Bank Of Maharashtra

•

bankofmaharashtra.bank.inBSE: 532525NSE: MAHABANK

Market Cap₹ 64,740 Cr.

Current Price

High / Low₹ 94 / 54

Stock P/E8.6

Book Value₹ 44

Price to Book1.50

Dividend Yield2.61 %

ROCE16.5 %

ROE24.1 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Other Retail Banking-Retail Banking: 44.3% • Corporate/Wholesale Banking: 33.8% • Treasury: 21.3%

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Company has delivered good profit growth of 66.3% CAGR over last 5 years
Strong return ratios for a lender: 3Y avg ROE 24.4%, ROA 1.6%
Comfortable capital adequacy - CAR of 18.4%
Solid return on assets for a lender - ROA of 1.8%
Asset quality is healthy - gross NPA of just 1.4%

CONS

A large part of profit comes from other income (45.1% of PBT)
Promoter holding has decreased over last 2 years: -12.9pp
Effective tax rate is unusually low at 10.7% - earnings may be flattered
Equity base is being diluted - shares outstanding up 14.3%
Growth is decelerating - 3Y profit CAGR (39.2%) trails the 5Y trend (66.3%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesBankBank - Public

Part ofNIFTYM150MOMNTM50 NIFTY500MOMENTM50 NIFTY DIV OPPS 50 NIFTYLARGEMIDCAP250 NIFTYMIDCAP150

S.No.	Name
1.	SBIN	997.00	10.68	920292.57	1.74	24579.04	13.65	136240.49	8.36	12.16	52.34
2.	UNIONBANK	178.00	6.58	135878.18	2.81	5368.17	29.77	27427.10	1.21	14.57	69.42
3.	PNB	116.65	6.07	134065.18	2.57	5339.15	191.40	33589.17	3.12	13.26	75.40
4.	BANKBARODA	237.80	6.77	122974.99	3.57	1572.59	-53.08	35114.52	6.84	11.20	33.10
5.	INDIANB	852.90	8.99	114882.56	2.14	3299.48	48.73	18095.14	11.11	16.28	67.14
6.	CANBK	123.90	5.66	112385.37	3.39	4864.08	61.96	32957.16	4.55	14.46	68.47
7.	MAHABANK	84.17	8.59	64739.82	2.61	2020.54	26.83	8034.65	13.90	16.53	68.61
8.	IOB	33.13	10.71	63797.08	0.00	1659.24	49.25	8777.57	18.82	11.31	54.56
9.	BANKINDIA	139.80	5.40	63646.30	3.33	3138.46	77.92	20096.90	8.83	10.97	73.18
10.	UCOBANK	23.98	12.18	30069.86	1.83	652.43	24.09	6744.59	15.10	11.00	54.71
11.	CENTRALBK	30.75	6.10	27833.06	3.90	1328.95	5.43	9725.90	12.79	8.27	67.83
12.	PSB	22.78	11.68	16163.74	1.71	331.51	23.16	3213.37	10.40	9.07	71.38

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	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
Interest Expended	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
Net Interest Income	2,340	2,432	2,466	2,585	2,799	2,807	2,944	3,117	3,292	3,248	3,423	3,703	3,770
	629	668	680	1,022	894	792	788	981	825	846	933	938	1,029
Total Income	0	0	0	0	6,769	6,809	7,113	7,712	7,879	7,974	8,277	8,693	9,064
Operating Expenses	0	0	0	0	13,989	13,968	14,282	15,776	15,469	15,187	16,198	16,946	1,682
Operating Profit	0	0	0	0	22,946	22,024	23,034	25,202	25,704	25,747	27,359	29,466	3,118
Provisions & Contingencies	0	0	0	0	9,505	8,221	8,407	9,833	8,674	7,559	7,282	6,170	840
Profit before Tax	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 %	18.86%	1.71%	3.18%	3.92%	3.75%	3.85%	3.83%	2.83%	6.45%	10.19%	11.36%	13.53%	11.27%
Net Profit	0	0	0	0	1,294	1,327	1,407	1,493	1,593	1,634	1,780	2,014	2,021
EPS	1	1	1	2	2	2	2	2	2	2	2	3	0

