Maharashtra Scooters Ltd - Stock Valuation and Financial Performance

BSE: 500266 | NSE: MAHSCOOTER | Auto Ancillary | Small Cap

Maharashtra Scooters Share Price

7,584.45 103.05 1.38%
as on 12-Apr'24 16:59

DeciZen - make an informed investing decision on Maharashtra Scooters

Overall Rating
Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

Semi Strong

Maharashtra Scooters stock performance -

mw4me loader
P/E Ratio (SA):
43.33
Market Cap:
8,667.9 Cr.
52-wk low:
4,410.6
52-wk high:
8,600

Is Maharashtra Scooters Ltd an attractive stock to invest in?

1. Is Maharashtra Scooters Ltd a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Maharashtra Scooters Ltd is a below average quality company.

2. Is Maharashtra Scooters Ltd undervalued or overvalued?

The key valuation ratios of Maharashtra Scooters Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is Maharashtra Scooters Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Maharashtra Scooters Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Maharashtra Scooters:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Maharashtra Scooters Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 20%20.9%35.2%0.4%0.8%0.7%1.8%0.1%0.7%0.9%-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 4.2798.512.314.515.415.3194216227
Sales YoY Gr.-66.5%28.9%-5.2%45.1%17.6%6.1%-0.7%1,170.2%11.5%-
Adj EPS 40.644.886.911.452.863.2157.27.6124.9170.9175
YoY Gr.-10.4%93.8%-86.8%361.4%19.7%148.8%-95.2%1540.9%36.9%-
BVPS (₹) 208.9220.72735,733.47,197.19,907.87,184.414,213.119,996.316,662.421,645.9
Adj Net
Profit
46.451.299.313.160.372.21808.7143195200
Cash Flow from Ops. -5.7-10.1-8-33.30.70.7-7-5.7119209-
Debt/CF from Ops. 0000000000-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 55%77.4%141.4%11.5%
Adj EPS 17.3%26.5%2.8%36.9%
BVPS62.7%18.3%32.4%-16.7%
Share Price 31.6% 15.5% 29.5% 70.5%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
2020.935.20.40.80.71.80.10.70.90.9
Op. Profit
Mgn %
-115.3-72.4-71.6-69-62.1-37.8-33.2-31.489.689.590.2
Net Profit
Mgn %
1110.1736.41106.2153.9489.3498.11168.15773.590.388.2
Debt to
Equity
0000000000-
Working Cap
Days
1,4951,1291,3381,344689442343419453852,573
Cash Conv.
Cycle
15211411511010511514719221752,544

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 0.90%

Sales growth is growing at healthy rate in last 3 years 141.40%

Net Profit has been subdued in last 3 years 2.83%

Sales growth is not so good in last 4 quarters at -11.51%

Latest Financials - Maharashtra Scooters Ltd.

Standalone Consolidated
TTM EPS (₹) 175 -
TTM Sales (₹ Cr.) 227 -
BVPS (₹.) 21,645.9 -
Reserves (₹ Cr.) 24,727 -
P/BV 0.35 -
PE 43.33 -
From the Market
52 Week Low / High (₹) 4410.60 / 8600.00
All Time Low / High (₹) 15.50 / 8600.00
Market Cap (₹ Cr.) 8,668
Equity (₹ Cr.) 11.4
Face Value (₹) 10
Industry PE 47.1

Management X-Ray of Maharashtra Scooters:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Maharashtra Scooters

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales479812141515194216
Operating Expenses 9121514202020202023
Manufacturing Costs1222322223
Material Costs23548888810
Employee Cost 5688889888
Other Costs 1111122222
Operating Profit -5-5-6-6-8-6-5-5174194
Operating Profit Margin (%) -116.0%-72.6%-71.8%-69.1%-62.6%-38.0%-33.3%-31.5%89.6%89.5%
Other Income 53631082170811991601
Interest 0000000000
Depreciation 1311122222
Exceptional Items 0000000000
Profit Before Tax 48551011461741929172193
Tax 00011212030-2
Profit After Tax 48551011361731809143195
PAT Margin (%) 1,139.0%787.2%1,125.4%153.8%492.9%502.2%1,170.3%57.7%73.5%90.3%
Adjusted EPS (₹)41.747.988.411.453.263.7157.57.7124.9170.9
Dividend Payout Ratio (%)60%63%34%262%62%52%32%648%64%94%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 2392523126,5528,22511,3238,21116,24422,85319,043
Share Capital 11111111111111111111
Reserves 2272413016,5418,21411,3128,19916,23222,84219,031
Minority Interest0000000000
Debt0000000000
Long Term Debt0000000000
Short Term Debt0000000000
Trade Payables1000101210
Others Liabilities 6066251917391-201,0341,8451,355
Total Liabilities 3003183376,5728,24311,7148,19217,28024,69920,398

