Maharashtra Scooters has declared a final dividend of ₹60 per equity share for the financial year ended March 31, 2026, following approval by its shareholders at the 51st Annual General Meeting (AGM). The meeting, held on July 29, 2026, also resulted in the reappointment of Ravikumar Srinivasan as a director, ensuring continuity in the company’s leadership structure.

The e-AGM was conducted through Video Conferencing/Other Audio-Visual Means (VC/OAVM) in compliance with Ministry of Corporate Affairs (MCA) and Securities and Exchange Board of India (SEBI) regulations. Sanjiv Bajaj, Chairman of the Company, presided over the proceedings, which began at 10:45 a.m. and concluded at 11:41 a.m. A total of 91 members attended the meeting, satisfying the requisite quorum.

Key Resolutions Passed

The shareholders approved three ordinary business resolutions during the meeting:

Governance and Audit Compliance

The Chairman confirmed that the Statutory Auditors’ report and the Secretarial Audit report for FY26 contained no adverse remarks, qualifications, or disclaimers. Consequently, these reports were not read out in full during the meeting. The presence of the Chairman of the Audit Committee, Nomination and Remuneration Committee, and Stakeholder Relationship Committee was confirmed, alongside the Statutory Auditors, Secretarial Auditor, and the Scrutiniser appointed to oversee the e-voting process.

Anant Marathe, Chief Financial Officer, addressed queries from members regarding the company’s accounts and business operations. The Chairman noted that necessary documents under the Companies Act, 2013, and Secretarial Standard on General Meetings were available for electronic inspection.

Voting and Disclosure

Members utilized remote e-voting facilities provided by KFin Technologies Limited, the Registrar to an Issue and Share Transfer Agent. Those who joined the e-AGM but had not voted remotely were given the opportunity to cast their votes during the meeting. The consolidated Scrutiniser’s Report and e-voting results are scheduled to be filed with the BSE and NSE within two working days of the meeting’s conclusion. The recorded transcript will be made available on the company’s website shortly.

Maharashtra Scooters reported a net profit of ₹332 lakh for the quarter ended June 30, 2026, a sharp 90.6% decline from ₹3,536 lakh in Q1FY25. The collapse in profitability was primarily driven by the complete absence of dividend income, which contributed ₹2,277 lakh in the prior year quarter but stood at zero in the current period. Total revenue from operations fell to ₹541 lakh from ₹2,927 lakh year-on-year. Alongside the financial results, the Board of Directors approved proposals to amend the company’s Memorandum of Association (MOA) to delete scooter manufacturing clauses and add renewable energy generation as a new object, subject to shareholder approval.

The Board meeting held on July 29, 2026, also saw the approval of a proposal to change the company’s name in consonance with its core strategic objectives as an Unregistered Core Investment Company (CIC). These changes require approval from members and statutory authorities. The unaudited financial results were reviewed by KKC & Associates LLP, the statutory auditors, under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance

Maharashtra Scooters operates as an unregistered CIC, focusing on income from dividends, interest, and gains on investments. In Q1FY26, interest income declined to ₹508 lakh from ₹624 lakh in Q1FY25. Net gain on fair value changes increased slightly to ₹33 lakh from ₹26 lakh. Total expenses were contained at ₹86 lakh, down from ₹109 lakh in the prior year quarter, with employee benefits expense rising marginally to ₹22 lakh from ₹16 lakh.

Strategic Shifts

The Board noted that the company discontinued geared scooter manufacturing in 2006 and closed tool room operations in FY25. To align with its status as an Unregistered CIC, where it holds not less than 90% of net assets in group companies, the existing investment-related clause will be renumbered. Additionally, the Board consented to adding a new object clause for generating and producing renewable energy through solar, wind, and other natural resources. Management stated this new business can be conveniently combined with existing investment activities without impacting CIC status.

What the Numbers Show

The near-total reliance on dividend income for profitability is evident from the data. In Q1FY25, dividend income accounted for approximately 78% of total revenue and significantly boosted profit after tax due to favorable tax provisions, including a write-back of ₹863 lakh related to earlier years. With dividend income ceasing in Q1FY26, the underlying operational profitability—driven by interest income and fair value gains—is substantially lower. The book value per share stands at ₹28,462 as of June 30, 2026, reflecting the asset-heavy nature of the investment portfolio despite the current period's lower earnings.