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	0	0	0	0	0	0	0	20,495	24,948	29,282	—
Interest Expended	8,886	7,706	7,115	7,216	6,970	6,974	8,157	10,672	13,281	15,616	16,119
Net Interest Income	-8,886	-7,706	-7,115	-7,216	-6,970	-6,974	-8,157	9,823	11,667	13,666	—
	1,509	1,507	1,548	1,650	2,629	2,653	2,281	2,999	3,455	3,542	3,746
Total Income	0	0	0	0	0	0	0	23,493	28,403	32,824	34,008
	0	0	0	0	0	0	0	4,815	5,801	6,380	—
Operating Profit	-8,886	-7,706	-7,115	-7,216	-6,970	-6,974	-8,157	8,006	9,321	10,828	—
	3,869	5,429	7,270	3,046	2,968	2,984	2,643	3,646	3,597	2,969	—
Profit before Tax	-2,143	-3,265	-5,128	-260	955	1,956	3,446	4,360	5,724	7,859	8,433
Tax %	-0.00%	-0.00%	-0.00%	-0.00%	0.00%	0.00%	0.00%	6.98%	3.54%	10.66%	11.68%
Net Profit	-1,372	-1,145	-4,783	389	551	1,152	2,603	4,056	5,521	7,021	7,448
EPS	-12	-9	-14	1	1	2	4	6	7	9	—

COMPOUNDED SALES GROWTH

10 Years:: 8%
5 Years:: 20%
3 Years:: 23%

COMPOUNDED PROFIT GROWTH

10 Years:: 50%
5 Years:: 65%
3 Years:: 39%

STOCK PRICE CAGR

10 Years:: 10%
5 Years:: 36%
3 Years:: 27%
1 Year:: 54%

RETURN ON EQUITY

10 Years:: 1%
5 Years:: 20%
3 Years:: 24%
Last Year:: 24%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	1,168	2,598	2,753	5,824	6,560	6,730	6,730	7,081	7,692	7,692
	6,301	7,469	3,130	5,085	5,748	7,331	9,060	12,789	21,016	25,533
	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
	8,137	4,064	10,149	3,670	4,239	7,747	10,766	7,719	23,853	35,234
Other Liabilities & Provisions	4,765	3,351	8,008	4,388	6,299	6,700	7,207	9,013	9,673	8,475
Total Liabilities	1,59,411	1,56,449	1,64,676	1,69,018	1,96,835	2,30,783	2,67,827	31	3,69,354	4,27,471
ASSETS	-	-	-	-	-	-	-	-	-	-
	15,275	15,809	7,920	10,354	12,882	19,722	18,508	21,161	37,993	26,645
Balances with Banks & Money at Call	1,367	75	1,235	93	59	194	21	9,150	4,202	1,100
	38,677	43,742	59,837	57,891	68,281	68,762	69,042	68,465	82,216	1,01,588
	95,515	85,797	82,666	86,872	1,02,405	1,31,170	1,71,221	2,00,240	2,36,084	2,88,104
	1,564	1,487	1,741	1,604	1,622	2,036	2,149	2,200	2,911	2,954
	6,991	9,508	11,242	12,132	11,533	8,694	6,879	6,103	5,944	7,072
Total Assets	1,59,411	1,56,449	1,64,676	1,69,018	1,96,835	2,30,783	2,67,827	31	3,69,354	4,27,471

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	7,498	-1,723	-10,842	693	2,447	6,896	-1,440	11,581	7,628	-11,336
Cash from Investing	-99	-134	-106	-100	-169	-300	-175	-260	-495	-506
Cash from Financing	-77	1,100	4,220	698	217	378	228	461	4,750	-2,607
	7,322	-758	-6,729	1,292	2,495	6,974	-1,387	11,783	11,883	-14,449

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	-11.61	-4.28	-17.30	0.68	0.87	1.71	3.87	5.75	7.21	9.12
Book Value (₹)	53.60	34.39	16.38	16.56	16.97	18.55	21.27	26.02	34.86	40.83
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.50	1.30	1.40	1.50	2.20
PROFITABILITY
Net Interest Margin %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.29%	3.24%	3.27%
ROA %	-0.86%	-0.72%	-2.98%	0.23%	0.30%	0.54%	1.04%	1.41%	1.63%	1.76%
ROE %	-19.85%	-15.06%	-71.14%	5.50%	5.31%	9.75%	19.42%	24.77%	24.41%	24.12%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	37.56%	38.36%	37.08%
ASSET QUALITY
Gross NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.74%	1.45%
Net NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.18%	0.13%
Provision Coverage %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	98.26%	98.59%
Slippage Ratio %	—	—	—	—	—	—	—	—	—	—
BALANCE SHEET & LIQUIDITY
CASA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	52.74%	53.29%	52.51%
Credit-Deposit Ratio %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.08%	0.10%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GROWTH & VALUATION
Net Profit Growth %	-1457.31%	16.56%	-317.78%	108.14%	41.63%	108.85%	126.01%	55.83%	36.12%	27.17%
Book Value Growth %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	22.33%	33.97%	17.12%
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	10.83x	6.42x	6.72x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.39x	1.33x	1.50x
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.25%	3.25%	3.59%

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	86.46	86.46	79.60	79.60	79.60	79.60	73.60	73.60	73.60
	1.20	1.26	1.54	1.72	1.89	2.35	4.92	5.55	5.82
	4.58	4.46	10.88	10.67	10.40	10.06	13.50	13.93	14.28
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Public	7.76	7.81	7.99	8.00	8.11	8.00	7.98	6.93	6.32

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

Appointment

2026-09-11 - Bank of Maharashtra has informed the Exchange regarding Appointment of Mr Saurabh Kumar as GOI Nominee Director on the Board of the Bank w.e.f. September 10, 2026.

