Bank of Maharashtra logo

Bank of Maharashtra

MAHABANK NSE

Key Fundamentals

MidcapPublic Sector BankBanks
Market Cap
₹63,494 Cr
Volatility
Moderate
P/E Ratio
8.4
EBITDA
₹7,364 Cr
Return on Equity
21.12%
Debt to Equity
0
Book Value
₹44.04
EPS
₹6.33
52W High
₹94.5
52W Low
₹51.71

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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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 anthropic claude-opus-4.6 4d ago
AI opinion · based on fundamentals
Risk medium

Bank of Maharashtra is a mid-cap PSU bank trading at a PE of 8.1x and PB of 1.81x with a market cap of Rs.62,232 Cr. The bank has delivered exceptional profit CAGR of 65% over 5 years and maintains an ROE of 23%, though it carries contingent liabilities of Rs.50,756 Cr and a low interest coverage ratio.

Bull Case 8
  • Exceptional 5-year compounded profit growth of 65% CAGR, significantly above PSU bank peers
  • Strong ROE of 23% sustained over the last 3 years, indicating efficient capital utilization for a public sector bank
  • Attractive valuation at PE of 8.1x, well below private sector bank averages of 15-20x
  • Healthy dividend yield of 2.76% with consistent payout ratio of 19.4%, providing income support
  • Revenue growth of 23% CAGR over 3 years and 16% TTM shows sustained business momentum
  • Stock price CAGR of 34% over 5 years reflects sustained re-rating driven by improving fundamentals
  • TTM profit growth of 31% indicates continued earnings momentum even on a higher base
  • 5-year ROE of 20% shows the turnaround is structural rather than a one-time improvement from a low base
Bear Case 8
  • Contingent liabilities of Rs.50,756 Cr represent a significant overhang relative to the Rs.62,232 Cr market cap
  • Low interest coverage ratio suggests vulnerability to margin compression in a volatile rate environment
  • Apparently low tax rate raises questions about sustainability of reported earnings and potential future tax normalization
  • Possible capitalization of interest costs may overstate asset quality and understate true operating expenses
  • 10-year profit CAGR of 50% is inflated by recovery from near-zero or loss-making years during the NPA crisis, making base-effect-driven growth unrepeatable
  • 10-year sales CAGR of only 8% indicates underlying business growth was modest before the recent credit cycle upturn
  • As a government-owned bank, capital allocation decisions may prioritize policy objectives over shareholder returns
  • PB ratio of 1.81x is elevated for a PSU bank, limiting further valuation re-rating without sustained earnings delivery

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Neutral 2
  • CCO resignation accepted Jul 26

    Smt. Uma Vedula resigned as Chief Compliance Officer effective July 23, 2026, citing personal reasons. The bank is seeking a replacement at the Chief General Manager level.

  • Infra Bond interest paid Aug 5

    Bank of Maharashtra paid ₹63.26 crore annual interest on its Long Term Infra Bond (Series-1) on August 5, 2026, per SEBI disclosure norms.

TL;DR: A quiet period for Bank of Maharashtra with only routine corporate disclosures. The CCO departure warrants monitoring for timely replacement given compliance importance in banking. No material positive or negative catalysts in the near term; the outlook remains steady pending further operational or financial updates.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %
6%
1%
-17%
-13%
-60%
5%
5%
9%
17%
23%
23%
23%

Shareholding Pattern

As of Jun 2026
Promoters 73.60%
DIIs 14.27%
FIIs 5.81%
Public 5.27%
Others 1.04%
Total 99.99%
  Mar 2021Jun 2021Jul 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Oct 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
93.33%
93.33%
90.97%
90.97%
90.97%
90.97%
90.97%
90.97%
90.97%
90.97%
86.46%
86.46%
86.46%
86.46%
86.46%
86.46%
79.60%
79.60%
79.60%
79.60%
79.60%
73.60%
73.60%
73.60%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
1.04%
1.20%
1.26%
1.95%
1.53%
1.73%
1.89%
2.34%
4.93%
5.55%
5.81%
DIIs
3.00%
2.18%
4.47%
3.67%
3.70%
3.73%
3.74%
3.78%
3.38%
3.33%
6.43%
5.18%
4.71%
4.68%
4.58%
4.47%
11.03%
10.87%
10.67%
10.40%
10.05%
13.50%
13.92%
14.27%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
3.24%
3.90%
3.92%
4.62%
4.72%
4.65%
4.71%
4.64%
4.94%
5.05%
5.51%
6.85%
7.53%
7.16%
7.13%
6.96%
6.40%
7.03%
7.06%
7.02%
6.83%
6.77%
5.85%
5.27%
Others
0.42%
0.58%
0.64%
0.74%
0.61%
0.64%
0.59%
0.61%
0.72%
0.65%
1.60%
1.51%
1.30%
0.66%
0.63%
0.86%
1.02%
0.96%
0.94%
1.09%
1.17%
1.20%
1.07%
1.04%
No. of Shareholders
0
2,94,166
3,21,252
3,27,651
3,52,568
3,67,605
3,74,458
3,79,399
3,71,592
4,41,517
4,41,636
6,06,046
6,77,087
8,46,746
9,19,663
9,48,432
9,48,497
9,95,543
10,06,260
9,91,930
9,74,484
9,67,566
9,01,410
8,75,943

Documents

1
Concall - Nov 2017 Nov 2017
2
Concall - Nov 2017 Nov 2017
3
Concall - May 2018 May 2018
4
Concall - Nov 2019 Nov 2019
5
Concall - Jan 2020 Jan 2020

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 Banks sector within the Public Sector Bank 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 ₹63493.79 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 8.40. 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 ₹94.5. 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 2.73%. 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 21.12%. 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

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