Bank Of Maharashtra
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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 GENERATEDFinancial Services
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SBIN | 1001.60 | 10.72 | 924538.66 | 1.73 | 24579.04 | 13.65 | 136240.49 | 8.36 | 12.16 | 52.34 |
| UNIONBANK | 183.40 | 6.78 | 140000.33 | 2.73 | 5368.17 | 29.77 | 27427.10 | 1.21 | 14.57 | 69.42 |
| PNB | 115.60 | 6.02 | 132858.42 | 2.60 | 5339.15 | 191.40 | 33589.17 | 3.12 | 13.26 | 75.40 |
| BANKBARODA | 234.90 | 6.69 | 121475.30 | 3.62 | 1572.59 | -53.08 | 35114.52 | 6.84 | 11.20 | 33.10 |
| INDIANB | 855.00 | 9.01 | 115165.42 | 2.13 | 3299.48 | 48.73 | 18095.14 | 11.11 | 16.28 | 67.14 |
| CANBK | 124.20 | 5.67 | 112657.49 | 3.38 | 4864.08 | 61.96 | 32957.16 | 4.55 | 14.46 | 68.47 |
| MAHABANK | 84.45 | 8.62 | 64955.18 | 2.61 | 2020.54 | 26.83 | 8034.65 | 13.90 | 16.53 | 68.61 |
| BANKINDIA | 140.70 | 5.44 | 64056.04 | 3.30 | 3138.46 | 77.92 | 20096.90 | 8.83 | 10.97 | 73.18 |
| IOB | 33.01 | 10.67 | 63566.00 | 0.00 | 1659.24 | 49.25 | 8777.57 | 18.82 | 11.31 | 54.56 |
| UCOBANK | 23.99 | 12.19 | 30082.40 | 1.83 | 652.43 | 24.09 | 6744.59 | 15.10 | 11.00 | 54.71 |
| CENTRALBK | 30.58 | 6.06 | 27679.19 | 3.92 | 1328.95 | 5.43 | 9725.90 | 12.79 | 8.27 | 67.83 |
| PSB | 22.67 | 11.62 | 16085.69 | 1.72 | 331.51 | 23.16 | 3213.37 | 10.40 | 9.07 | 71.38 |
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:
- 24%
- 1 Year:
- 56%
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% |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Bank of Maharashtra has informed the Exchange about proposed Bank Strike
2026-09-07 - Bank of Maharashtra has informed the Exchange about Investor Presentation
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 - Bank of Maharashtra has informed the Exchange about Schedule of meet
2026-09-01 - Bank of Maharashtra has informed the Exchange about Revision in MCLR rates
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 - Bank of Maharashtra has informed the Exchange about Revision in MCLR Rates
2026-07-24 - Bank of Maharashtra has informed the Exchange regarding change in management.
2026-07-24 - Bank of Maharashtra has informed the Exchange about Resignation of Director/KMP/SMP
News
Recent coverage and analyst commentary for MAHABANK
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