Bank of Maharashtra
MAHABANK NSE
Bank of Maharashtra
Financial ServicesNSE: MAHABANK BSE: 532525 Banks
Bank of Maharashtra is engaged in providing banking services. The Bank's segments include Treasury, Corporate/Wholesale Banking, Retail Banking and Other banking operations.[1]
AI Verdict: BUY Confidence: 7%
Bank of Maharashtra trades at an attractive PE of 9.9x with a 3-year ROE of 23% and 65% profit CAGR over 5 years. While contingent liabilities of Rs.50,756 Cr and low interest coverage warrant caution, the valuation remains compelling for a PSU bank delivering consistent growth.
Key Fundamentals
MidcapPublic Sector BankBanksMarket Cap
₹67,909 Cr
Volatility
Moderate
P/E Ratio
9.72
EBITDA
₹7,364 Cr
Return on Equity
20.49%
Debt to Equity
0
Book Value
₹40.83
EPS
₹6.33
52W High
₹91.2
52W Low
₹51.71
Technical Indicators
Key Insights
Strengths
2- Company has delivered good profit growth of 65.2% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 19.4%
Weaknesses
4- Company has low interest coverage ratio.
- Tax rate seems low
- Contingent liabilities of Rs.50,756 Cr.
- Company might be capitalizing the interest cost
Growth Rate
Revenue Growth
15.57% ↗
Net Income Growth
26.62% ↗
Cash Flow Change
-248.61% ↘
ROE
9.43% ↘
ROCE
3.73% ↘
EBITDA Margin (Avg.)
4.15% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoBUY
Risk medium
Bank of Maharashtra trades at an attractive PE of 9.9x with a 3-year ROE of 23% and 65% profit CAGR over 5 years. While contingent liabilities of Rs.50,756 Cr and low interest coverage warrant caution, the valuation remains compelling for a PSU bank delivering consistent growth.
Bull Case 8
- Exceptional profit growth of 65% CAGR over 5 years, significantly outpacing most PSU banking peers
- Attractive valuation at PE of 9.9x despite delivering 23% ROE consistently over the last 3 years
- Strong revenue momentum with TTM sales growth of 17% and 3-year compounded sales growth of 23%
- Stock has delivered 67% returns in the last 1 year, reflecting strong market confidence and re-rating potential
- 100% analyst buy rating with 2 out of 2 analysts recommending a buy, indicating unanimous positive sentiment
- Healthy dividend yield of 2.44% with consistent payout ratio of 19.4%, providing income support to investors
- Price-to-book ratio of 2.21x is reasonable for a bank delivering 23% ROE, suggesting the stock is not overvalued relative to return generation
- Long-term stock CAGR of 29% over 5 years demonstrates sustained wealth creation beyond just a short-term rally
Bear Case 8
- Contingent liabilities of Rs.50,756 Cr represent a material risk that could crystallize and impact the balance sheet significantly
- Low interest coverage ratio indicates vulnerability to rising interest rate cycles and potential stress on earnings
- Tax rate appears unusually low, suggesting earnings may be inflated by one-time tax benefits that are not sustainable
- Potential capitalization of interest costs could mean reported profits overstate true economic earnings
- 10-year sales CAGR of only 8% suggests the recent high growth phase may not be structurally sustainable over longer periods
- 10-year ROE average of just 10% compared to recent 23% indicates the current profitability cycle may revert to mean
- Market cap of Rs.68,947 Cr after 67% one-year rally increases risk of a correction if growth momentum slows
- As a PSU bank, government ownership can lead to directed lending and capital allocation decisions that may not prioritize minority shareholder returns
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 14h ago Positives 3
- Net profit up 27% in FY26 Jun 06
Net profit rose 27.17% to ₹7,019 crore and total business grew 17.47% to ₹6,42,531 crore as reported in the FY26 Annual Report.
- ₹1.20 per share dividend declared Jun 01
Bank of Maharashtra fixed June 5, 2026 as record date for a final dividend of Rs 1.20 per share for FY26.
- Equity capital raise up to ₹7,500 Cr Jun 06
AGM agenda on June 30 includes approval to raise equity capital up to ₹7,500 crore, signaling growth ambitions.
Neutral 2
- Trading window shut for Q1FY27 Jun 22
Trading window closed from July 1, 2026 until 48 hours after Q1FY27 results are declared, per SEBI insider trading regulations.
- BRSR filed with minor penalties Jun 06
Filed Business Responsibility and Sustainability Report for FY26 reporting ₹64.30 lakh in regulatory penalties alongside significant green finance initiatives.
TL;DR: Bank of Maharashtra delivered strong FY26 results with 27% profit growth and robust business expansion, rewarding shareholders with a ₹1.20 dividend. No material headwinds are visible in recent news. The proposed ₹7,500 crore equity raise signals confidence in continued growth but may cause near-term dilution. Overall trend is positive with earnings momentum intact heading into FY27.
