MAHSCOOTER Q2 FY27 Results Analysis: PAT Jumps 9.81%, Dividend Income Resumes

MAHSCOOTER's Q2 FY27 numbers came in mixed, with revenue of Rs. 297.36 Cr (+9.72% YoY) and PAT growth of +9.81% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quarter Snapshot

Q2 FY27 revenue grew 9.72% YoY to Rs.297.36 Cr and PAT grew 9.81% to Rs.293.27 Cr as dividend income of Rs.289.81 Cr resumed after a nil Q1. The company (renamed Bajaj Nivesh Limited) raised its interim dividend to Rs.160/share and delivered CFO at 1.00x PAT, but 97.46% revenue concentration in Bajaj Group dividends and a −Rs.158.17 Cr OCI swing on the FVTOCI book remain structural features. No prior management guidance exists to benchmark against, so results are growth observations rather than beats.

Key Investment Insights

Key Positives

• Revenue from operations grew 9.72% YoY to Rs.297.36 Cr in Q2 FY27
• Dividend income of Rs.289.81 Cr resumed in Q2 after being nil in Q1 FY27, up 10.09% YoY
• PAT grew 9.81% YoY to Rs.293.27 Cr; EPS at Rs.256.61 vs Rs.233.69
• H1 FY27 CFO of Rs.295.54 Cr equals 1.00x PAT (vs 0.82x in H1 FY26)
• Interim dividend of Rs.160/share declared (vs Rs.110/share FY26 interim); H1 payout ratio 84.73%
• Net worth up 17.3% from Mar 2026 to Rs.32,411 Cr; investments up 18.0% to Rs.36,308 Cr
• No borrowings, no finance costs, and total expenses at 0.50% of revenue

Risk Factors

• OCI swung to −Rs.158.17 Cr in Q2 FY27 vs +Rs.412.96 Cr in Q2 FY26 on FVTOCI mark-to-market losses of Rs.184.57 Cr
• Total comprehensive income fell to Rs.135.10 Cr from Rs.680.03 Cr a year ago
• Interest income declined 3.15% YoY to Rs.7.07 Cr on a reduced certificate-of-deposit book
• H1 FY27 PAT is 1.93% below prior year (Rs.296.59 Cr vs Rs.302.43 Cr) due to nil Q1 dividend income
• 97.46% of revenue is dividend from Bajaj Group entities — structural concentration risk