Maharashtra Scooters' revenue plunges 81.52% YoY in Q1FY27
Costs fell far less than revenue, cutting operating margin by 12.21 percentage points; sequentially, margin recovered as expenses declined faster.
Filed 29 Jul 2026, 10:38 IST · Maharashtra Scooters Ltd (MAHSCOOTER)
Key takeaways
- Standalone revenue fell -81.52% YoY to Rs 5.41 cr, while expenses declined only -20.37%, exposing the weak operating leverage.
- Operating margin narrowed 12.21 percentage points YoY to 84.10%, though it improved 1.51 percentage points sequentially as expenses fell faster than revenue.
- Net profit fell -90.61% YoY to Rs 3.32 cr, with the comparison affected by a tax rate of -25.48% in Q1FY26 versus 27.03% now.
Price around the results
Revenue fell sharply from last year's base
Maharashtra Scooters reported standalone revenue of Rs 5.41 cr, down -81.52% YoY and -10.28% QoQ. The year-on-year decline was much steeper than the -20.37% fall in expenses, reducing operating profit by -83.86% YoY. Revenue was also sharply below the Rs 271.02 cr recorded in Q2FY26, showing the quarter-to-quarter volatility in the business.
Lower costs supported a sequential margin recovery
Operating margin fell 12.21 percentage points YoY because expenses declined only -20.37% against the -81.52% revenue drop. Sequentially, expenses declined -18.10%, faster than the -10.28% revenue fall, lifting margin by 1.51 percentage points. Other income was zero, so the quarter's pre-tax profit was not supported by non-operating income.
Margin remains below the FY26 peak, but above sector median
Operating margin moved from 99.55% in Q2FY26 to 86.34% in Q3FY26 and 82.59% in Q4FY26 before recovering to 84.10% in Q1FY27. This breaks the recent three-quarter decline, but the margin remains below the Q2FY26 peak. It was 21.09 percentage points above the 63.01% median for the 31 Financial Services peers that had reported.
Tax comparison amplified the profit decline
The tax rate was 27.03% in Q1FY27, compared with -25.48% a year earlier, when a tax credit boosted reported net profit. With no other income and no interest expense, the -90.61% YoY decline in net profit mainly reflects the revenue contraction and the less favourable tax comparison. Net profit also fell -17.21% sequentially.
Past result reactions have been mixed
Across the last eight results, the stock rose four times and fell four times, with a median absolute move of 1.14%. The recorded moves include a rise of 6.56% and a fall of 1.14%, so the stock's response has usually been modest but occasionally more pronounced.
Q1FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 | Q4FY26 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹5 cr | ₹6 cr | -10.28% | -81.52% |
| Other income | ₹0 cr | ₹0 cr | -100.00% | — |
| Expenses | ₹1 cr | ₹1 cr | -18.10% | -20.37% |
| Operating profit | ₹5 cr | ₹5 cr | -8.63% | -83.86% |
| Operating margin (%) | 84.10% | 82.59% | — | — |
| Interest | ₹0 cr | ₹0 cr | — | — |
| Depreciation | ₹0 cr | ₹0 cr | — | -100.00% |
| Profit before tax | ₹5 cr | ₹5 cr | -16.67% | -83.85% |
| Tax | ₹1 cr | ₹1 cr | -15.17% | — |
| Net profit | ₹3 cr | ₹4 cr | -17.21% | -90.61% |
| EPS (₹) | ₹2.91 | ₹3.50 | -16.86% | -90.58% |
Operating margin of 84.10% compares with a Financial Services sector median of 63.01% across 31 peers that have reported Q1FY27.
What to watch
- Whether revenue recovers from Rs 5.41 cr after the -81.52% YoY decline.
- Whether operating margin holds above 84.10% after the sequential recovery of 1.51 percentage points.
- Whether the tax rate remains near 27.03% rather than reverting to the -25.48% level seen a year earlier.