Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹13,289, the stock trades at a trailing P/E ratio of 48.9x. Average trailing P/E is 27x in the Capital Markets industry in India. Total returns to shareholders of 169% over the past three years. Declared Dividend • Apr 25
Final dividend of ₹60.00 announced Shareholders will receive a dividend of ₹60.00. Ex-date: 30th June 2026 Payment date: 4th August 2026 Dividend yield will be 1.8%, which is higher than the industry average of 1.3%. Sustainability & Growth Dividend is covered by earnings (81% earnings payout ratio) but not adequately covered by cash flows (94% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 104% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 22
Maharashtra Scooters Ltd., Annual General Meeting, Jul 29, 2026 Maharashtra Scooters Ltd., Annual General Meeting, Jul 29, 2026. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹12,956, the stock trades at a trailing P/E ratio of 41.3x. Average trailing P/E is 23x in the Capital Markets industry in India. Total returns to shareholders of 206% over the past three years. Announcement • Apr 07
Maharashtra Scooters Ltd. to Report Q4, 2026 Results on Apr 22, 2026 Maharashtra Scooters Ltd. announced that they will report Q4, 2026 results on Apr 22, 2026 Reported Earnings • Jan 13
Third quarter 2026 earnings released: EPS: ₹3.60 (vs ₹2.90 in 3Q 2025) Third quarter 2026 results: EPS: ₹3.60 (up from ₹2.90 in 3Q 2025). Revenue: ₹64.4m (flat on 3Q 2025). Net income: ₹41.2m (up 25% from 3Q 2025). Profit margin: 64% (up from 51% in 3Q 2025). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 03
Maharashtra Scooters Ltd. to Report Q3, 2026 Results on Jan 12, 2026 Maharashtra Scooters Ltd. announced that they will report Q3, 2026 results at 9:08 AM, Indian Standard Time on Jan 12, 2026 Reported Earnings • Nov 04
Second quarter 2026 earnings released: EPS: ₹234 (vs ₹132 in 2Q 2025) Second quarter 2026 results: EPS: ₹234 (up from ₹132 in 2Q 2025). Revenue: ₹2.71b (up 66% from 2Q 2025). Net income: ₹2.67b (up 77% from 2Q 2025). Profit margin: 99% (up from 93% in 2Q 2025). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 15
Maharashtra Scooters Ltd. to Report Q2, 2026 Results on Nov 03, 2025 Maharashtra Scooters Ltd. announced that they will report Q2, 2026 results on Nov 03, 2025 Declared Dividend • Sep 17
Dividend of ₹160 announced Shareholders will receive a dividend of ₹160. Ex-date: 22nd September 2025 Payment date: 13th October 2025 Dividend yield will be 1.2%, which is lower than the industry average of 1.3%. Sustainability & Growth Dividend is covered by earnings (14% earnings payout ratio) but not covered by cash flows (101% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 6.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 03
Full year 2025 earnings released: EPS: ₹188 (vs ₹174 in FY 2024) Full year 2025 results: EPS: ₹188 (up from ₹174 in FY 2024). Revenue: ₹1.85b (down 17% from FY 2024). Net income: ₹2.14b (up 7.5% from FY 2024). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 30
Maharashtra Scooters Ltd. to Report Q1, 2026 Results on Jul 23, 2025 Maharashtra Scooters Ltd. announced that they will report Q1, 2026 results on Jul 23, 2025 New Risk • Jun 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (101% cash payout ratio). Share price has been volatile over the past 3 months (7.7% average weekly change). Large one-off items impacting financial results. Upcoming Dividend • Jun 20
Upcoming dividend of ₹60.00 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 22 August 2025. Payout ratio is a comfortable 75% but the company is paying out more than the cash it is generating. Trailing yield: 1.0%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (1.2%). Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹12,572, the stock trades at a trailing P/E ratio of 67x. Average trailing P/E is 19x in the Capital Markets industry in India. Total returns to shareholders of 268% over the past three years. Declared Dividend • Apr 25
