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.
Q2 FY26 Earnings Results
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Total Income: ₹271.02 crore, a dramatic 826% sequential increase from ₹29.27 crore in Q1 FY26 and up 66.1% YoY from ₹163.17 crore in Q2 FY25.
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Operating Profit Before Depreciation, Interest & Tax (PBDIT, excl. other income): ₹269.80 crore, translating to an exceptional operating margin of 99.55%, the highest in eight quarters.
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Net Profit After Tax (PAT): ₹267.07 crore, a 76.7% YoY surge from ₹151.16 crore and up massively from ₹35.36 crore QoQ, reflecting exceptional profitability.
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EPS: ₹233.7, significantly up from ₹132.3 YoY and ₹30.9 QoQ.
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Effective Tax Rate: 1.01%, significantly lower than previous periods due to favorable dividend income tax treatment.
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Half-year Total Income: ₹300.29 crore, up 74.6% YoY; Half-year PAT: ₹302.43 crore, up 89.7% YoY, reflecting strong half-year performance.
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Operating cash flow was ₹158 crore in FY25, down from ₹206 crore in FY24, reflecting dividend timing; investing cash flow positive due to divestments.
Management Commentary & Strategic Insights
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Maharashtra Scooters Ltd has transitioned fully into an investment holding company after closing manufacturing operations.
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The substantial increase in profit is mainly due to high dividend income from its investments and asset monetization.
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Management focuses on maintaining operational efficiency and capitalizing on investment income streams to sustain profitability.
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The company declared a large interim dividend of ₹160 per share reflecting strong shareholder returns.
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Financial strength reflected in minimal expenses, very low operating costs, and improved net profit margins despite limited direct operations.
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Concerns remain on low return on equity (ROE) due to lean operating business, and volatility in dividend income affecting forecasting.
Q1 FY26 Earnings Results
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Total Income: ₹29.27 crore, up 263% YoY from ₹7.72 crore in Q1 FY25.
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Profit Before Tax (PBT): ₹28.18 crore, a significant turnaround from loss in previous years.
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Net Profit (PAT): ₹35.36 crore, 338% YoY growth indicating emerging strong profitability at holding company level.
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Operating profit margin above 96%, indicating very low operational expenses in Q1.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.