Quarterly Results
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 4,495 | 4,789 | 5,068 | 5,172 | 5,467 | 5,875 | 6,017 | 6,325 | 6,731 | 7,054 | 7,128 | 7,344 | 7,755 |
| Expenses | 2,098 | 1,882 | 2,164 | 2,076 | 2,339 | 2,349 | 2,219 | 2,269 | 2,561 | 2,414 | 2,275 | 2,348 | 2,312 |
| Financing Profit | 89 | 458 | 268 | 390 | 246 | 450 | 588 | 675 | 556 | 878 | 973 | 1,075 | 1,391 |
| Fin. Margin % | 2% | 10% | 5% | 8% | 4% | 8% | 10% | 11% | 8% | 12% | 14% | 15% | 18% |
| Other Income | 822 | 629 | 668 | 680 | 1,022 | 894 | 792 | 788 | 981 | 825 | 846 | 933 | 938 |
| Interest | 2,308 | 2,449 | 2,636 | 2,705 | 2,882 | 3,075 | 3,210 | 3,381 | 3,614 | 3,762 | 3,880 | 3,922 | 4,052 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 911 | 1,088 | 936 | 1,070 | 1,268 | 1,344 | 1,380 | 1,463 | 1,537 | 1,703 | 1,819 | 2,008 | 2,330 |
| Tax % | 8% | 19% | 2% | 3% | 4% | 4% | 4% | 4% | 3% | 6% | 10% | 11% | 14% |
| Net Profit | 841 | 884 | 920 | 1,038 | 1,230 | 1,295 | 1,333 | 1,412 | 1,502 | 1,504 | 1,669 | 1,799 | 2,045 |
| EPS in Rs | 1.25 | 1.25 | 1.3 | 1.47 | 1.74 | 1.83 | 1.88 | 1.84 | 1.95 | 1.96 | 2.17 | 2.34 | 2.66 |
| Gross NPA % | 2.47% | 2.28% | 2.19% | 2.04% | 1.88% | 1.85% | 1.84% | 1.8% | 1.74% | 1.74% | 1.72% | 1.6% | 1.45% |
| Net NPA % | 0.25% | 0.24% | 0.23% | 0.22% | 0.2% | 0.2% | 0.2% | 0.2% | 0.18% | 0.18% | 0.18% | 0.15% | 0.13% |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 12,665 | 13,053 | 12,062 | 11,096 | 10,850 | 11,496 | 11,869 | 13,019 | 15,899 | 20,495 | 24,948 | 29,282 |
| Expenses | 3,953 | 4,332 | 6,709 | 8,034 | 9,825 | 5,330 | 6,788 | 7,278 | 6,314 | 8,542 | 9,107 | 9,005 |
| Financing Profit | -78 | -453 | -3,533 | -4,643 | -6,090 | -1,050 | -1,889 | -1,233 | 1,428 | 1,281 | 2,560 | 4,661 |
| Fin. Margin % | -1% | -3% | -29% | -42% | -56% | -9% | -16% | -9% | 9% | 6% | 10% | 16% |
| Other Income | 1,020 | 1,037 | 1,525 | 1,540 | 1,568 | 1,660 | 2,649 | 2,655 | 2,283 | 3,015 | 3,476 | 3,538 |
| Interest | 8,790 | 9,174 | 8,886 | 7,706 | 7,115 | 7,216 | 6,970 | 6,974 | 8,157 | 10,672 | 13,281 | 15,616 |
| Depreciation | 115 | 149 | 118 | 129 | 241 | 211 | 188 | 268 | 262 | 223 | 291 | 344 |
| PBT | 827 | 435 | -2,126 | -3,232 | -4,763 | 399 | 571 | 1,153 | 3,448 | 4,072 | 5,745 | 7,855 |
| Tax % | 44% | 73% | -36% | -66% | 0% | 0% | 0% | 0% | 24% | 0% | 4% | 11% |
| Net Profit | 465 | 118 | -1,356 | -1,112 | -4,763 | 399 | 571 | 1,153 | 2,605 | 4,072 | 5,542 | 7,017 |
| EPS in Rs | 4.37 | 1.01 | -11.61 | -4.28 | -17.3 | 0.68 | 0.87 | 1.71 | 3.87 | 5.75 | 7.21 | 9.12 |
| Div. Payout % | 18% | 0% | 0% | 0% | 0% | 0% | 0% | 29% | 34% | 24% | 21% | 13% |
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 | 1,063 | 1,168 | 1,168 | 2,598 | 2,753 | 5,824 | 6,560 | 6,730 | 6,730 | 7,081 | 7,692 | 7,692 |
| Reserves | 7,060 | 7,692 | 6,301 | 7,469 | 3,130 | 5,085 | 5,748 | 7,331 | 9,060 | 12,789 | 21,016 | 25,533 |
| Borrowing | 7,322 | 5,423 | 8,137 | 4,064 | 10,149 | 3,670 | 4,239 | 7,747 | 10,766 | 7,719 | 23,853 | 35,234 |
| Deposits | 1,25,915 | 1,42,785 | 1,39,040 | 1,38,967 | 1,40,636 | 1,50,050 | 1,73,989 | 2,02,275 | 2,34,064 | 2,70,726 | 3,07,120 | 3,50,538 |
| Other Liabilities | 4,713 | 3,961 | 4,765 | 3,351 | 8,008 | 4,388 | 6,299 | 6,700 | 7,207 | 9,013 | 9,673 | 8,475 |
| Total Liabilities | 1,46,073 | 1,61,029 | 1,59,411 | 1,56,449 | 1,64,676 | 1,69,018 | 1,96,835 | 2,30,783 | 2,67,827 | 3,07,329 | 3,69,354 | 4,27,471 |
| Fixed Assets | 1,432 | 1,695 | 1,564 | 1,487 | 1,741 | 1,604 | 1,622 | 2,036 | 2,149 | 2,200 | 2,911 | 2,954 |
