Bank of Baroda
Bank of Baroda
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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62 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Strengths
3- Stock is trading at 0.76 times its book value
- Stock is providing a good dividend yield of 3.44%.
- 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
anthropic claude-opus-4.6 17h agoBank of Baroda trades at a market cap of Rs.1,26,130 Cr with a PE of 6.9x and PB of 0.75x, reflecting a valuation below book value. The bank has delivered 13% ROE over the last year with 14% TTM profit growth, while carrying contingent liabilities of Rs.8,63,069 Cr.
- Trading at 0.75x price-to-book, significantly below book value, indicating potential undervaluation relative to net assets
- PE ratio of 6.9x is well below the banking sector average, suggesting earnings are cheaply priced
- Dividend yield of 3.48% provides meaningful income return with a consistent 21.3% payout ratio
- 3-year ROE of 15% demonstrates sustained improvement in return on equity over the medium term
- Compounded profit growth of 73% over 5 years reflects a sharp recovery in earnings from prior lows
- Revenue CAGR of 13% over both 3-year and 5-year periods shows consistent top-line expansion
- TTM profit growth of 14% indicates continued earnings momentum in the current period
- 10-year compounded sales growth of 11% demonstrates long-term business franchise stability
- Contingent liabilities of Rs.8,63,069 Cr are massive relative to the Rs.1,26,130 Cr market cap, posing potential tail risk
- Low interest coverage ratio suggests vulnerability to margin compression or rising credit costs
- Possible capitalization of interest costs raises questions about reported asset quality and true profitability
- ROE declined from 15% (3-year average) to 13% last year, indicating potential margin pressure
- Stock CAGR of only 4% over 10 years reflects prolonged periods of value destruction for long-term holders
- TTM sales growth has decelerated to 5% from 13% 3-year CAGR, signaling slowing revenue momentum
- As a PSU bank, the entity faces government-directed lending mandates and periodic capital dilution risk
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 1d ago- RBI fine for note misclassification Aug 19
RBI penalised Bank of Baroda ₹2.15 lakh on August 19, 2026 for misclassifying mutilated notes as soiled notes. Minor monetary impact but reflects compliance lapse.
- Cyber-security email compromise incident Jul 27
Bank reported a possible Business Email Compromise cyber-security incident. No financial impact disclosed yet but poses reputational and operational risk.
- Q1FY27 profit drops 72% on settlement Jul 30
Net profit fell 71.8% YoY to ₹1,278 crore due to a one-off USD 600 million NMC Group litigation settlement. Normalized profit grew 21.7% to ₹5,528 crore.
- Strong normalized Q1 profit growth Jul 30
Excluding the NMC settlement, normalized profit grew 21.7% YoY to ₹5,528 crore with 9.5% NII growth and GNPA improving to 1.99%.
- USD 400M senior notes at 5.389% Aug 21
Issued USD 400 million senior unsecured 5-year notes at 5.389% yield via GIFT City, consolidating to a USD 700 million series with investment-grade ratings from Fitch, S&P and CareEdge.
- Subsidiary stake sale to BNP Paribas Jul 24
IndiaFirst Life Insurance transferred 25.96% stake to BNP Paribas Cardif via share purchase agreement dated July 24, 2026, subject to regulatory approvals.
- Capital raising plan up to ₹6,000 Cr Aug 4
Capital Raising Committee met August 7, 2026 to decide on AT1 and Tier II bond issuance, with Board approval for up to ₹6,000 crore.
- New CTO Rakesh Nema appointed Aug 5
Rakesh Nema appointed as CGM & Chief Technology Officer effective August 5, 2026, bringing over 25 years of banking experience.
- New Group CCO Ritesh Kumar Aug 1
Ritesh Kumar appointed Group Chief Compliance Officer effective August 1, 2026, replacing Elango Balasubramaniam who retired July 31.
- Investor conference participation Aug 11
Bank of Baroda attended Motilal Oswal Global Investor Conference on August 18 and Emkay Confluence 2026 on August 12, engaging with key investors.
- Q1FY27 analyst meet recording shared Jul 24
Audio and video recording of Media and Analyst Meet for Q1FY27 results made publicly accessible on July 24, 2026 per SEBI LODR norms.
TL;DR: Bank of Baroda's underlying business remains solid with 21.7% normalized profit growth and improving asset quality at 1.99% GNPA, but the USD 600M NMC settlement created a headline earnings shock in Q1FY27. Capital raising plans and successful international bond issuance strengthen the balance sheet. Key risks include the cyber-security incident and minor compliance lapses. The trend is constructive as the one-off settlement is behind them and management has maintained full-year guidance.
Quarterly Results
| 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
| 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
| 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
| 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
| 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% |
Documents
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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)