Bank of Maharashtra
Bank of Maharashtra
Financial Services F&OKey Fundamentals
MidcapPublic Sector BankBanksPrice-based figures as of 9 Oct 2026, 3:58 pm IST · EPS basis: Consolidated · TTM
Tapetide Score
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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
AI Analysis — Bull vs Bear
As of the 2026-10-01 close, Bank of Maharashtra traded at ₹80.5, giving a market capitalisation of ₹61,917.02 Cr, a trailing P/E of 8.21 and a price-to-book of 1.83. Its trailing ROE is 21.12%, compared with a 10-year average of 10%. Profit has grown at a 65% CAGR over 5 years, but growth has slowed to 31% on a TTM basis, and earnings-quality questions remain around the low tax rate and ₹50,756 Cr of contingent liabilities.
- Profitability has improved sharply. Trailing ROE is 21.12%, the 3-year average is 23% and last year's figure was 23%, compared with a 10-year average of only 10%. This points to a structural change in return on equity.
- Profit growth has been high across timeframes: 65% CAGR over 5 years, 39% over 3 years and 31% TTM. TTM profit growth is still nearly twice TTM sales growth of 16%, a sign of operating leverage and lower credit costs.
- The trailing P/E is 8.21 on TTM EPS of ₹9.8 as of 2026-10-01. That is an earnings yield of about 12.2%, which is modest relative to 3-year profit growth of 39%.
- Revenue growth has been solid: a 23% CAGR over 3 years and 20% over 5 years, compared with 8% over 10 years. Recent years show faster growth in the balance sheet and business.
- The dividend yield is 2.77% with a payout ratio of 19.4%. Most earnings are retained to fund growth and support capital adequacy, while shareholders still receive cash returns.
- Long-term shareholder returns have been strong, with stock CAGR of 31% over 5 years, 18% over 3 years and 43% over 1 year. The market has rewarded the earnings turnaround.
- At ₹80.5 on 2026-10-01, the stock was about 14.8% below its 52-week high of ₹94.5. The trailing P/E of 8.21 is lower than it would be at the high.
- Growth is slowing. Profit growth fell from a 65% 5-year CAGR to 39% over 3 years and 31% TTM. Sales growth fell from a 23% 3-year CAGR to 16% TTM. Further slowing could pressure valuation multiples.
- The low tax rate is flagged. Reported earnings, including TTM EPS of ₹9.8 and ROE of 21.12%, may be boosted by tax benefits such as deferred tax assets carried forward from past losses. ROE and EPS could fall once a normal effective tax rate applies.
- Contingent liabilities of ₹50,756 Cr equal about 82% of the ₹61,917.02 Cr market capitalisation. Guarantees, letters of credit and other off-balance-sheet commitments could create losses if they turn into actual liabilities.
- The P/B of 1.83 as of 2026-10-01 implies a book value of roughly ₹44 per share. Investors are paying a large premium to book, which assumes ROE stays near 21%. That is well above the 10-year average ROE of 10%.
- The 10-year history shows cyclicality. Average ROE was 10% and stock CAGR was 10% over 10 years, compared with 31% over 5 years. Today's returns come after a weak period, and asset-quality cycles in public sector banks have reversed past gains.
- The stock has risen 43% in 1 year and, at ₹80.5 on 2026-10-01, was about 47% above its 52-week low of ₹54.66. Expectations are now high, leaving less margin for an earnings miss.
- As a public sector bank, it must meet the 25% minimum public shareholding norm. Government stake sales through OFS or QIP could add share supply and dilute existing holders.
- The data flags low interest coverage, a ROCE of 5.29% and possible capitalisation of interest cost. For banks these ratios are partly a result of how a lender's balance sheet is structured, but they still show high leverage and thin spreads on borrowed funds.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- 3-day union strike threat Sep 23
The United Forum of Bank Unions proposed a 3-day strike from September 28 to 30, 2026, and the bank disclosed it to BSE and NSE under Regulation 30 of SEBI LODR. Branch and office operations could be disrupted, and the bank said the impact is uncertain.
- Sept 11 strike disruption risk Sep 9
Seven trade unions, including AIBEA and AIBOC, proposed a strike on September 11, 2026, which could disrupt operations. The bank advised customers to plan their banking needs in advance.
- $500M senior notes raised Sep 17
The bank completed an issue of USD 500 million in senior unsecured fixed-rate notes under its MTN Programme, with a 5-year maturity and a 6.112% coupon. This adds foreign currency funding and shows access to international debt markets.
- ₹500 crore Tier II redeemed Sep 25
The bank fully redeemed ₹500 crore of Basel III compliant Tier II bonds on September 25, 2026, and paid the final annual interest of ₹11.09 crore. Repaying on time points to healthy liquidity.
