Bank of Maharashtra
Bank of Maharashtra
BanksKey Fundamentals
MidcapPublic Sector BankBanksInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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60 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
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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
AI Analysis — Bull vs Bear
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.
- 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
- 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
- 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 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
| 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
| 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
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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]