| CWIP | 0 | 0 | 22 | 30 | 34 | 72 | 52 | 205 | 8 | 10 | 4 | 8 |
| Investments | 32,819 | 36,302 | 38,677 | 43,742 | 59,837 | 57,891 | 68,281 | 68,762 | 69,042 | 68,465 | 82,216 | 1,01,588 |
| Other Assets | 1,11,822 | 1,23,033 | 1,19,148 | 1,11,189 | 1,03,064 | 1,09,451 | 1,26,880 | 1,59,780 | 1,96,628 | 2,36,655 | 2,84,222 | 3,22,922 |
| Total Assets | 1,46,073 | 1,61,029 | 1,59,411 | 1,56,449 | 1,64,676 | 1,69,018 | 1,96,835 | 2,30,783 | 2,67,827 | 3,07,329 | 3,69,354 | 4,27,471 |
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 | -1,083 | 2,904 | 7,498 | -1,723 | -10,842 | 693 | 2,447 | 6,896 | -1,440 | 11,581 | 7,628 | -11,336 |
| Investing | -151 | -151 | -99 | -134 | -106 | -100 | -169 | -300 | -175 | -260 | -495 | -506 |
| Financing | 1,885 | -186 | -77 | 1,100 | 4,220 | 698 | 217 | 378 | 228 | 461 | 4,750 | -2,607 |
| Net Cash Flow | 651 | 2,567 | 7,322 | -758 | -6,729 | 1,292 | 2,495 | 6,974 | -1,387 | 11,783 | 11,883 | -14,449 |
| Free Cash Flow | -1,234 | 2,753 | 7,399 | -1,858 | -10,968 | 584 | 2,258 | 6,594 | -1,617 | 11,305 | 7,112 | -11,742 |
| CFO/OP | -12 | 38 | 140 | -56 | -1,058 | 11 | 48 | 120 | -15 | 97 | 48 | -56 |
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 % | 6% | 1% | -17% | -13% | -60% | 5% | 5% | 9% | 17% | 23% | 23% | 23% |
Documents
2
Announcement under Regulation 30 (LODR)-Interest Rates Updates
30 Apr - Bank of Maharashtra revised MCLR rates effective 30 April 2026. 30 Apr - Bank of Maharashtra revised MCLR rates effective 30 April 2026.
5
Announcement under Regulation 30 (LODR)-Interest Rates Updates
30 Apr - Bank of Maharashtra revised MCLR rates effective 30 April 2026. 30 Apr - Bank of Maharashtra revised MCLR rates effective 30 April 2026.
Frequently Asked Questions about Bank of Maharashtra
What does Bank of Maharashtra do?
Bank of Maharashtra is engaged in providing banking services. The Bank's segments include Treasury, Corporate/Wholesale Banking, Retail Banking and Other banking operations.[1]
Where is Bank of Maharashtra (MAHABANK) listed?
Bank of Maharashtra is listed on the Indian stock exchanges. It is listed on NSE: MAHABANK and BSE: 532525. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Bank of Maharashtra belong to?
Bank of Maharashtra operates in the Financial Services sector within the Banks industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Bank of Maharashtra?
Bank of Maharashtra has a market capitalisation of approximately ₹67908.74 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Bank of Maharashtra?
The Price-to-Earnings (PE) ratio of Bank of Maharashtra is 9.72. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Bank of Maharashtra?
Over the past 52 weeks, Bank of Maharashtra has traded between a low of ₹51.71 and a high of ₹91.2. This range helps investors understand the stock's price volatility and recent trading levels.
Does Bank of Maharashtra pay dividends?
Yes, Bank of Maharashtra has a dividend yield of 2.49%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Bank of Maharashtra?
Bank of Maharashtra has a Return on Equity (ROE) of 20.49%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Bank of Maharashtra on Tapetide?
On Tapetide, you can view Bank of Maharashtra's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Bank of Maharashtra is engaged in providing banking services. The Bank's segments include Treasury, Corporate/Wholesale Banking, Retail Banking and Other banking operations.[1]
Website bankofmaharashtra.bank.in
CEO Mr. Nidhu Saxena
Employees 14,591
Listed 2004-04-12
Face Value ₹ 10
Issued Size 7,69,15,54,950