Maharashtra Scooters Ltd Stock Analysis

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

BSE Share Price May 20, 18:01
3712.55 175.80 (4.97%)

DeciZen - Make an Informed Decision on Maharashtra Scooters

Overall Rating

1. Quality

2. Valuation

Fair

3. Price Trend

FAQs

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 Weak which suggest that the price of Maharashtra Scooters Ltd is likely to Fall 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.

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'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21TTM
ROCE % 15.6%21.9%20%20.9%35.2%0.4%0.8%0.7%1.8%0.1%-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 6.76.74.2798.512.314.515.415.317
YoY Gr. Rt. %-0.3%-37.6%66.5%28.9%-5.2%45.1%17.6%6.1%-0.7%-
Adj EPS 28.240.940.644.886.911.451.863.2157.27.6124.9
YoY Gr. Rt. %-44.9%-0.7%10.4%93.8%-86.8%352.8%22%148.8%-95.2%-
BVPS (₹) 177.2196.5208.9220.72735,733.47,197.19,907.87,184.414,213.119,996.3
Adj Net Profit 32.346.746.451.299.313.159.272.21808.7143
Cash Flow from Ops. -45.4-7.6-5.7-10.1-8-33.30.70.7-7-5.7-
Debt/CF from Ops. 0000000000-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 9.6%11.2%7.4%-0.7%
Adj EPS -13.6%-38.6%-47.2%-95.2%
BVPS 62.8120.525.597.8
Share Price 27.8% 13.6% -2.9% 4.2%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21TTM
Return on Equity % 15.621.92020.935.20.40.80.71.80.10.7
Op. Profit Mgn % -168.7-50.4-115.3-72.4-71.6-68.8-62.1-37.8-33.2-31.4-18.1
Net Profit Mgn % 483.1697.61110.1736.41106.2153.9480.2498.11168.157843.5
Debt to Equity 00000000000
Working Cap Days 7929701,4951,1291,3381,3446894423434192,122
Cash Conv. Cycle 58911521141151101051151471921,999

Recent Performance Summary

Sales growth is good in last 4 quarters at 34.98%

Return on Equity has declined versus last 3 years average to 0.70%

Sales growth has been subdued in last 3 years 7.41%

Net Profit has been subdued in last 3 years -47.23%

Latest Financials - Maharashtra Scooters Ltd.

Standalone Consolidated
TTM EPS (₹) 124.9 -
TTM Sales (₹ Cr.) 16.9 -
BVPS (₹.) 19,996.3 -
Reserves (₹ Cr.) 22,842 -
P/BV 0.19 -
PE 29.73 -
From the Market
52 Week Low / High (₹) 3319.15 / 5023.35
All Time Low / High (₹) 15.50 / 5023.35
Market Cap (₹ Cr.) 4,243
Equity (₹ Cr.) 11.4
Face Value (₹) 10
Industry PE 33.2

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

Analyst's Notes

News

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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