Maharashtra Scooters’ profit rises 9.81% as tax rate falls to 0.88%
Standalone margin recovered sharply from Q1, but year-on-year cost growth outpaced revenue growth and kept operating margin broadly flat.
Filed 22 Oct 2026, 11:23 IST · Maharashtra Scooters Ltd (MAHSCOOTER)
Key takeaways
- Standalone net profit rose +9.81% year on year to Rs 293.27 cr, even as expenses grew +22.13%.
- Quarter-on-quarter net profit jumped +8733.43% as revenue rose +5396.49% from Q1FY27's small base.
- The sequential profit surge was aided by a 26.15 percentage-point fall in the tax rate to 0.88%, while other income contributed 0.00% of pre-tax profit.
Price around the results
Revenue recovered sharply from Q1FY27
Maharashtra Scooters reported standalone net profit growth of +9.81% year on year, with revenue up +9.72%. The sequential surge reflects a rebound from Q1FY27, when revenue was Rs 5.41 cr; revenue growth was +5396.49% in Q2FY27, while operating profit growth was +6402.64%. Other income was immaterial, contributing 0.00% of pre-tax profit.
Year-on-year costs grew faster, but the tax rate fell
Expenses grew +22.13% year on year against +9.72% revenue growth, trimming operating margin by 0.05 percentage points. Sequentially, revenue grew faster than expenses, which rose +73.26%, lifting operating margin by 15.40 percentage points from Q1FY27. The tax rate fell 26.15 percentage points sequentially to 0.88%, making the sharp quarter-on-quarter net-profit increase partly tax-driven.
Margin remains well above the peer median
The 99.50% standalone operating margin was 35.00 percentage points above the 64.50% median for the 21 Financial Services peers that had reported the same quarter. The margin recovered from 82.59% in Q4FY26 and 84.10% in Q1FY27, but was broadly unchanged year on year from 99.55%. There is no current-session reaction to assess; across eight recent results, the stock rose four times and fell four times, with a median absolute move of 1.27%.
Q2FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹297 cr | ₹5 cr | +5396.49% | +9.72% |
| Other income | ₹0 cr | ₹0 cr | — | — |
| Expenses | ₹1 cr | ₹1 cr | +73.26% | +22.13% |
| Operating profit | ₹296 cr | ₹5 cr | +6402.64% | +9.66% |
| Operating margin (%) | 99.50% | 84.10% | — | — |
| Interest | ₹0 cr | ₹0 cr | — | — |
| Depreciation | ₹0 cr | ₹0 cr | — | — |
| Profit before tax | ₹296 cr | ₹5 cr | +6402.86% | +9.67% |
| Tax | ₹3 cr | ₹1 cr | +112.20% | -4.40% |
| Net profit | ₹293 cr | ₹3 cr | +8733.43% | +9.81% |
| EPS (₹) | ₹256.61 | ₹2.91 | +8718.21% | +9.80% |
Operating margin of 99.50% compares with a Financial Services sector median of 64.50% across 21 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -3.68% | -3.29% |
Volume on the results session was 0.99× its 20-day average.
What to watch
- Whether operating margin holds near 99.50% after its 15.40 percentage-point sequential recovery.
- Whether expenses continue to grow more slowly than revenue after revenue growth of +5396.49% versus expense growth of +73.26% sequentially.
- Whether the tax rate remains close to 0.88% after falling 26.15 percentage points from Q1FY27.