Fixed Assets

Gross Block27273131313134343436
Accumulated Depreciation20232324181718202224
Net Fixed Assets7477131515141312
CWIP 0000000000
Investments 2602712806,5118,19611,6808,08017,18924,65420,364
Inventories0111123464
Trade Receivables13223457107
Cash Equivalents 1512628136825655
Others Assets16264123169710127
Total Assets 3003183376,5728,24311,7148,19217,28024,69920,398

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity -6-10-8-3311-7-6119209
PBT 48551011461741929172193
Adjustment -52-59-107-21-69-77-194-130-2
Changes in Working Capital -0-4-1-25104-6-0-2715
Tax Paid -1-1-1-2-1-11-1-273
Cash Flow From Investing Activity 154181354045195-68-62-3
Capex -10-40-6-3-2-10-1
Net Investments -35-5-61-28-238-75-61-2
Others 514691357470189800
Cash Flow From Financing Activity -26-33-80-2-41-45-113-1-58-205
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 0000000000
Interest Paid 0000000000
Dividend Paid -22-28-66-2-34-38-93-1-58-205
Others -4-5-140-7-8-19000
Net Cash Flow -17-2-600075-7500
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)20.5422.335.80.380.820.741.840.070.730.93
ROCE (%)20.5422.335.80.420.830.761.960.070.880.92
Asset Turnover Ratio0.020.030.03000000.010.01
PAT to CFO Conversion(x)-0.13-0.18-0.08-2.540.020.01-0.04-0.670.831.07
Working Capital Days
Receivable Days14991918982901001381614
Inventory Days404133333434588399
Payable Days180722942302429736513

Maharashtra Scooters Ltd Stock News

Maharashtra Scooters Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Maharashtra Scooters on 12-Apr-2024 16:59 is ₹7,584.5.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 12-Apr-2024 16:59 the market cap of Maharashtra Scooters stood at ₹8,667.9.
The latest P/E ratio of Maharashtra Scooters as of 12-Apr-2024 16:59 is 43.33.
The latest P/B ratio of Maharashtra Scooters as of 12-Apr-2024 16:59 is 0.35.
The 52-week high of Maharashtra Scooters is ₹8,600 and the 52-week low is ₹4,410.6.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Maharashtra Scooters is ₹226.8 ( Cr.) .

About Maharashtra Scooters Ltd

Maharashtra Scooters (MSL) was incorporated on June 11, 1975. It holds 3.35% stake in Bajaj Auto in addition to 4.88% stake in Bajaj Auto Finance. It is a joint sector enterprise promoted by Western Maharashtra Development Corporation (27%) and Bajaj Auto (24%).

The company assembled geared scooters, but due to non-availability of CKD packs from Bajaj Auto, the company stopped production of geared scooters in April 2006. MSL has managerial and technical agreement with Bajaj Auto for production of scooters. Scooter brands included Chetak, Super and Priya. The company has its plants in Waluj and Akurdi.

The registered office of the company is at Bajaj Auto, Mumbai-Pune Road, Akurdi, Pune-411035, Maharashtra.

Milestones

  • 1975 - The company was incorporated on June 11, at Pune.
  • 1975 - The company entered into two agreements with Bajaj Auto, one for the preparation of the project report and another for technical know-how and assistance.
  • 1975 - The technical know-how agreement was to be in force for a period of 10 years from the date of commencement of operations or till the company achieved a total production of 3,00,000 scooters whichever is later. Under the agreement, Bajaj Auto, agreed to supply to the company components at reasonable prices which was understood to be lower than the dealer prices for the said components in the replacement market.
  • 1985 - The installed capacity was increased from 73,000 to 87,000 motorized two-wheelers up to 350cc engine capacity.
  • 1986 - An application was made for further enhancement of its licensed capacity from 87,000 to 2,00,000 numbers of motorized two-wheelers and three-wheelers up to 350cc engine capacity, under the scheme of re-endorsement of industrial capacity with reference to the minimum economic scales of operation announced by the Government.
  • 1986 - The company renewed its technical agreement with Bajaj Auto, for a further period of ten years from January 1, 1998.
  • 1990 - During the year, commercial manufacture of Bajaj Super Scooters for which a technical know-how agreement was entered into with Bajaj Auto, on terms and conditions similar to the agreement for manufacture of Priya Scooters.
  • 1996 - The company renewed its technical know-how agreement with Bajaj Auto for a further period of 10 years as similar terms. Company also entered into a protocol agreement with both the promoters of the company i.e. Bajaj Auto and Western Maharashtra Development Corporation.
  • 2000 - Bajaj Auto offered to buy out the Maharashtra government’s entire 27 per cent holding in this scooter manufacturing joint venture Maharashtra Scooters (MSL).
  • 2000 - The company introduced five-day working week at its plant in Satara due to recession in the scooter segment.
  • 2000 - Maharashtra Scooters, Satara, were presented the R J Rathi Award for Environment Pollution Control.
  • 2001 - Bajaj Auto has evinced interest to purchase the 27 per cent equity stake in Maharashtra Scooters
  • 2002 - Maharashtra government has formed a committee headed by chief secretary Ajit Nibalkar to speed up strategic sale of its stake in Maharashtra Scooters.
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