Maharashtra Scooters Ltd (MAHSCOOTER) AI Stock Analysis

• Market Cap: ₹141.69B
• Dividend Yield: 1.57%
• Average Volume (3M): 673.00
• Price to Earnings (P/E): 987.7
• Beta (1Y): 1.10
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 74
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Parts
• EPS (TTM): 3.60
• Shares Outstanding: 11,428,568
• 10 Day Avg. Volume: 231
• 30 Day Avg. Volume: 673
• PEG Ratio: 7.55
• Price to Book (P/B): 0.40
• Price to Sales (P/S): 65.94
• P/FCF Ratio: 76.93
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 61 Neutral
• Price Target: ₹13,080.00 ▼(-8.08% Downside)
• Action: N/A Date: 01/04/26
• Date: Action: N/A 01/04/26

The score is primarily supported by strong solvency (zero debt) and solid reported profitability, but it is held back by volatile cash-flow history and questions around earnings quality/consistency. Technicals are mixed with a negative MACD and price below key moving averages, and valuation is a drag due to the high P/E with only a modest dividend yield.

Positive Factors

Debt-free balance sheet

A zero-debt balance sheet materially lowers financial risk and preserves strategic optionality over the next 2–6 months: management can fund capex, working capital swings, or opportunistic investments without refinancing stress, improving resilience through cyclical auto-parts demand.

Sharp revenue and profit step-up

A material revenue and reported profit step-up signals either improved market traction or higher-margin activities that can lift scale economics. If sustained, this enhances long-term cash generation and operating leverage, supporting reinvestment or shareholder returns over the medium term.

Recent positive operating and free cash flow

Consistent positive OCF and FCF in the latest multi-year window indicates the company can convert earnings into spendable cash, supporting capex, dividends or balance-sheet flexibility. This strengthens durable financial health even if prior years were weak.

Negative Factors

Volatile cash conversion history

Prior multi-year negative operating cash flow highlights inconsistent cash conversion driven by working-capital swings or uneven underlying earnings. That volatility raises execution risk for sustaining investments and dividends and complicates medium-term forecasting of free cash availability.

Unusually high, volatile margins

Large swings and outlier margins suggest earnings may be influenced by one-offs, accounting items, or short-lived pricing effects. This reduces confidence in margin durability and makes long-term profitability projections less reliable for investors and lenders.

Low returns on shareholder capital

A very large equity base with ROE near 0.5%–1% signals poor capital efficiency: the firm generates little profit relative to funds deployed, limiting long-term shareholder value creation and questioning whether the balance-sheet strength translates into attractive operating returns.

Maharashtra Scooters Ltd Business Overview & Revenue Model

Company Description

Maharashtra Scooters Ltd. manufactures and sells pressure die casting dies, jigs, fixtures, and die casting components primarily for the two and three-wheeler industry in India. The company operates through two segments, Manufacturing and Investments. It is also involved in treasury operations, which manages surplus funds invested by the company. The company was incorporated in 1975 and is based in Pune, India. Maharashtra Scooters Ltd. operates as a subsidiary of Bajaj Holdings & Investment Limited.

How the Company Makes Money

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Maharashtra Scooters Ltd Financial Statement Overview

Summary

Financials are solid overall, led by a debt-free balance sheet and strong reported profitability with a sharp revenue step-up in FY2025. However, confidence is tempered by unusually high/volatile profit margins, inconsistent revenue history, and uneven cash-flow conversion (multiple years of negative operating cash flow earlier in the period).

Income Statement

Profitability looks exceptionally strong on the surface, with very high gross and operating margins in recent years and a solid step-up in revenue in FY2025 (annual revenue growth of ~85.5%). Net income also increased in FY2025 versus FY2024. Offsetting this, the reported net profit margins are unusually high and volatile (including an outlier level in FY2021), and revenue has been inconsistent across the period (sharp drop in FY2021, then recovery), which reduces confidence in the durability/quality of earnings.

Balance Sheet

Balance sheet strength is a clear positive: the company reports zero debt across all periods shown and a very large equity base that has expanded meaningfully over time. This lowers financial risk and provides flexibility. The main drawback is low returns on shareholder capital (return on equity stays around ~0.5%–1.0% across the years shown), suggesting that despite the large asset/equity base, profitability relative to capital employed is modest.

Cash Flow

Cash generation is mixed. Recent years show positive operating cash flow and free cash flow (FY2023–FY2025), and free cash flow is broadly in line with reported net income (around ~1.0x). However, operating cash flow was negative in FY2020–FY2022, indicating volatility and potential working-capital or cash-conversion swings. Free cash flow also declined year over year in FY2024 (negative growth), reinforcing the uneven cash-flow trajectory.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	3.13B	1.85B	2.24B	2.18B	1.94B	304.36M
Gross Profit	3.10B	1.81B	2.17B	2.08B	1.86B	219.36M
EBITDA	3.08B	1.74B	2.04B	1.95B	1.74B	109.04M
Net Income	3.57B	2.14B	1.99B	1.95B	1.43B	88.12M
Balance Sheet
Total Assets	372.50B	345.88B	293.94B	203.98B	246.99B	172.80B
Cash, Cash Equivalents and Short-Term Investments	1.90B	80.50M	57.50M	4.10M	2.75M	796.29M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	42.37B	37.25B	23.77B	13.55B	18.46B	10.36B
Stockholders Equity	330.13B	308.63B	270.17B	190.43B	228.53B	162.44B
Cash Flow
Free Cash Flow	2.47B	1.59B	1.97B	2.07B	-383.71M	-66.40M
Operating Cash Flow	2.47B	1.59B	2.06B	2.09B	-381.75M	-56.77M
Investing Cash Flow	17.10M	357.90M	-115.90M	-34.80M	953.52M	-677.25M
Financing Cash Flow	-2.51B	-1.93B	-1.94B	-2.05B	-575.53M	-11.59M

Maharashtra Scooters Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LGBBROSLTD	76 Outperform	₹54.54B	16.13	―	1.07%	14.37%	12.68%
FIEMIND	70 Outperform	₹53.43B	23.47	―	1.24%	16.64%	22.21%
LUMAXTECH	66 Neutral	₹106.95B	31.91	―	0.35%	36.70%	36.24%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
MAHSCOOTER	61 Neutral	₹141.69B	987.71	―	1.57%	―	―
UCAL	51 Neutral	₹2.14B	-6.33	―	―	5.70%	-18.05%