Maharashtra Scooters Ltd
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. [1]
- Market Cap ₹ 19,137 Cr.
- Current Price ₹ 16,745
- High / Low ₹ 18,538 / 8,822
- Stock P/E 98.7
- Book Value ₹ 27,005
- Dividend Yield 0.96 %
- ROCE 0.59 %
- ROE 0.61 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Stock is trading at 0.62 times its book value
- Company is expected to give good quarter
- Company has been maintaining a healthy dividend payout of 88.6%
Cons
- The company has delivered a poor sales growth of -2.71% over past five years.
- Tax rate seems low
- Company has a low return on equity of 0.78% over last 3 years.
- Earnings include an other income of Rs.58.7 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Financial Services Financial Services Finance Investment Company
Part of BSE 500 Nifty 500 BSE SmallCap BSE Allcap BSE Financial Services
Quarterly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
4 | 7 | 9 | 8 | 82 | 95 | 211 | 30 | 194 | 216 | 223 | 184 | 205 | |
9 | 12 | 15 | 14 | 20 | 20 | 20 | 20 | 20 | 23 | 19 | 12 | 7 | |
Operating Profit | -5 | -5 | -6 | -6 | 61 | 75 | 191 | 11 | 174 | 194 | 203 | 172 | 198 |
OPM % | -115% | -72% | -72% | -69% | 75% | 79% | 90% | 35% | 90% | 90% | 91% | 94% | 97% |
53 | 63 | 108 | 21 | 1 | 1 | 3 | 0 | 0 | 1 | 1 | 45 | 59 | |
Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Depreciation | 1 | 3 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 |
Profit before tax | 48 | 55 | 101 | 14 | 61 | 74 | 192 | 9 | 172 | 193 | 202 | 215 | 255 |
Tax % | 0% | 0% | 0% | 9% | 1% | 2% | 6% | 3% | 17% | -1% | 1% | 0% | |
48 | 55 | 101 | 13 | 61 | 73 | 180 | 9 | 143 | 195 | 199 | 214 | 241 | |
EPS in Rs | 41.65 | 47.91 | 88.37 | 11.44 | 53.16 | 63.70 | 157.45 | 7.71 | 124.87 | 170.88 | 174.40 | 187.56 | 211.27 |
Dividend Payout % | 60% | 63% | 34% | 262% | 62% | 52% | 32% | 649% | 64% | 94% | 97% | 75% |
Compounded Sales Growth | |
---|---|
10 Years: | 39% |
5 Years: | -3% |
3 Years: | -2% |
TTM: | -9% |
Compounded Profit Growth | |
---|---|
10 Years: | 14% |
5 Years: | -1% |
3 Years: | 7% |
TTM: | -12% |
Stock Price CAGR | |
---|---|
10 Years: | 33% |
5 Years: | 42% |
3 Years: | 49% |
1 Year: | 46% |
Return on Equity | |
---|---|
10 Years: | 1% |
5 Years: | 1% |
3 Years: | 1% |
Last Year: | 1% |
Balance Sheet
Figures in Rs. Crores
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 |
Reserves | 227 | 241 | 301 | 6,541 | 8,214 | 11,312 | 8,199 | 16,232 | 22,842 | 19,031 | 27,005 | 30,851 |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
62 | 66 | 25 | 20 | 18 | 391 | 14 | 1,036 | 1,846 | 1,355 | 2,377 | 3,725 | |
Total Liabilities | 300 | 318 | 337 | 6,572 | 8,243 | 11,714 | 8,225 | 17,280 | 24,699 | 20,398 | 29,394 | 34,588 |
7 | 4 | 7 | 7 | 13 | 15 | 15 | 14 | 13 | 12 | 10 | 0 | |
CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Investments | 260 | 271 | 280 | 6,511 | 8,196 | 11,680 | 8,080 | 17,189 | 24,654 | 20,364 | 29,362 | 34,563 |
33 | 43 | 50 | 54 | 34 | 20 | 130 | 76 | 33 | 22 | 22 | 24 | |
Total Assets | 300 | 318 | 337 | 6,572 | 8,243 | 11,714 | 8,225 | 17,280 | 24,699 | 20,398 | 29,394 | 34,588 |
Cash Flows
Figures in Rs. Crores
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
-6 | -10 | -8 | -33 | 1 | 1 | -7 | -6 | 119 | 209 | 206 | 159 | |
15 | 41 | 81 | 35 | 40 | 45 | 195 | -68 | -62 | -3 | -12 | 36 | |
-26 | -33 | -80 | -2 | -41 | -45 | -113 | -1 | -58 | -205 | -194 | -193 | |
Net Cash Flow | -17 | -2 | -6 | 0 | 0 | -0 | 75 | -75 | -0 | 0 | 0 | 1 |
Ratios
Figures in Rs. Crores
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 114 | 137 | 99 | 95 | 15 | 14 | 8 | 82 | 19 | 11 | 3 | 0 |
Inventory Days | 88 | 134 | 42 | 111 | 57 | 72 | 163 | |||||
Days Payable | 214 | 27 | 37 | 40 | 40 | 8 | 99 | |||||
Cash Conversion Cycle | -13 | 243 | 104 | 166 | 33 | 78 | 8 | 146 | 19 | 11 | 3 | 0 |
Working Capital Days | -2,797 | -2,141 | -203 | -43 | 1 | 4 | 4 | 103 | 31 | 10 | 7 | -35 |
ROCE % | 20% | 20% | 35% | 0% | 1% | 1% | 2% | 0% | 1% | 1% | 1% | 1% |
Documents
Announcements
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
1d - Certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30 September 2025.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
29 Sep - Newspaper Publication regarding special window for re-lodgment of transfer deeds
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Closure of Trading Window
26 Sep - Trading window closed from 1 Oct 2025 until two days after unaudited Q2/H1 results announcement.
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Communication Sent To Shareholders Regarding Tax Deduction At Source (TDS) On Dividend Income
19 Sep - Interim dividend ₹160/share; record date 22 Sep 2025; payment ~13 Oct 2025; TDS docs deadline 1 Oct 2025
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Announcement under Regulation 30 (LODR)-Code of Conduct under SEBI (PIT) Regulations, 2015
15 Sep - Board approved amendments to Fair Disclosure (UPSI) Code on 15 Sep 2025; amended Code posted on website.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Company Overview
Maharashtra Scooters Ltd. is an unregistered Core Investment Company (‘CIC’). As a CIC, a minimum of 90% of its assets stand invested in the Bajaj group and the balance in debt and other instruments.
The Company manufactures pressure die casting dies, castings, jigs, and fixtures, primarily meant for the two-three-wheeler industry. [1]