Bank of Baroda
Bank of Baroda
Banks F&OKey Fundamentals
LargecapPublic Sector BankBanksPrice-based figures as of 9 Oct 2026, 3:59 pm IST · EPS basis: Consolidated · TTM
Tapetide Score
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Key Insights
Strengths
3- Stock is trading at 0.71 times its book value
- Stock is providing a good dividend yield of 3.65%.
- Company has been maintaining a healthy dividend payout of 21.3%
Weaknesses
3- Company has low interest coverage ratio.
- Contingent liabilities of Rs.8,63,069 Cr.
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
As of the 2026-10-01 close, Bank of Baroda traded at Rs 230.82, giving it a market capitalisation of Rs 1,19,365 Cr. At that price the stock was valued at 6.57x trailing earnings (EPS Rs 35.13) and 0.71x book value, with a dividend yield of 3.69%. The price was 3.1% above its 52-week low of Rs 223.82 and 29.1% below its 52-week high of Rs 325.50. Trailing profit growth of 14% contrasts with slower trailing sales growth of 5% and an ROE of 11.64%, which is below the bank's 3-year average of 15%.
- The price-to-book ratio was 0.71x as of 2026-10-01, meaning the market valued the bank at about 29% below its stated book value.
- A trailing P/E of 6.57x on EPS of Rs 35.13 works out to an earnings yield of about 15.2% at the 2026-10-01 price of Rs 230.82.
- The dividend yield was 3.69% as of 2026-10-01, and the dividend payout ratio is a moderate 21.3%. Most earnings are being kept in the business to build capital, so the current dividend is not consuming the bulk of profits.
- Trailing net profit grew 14%, well ahead of trailing sales growth of 5%. This points to better cost control or lower provisions rather than growth driven only by a larger loan book.
- Profit has compounded at 73% a year over 5 years and 19% a year over 10 years, which suggests a large recovery from the earlier period of heavy bad-loan provisioning.
- Sales have grown steadily at 13% a year over both 3 and 5 years and 11% a year over 10 years, showing consistent balance-sheet growth across cycles.
- Return on equity has averaged 15% over 3 years and 14% over 5 years, well above the 10-year average of 10%. This suggests profitability is structurally better than in the previous decade.
- At Rs 230.82, the stock was only 3.1% above its 52-week low of Rs 223.82 and 29.1% below its 52-week high of Rs 325.50. That leaves the starting valuation well below recent trading levels.
- Current ROE of 11.64% is below last year's 13% and the 3-year average of 15%, which points to falling profitability from the recent peak.
- Trailing sales growth has slowed to 5%, from a 13% a year average over 3 and 5 years. This may reflect weaker loan growth or pressure on net interest margins.
- The stock fell 13% over the past year and has compounded at only 3% a year over 3 years and 3% a year over 10 years. Long-term shareholder returns have been weak despite the earnings recovery.
- Contingent liabilities total Rs 8,63,069 Cr, about 7.2x the market capitalisation of Rs 1,19,365 Cr. This is a large off-balance-sheet exposure, even though guarantees, letters of credit and derivatives are normal for a bank.
- The 10-year average ROE of 10% and 10-year stock return of 3% a year show that the bank's earnings are cyclical. Past asset-quality problems have wiped out years of profit growth.
- The low interest coverage ratio and ROCE of 5.08% reflect a highly leveraged business model. Profitability is very sensitive to changes in deposit costs and credit losses.
- The stock's low P/E of 6.57x and P/B of 0.71x, compared with an ROE of 11.64%, may reflect a lasting discount the market applies to state-owned banks, including concerns about governance and government influence. Re-rating may therefore be limited.
- The flag that the company may be capitalising interest cost raises a question about accounting quality. Any adjustment for it would affect earnings beyond the reported trailing EPS of Rs 35.13.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- NMC Group AML lapse costs Sep 16
Mint reported that BoB's AML unit sent at least three 'roundtripping' alerts on NMC Group starting in 2016, yet the bank kept sanctioning loans and guarantees from Sep 2017 to Jun 2019. It then paid a $600 million settlement in July, almost 3x the ₹2,077 crore owed, which raises governance and staff-accountability questions.
- Margin squeeze, rising costs Oct 3
FY26 NIM shrank 19 bps to 2.89% and the cost-to-income ratio rose 121 bps to 49.15%. Profitability is coming under pressure even as volumes grow.
- Q2 global business up 17.45% Oct 3
Global business grew 17.45% YoY to ₹32.64 lakh crore as of Sep 30, 2026. Global advances rose 18.27% to ₹15.12 lakh crore and deposits 16.75% to ₹17.51 lakh crore. Domestic advances grew 13.5% to ₹11.88 lakh crore, with a CASA ratio of 38.9%.
- Asset quality at multi-year best Oct 3
Gross NPA fell to 1.89% (from 2.26%) and net NPA to 0.45% (from 0.58%) in FY26. PCR stands at 93.94%, floating provisions at ₹2,500 crore, and the slippage ratio at 0.72%.
