Bank of Maharashtra logo

Bank of Maharashtra

MAHABANK NSE

Key Fundamentals

MidcapPublic Sector BankBanks
Market Cap
₹64,294 Cr
Volatility
Moderate
P/E Ratio
8.59
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
₹52.56

Tapetide Score

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

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% lower than 3Y
Net Income Growth
26.62% lower than 3Y
Cash Flow Change
-249% lower than 3Y
ROE
9.43% lower than 3Y
ROCE
3.73% lower than 3Y
EBITDA Margin (Avg.)
4.15% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Bank of Maharashtra is a mid-cap PSU bank with a market cap of Rs.64,294 Cr trading at a PE of 8.6x and PB of 1.91x. The bank has delivered strong profit CAGR of 65% over 5 years with ROE at 23% in the last year, though it carries contingent liabilities of Rs.50,756 Cr and a low interest coverage ratio.

Bull Case 8
  • Exceptional profit growth with 65% CAGR over the last 5 years, indicating a sharp turnaround in earnings quality
  • ROE of 23% in the last year and 23% over 3 years is well above the PSU banking average, reflecting efficient capital deployment
  • Compounded sales growth of 23% over 3 years and 16% TTM shows healthy loan book and interest income expansion
  • PE of 8.6x is relatively undemanding for a bank delivering 23% ROE, suggesting the valuation has not fully priced in the earnings trajectory
  • Dividend yield of 2.61% with a consistent payout ratio of 19.4% provides a tangible income stream to shareholders
  • TTM profit growth of 31% indicates the earnings momentum is continuing beyond the base effect of earlier turnaround years
  • Stock CAGR of 54% over 1 year and 27% over 3 years reflects sustained market re-rating of the franchise
  • 5-year compounded sales CAGR of 20% suggests the bank has been consistently growing its core business over a meaningful period
Bear Case 8
  • Contingent liabilities of Rs.50,756 Cr are significant relative to the Rs.64,294 Cr market cap and pose a material off-balance-sheet risk
  • Low interest coverage ratio signals that the bank's ability to service its own borrowing costs from operating income is stretched
  • Low tax rate raises questions about the sustainability of reported net profit — normalizing taxes could compress earnings
  • Potential capitalization of interest costs may be inflating reported asset values and understating true operating expenses
  • 10-year ROE of only 10% versus 23% recently suggests the high profitability is a recent phenomenon and may not be structurally durable
  • 10-year stock CAGR of just 10% compared to 54% in the last year indicates much of the re-rating is very recent and back-loaded
  • PB of 1.91x is on the higher end for PSU banks, leaving limited room for further valuation expansion if growth slows
  • 10-year compounded sales CAGR of only 8% shows the bank's long-term topline growth has historically been modest

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 1
  • Potential strike disruption Sep 11 Sep 9

    Seven trade unions including AIBEA and AIBOC proposed a strike on September 11, 2026. Bank warned of possible operational disruptions and advised customers to plan ahead.

Positives 2
  • Q1FY27 profit up 27% YoY Sep 7

    Net profit rose 27% YoY to ₹20.20 billion in Q1FY27. NII grew 15% and gross NPAs remained stable at 1.45%, though CASA ratio dipped to 48.51%.

  • $500M EMN programme established Sep 5

    Bank set up a USD 500 million Euro Medium Term Note Programme, expanding its international fundraising toolkit. Offering circular available on NSE IFSC and India INX.

Neutral 3
  • New GOI nominee director appointed Sep 11

    Saurabh Kumar, Joint Secretary at DFS with 17 years of IAS experience, replaced Abhijit Phukon as GOI nominee director with immediate effect.

  • ₹62 crore AT1 bond interest paid Sep 8

    Bank paid annual interest of ₹62.05 crore on Basel III AT1 bonds (ISIN: INE457A08118) against an issue size of ₹710 crore.

  • Investor meet Sep 8-24 scheduled Sep 3

    Virtual meetings with institutional investors and analysts scheduled from September 8 to 24, 2026. No unpublished price-sensitive information to be shared.

TL;DR: Bank of Maharashtra delivered a strong Q1FY27 with 27% profit growth and stable asset quality at 1.45% gross NPA, while expanding its funding options via a $500M EMN programme. The minor headwind is a one-day union strike threat on Sep 11. CASA ratio decline to 48.51% bears monitoring but overall fundamentals remain solid. The trend is improving on earnings and capital access fronts.

Quarterly Results

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
1,038
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

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
3,476
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

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
Figures in ₹ Crores

Cash Flow

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
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

Others1.04%Promot.73.60%Public5.27%FIIs5.81%DIIs14.27%As ofJun 2026

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.[1]
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 market capitalisation of Bank of Maharashtra?
Bank of Maharashtra has a market capitalisation of ₹64,294 Cr, which places it in the Large Cap band.
What is the PE ratio of Bank of Maharashtra?
Bank of Maharashtra trades at a PE ratio of 8.59, on earnings per share of ₹6.33, against a book value of ₹44.04 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 ₹52.56 and ₹94.5.
Does Bank of Maharashtra pay dividends?
Bank of Maharashtra has a dividend yield of 2.61%.
What is the Return on Equity (ROE) of Bank of Maharashtra?
Bank of Maharashtra reported a return on equity of 21.12%. Its debt-to-equity ratio is 0.00.

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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