Maharashtra Scooters at new high

Maharashtra Scooters is an investment company (CIC), and a subsidiary of Bajaj Holdings. It primarily invests in securities (especially in the Bajaj group) and has curtailed its manufacturing operations.

At the Board meeting held today, company has declared an Interim Dividend of Rs.160 per equity share (face value Rs.10) for  FY26, representing 1,600% of the face value. The record date has been fixed for 22 Sept’25.

The market capitalization is approximately Rs.20,500-Rs.21,000 crore. Despite high valuation multiples, P/E being in the region of 85x and Price/Book around 0.67x, the company remains debt-free and its financial strength is anchored in its investment holdings rather than operating income.

Maharashtra Scooters’ business model is entirely investment focused, holding at least 90% of its assets in Bajaj group companies, with the surplus in safe income-earning instruments. As per most recent public filings, known listed holdings of Maharashtra Scooters have been valued at approximately Rs.29,946 crore for major group company equity stakes.

The company has a 2.46% stake in Bajaj Auto, 3.05% in Bajaj Finance and 3.04% in Bajaj Holdings.

Promoter ownership stands at 51%, Foreign Institutional Investors about 5.12%, Domestic Institutional Investors (including mutual funds) around 4-5%, and the remainder public shareholders. Dividend yield currently is modest (below 1%), reflecting the high stock price, though the per-share dividend amount is significant.