Maharashtra Scooters (MAHSCOOTER) had a P/E of 45.2× on 6 Nov 2026, above the industry P/E of 25.9×, and the shares are 23% below their 52-week high. Sales and net profit grew 13% and 17% a year over 3 years, with ROCE of 1.0% and ROE of 0.9%. Its dividend yield is 1.8%. It is a small-cap company with a market cap of ₹13,783 Cr, ranked 12th of 69 Asset Management companies by market cap; the shares fell 16% over the past year.
- ₹12,054.00
- ₹12,500.00
- ₹11,715.00
- ₹12,300.00
- 1.3K
Health check
- ReturnsBehind
−16.3% over a year, better than 2 of 7 peers.
- Price tagPricier
P/E 45.2 vs industry 25.9.
- GrowthSlow
Sales +13.1%, profit +16.7% a year over 3 years.
- ProfitabilityWeak
ROCE 1.0% vs peer median 38.5%.
- Balance sheetFair
Piotroski 7 of 9.
- Red flags2 to check
Return on equity is low at 0.9%.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹13,783 Cr
- Small cap
- P/E
- 45.2
- Industry 25.9
- Price to book
- 0.43
- Peers 13.19
- Dividend yield
- 1.82%
- ROE
- 0.9%
- Peers 35.3%
- ROCE
- 1.0%
- Peers 38.5%
- Debt to equity
- n/a
- Debt ₹0.00 Cr
- EPS (TTM)
- ₹266.62
- Face value ₹10
- OPM (TTM)
- 98.6%
- Net margin 96.5%
- Sales growth
- +9.7%
- Latest quarter vs a year ago
- Profit growth
- +9.8%
- Latest quarter vs a year ago
- Price to sales
- 43.66
- EV/EBITDA 43.6
Strengths and risks
Strengths
- Net margin of 96.5%.
- Positive operating cash flow in each of the last 4 years.
Risks to check
- Return on equity is low at 0.9%.
- P/E of 45.2 against an industry P/E of 25.9.
About Maharashtra Scooters
Bajaj Nivesh Limited invests in securities in India. It is also involved in treasury operations, as well as managing funds. Bajaj Nivesh Limited was formerly known as Maharashtra Scooters Ltd. and changed its name to Bajaj Nivesh Limited in October 2026. Bajaj Nivesh Limited was incorporated in 1975 and is based in Pune, India. Bajaj Nivesh Limited is a subsidiary of Bajaj Holdings & Investment Limited.
- Headquarters
- Pune
- Employees
- 5
- Sector
- Financial Services
- ISIN
- INE288A01013
- Website
- mahascooters.com
Price range
- Avg volume (3M)
- 4.1K
- 1-year return
- minus 16.3%
- From 52-week high
- minus 23.1%
Peers · Asset Management
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| JIOFINJio Financial Services | 231.20 | plus 0.69% | 1,58,445 | 87.9 | 1.19 | 1.7% | 1.3% | 75.8% | 431.5% | 268.2% | 0.26% | minus 23.9% |
| ICICIAMCICICI Prudential Asset Management Company | 2,935.80 | minus 1.45% | 1,45,104 | 41.1 | 27.16 | 98.3% | 76.2% | 74.1% | 28.9% | 29.6% | 1.44% | plus 13.5% |
| BAJAJHLDNGBajaj Holdings & Investment | 11,044.00 | plus 1.80% | 1,22,913 | 13.2 | 1.67 | – | 11.6% | 78.8% | 19.0% | 25.7% | 1.18% | minus 10.3% |
| HDFCAMCHDFC Asset Management Company | 2,649.80 | plus 0.37% | 1,13,701 | 38.3 | 13.19 | 38.5% | 36.4% | 81.4% | 23.9% | 26.2% | 2.04% | minus 2.3% |
