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Bank of Maharashtra

MAHABANK NSE
₹79.61 −0.99 (−1.23%)
P/E
8.12
View as Markdown
MCP
Close 4 Nov 2026 ₹79.61 +22.19 +38.6% 1Y
Start ₹57.42

Key Fundamentals

MidcapBanksFinancial Services

Price-based figures as of · EPS basis: Consolidated · TTM

EPS (TTM)
₹9.80
Book Value
₹46.20
Market Cap
—
P/E (TTM)
8.12
P/B
1.72
ROE
22.60%
Dividend Yield
2.73%
52W High
₹94.50
52W Low
₹55.51
Day Range
₹79.35 – ₹80.18
Volume
1,16,75,270
ROCE
Not meaningful for a lender: the ratio describes an industrial company’s balance sheet
Debt to Equity
Not meaningful for a lender: the ratio describes an industrial company’s balance sheet
EBITDA
Not meaningful for a lender: the ratio describes an industrial company’s balance sheet

Peer Comparison

Financial Services › Banks › Public Sector Bank

Bank of Maharashtra peer comparison
SBI
₹979.0010.48₹9,03,461 Cr1.421.79%15.40%—₹5,38,780 Cr₹89,666 Cr
Union Bank of India
₹183.896.38₹1,39,687 Cr1.022.73%15.70%—₹1,09,300 Cr₹22,000 Cr
Punjab National Bank
₹122.426.15₹1,39,168 Cr0.932.48%13.00%—₹1,34,543 Cr₹22,932 Cr
Bank of Baroda
₹245.376.98₹1,25,618 Cr0.733.49%12.70%—₹1,36,546 Cr₹18,393 Cr
Indian Bank
₹854.008.70₹1,14,613 Cr1.442.15%15.40%—₹71,835 Cr₹13,220 Cr
Canara Bank
₹118.325.27₹1,07,387 Cr0.883.57%16.10%—₹1,30,895 Cr₹20,314 Cr
Bank of Maharashtra (this company)
₹79.618.12₹61,525 Cr1.722.73%22.60%—₹30,262 Cr₹7,536 Cr
Median 7 companies₹183.896.98₹1,25,618 Cr1.022.73%15.40%—₹1,30,895 Cr₹20,314 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

63 Good

Data confidence 100/100

Category scores

Quality
71
Strong
Returns, margins, earnings quality 22% weight
Valuation
48
Average
Cheap vs sector & own history 24% weight
Growth
88
Strong
Sales & profit trajectory 9% weight
Financial Health
96
Strong
Solvency, leverage, coverage 9% weight
Momentum
43
Weak
Trend strength, vol-adjusted 12% weight
Ownership
53
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish874
OscillatorsNeutral171
Moving AveragesStrong Bearish703

Key readings

RSI (14)
47.54
Neutral
MACD (12,26,9)
−0.55
Bullish
SMA (50)
81.82
Bearish
SMA (200)
77.10
Bullish

As of

Analyst Rating

Based on 3 analysts
BUY100%

3 of 3 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
3
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+8.41%
5Y+19.79%
3Y+22.58%
1Y+17.37%
TTM+15.83%

Net profit

Net profit growth by window
10Y+50.46%
5Y+65.16%
3Y+39.14%
1Y+26.61%
TTM+31.04%

Operating cash flow

Not meaningful

A bank's or NBFC's operating cash flow moves with deposits and loans, so its growth says little about the business.

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹12,062 Cr
Mar 2018₹11,096 Cr
Mar 2019₹10,850 Cr
Mar 2020₹11,496 Cr
Mar 2021₹11,869 Cr
Mar 2022₹13,019 Cr
Mar 2023₹15,899 Cr
Mar 2024₹20,495 Cr
Mar 2025₹24,948 Cr
Mar 2026₹29,282 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017−₹1,356 Cr
Mar 2018−₹1,112 Cr
Mar 2019−₹4,763 Cr
Mar 2020₹399 Cr
Mar 2021₹571 Cr
Mar 2022₹1,153 Cr
Mar 2023₹2,605 Cr
Mar 2024₹4,072 Cr
Mar 2025₹5,542 Cr
Mar 2026₹7,017 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EPS
₹10.80 +18.4% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk medium

Bank of Maharashtra trades at a PE of 8.22x and PB of 1.74x as of 2026-11-03, with a market cap of Rs.61,971 Cr. The bank has delivered strong profit compounding of 65% CAGR over five years and maintains an ROE of 21.12%, though it carries significant contingent liabilities of Rs.50,756 Cr and a low interest coverage ratio.