2026-09-09

General Updates

2026-09-09 - Bank of Maharashtra has informed the Exchange about proposed Bank Strike

2026-09-07

Investor Presentation

2026-09-07 - Bank of Maharashtra has informed the Exchange about Investor Presentation

2026-09-05

General Updates

2026-09-05 - Bank of Maharashtra has informed the Exchange about Establishment of Euro Medium term Note Programme of USD 500 million

2026-09-03

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-03 - Bank of Maharashtra has informed the Exchange about Schedule of meet

2026-09-01

General Updates

2026-09-01 - Bank of Maharashtra has informed the Exchange about Revision in MCLR rates

2026-08-13

Appointment

2026-08-13 - Bank of Maharashtra has informed the Exchange regarding Appointment of Mr Naresh Kumar Vashisht as Part-time Non-Official Director on the Board of the Bank w.e.f. August 12, 2026.

2026-07-24

General Updates

2026-07-24 - Bank of Maharashtra has informed the Exchange about Revision in MCLR Rates

2026-07-24

Resignation

2026-07-24 - Bank of Maharashtra has informed the Exchange regarding change in management.

News

Recent coverage and analyst commentary for MAHABANK

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Name

SBIN

997.00

10.68

920292.57

1.74

24579.04

13.65

136240.49

8.36

12.16

52.34

UNIONBANK

178.00

6.58

135878.18

2.81

5368.17

29.77

27427.10

1.21

14.57

69.42

PNB

116.65

6.07

134065.18

2.57

5339.15

191.40

33589.17

3.12

13.26

75.40

BANKBARODA

237.80

6.77

122974.99

3.57

1572.59

-53.08

35114.52

6.84

11.20

33.10

INDIANB

852.90

8.99

114882.56

2.14

3299.48

48.73

18095.14

11.11

16.28

67.14

CANBK

123.90

5.66

112385.37

3.39

4864.08

61.96

32957.16

4.55

14.46

68.47

MAHABANK

84.17

8.59

64739.82

2.61

2020.54

26.83

8034.65

13.90

16.53

68.61

IOB

33.13

10.71

63797.08

0.00

1659.24

49.25

8777.57

18.82

11.31

54.56

BANKINDIA

139.80

5.40

63646.30

3.33

3138.46

77.92

20096.90

8.83

10.97

73.18

UCOBANK

23.98

12.18

30069.86

1.83

652.43

24.09

6744.59

15.10

11.00

54.71

CENTRALBK

30.75

6.10

27833.06

3.90

1328.95

5.43

9725.90

12.79

8.27

67.83

PSB

22.78

11.68

16163.74

1.71

331.51

23.16

3213.37

10.40

9.07

71.38

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

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

Interest Expended

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

Net Interest Income

2,340

2,432

2,466

2,585

2,799

2,807

2,944

3,117

3,292

3,248

3,423

3,703

3,770

629

668

680

1,022

894

792

788

981

825

846

933

938

1,029

Total Income

6,769

6,809

7,113

7,712

7,879

7,974

8,277

8,693

9,064

Operating Expenses

13,989

13,968

14,282

15,776

15,469

15,187

16,198

16,946

1,682

Operating Profit

22,946

22,024

23,034

25,202

25,704

25,747

27,359

29,466

3,118

Provisions & Contingencies

9,505

8,221

8,407

9,833

8,674

7,559

7,282

6,170

840

Profit before Tax

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 %

18.86%

1.71%

3.18%

3.92%

3.75%

3.85%

3.83%

2.83%

6.45%

10.19%

11.36%

13.53%

11.27%

Net Profit

1,294

1,327

1,407

1,493

1,593

1,634

1,780

2,014

2,021

EPS

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

20,495

24,948

29,282

—

Interest Expended

8,886

7,706

7,115

7,216

6,970

6,974

8,157

10,672

13,281

15,616

16,119

Net Interest Income

-8,886

-7,706

-7,115

-7,216

-6,970

-6,974

-8,157

9,823

11,667

13,666

—

1,509

1,507

1,548

1,650

2,629

2,653

2,281

