Mah. Scooters Q2 FY27 Results (NSE: MAHSCOOTER)
Signal: Earnings grew
The read
The quarter's ₹29327 lakh PAT, +9.8% YoY, recovered because dividend income returned to ₹28981 lakh, but the trajectory remains distribution-dependent: interest income fell 3.2% YoY to ₹707 lakh and dividend income accounted for 97.5% of operating revenue.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹297.36 Cr | +9.7% | +5396.5% |
| Net profit | ₹293.27 Cr | +9.8% | |
| EPS | ₹256.61 | +9.8% | |
| EBIT margin | 99.5% |
P&L walk
Revenue from operations increased to ₹29736 lakh, +9.7% YoY, almost entirely because dividend income was ₹28981 lakh and unchanged YoY; interest income declined 3.2% YoY, operating expenses rose 22.1% YoY to ₹149 lakh, and PAT grew 9.8% YoY to ₹29327 lakh.
Segments
The company reports a single business segment, investments; dividend income of ₹28981 lakh represented 97.5% of revenue from operations, while interest income declined 3.2% YoY to ₹707 lakh.
Key positives
- Revenue from operations reached ₹29736 lakh, +9.7% YoY, as dividend income recovered to ₹28981 lakh from the prior quarter's ₹26325 lakh.
- PAT of ₹29327 lakh, +9.8% YoY, was closely matched by EPS growth of +9.8%, with paid-up equity share capital unchanged at ₹1143 lakh.
- Operating cash flow was ₹29554 lakh in H1FY27, +19.6% YoY, broadly supporting reported profitability.
Key concerns
- Interest income declined 3.2% YoY to ₹707 lakh, indicating that the earnings recovery was not broad-based across income streams.
- Dividend income of ₹28981 lakh contributed 97.5% of revenue from operations, leaving quarterly earnings highly dependent on distributions from investee companies.
- The company declared and paid an interim dividend of ₹160 per share, amounting to ₹18286 lakh, which creates a substantial cash distribution relative to quarterly PAT of ₹29327 lakh.
Research and educational content only. Not investment advice.