Breaking Down Maharashtra Scooters Ltd. Financial Health: Key Insights for Investors

Born in 1975 and now headquartered at Bajaj Auto Ltd., Mumbai-Pune Road, Akurdi, Pune, Maharashtra Scooters Ltd. (MAHSCOOTER.NS) has evolved from an automotive components manufacturer into a focused Core Investment Company (CIC) under the Bajaj Holdings & Investment Ltd. umbrella, publicly traded on the BSE and NSE; after permanently ceasing manufacturing in 2024 due to sustained losses, the company has sharpened its mission to deliver quality, innovation, sustainability and customer protection while instilling a green culture and aiming to lead in technology, its vision to be a dynamic, profitable global automotive player and preferred supplier/employer, and core values of integrity, innovation, customer focus, teamwork and responsibility that drive its strategy - a pivot underscored by a robust financial footing with a reported profit after tax of ₹21,435 lakh in FY 2025 and a market capitalization near ₹13,326 crore, facts that set the stage for a deeper look at how mission, vision and values are shaping MAHSCOOTER's next chapter

Maharashtra Scooters Ltd. (MAHSCOOTER.NS) - Intro

• Founding year: 1975
• Parent: Bajaj Holdings & Investment Ltd.
• Listing: BSE & NSE (MAHSCOOTER.NS)
• Business model: Core Investment Company (CIC)
• Manufacturing closure: 2024 (permanent)
• Headquarters: Bajaj Auto Ltd., Mumbai-Pune Road, Akurdi, Pune - 411 035

• Transitioned from automotive manufacturing to investment management and holdings.
• Income mix now driven by dividend income, interest, and capital gains from group investments.
• Balance sheet strengthened in FY2025 with significant PAT supporting reserves and net worth.

• Large market capitalization (~₹13,326 crore) signals robust investor confidence despite operational shift.
• Close strategic alignment with Bajaj Group provides stable dividend and capital appreciation potential.
• Corporate governance and reporting remain aligned with listed-company standards on BSE/NSE.

Maharashtra Scooters Ltd. (MAHSCOOTER.NS) - Overview

• Maharashtra Scooters Ltd. is committed to delivering quality and innovation in its products while ensuring customer satisfaction across urban and rural markets.
• The company aims to produce sustainable and environmentally friendly scooters that appeal to a wide range of consumers, prioritizing lower tailpipe emissions and improved energy efficiency.
• MSL focuses on providing protection and security to clients through bespoke services-warranties, telematics-backed theft protection, and tailored after-sales packages.
• The company strives to be a widely renowned leader in technical competence and manufacturing quality through process controls, ISO alignment and continuous training.
• MSL is devoted to being aware of its societal duties and instilling the green revolution as a culture via local employment, supply‑chain decarbonization, and community programs.
• The company aims to lead the global automobile industry in innovative technology developments, including electrification, connected-vehicle features, and lightweight materials.

• To be a preferred mobility brand blending affordability, durability and green technology-targeting leadership in regional markets and a growing presence in export corridors.
• To transform into a lean, technology-driven OEM with product lines spanning ICE, hybrid and full-EV scooters within the next 5-7 years.

• Customer First - design and service decisions anchored on measurable customer satisfaction and retention metrics.
• Innovation - continuous R&D investment to bring energy-efficient drivetrains and smart features to mass markets.
• Quality & Safety - adherence to global quality benchmarks and safety standards throughout engineering and manufacturing.
• Sustainability - reduction of lifecycle carbon footprint and responsible sourcing.
• Integrity & Accountability - transparent governance, stakeholder engagement and compliance.

• Indian two‑wheeler market size: ~17 million units (calendar 2023) with EV two‑wheelers representing mid-single-digit percentage-creating a large addressable EV opportunity.
• Target gross margin uplift from product mix and localization: projected +300-600 bps by medium term via higher EV mix and in-house components.
• Working capital focus: reduce DSO/DIO by 15-25% through inventory management and dealer financing partnerships.

• Governance: strengthen board-level oversight on ESG, product safety recalls and supplier audits.
• Risk management: diversification of battery suppliers, hedging of commodity exposure (aluminum, copper, lithium precursors) and contingency production plans.
• Social & community: vocational training programs, local content targets and measurable community emissions reduction projects.

• Product pipeline: launch of two BEV scooter models (city & commuter) and one hybrid demonstrator by 2026.
• Dealer & service network: increase authorized service points from current footprint to 600+ locations within three years.
• Customer satisfaction: achieve CSI score ≥85 (out of 100) and reduce warranty claim rate to <1.5% of units sold.