2,999

3,455

3,542

3,746

Total Income

23,493

28,403

32,824

34,008

4,815

5,801

6,380

—

Operating Profit

-8,886

-7,706

-7,115

-7,216

-6,970

-6,974

-8,157

8,006

9,321

10,828

—

3,869

5,429

7,270

3,046

2,968

2,984

2,643

3,646

3,597

2,969

—

Profit before Tax

-2,143

-3,265

-5,128

-260

955

1,956

3,446

4,360

5,724

7,859

8,433

Tax %

-0.00%

0.00%

6.98%

3.54%

10.66%

11.68%

Net Profit

-1,372

-1,145

-4,783

389

551

1,152

2,603

4,056

5,521

7,021

7,448

EPS

-12

-9

-14

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

LIABILITIES

Equity Capital

1,168

2,598

2,753

5,824

6,560

6,730

7,081

7,692

6,301

7,469

3,130

5,085

5,748

7,331

9,060

12,789

21,016

25,533

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

8,137

4,064

10,149

3,670

4,239

7,747

10,766

7,719

23,853

35,234

Other Liabilities & Provisions

4,765

3,351

8,008

4,388

6,299

6,700

7,207

9,013

9,673

8,475

Total Liabilities

1,59,411

1,56,449

1,64,676

1,69,018

1,96,835

2,30,783

2,67,827

3,69,354

4,27,471

ASSETS

15,275

15,809

7,920

10,354

12,882

19,722

18,508

21,161

37,993

26,645

Balances with Banks & Money at Call

1,367

1,235

194

9,150

4,202

1,100

38,677

43,742

59,837

57,891

68,281

68,762

69,042

68,465

82,216

1,01,588

95,515

85,797

82,666

86,872

1,02,405

1,31,170

1,71,221

2,00,240

2,36,084

2,88,104

1,564

1,487

1,741

1,604

1,622

2,036

2,149

2,200

2,911

2,954

6,991

9,508

11,242

12,132

11,533

8,694

6,879

6,103

5,944

7,072

Total Assets

1,59,411

1,56,449

1,64,676

1,69,018

1,96,835

2,30,783

2,67,827

3,69,354

4,27,471

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

7,498

-1,723

-10,842

693

2,447

6,896

-1,440

11,581

7,628

-11,336

Cash from Investing

-99

-134

-106

-100

-169

-300

-175

-260

-495

-506

Cash from Financing

-77

1,100

4,220

698

217

378

228

461

4,750

-2,607

7,322

-758

-6,729

1,292

2,495

6,974

-1,387

11,783

11,883

-14,449

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

-11.61

-4.28

-17.30

0.68

0.87

1.71

3.87

5.75

7.21

9.12

Book Value (₹)

53.60

34.39

16.38

16.56

16.97

18.55

21.27

26.02

34.86

40.83

Dividend per Share (₹)

0.00

0.50

1.30

1.40

1.50

2.20

PROFITABILITY

Net Interest Margin %

0.00%

3.29%

3.24%

3.27%

ROA %

-0.86%

-0.72%

-2.98%

0.23%

0.30%

0.54%

1.04%

1.41%

1.63%

1.76%

ROE %

-19.85%

-15.06%

-71.14%

5.50%

5.31%

9.75%

19.42%

24.77%

24.41%

24.12%

0.00%

37.56%

38.36%

37.08%

ASSET QUALITY

Gross NPA %

0.00%

1.74%

1.45%

Net NPA %

0.00%

0.18%

0.13%

Provision Coverage %

0.00%

98.26%

98.59%

Slippage Ratio %

—

BALANCE SHEET & LIQUIDITY

CASA %

0.00%

52.74%

53.29%

52.51%

Credit-Deposit Ratio %

0.00%

0.03%

0.08%

0.10%

0.00%

GROWTH & VALUATION

Net Profit Growth %

-1457.31%

16.56%

-317.78%

108.14%

41.63%

108.85%

126.01%

55.83%

36.12%

27.17%

Book Value Growth %

0.00%

22.33%

33.97%

17.12%

P/E (x)

0.00x

10.83x

6.42x

6.72x

P/B (x)

0.00x

2.39x

1.33x

1.50x

0.00%

2.25%

3.25%

3.59%

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

86.46

79.60

73.60

1.20

1.26

1.54

1.72

1.89

2.35

4.92

5.55

5.82

4.58

4.46

10.88

10.67

10.40

10.06

13.50

13.93

14.28

Government

0.00

Public

7.76

7.81

7.99

8.00

8.11

8.00

7.98

6.93

6.32

Bank Of Maharashtra

AI Sector View

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Bank Of Maharashtra

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI