Bank of Maharashtra logo

Bank of Maharashtra

MAHABANK NSE

Key Fundamentals

MidcapPublic Sector BankBanks
Market Cap
₹59,710 Cr
Volatility
Moderate
P/E Ratio
7.99
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 3d ago
AI opinion · based on fundamentals
Risk medium

Bank of Maharashtra is a mid-cap PSU bank with a market cap of Rs.61,332 Cr trading at a PE of 8x and PB of 1.78x. The bank has delivered 65% CAGR profit growth over 5 years with ROE consistently at 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, indicating a strong turnaround from earlier stressed asset cycles
  • Attractive valuation at PE of 8x, significantly below private sector bank peers trading at 15-25x earnings
  • Consistent ROE of 23% over the last 1 and 3 years, well above the cost of equity for most banking institutions
  • TTM revenue growth of 16% and 3-year compounded sales CAGR of 23% showing sustained business momentum
  • Dividend yield of 2.81% with a healthy payout ratio of 19.4%, providing income support to shareholders
  • Stock CAGR of 44% over 1 year and 33% over 3 years reflects strong market re-rating of the franchise
  • 5-year ROE of 20% demonstrates that recent profitability is not a one-off but part of a sustained improvement trend
  • PB ratio of 1.78x is reasonable for a bank delivering 23% ROE, suggesting valuation has not yet fully priced in earnings quality
Bear Case 8
  • Contingent liabilities of Rs.50,756 Cr represent a significant overhang relative to the bank's market cap of Rs.61,332 Cr
  • Low interest coverage ratio raises concerns about the bank's ability to service obligations if asset quality deteriorates
  • 10-year ROE of only 10% indicates the recent 23% ROE may reflect cyclical tailwinds rather than structural improvement
  • Low tax rate raises sustainability concerns — normalized taxation could compress net profits materially
  • Potential capitalization of interest costs could be flattering reported earnings and masking true operating performance
  • As a PSU bank, government ownership introduces risks of directed lending, social banking mandates, and capital dilution
  • 10-year stock CAGR of only 10% versus 31% over 5 years shows the long-term track record remains weak, with most gains concentrated recently
  • 10-year compounded sales growth of only 8% suggests the underlying business growth engine historically underperformed the banking sector

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

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Positives 2
  • Q1 net profit surges 27% YoY Jul 16

    Net profit rose 27% YoY to ₹2,020 crore in Q1 FY27, with advances up 27%, deposits up 13%, total business at ₹6.50 lakh crore, and GNPA improving to 1.45%.

  • No stress in agriculture loans Jul 10

    Despite El Niño conditions, the bank reported no credit deterioration in its agriculture loan portfolio, with stable asset quality across rural lending segments.

Neutral 2
  • Infra Bond interest payment made 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.

  • CCO resignation accepted Jul 26

    Smt. Uma Vedula's resignation as Chief Compliance Officer was accepted effective July 23, 2026, citing personal reasons. The bank is seeking a replacement at Chief General Manager level.

TL;DR: Bank of Maharashtra delivered a strong Q1 FY27 with 27% profit growth, robust advances expansion, and improving asset quality at 1.45% GNPA. Agriculture book remains resilient despite El Niño risks. The CCO departure is a minor leadership gap but not structurally concerning. The trend is clearly improving with broad-based growth across business metrics.

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 ₹59709.54 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 7.99. 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 2.81%. 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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