹10 for FY2026.
51st AGM to be conducted via Video Conferencing on July 29, 2026, at 10:45 AM.
Cut-off date for voting and dividend entitlement set for July 22, 2026.
Investment portfolio valued at ₹34,451.82 Cr, representing a significant premium over the current market cap of ₹15,071 Cr.
Manufacturing operations fully ceased in FY25, with the Satara factory lease transfer yielding a ₹47.11 Cr profit.

💡 Investors should note the cut-off date of July 22, 2026, for dividend eligibility and monitor the performance of underlying Bajaj Group stocks, which dictate MSL's Net Asset Value (NAV).

View All MAHSCOOTER Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The Investment segment revenue grew 70.1% YoY to INR 286.02 Cr in H1 FY26, while Manufacturing revenue declined 7.5% YoY to INR 2.71 Cr as operations were permanently closed.

Geographic Revenue Split

100% of revenue is generated in India, primarily from the corporate and registered offices in Pune and the former factory site in Satara, Maharashtra.

Profitability Margins

Net profit margin improved from 89.16% in FY24 to 92.20% in FY25. The PBT margin for H1 FY26 reached 99.2% (INR 297.98 Cr PBT on INR 300.29 Cr revenue) due to the low-cost nature of investment holding operations.

EBITDA Margin

The EBITDA margin is approximately 99.2% for H1 FY26, reflecting the transition to a pure-play investment company with minimal operating expenses following the factory closure.

Capital Expenditure

Planned CapEx is INR 0 Cr as manufacturing operations were permanently shut down in FY25. Historical CapEx was related to the tool room which has been liquidated.

Credit Rating & Borrowing

The company maintains zero debt and invests surplus funds only in highly rated debt securities with AAA and AA+ ratings to ensure principal protection and reasonable returns.

⚙️ Operational Drivers

Raw Materials

Historically, aluminum and steel were used for die casting; however, these now represent 0% of total costs following the permanent closure of manufacturing operations.

Import Sources

Not applicable as manufacturing operations have been permanently closed.

Key Suppliers

Not applicable as the company has transitioned to a Core Investment Company (CIC) and no longer procures manufacturing raw materials.

Capacity Expansion

Current installed capacity is 0 units; manufacturing operations were permanently shut down in FY25, and leasehold rights for the Satara factory land were transferred in February 2025.

Raw Material Costs

Raw material costs were 0% of revenue in H1 FY26, down from previous periods due to the cessation of tool room and die casting operations.

Manufacturing Efficiency

Not applicable as the company has permanently exited the manufacturing sector to focus on its role as a Core Investment Company.

Logistics & Distribution

Distribution costs are 0% of revenue as the company no longer produces or sells physical goods like pressure dies or fixtures.

📈 Strategic Growth

Growth Strategy

Growth will be achieved by holding strategic investments in Bajaj Group entities (representing 90% of assets) to capture dividends and capital appreciation, while reinvesting surpluses in AAA/AA+ rated debt papers.

Products & Services

Investment holding services, specifically managing a portfolio of Bajaj Group equity shares and high-rated debt instruments.

Brand Portfolio

Maharashtra Scooters Limited (MSL), a Bajaj Group company.

New Products/Services

No new products or services are planned as the company is focused on its status as an Unregistered Core Investment Company.

Market Expansion

No market expansion plans are disclosed; the company operates as a static holding vehicle for group investments.

Market Share & Ranking

Not applicable for a Core Investment Company holding group-specific assets.

Strategic Alliances

The company maintains a permanent strategic alliance as a core member of the Bajaj Group, holding significant stakes in group subsidiaries.

🌍 External Factors

Industry Trends

The industry is shifting toward pure-play holding companies; MSL has aligned with this by closing its loss-making manufacturing arm to focus entirely on its INR 34,451.82 Cr investment segment.

Competitive Landscape

Competitors include other large Indian conglomerate holding companies and Core Investment Companies (CICs).

Competitive Moat

The moat is based on long-term, low-cost entry into high-growth Bajaj Group companies; this is highly sustainable as the company holds these assets as a Core Investment Company with no intention to sell.

Macro Economic Sensitivity

Highly sensitive to Indian equity market volatility and GDP growth, which directly impacts the valuation and dividend-paying capacity of the Bajaj Group portfolio.

Consumer Behavior

Indirectly affected by consumer demand for two-wheelers and financial services, which drives the earnings of investee companies.

Geopolitical Risks

Indirect exposure through Bajaj Auto’s export markets; trade barriers in Africa or Latin America could reduce Bajaj Auto's dividends to MSL.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the RBI's framework for Core Investment Companies (CICs) and SEBI Listing Obligations and Disclosure Requirements (LODR).

Environmental Compliance

Not disclosed in available documents; environmental risks are minimal following the closure of the manufacturing plant.

Taxation Policy Impact

The company maintains a current tax liability of INR 5.42 Cr as of September 2025 and manages a significant deferred tax liability of INR 4,041.60 Cr related to investment valuations.

Legal Contingencies

The company successfully implemented a Voluntary Separation Scheme (VSS) for all factory workers in FY25, costing INR 14.08 Cr, effectively resolving potential labor disputes related to the factory closure.

⚠️ Risk Analysis

Key Uncertainties

Concentration risk is the primary uncertainty, as 90% of assets are tied to the performance and market valuation of a single corporate group (Bajaj).

Geographic Concentration Risk

100% of assets and operations are concentrated in Maharashtra, India.

Third Party Dependencies

High dependency on the management and boards of Bajaj Auto and Bajaj Finserv to maintain dividend payouts.

Technology Obsolescence Risk

Low risk for the investment segment; the company has updated its internal financial controls and insider trading monitoring systems to meet SEBI standards.