- Record profit, rising dividends Oct 3
FY26 net profit hit a record ₹20,021 crore with ROE of 15.39%. The board recommended a ₹8.50/share dividend (about 3.7% yield at ₹231), up 3x from ₹2.85 in FY22.
- Strong capital buffer Oct 3
CRAR rose from 15.82% in FY26 to 16.30% in Q1 FY27, well above the 11.50% regulatory minimum, which leaves room to grow the loan book.
- New pension fund subsidiary Sep 21
BoB incorporated BOB Pension Fund Management Company Limited with an 80.10% stake. This widens its fee-income and asset-management footprint.
- AI-powered bob World 2.0 Sep 12
Launched at GFF 2026 on Sep 11, the app adds voice-enabled payments, a personal financial management module and persona-based experiences on a microservices architecture.
- NSE stake sold for ₹1,372 crore Sep 24
BoB sold 76,90,375 NSE shares via the IPO OFS for ₹1,372.35 crore (about ₹1,785/share). That is below the Sep 8 estimate of ₹1,615-1,769 crore, but the sale still adds modestly to capital while BoB keeps about 65% of its holding.
- MCLR held at 8.75% Sep 10
The one-year MCLR is unchanged at 8.75% and overnight at 7.85% from Sep 12, 2026, which points to stable cost of funds.
- ED Lal Singh tenure extended Sep 23
The government extended Executive Director Lal Singh's term to Jan 31, 2027 from Oct 8, 2026, supporting leadership continuity.
- Large corporate head resigns Sep 9
Sumit Sachdeva, Head of Large Corporate Relationships, resigned effective Sep 9, 2026, citing personal and professional aspirations.
TL;DR: Bank of Baroda is growing fast, with global business up 17.45% YoY in Q2, record FY26 profit of ₹20,021 crore, multi-year-low NPAs (1.89% gross, 0.45% net) and a comfortable CRAR of 16.30%. The main risks are a 19 bps drop in NIM to 2.89%, a rising cost-to-income ratio, and governance scrutiny after the costly $600 million NMC settlement. NSE OFS proceeds of ₹1,372 crore came in below earlier estimates but still add modestly to capital. Overall the fundamentals are improving, and the next quarters depend on whether BoB can hold margins and keep costs in check while growing loans at mid-to-high teens.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 28,003 | 29,263 | 30,042 | 31,072 | 31,143 | 31,902 | 32,570 | 32,820 | 32,866 | 33,318 | 33,600 | 34,514 | 35,115 |
| Expenses | 11,040 | 12,216 | 10,556 | 12,269 | 10,879 | 12,755 | 10,654 | 12,712 | 12,928 | 11,548 | 12,390 | 13,155 | 12,130 |
| Financing Profit | 902 | -480 | 1,484 | 494 | 1,682 | -119 | 1,772 | -165 | -368 | 1,579 | 624 | 582 | 1,684 |
| Fin. Margin % | 3% | -2% | 5% | 2% | 5% | 0% | 5% | 0% | -1% | 5% | 2% | 2% | 5% |
| Other Income | 5,316 | 6,503 | 5,042 | 6,538 | 4,658 | 7,553 | 5,163 | 7,076 | 5,538 | 5,116 | 6,399 | 5,474 | 522 |
| Interest | 16,060 | 17,528 | 18,002 | 18,309 | 18,582 | 19,266 | 20,143 | 20,273 | 20,307 | 20,191 | 20,586 | 20,776 | 21,301 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 6,217 | 6,023 | 6,526 | 7,033 | 6,340 | 7,434 | 6,935 | 6,911 | 5,170 | 6,695 | 7,024 | 6,057 | 2,206 |
| Tax % | 31% | 28% | 27% | 29% | 28% | 27% | 26% | 23% | 35% | 24% | 23% | 7% | 29% |
| Net Profit | 4,468 | 4,426 | 4,815 | 5,160 | 4,764 | 5,405 | 5,250 | 5,447 | 3,517 | 5,181 | 5,501 | 5,872 | 1,839 |
| EPS in Rs | 8.61 | 8.5 | 9.26 | 9.92 | 9.14 | 10.36 | 10.08 | 10.48 | 6.71 | 9.93 | 10.53 | 11.22 | 3.45 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 44,915 | 45,799 | 44,473 | 46,056 | 52,906 | 78,895 | 74,314 | 73,385 | 94,139 | 1,18,379 | 1,27,945 | 1,34,298 | 1,36,546 |
| Expenses | 13,466 | 25,391 | 19,250 | 26,093 | 25,815 | 40,583 | 38,636 | 37,518 | 38,239 | 44,387 | 45,533 | 48,058 | 49,223 |
| Financing Profit | 902 | -11,700 | -4,372 | -9,197 | -5,414 | -11,728 | -7,523 | -2,948 | 5,957 | 4,093 | 4,147 | 4,381 | 4,469 |