Final dividend of ₹60.00 announced Shareholders will receive a dividend of ₹60.00. Ex-date: 27th June 2025 Payment date: 22nd August 2025 Dividend yield will be 1.5%, which is higher than the industry average of 1.3%. Sustainability & Growth Dividend is covered by earnings (75% earnings payout ratio) but not covered by cash flows (101% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 3.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 24
Full year 2025 earnings released: EPS: ₹188 (vs ₹174 in FY 2024) Full year 2025 results: EPS: ₹188 (up from ₹174 in FY 2024). Revenue: ₹1.85b (down 17% from FY 2024). Net income: ₹2.14b (up 7.5% from FY 2024). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 07
Maharashtra Scooters Ltd. to Report Q4, 2025 Results on Apr 23, 2025 Maharashtra Scooters Ltd. announced that they will report Q4, 2025 results on Apr 23, 2025 Reported Earnings • Jan 16
Third quarter 2025 earnings released: EPS: ₹2.90 (vs ₹0.88 in 3Q 2024) Third quarter 2025 results: EPS: ₹2.90 (up from ₹0.88 in 3Q 2024). Revenue: ₹64.9m (down 8.2% from 3Q 2024). Net income: ₹33.0m (up 230% from 3Q 2024). Profit margin: 51% (up from 14% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 04
Maharashtra Scooters Ltd. to Report Q3, 2025 Results on Jan 15, 2025 Maharashtra Scooters Ltd. announced that they will report Q3, 2025 results on Jan 15, 2025 Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹9,906, the stock trades at a trailing P/E ratio of 70.5x. Average trailing P/E is 24x in the Capital Markets industry in India. Total returns to shareholders of 147% over the past three years. Announcement • Oct 29
Maharashtra Scooters Ltd. Announces Board Appointments Maharashtra Scooters Ltd. announced the appointment of Appointment of Mayur Gajanan Patwardhan (DIN: 07539410) as an Independent Director of the Company for a term of five consecutive years w.e.f. 1 October 2024. Appointment of Mayur Chandrakant Chokshi (DIN: 01238535) as an Independent Director of the Company for a term of five consecutive years w.e.f. 1 October 2024; and Appointment of Ravikumar Srinivasan (DIN: 09345490) as a Non-Executive Director of the Company, liable to retire by rotation w.e.f. 1 October 2024. Reported Earnings • Oct 22
Second quarter 2025 earnings released: EPS: ₹132 (vs ₹173 in 2Q 2024) Second quarter 2025 results: EPS: ₹132 (down from ₹173 in 2Q 2024). Revenue: ₹1.63b (down 21% from 2Q 2024). Net income: ₹1.51b (down 24% from 2Q 2024). Profit margin: 93% (down from 96% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 04
Maharashtra Scooters Ltd. to Report Q2, 2025 Results on Oct 21, 2024 Maharashtra Scooters Ltd. announced that they will report Q2, 2025 results on Oct 21, 2024 Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹11,866, the stock trades at a trailing P/E ratio of 65.5x. Average trailing P/E is 24x in the Capital Markets industry in India. Total returns to shareholders of 178% over the past three years. Declared Dividend • Sep 14
Dividend of ₹110 announced Dividend of ₹110 is the same as last year. Ex-date: 25th September 2024 Payment date: 12th October 2024 Dividend yield will be 1.6%, which is higher than the industry average of 1.3%. Sustainability & Growth Dividend is covered by earnings (33% earnings payout ratio) but not adequately covered by cash flows (94% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 23% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jul 25
Maharashtra Scooters Ltd. Announces Changes to Its Board Maharashtra Scooters Ltd. appointed Jasmine Arish Chaney as a Non-Executive, Independent Director of the Company for a term of five consecutive years with effect from 24 July 2024. Ms. Jasmine Chaney is a commerce graduate from Sydenham College and master's in management studies in finance from K.J. Somaiya Institute of Management Studies and Research, Mumbai University. She possesses almost three decades of work experience with CRISIL Limited (now CRISIL Ratings Limited) working on the analytical and business development side. Further, the first term of Ms. Lila Poonawalla, Independent Director of the Company, will be coming to an end with effect from the close of business hours on 24 July 2024. Ms. Lila Poonawalla vide her letter dated 1 July 2024, has conveyed that she would not like to consider seeking re-appointment as independent director of the Company, for her second term
of five years, due to her other professional commitments. Announcement • Jul 22
Maharashtra Scooters Ltd. Declares Dividend for the Financial Year Ended 31 March 2024 Maharashtra Scooters Ltd. declare a dividend of INR 60 per equity share of face value of INR 10, for the financial year ended 31 March 2024. Reported Earnings • Jun 28
Full year 2024 earnings released: EPS: ₹174 (vs ₹171 in FY 2023) Full year 2024 results: EPS: ₹174 (up from ₹171 in FY 2023). Revenue: ₹2.24b (up 2.7% from FY 2023). Net income: ₹1.99b (up 2.1% from FY 2023). Profit margin: 89% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 38% per year whereas the company’s share price has increased by 33% per year. Announcement • Jun 25
Maharashtra Scooters Ltd. to Report Q1, 2025 Results on Jul 22, 2024 Maharashtra Scooters Ltd. announced that they will report Q1, 2025 results on Jul 22, 2024 Upcoming Dividend • Jun 21
Upcoming dividend of ₹60.00 per share Eligible shareholders must have bought the stock before 28 June 2024. Payment date: 27 July 2024. Payout ratio and cash payout ratio are on the higher end at 97% and 94% respectively. Trailing yield: 2.0%. Within top quartile of Indian dividend payers (1.1%). Higher than average of industry peers (1.4%). Declared Dividend • Apr 26
Final dividend of ₹60.00 announced Dividend of ₹60.00 is the same as last year. Ex-date: 28th June 2024 Payment date: 27th July 2024 Dividend yield will be 2.2%, which is higher than the industry average of 1.3%. Sustainability & Growth Dividend is not adequately covered by earnings (97% earnings payout ratio) nor is it adequately covered by cash flows (94% cash payout ratio). The dividend has increased by an average of 24% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 8.3% to bring the payout ratio under control, which is less than the 22% EPS growth achieved over the last 5 years. Reported Earnings • Apr 25
Full year 2024 earnings released: EPS: ₹174 (vs ₹171 in FY 2023) Full year 2024 results: EPS: ₹174 (up from ₹171 in FY 2023). Revenue: ₹2.24b (up 2.7% from FY 2023). Net income: ₹1.99b (up 2.1% from FY 2023). Profit margin: 89% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Announcement • Mar 31
Maharashtra Scooters Ltd. to Report Q4, 2024 Results on Apr 24, 2024 Maharashtra Scooters Ltd. announced that they will report Q4, 2024 results on Apr 24, 2024 Reported Earnings • Jan 26
Third quarter 2024 earnings released: EPS: ₹0.88 (vs ₹2.63 in 3Q 2023) Third quarter 2024 results: EPS: ₹0.88 (down from ₹2.63 in 3Q 2023). Revenue: ₹70.7m (down 19% from 3Q 2023). Net income: ₹10.0m (down 67% from 3Q 2023). Profit margin: 14% (down from 35% in 3Q 2023). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Announcement • Dec 30
Maharashtra Scooters Ltd. to Report Q3, 2024 Results on Jan 25, 2024 Maharashtra Scooters Ltd. announced that they will report Q3, 2024 results on Jan 25, 2024 Reported Earnings • Oct 27
Second quarter 2024 earnings released: EPS: ₹173 (vs ₹166 in 2Q 2023) Second quarter 2024 results: EPS: ₹173 (up from ₹166 in 2Q 2023). Revenue: ₹2.06b (up 7.1% from 2Q 2023). Net income: ₹1.98b (up 4.1% from 2Q 2023). Profit margin: 96% (down from 99% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 37% per year whereas the company’s share price has increased by 41% per year. Announcement • Sep 30
Maharashtra Scooters Ltd. to Report Q2, 2024 Results on Oct 26, 2023 Maharashtra Scooters Ltd. announced that they will report Q2, 2024 results on Oct 26, 2023 Upcoming Dividend • Sep 22
Upcoming dividend of ₹110 per share at 1.6% yield Eligible shareholders must have bought the stock before 29 September 2023. Payment date: 13 October 2023. Payout ratio is a comfortable 35% and the cash payout ratio is 99%. Trailing yield: 1.6%. Within top quartile of Indian dividend payers (1.4%). Higher than average of industry peers (1.2%). Announcement • Sep 16
Maharashtra Scooters Limited Declares an Interim Dividend for the Financial Year Ending 31 March 2024, Payable on or around 13 October 2023 The board of directors of Maharashtra Scooters Limited at its meeting held on 15 September 2023, considered and declared an interim dividend of INR 110 (1,100%) per equity share of face value of INR 10, for the financial year ending 31 March 2024. Further, pursuant to Regulation 42 of the SEBI Listing Regulations, the record date for the purpose of determining the members eligible to receive the interim dividend has been fixed as 29 September 2023. The aforesaid interim dividend shall be credited/dispatched on or around 13 October 2023. Announcement • Jul 25
Maharashtra Scooters Ltd. Approves Dividend for the Financial Year Ended 31 March 2023 Maharashtra Scooters Ltd. at its Annual General Meeting held on 24 July 2023, approved to declare a dividend of INR 60 per equity share of face value of INR 10, for the financial year ended 31 March 2023. Announcement • Jul 06
Maharashtra Scooters Ltd. to Report Q1, 2024 Results on Jul 24, 2023 Maharashtra Scooters Ltd. announced that they will report Q1, 2024 results on Jul 24, 2023 Reported Earnings • Jul 05
Full year 2023 earnings released: EPS: ₹171 (vs ₹125 in FY 2022) Full year 2023 results: EPS: ₹171 (up from ₹125 in FY 2022). Revenue: ₹2.17b (up 12% from FY 2022). Net income: ₹1.95b (up 37% from FY 2022). Profit margin: 90% (up from 74% in FY 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 01
Maharashtra Scooters Ltd. Proposes Dividend for the Financial Year Ended March 31, 2023 Maharashtra Scooters Ltd. proposed dividend of INR 60 per equity share of face value of INR 10 for the financial year ended March 31, 2023 at its AGM to be held on July 24, 2023. Upcoming Dividend • Jun 23
Upcoming dividend of ₹60.00 per share at 2.2% yield Eligible shareholders must have bought the stock before 30 June 2023. Payment date: 23 August 2023. Payout ratio and cash payout ratio are on the higher end at 94% and 99% respectively. Trailing yield: 2.2%. Within top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (1.3%). Reported Earnings • Apr 25
Full year 2023 earnings released: EPS: ₹171 (vs ₹125 in FY 2022) Full year 2023 results: EPS: ₹171 (up from ₹125 in FY 2022). Revenue: ₹2.18b (up 12% from FY 2022). Net income: ₹1.95b (up 37% from FY 2022). Profit margin: 90% (up from 74% in FY 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jan 22
Third quarter 2023 earnings released: EPS: ₹2.63 (vs ₹2.89 in 3Q 2022) Third quarter 2023 results: EPS: ₹2.63 (down from ₹2.89 in 3Q 2022). Revenue: ₹87.1m (down 18% from 3Q 2022). Net income: ₹30.1m (down 8.8% from 3Q 2022). Profit margin: 35% (up from 31% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Dec 29
Maharashtra Scooters Ltd. to Report Q3, 2023 Results on Jan 21, 2023 Maharashtra Scooters Ltd. announced that they will report Q3, 2023 results on Jan 21, 2023 Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Non-Executive Independent Director Lila Poonawalla was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 21