- Tier II interest paid on time Sep 18
The bank paid ₹41.09 crore in annual interest on September 18, 2026, on its ₹515 crore Basel III compliant Tier II bonds. This is routine debt servicing.
- New GOI nominee director Sep 11
Saurabh Kumar, Joint Secretary at DFS, was appointed as the Government of India nominee director, replacing Abhijit Phukon with immediate effect.
- Devdatta Rokade named CCO Oct 1
Devdatta Rokade was designated Chief Compliance Officer effective October 1, 2026. The appointment was disclosed to the exchanges under SEBI regulations.
TL;DR: Bank of Maharashtra's funding position looks solid: it raised USD 500 million in 5-year notes at 6.112%, repaid ₹500 crore of Tier II bonds in full and kept up its interest payments. The main near-term risk is labour unrest, with strikes proposed for September 11 and September 28-30 that could briefly disrupt branch operations, though these affect the whole sector and are unlikely to hurt fundamentals much. The leadership changes are routine governance updates. Overall the trend is stable to improving, and investors should next watch whether the new foreign funding shows up in loan growth and margins in the upcoming quarterly results.
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 | 4,789 | 5,068 | 5,172 | 5,467 | 5,875 | 6,017 | 6,325 | 6,731 | 7,054 | 7,128 | 7,344 | 7,755 | 8,035 |
| Expenses | 1,882 | 2,164 | 2,076 | 2,339 | 2,349 | 2,219 | 2,269 | 2,561 | 2,414 | 2,275 | 2,348 | 2,312 | 2,522 |
| Financing Profit | 458 | 268 | 390 | 246 | 450 | 588 | 675 | 556 | 878 | 973 | 1,075 | 1,391 | 1,248 |
| Fin. Margin % | 10% | 5% | 8% | 4% | 8% | 10% | 11% | 8% | 12% | 14% | 15% | 18% | 16% |
| Other Income | 629 | 668 | 680 | 1,022 | 894 | 792 | 788 | 981 | 825 | 846 | 933 | 938 | 1,029 |
| Interest | 2,449 | 2,636 | 2,705 | 2,882 | 3,075 | 3,210 | 3,381 | 3,614 | 3,762 | 3,880 | 3,922 | 4,052 | 4,264 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 1,088 | 936 | 1,070 | 1,268 | 1,344 | 1,380 | 1,463 | 1,537 | 1,703 | 1,819 | 2,008 | 2,330 | 2,277 |
| Tax % | 19% | 2% | 3% | 4% | 4% | 4% | 4% | 3% | 6% | 10% | 11% | 14% | 11% |
| Net Profit | 884 | 920 | 1,038 | 1,230 | 1,295 | 1,333 | 1,412 | 1,502 | 1,504 | 1,669 | 1,799 | 2,045 | 2,023 |
| EPS in Rs | 1.25 | 1.3 | 1.47 | 1.74 | 1.83 | 1.88 | 1.84 | 1.95 | 1.96 | 2.17 | 2.34 | 2.66 | 2.63 |
| Gross NPA % | 2.28% | 2.19% | 2.04% | 1.88% | 1.85% | 1.84% | 1.8% | 1.74% | 1.74% | 1.72% | 1.6% | 1.45% | 1.45% |
| Net NPA % | 0.24% | 0.23% | 0.22% | 0.2% | 0.2% | 0.2% | 0.2% | 0.18% | 0.18% | 0.18% | 0.15% | 0.13% | 0.13% |
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 | 12,665 | 13,053 | 12,062 | 11,096 | 10,850 | 11,496 | 11,869 | 13,019 | 15,899 | 20,495 | 24,948 | 29,282 | 30,262 |
| 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 | 9,456 |
| Financing Profit | -78 | -453 | -3,533 | -4,643 | -6,090 | -1,050 | -1,889 | -1,233 | 1,428 | 1,281 | 2,560 | 4,661 | 4,688 |
| Fin. Margin % | -1% | -3% | -29% | -42% | -56% | -9% | -16% | -9% | 9% | 6% | 10% | 16% | 15% |
| 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 | 3,746 |
| 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 | 16,119 |
| Depreciation | 115 | 149 | 118 | 129 | 241 | 211 | 188 | 268 | 262 | 223 | 291 | 344 | 0 |
| PBT | 827 | 435 | -2,126 | -3,232 | -4,763 | 399 | 571 | 1,153 | 3,448 | 4,072 | 5,745 | 7,855 | 8,433 |
| 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 | 7,536 |
| 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 | 9.8 |
| Div. Payout % | 18% | 0% | 0% | 0% | 0% | 0% | 0% | 29% | 34% | 24% | 21% | 13% | — |
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 | 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
| 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 | -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
| 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 % | 6% | 1% | -17% | -13% | -60% | 5% | 5% | 9% | 17% | 23% | 23% | 23% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
Frequently Asked Questions about Bank of Maharashtra
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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]
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