The word has an absurd etymology. It can be split up as either Ma Hathi (Ma= Mother, Hathi= Elephant) meaning Mother Elephant or as Maha thi (Maha= Great, Thi= Was) meaning was great i.e. the faggotness now overshadows the greatness.
Mahathis are known to be in sporadic relationships with partly bald men.
"Yuck, don't be so Mahathi"
p2: What a fucking Mahathi.
p2: I'm stuck in a room with two fucking Mahathis.
Bob: What happened?
Taylor: I can't get her eyes out of my head...