Second quarter 2023 earnings released: EPS: ₹166 (vs ₹119 in 2Q 2022) Second quarter 2023 results: EPS: ₹166 (up from ₹119 in 2Q 2022). Revenue: ₹1.92b (up 16% from 2Q 2022). Net income: ₹1.90b (up 40% from 2Q 2022). Profit margin: 99% (up from 82% in 2Q 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 16% share price gain to ₹5,226, the stock trades at a trailing P/E ratio of 41.3x. Average trailing P/E is 41x in the Auto industry in India. Total returns to shareholders of 35% over the past three years. Board Change • Aug 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Non-Executive Independent Director Lila Poonawalla was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 06
Full year 2022 earnings released: EPS: ₹125 (vs ₹7.71 in FY 2021) Full year 2022 results: EPS: ₹125 (up from ₹7.71 in FY 2021). Revenue: ₹1.94b (up ₹1.64b from FY 2021). Net income: ₹1.43b (up ₹1.34b from FY 2021). Profit margin: 74% (up from 29% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 23
Upcoming dividend of ₹80.00 per share Eligible shareholders must have bought the stock before 30 June 2022. Payment date: 29 July 2022. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 2.2%. Within top quartile of Indian dividend payers (1.9%). Higher than average of industry peers (1.6%). Reported Earnings • Apr 27
Full year 2022 earnings released: EPS: ₹125 (vs ₹7.71 in FY 2021) Full year 2022 results: EPS: ₹125 (up from ₹7.71 in FY 2021). Revenue: ₹1.94b (up ₹1.64b from FY 2021). Net income: ₹1.43b (up ₹1.34b from FY 2021). Profit margin: 74% (up from 29% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 19
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹2.89 (up from ₹2.31 in 3Q 2021). Revenue: ₹106.6m (up 32% from 3Q 2021). Net income: ₹33.0m (up 25% from 3Q 2021). Profit margin: 31% (down from 33% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 8% per year and the company’s share price has also increased by 8% per year. Reported Earnings • Oct 26
Second quarter 2022 earnings released: EPS ₹119 (vs ₹1.67 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹1.67b (up ₹1.61b from 2Q 2021). Net income: ₹1.36b (up ₹1.34b from 2Q 2021). Profit margin: 81% (up from 32% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 04
Full year 2021 earnings released: EPS ₹7.71 (vs ₹157 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹304.4m (down 86% from FY 2020). Net income: ₹88.1m (down 95% from FY 2020). Profit margin: 29% (down from 84% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 01
Upcoming dividend of ₹50.00 per share Eligible shareholders must have bought the stock before 08 July 2021. Payment date: 27 July 2021. Trailing yield: 1.3%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (1.5%). Reported Earnings • Jan 20
Third quarter 2021 earnings released: EPS ₹2.31 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ₹81.0m (down 8.8% from 3Q 2020). Net income: ₹26.4m (up 20% from 3Q 2020). Profit margin: 33% (up from 25% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 19
Market bids up stock over the past week After last week's 17% share price gain to ₹3,824, the stock is trading at a trailing P/E ratio of 37.6x, up from the previous P/E ratio of 32.1x. This compares to an average P/E of 46x in the Auto industry in India. Total returns to shareholders over the past three years are 44%. Valuation Update With 7 Day Price Move • Nov 16
Market bids up stock over the past week After last week's 16% share price gain to ₹3,561, the stock is trading at a trailing P/E ratio of 36.1x, up from the previous P/E ratio of 31.2x. This compares to an average P/E of 43x in the Auto industry in India. Total returns to shareholders over the past three years are 34%. Is New 90 Day High Low • Nov 12
New 90-day high: ₹3,274 The company is up 10.0% from its price of ₹2,984 on 14 August 2020. The Indian market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto industry, which is up 4.0% over the same period. 