| Fin. Margin % | 2% | -26% | -10% | -20% | -10% | -15% | -10% | -4% | 6% | 3% | 3% | 3% | 3% |
| Other Income | 5,449 | 5,992 | 7,937 | 7,992 | 7,887 | 12,191 | 15,254 | 14,395 | 16,639 | 23,399 | 24,939 | 22,527 | 17,511 |
| Interest | 30,547 | 32,107 | 29,596 | 29,160 | 32,506 | 50,040 | 43,201 | 38,815 | 49,942 | 69,899 | 78,265 | 81,860 | 82,855 |
| Depreciation | 368 | 525 | 540 | 901 | 948 | 1,697 | 1,357 | 1,438 | 2,032 | 1,694 | 1,467 | 1,963 | 0 |
| PBT | 5,983 | -6,233 | 3,024 | -2,106 | 1,525 | -1,234 | 6,373 | 10,008 | 20,565 | 25,799 | 27,619 | 24,945 | 21,981 |
| Tax % | 36% | -19% | 41% | -9% | 29% | -176% | 77% | 23% | 29% | 29% | 26% | 22% | — |
| Net Profit | 3,950 | -5,033 | 1,855 | -1,836 | 1,166 | 981 | 1,620 | 7,933 | 15,005 | 18,869 | 20,865 | 20,070 | 18,392 |
| EPS in Rs | 17.69 | -21.99 | 7.88 | -7.13 | 4.16 | 2.01 | 2.99 | 15.18 | 28.82 | 36.29 | 40.06 | 38.38 | 35.13 |
| Div. Payout % | 18% | 0% | 15% | 0% | 0% | 0% | 0% | 19% | 19% | 21% | 21% | 22% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 444 | 462 | 462 | 530 | 530 | 925 | 1,036 | 1,036 | 1,036 | 1,036 | 1,036 | 1,036 |
| Reserves | 41,574 | 42,041 | 42,605 | 46,036 | 54,466 | 75,179 | 81,354 | 90,833 | 1,04,019 | 1,18,677 | 1,45,467 | 1,64,833 |
| Borrowing | 35,502 | 33,845 | 31,242 | 64,860 | 68,868 | 95,753 | 71,263 | 1,09,526 | 1,07,910 | 1,01,959 | 1,35,813 | 1,70,297 |
| Deposits | 6,29,981 | 5,86,690 | 6,17,257 | 6,07,451 | 6,65,589 | 9,73,228 | 9,95,910 | 10,75,804 | 12,34,682 | 13,59,980 | 14,96,688 | 16,75,895 |
| Other Liabilities | 26,465 | 28,134 | 27,649 | 28,919 | 30,217 | 54,850 | 53,104 | 62,922 | 78,224 | 73,123 | 82,762 | 89,425 |
| Total Liabilities | 7,33,966 | 6,91,173 | 7,19,216 | 7,47,796 | 8,19,670 | 11,99,935 | 12,02,667 | 13,40,121 | 15,25,871 | 16,54,775 | 18,61,766 | 21,01,485 |
| Fixed Assets | 2,978 | 6,359 | 5,930 | 5,532 | 7,368 | 9,268 | 8,438 | 11,098 | 9,865 | 9,054 | 13,544 | 13,107 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 1 | 3 | 6 | 1 | 1 |
| Investments | 1,24,739 | 1,28,894 | 1,40,716 | 1,75,137 | 1,95,716 | 2,89,727 | 2,81,859 | 3,47,587 | 3,97,487 | 4,07,136 | 4,27,380 | 4,35,778 |
| Other Assets | 6,06,248 | 5,55,920 | 5,72,570 | 5,67,126 | 6,16,586 | 9,00,941 | 9,12,367 | 9,81,435 | 11,18,516 | 12,38,580 | 14,20,842 | 16,52,599 |
| Total Assets | 7,33,966 | 6,91,173 | 7,19,216 | 7,47,796 | 8,19,670 | 11,99,935 | 12,02,667 | 13,40,121 | 15,25,871 | 16,54,775 | 18,61,766 | 21,01,485 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 17,838 | -10,011 | 17,865 | -59,692 | -1,449 | 18,531 | -887 | 6,210 | -21,271 | -6,274 | 34,892 | 33,426 |
| Investing | -556 | -4,005 | -551 | -414 | -2,537 | -139 | -471 | -3,645 | -1,096 | -1,285 | -6,494 | -3,275 |
| Financing | -6 | -616 | -198 | 3,413 | 4,449 | 14,729 | -986 | -998 | -5,488 | 5,476 | 3,790 | -1,806 |
| Net Cash Flow | 17,276 | -14,632 | 17,116 | -56,692 | 462 | 33,120 | -2,344 | 1,567 | -27,855 | -2,084 | 32,188 | 28,345 |
| Free Cash Flow | 17,282 | -14,016 | 17,314 | -60,105 | -3,986 | 18,393 | -1,146 | 2,805 | -22,057 | -7,153 | 28,979 | 31,911 |
| CFO/OP | 57 | -56 | 66 | -304 | 11 | 49 | 12 | 20 | -28 | 3 | 54 | 44 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 10% | -12% | 4% | -4% | 2% | 1% | 2% | 9% | 15% | 17% | 16% | 13% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Company Information
Bank of Baroda is engaged in providing various services, such as personal banking, corporate banking, international banking, small and medium enterprise (SME) banking, rural banking, non-resident Indian (NRI) services and treasury services.(Source : Company Web-site)
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