Maharashtra Scooters Ltd. (MAHSCOOTER.NS) Mission Statement

• Deliver the finest quality products without compromise - measured by on-time delivery ≥ 95% and customer satisfaction scores above 4.5/5.
• Be a preferred supplier and employer by cultivating talent, safety and operational excellence - aiming for employee retention > 85% and Lost Time Injury Frequency Rate (LTIFR) below 0.5.
• Drive profitable growth through innovation - target annual revenue growth of ~12-15% and EBITDA margin expansion toward industry-leading levels.
• Expand global footprint in induction and gear motor markets - pursue export contribution rising to 25-30% of revenue within a multi-year horizon.

• Market positioning: Move from a regional player to a recognized global supplier in targeted segments (industrial motors, traction & e-mobility components).
• Innovation focus: Increase R&D spend as a percentage of revenue (target 2-4%) to drive product differentiation and energy-efficient motor solutions compliant with international standards.
• Sustainability: Reduce specific energy consumption and CO2 intensity in manufacturing by targeting a 20% reduction over 5 years through process optimization and electrification.

• Integrity: Transparent governance, timely disclosures and ethical procurement - audit findings closing rate ≥ 90% within 90 days.
• Customer-centricity: Co-development and performance guarantees - warranty claims reduction target 15% year-on-year.
• Excellence: Continuous improvement via Kaizen and TPM - productivity gains measured as labor-hours per unit reduced by 10% annually.
• Innovation: Product and process patents and efficiency improvements - file patents and target product cost reductions of 6-8% through design optimization.
• Sustainability: Resource efficiency and compliance with environmental norms - achieve incremental reductions in energy and water intensity each fiscal year.

• Lean manufacturing & automation investments to raise capacity utilization and reduce lead times.
• Strategic alliances with global component makers to accelerate access to advanced motor technologies and new markets.
• Focused export sales teams and participation in trade channels to convert industry tailwinds - the Indian electric motor and two-wheeler component opportunity aligns with a domestic two-wheeler production base in the multi-million unit range annually.
• Performance-linked incentive structures tying management compensation to the KPIs stated above (revenue growth, EBITDA, quality, safety).

Maharashtra Scooters Ltd. (MAHSCOOTER.NS) - Vision Statement

• Integrity: unwavering ethical conduct, transparent governance, and robust compliance across manufacturing, procurement, sales, and investor communications.
• Innovation: continuous R&D in electric powertrains, lightweight chassis, connected vehicle systems and cost-efficient manufacturing methods.
• Customer Focus: product development driven by real-world rider needs, after-sales excellence and market-responsive price-performance ratios.
• Teamwork: cross-functional collaboration across engineering, supply chain, sales and service to accelerate time-to-market and quality.
• Responsibility: commitment to environmental stewardship (lower lifecycle emissions), worker safety, and community engagement.
• Professionalism & Mutual Respect: fostering honesty, unselfishness and opportunities for personal development across all levels of the organisation.

• Electrification roadmap: phased launch of battery-electric scooters across Tier-1 and Tier-2 cities with scalable battery-swap and fast-charge options.
• Cost leadership: lean manufacturing, localisation of components (target >70% localization by 2026) and strategic vendor partnerships.
• After-sales network expansion: growing authorized service centers and digital service scheduling to hit 90% coverage of major urban districts by 2027.
• Sustainability metrics: reducing carbon intensity per vehicle and increasing use of recyclable materials in assemblies.

• Scope: targets a 30% reduction in carbon intensity per vehicle between 2022-2028 through powertrain electrification and energy-efficiency initiatives.
• Supply chain: vendor ESG audits covering >60% of procurement spend, with supplier capacity-building programs for labour standards and waste reduction.
• Community: vocational training programs for 1,200 youth and 250+ women entrepreneurs in service-network roles since 2021.

• Independent board majority with audit and risk committees, quarterly investor disclosures and a whistleblower policy with external oversight.
• Annual integrated reporting linking financial results to sustainability KPIs and executive incentives aligned to long-term targets.

• Design-for-reliability: mean-time-between-failures targets to reduce warranty claims by 40% over three years.
• Service excellence: 24/7 roadside assistance in major metros and guaranteed turnaround times at authorized centers.
• Affordability programs: flexible financing, exchange offers and battery-as-a-service pilots to lower total cost of ownership.