Bull Case 7
  • Exceptional profit compounding at 65% CAGR over 5 years and 50% CAGR over 10 years, indicating a sustained earnings turnaround
  • ROE of 21.12% is well above the banking sector average, with 3-year average ROE at 23%, reflecting efficient use of shareholder equity
  • PE of 8.22x as of 2026-11-03 is modest for a bank delivering 31% TTM profit growth, suggesting earnings are not excessively priced
  • Dividend yield of 2.79% with a consistent payout ratio of 19.4%, providing a tangible income component for shareholders
  • Revenue compounding at 23% over 3 years and 20% over 5 years shows the bank is growing its core lending and interest income at a healthy pace
  • Stock has delivered a 1-year CAGR of 44% and 5-year CAGR of 32%, reflecting sustained investor interest and re-rating from its historical lows near Rs.55.51
  • TTM EPS of Rs.9.80 against a price of Rs.80.60 implies the bank is generating meaningful per-share earnings relative to its stock price
Bear Case 8
  • Contingent liabilities stand at Rs.50,756 Cr, which is a material figure relative to the bank's market cap of Rs.61,971 Cr, posing a risk if even a fraction crystallizes
  • Low interest coverage ratio suggests the bank's earnings buffer over its interest obligations is thin, increasing vulnerability during rate or asset quality stress
  • ROCE at just 5.29% indicates the overall return on capital employed, including debt capital, is modest despite the higher ROE
  • The apparently low tax rate raises questions about the sustainability of reported net profits — if the effective tax rate normalises upward, bottom-line growth could decelerate
  • Potential capitalisation of interest costs could be inflating reported asset values and understating true operating expenses, masking the real cost structure
  • PB ratio of 1.74x means the stock trades above book value; any deterioration in asset quality or ROE could compress this multiple quickly for a PSU bank
  • The stock is currently 14.7% below its 52-week high of Rs.94.50, indicating recent selling pressure or profit-taking after the strong rally
  • TTM profit growth of 31% has decelerated from the 5-year CAGR of 65%, suggesting the high-growth phase may be moderating as the base effect increases

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

AI News Digest

9h ago

TL;DR: Recent newsflow for Bank of Maharashtra is entirely routine, covering a senior management superannuation, a scheduled bond interest payment, and a standard H1FY27 bond portfolio disclosure. No material headwinds or positive catalysts emerged from these updates. The bank appears to be meeting its debt obligations on time and maintaining normal regulatory compliance. Investors should look to upcoming quarterly results for directional cues on asset quality and growth.

Neutral 3
  • CGM Sankpal superannuation disclosed Oct 31

    Chief General Manager Dinkar Sankpal superannuated effective close of business on October 31, 2026, disclosed under SEBI LODR Regulation 30.

  • ₹78.60 cr Basel III interest paid Oct 21

    Bank of Maharashtra paid ₹78.60 crore annual interest on its ₹1,000 crore Basel III Tier II bond issue on October 21, 2026, on schedule.

  • ₹7,930.7 cr bonds outstanding Oct 8

    H1FY27 bond statement shows ₹7,930.7 crore outstanding across 13 debt securities, providing a routine snapshot of the bank's debt profile.

Quarterly Results

₹ Cr
MAHABANK quarterly results, ₹ crore
Particulars 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
1,036
1,218
1,294
1,327
1,407
1,493
1,593
1,634
1,799
2,045
2,021
EPS (₹)
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

₹ Cr
MAHABANK profit and loss, annual, ₹ crore
Particulars 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
3,455
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
5,724
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
5,521
7,017
7,536
EPS (₹)
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

₹ Cr
MAHABANK balance sheet, annual, ₹ crore
Particulars 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

Cash Flow

₹ Cr
MAHABANK cash flow, annual, ₹ crore
Particulars 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

Ratios

MAHABANK financial ratios, annual
Particulars 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%

Insights

Beta

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

Log in to view Bank of Maharashtra insights

86 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 73.60%
  • DIIs 13.77%
  • FIIs 6.51%
  • Public 5.20%
  • Others 0.92%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

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.
Where is Bank of Maharashtra (MAHABANK) listed?
Bank of Maharashtra trades as MAHABANK on the NSE and under code 532525 on the BSE.
Which sector does Bank of Maharashtra belong to?
Bank of Maharashtra is classified under the Banks sector, in the Public Sector Bank industry.
What is the PE ratio of Bank of Maharashtra?
Bank of Maharashtra trades at a PE ratio of 8.12 as of 4 Nov 2026, on earnings per share of ₹9.8, against a book value of ₹46.2 per share.
What is the 52-week high and low of Bank of Maharashtra?
Over the last 52 weeks Bank of Maharashtra has traded between ₹55.51 and ₹94.5 as of 4 Nov 2026.
Does Bank of Maharashtra pay dividends?
Bank of Maharashtra has a dividend yield of 2.73%.
What is the Return on Equity (ROE) of Bank of Maharashtra?
Bank of Maharashtra reported a return on equity of 22.60%.

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.

Website bankofmaharashtra.bank.in
CEO Mr. Nidhu Saxena
Employees 14,591
Listed 12 Apr 2004
Face Value ₹10

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