Maharashtra Scooters Q1: standalone PAT ₹3.3 Cr, -91% YoY on a dividend-free quarter
PAT -90.6% YoY · revenue -81.5% · margins flat
₹5.41 Cr
-81.5% YoY
₹3.32 Cr
-90.6% YoY
61.37%
-38.6pp YoY
₹2.91
Maharashtra Scooters, the Bajaj-group holding company classified as an unregistered Core Investment Company, reported standalone Q1 FY27 (quarter ended 30 June 2026) net profit of ₹3.32 Cr on total income of ₹5.41 Cr. The headline collapse — revenue -81.5% and PAT -90.6% YoY — is almost entirely a dividend-timing artifact, not an operating deterioration: the year-ago Q1 carried ₹22.77 Cr of dividend income from group holdings that did not recur this quarter, and its PAT was further flattered by an ₹8.63 Cr Sec-80M excess-provision tax write-back (which turned that quarter's tax line into a credit). This company earns lumpy, seasonally-received dividends from its Bajaj Auto / Bajaj Finserv / Bajaj Finance / Bajaj Holdings stakes, so a June quarter with no dividend inflow is normal.
Q1 FY-2027 vs prior quarters
Stripping the dividend and the tax one-off from the base, adjusted PAT is down roughly 16% YoY and adjusted revenue about -17% — the honest read is a soft, not catastrophic, quarter. The core recurring income this quarter was interest income of ₹5.08 Cr (down from ₹6.24 Cr a year ago, ~-19%) plus ₹0.33 Cr of fair-value gains; the YoY dip in interest is the real underlying driver. Sequentially, against a Q4 FY26 that was also dividend-free (revenue ₹6.03 Cr, PAT ₹4.01 Cr), revenue fell 10.3% and PAT 17.2%, with net margin essentially flat at 61.4% (vs 61.6% in Q4). Expenses stayed negligible at ₹0.86 Cr, as expected for a pure investment vehicle.
The stock went into the print at ₹12,766, up 2.1% over the past month of trading.
What the summary numbers don't show
EPS ₹2.91 (vs ₹3.51 QoQ, ₹30.94 YoY) — no exceptional items this quarter
Management gives no formal earnings guidance and there is no analyst quarterly consensus for this holding company, so there is no street bar to beat or miss. The more notable disclosure this quarter is corporate, not financial: alongside results the Board approved (a) amending the MOA to formally drop the legacy scooter-manufacturing object clauses and cement its Unregistered CIC status, (b) adding a new object clause to pursue renewable-energy (solar/wind) generation at an appropriate time, and (c) a proposed change of the company's name — all subject to member and regulatory approval. Book value stood at ₹28,462 per share as of 30 June 2026. The renewable-energy object and name change signal a potential strategic repositioning to watch, though no capital or timeline was committed.
W1
Dividend timing: watch H2 quarters for the seasonal ₹20 Cr+ group-dividend inflow that was absent this quarter
W2
Interest income trajectory — recurring line slipped ~19% YoY to ₹5.08 Cr; verify whether it stabilises
W3
Execution on the newly-approved renewable-energy object and name change (member/regulatory approval pending; no capital committed)
Standalone-only (unregistered Core Investment Co, single 'investments' segment). Source in ₹ Lakh, converted to ₹ Cr (÷100). Q1 FY27 had ZERO dividend income vs ₹22.77 Cr in year-ago Q1 FY26; year-ago PAT also inflated by ₹8.63 Cr Sec-80M tax write-back (negative tax). Other income nil. Arithmetic checks pass (5.41=5.41+0; 3.32=4.55-1.23).