| SBIFUNDSSBI Funds Management | 499.55 | minus 1.30% | 1,01,750 | 33.3 | 13.47 | – | 40.4% | 78.5% | – | – | 0.00% | minus 18.1% |
| NAM-INDIANippon Life India Asset Management | 1,065.20 | minus 0.37% | 68,177 | 42.8 | 14.29 | 40.0% | 35.3% | 67.3% | 26.1% | 28.3% | 2.07% | plus 21.3% |
| 360ONE360 ONE WAM | 1,145.00 | plus 0.36% | 49,107 | 38.7 | 4.50 | 13.5% | 12.7% | 47.3% | 24.0% | 22.7% | 1.18% | plus 5.7% |
| MAHSCOOTERMaharashtra Scooters | 12,060.00 | minus 1.95% | 13,783 | 45.2 | 0.43 | 1.0% | 0.9% | 98.6% | 13.1% | 16.7% | 1.82% | minus 16.3% |
| Median of 7 peers | – | 0.36% | 1,13,701 | 38.7 | 13.19 | 38.5% | 35.3% | 75.8% | 25.0% | 27.2% | 1.18% | −2.3% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | Sep 26 |
|---|---|---|---|---|---|---|
| 29.3 | – | 6.4 | 6 | 5.4 | 297 | |
| 1.1 | – | 0.9 | 1.1 | 0.9 | 1.5 | |
| 28.2 | – | 5.6 | 5 | 4.6 | 296 | |
| 96.3% | – | 86.3% | 82.6% | 84.1% | 99.5% | |
| 0 | – | 0 | 0.5 | 0 | 0 | |
| 0 | – | 0 | – | – | – | |
| 28.2 | – | 5.6 | 5.5 | 4.6 | 296 | |
| −25.5% | – | 25.8% | 26.6% | 27.0% | 0.9% | |
| 35.4 | – | 4.1 | 4 | 3.3 | 293 | |
| – | 233.69 | 3.60 | 3.50 | 2.91 | 256.61 |
Profit & loss
- Sales CAGR 3Y
- +13.1%
- Profit CAGR 3Y
- +16.7%
- EPS CAGR 3Y
- +16.7%
- ROE
- 0.9%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 216 | 223 | 183 | 313 | |
| – | +3.0% | minus 17.9% | +71.3% | |
| 22.2 | 18.7 | 10.8 | 4.4 | |
| 194 | 204 | 172 | 309 | |
| 89.7% | 91.6% | 94.1% | 98.6% | |
| 1.3 | 0.8 | 1.8 | 0.5 | |
| 2 | 2.1 | 2 | 0 | |
| −0.1 | −0.4 | 43.6 | −0 | |
| 193 | 202 | 215 | 309 | |
| −1.1% | 1.4% | 0.4% | −0.5% | |
| 195 | 199 | 214 | 311 | |
| – | +2.1% | +7.5% | +44.9% | |
| 170.90 | 174.40 | 187.60 | 271.70 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 11.4 | 11.4 | 11.4 | 11.4 | |
| 19,031 | 27,005 | 30,851 | 27,623 | |
| 1,355 | 2,377 | 3,725 | 3,156 | |
| 20,398 | 29,394 | 34,588 | 30,791 | |
| 12 | 10.1 | 0.2 | – | |
| 20,248 | 0.2 | 0.3 | 30,773 | |
| 123 | 138 | 148 | 72.8 | |
| 16.1 | 29,245 | 34,439 | −54.4 | |
| 20,398 | 29,394 | 34,588 | 30,791 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 209 | 206 | 159 | 267 | |
| −3.5 | −11.6 | 35.8 | −19 | |
| −205 | −194 | −193 | −250 | |
| 0.1 | 0.3 | 1.3 | −1.9 | |
| −1.6 | −0.2 | – | – | |
| 207 | 206 | 159 | 267 | |
| −205 | −194 | −193 | −250 |
Shareholding pattern
- Promoters51.00%
- Public49.00%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 51.00% | 49.00% | 0.00 | |
| 30 Jun 2026 | 51.00% | 49.00% | 0.00 | |
| 31 Mar 2026 | 51.00% | 49.00% | 0.00 | |
| 31 Dec 2025 | 51.00% | 49.00% | 0.00 | |
| 30 Sep 2025 | 51.00% | 49.00% | – |
Major shareholders
Filings & events
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