Bank of Baroda (BANKBARODA)

Financial Services · Banks · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹238.2 ↑ 0.68% (1Y)

🎯 Key Takeaways

Bank of Baroda is in a phase of steady profitability recovery and balance sheet normalization following a period of margin pressure and asset quality concerns. Management has stabilized operations, improved operational efficiency, and is now focused on sustainable growth with disciplined capital allocation.
Revenue grew 1.7% QoQ to ₹35,115 in Q1FY27.
⚠️ Slower-than-expected credit growth in a high-interest environment could limit revenue expansion.

Market Cap

₹1.23 L Cr

P/E Ratio

6.8

P/B Ratio

0.74

ROE

10.7%

ROCE

31.2%

Debt/Equity

1.03

Div Yield

3.57%

Promoter

64.0%

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📖 The Story

Bank of Baroda is in a phase of steady profitability recovery and balance sheet normalization following a period of margin pressure and asset quality concerns. Management has stabilized operations, improved operational efficiency, and is now focused on sustainable growth with disciplined capital allocation. The bank maintains a strong capital position and is actively managing credit quality while navigating competitive pressures in the retail and wholesale segments.

📰 What's Happening

In Q1FY27, Bank of Baroda reported a sharp rise in net profit to ₹5,648 crore from ₹1,573 crore in Q4FY26, driven by improved asset quality and lower provisioning. The bank added ₹1,500 crore in new retail loans during the quarter, with a focus on personal and home loans. Management highlighted progress in its 'Baroda Smart Pay' digital initiative and expansion of its MSME lending franchise. The board approved a capital plan to support growth without diluting equity, signaling confidence in organic capital generation.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	32,866	33,318	33,600	34,514	35,115
Operating Profit	8,586	8,493	9,652	9,518	10,584
OPM %	26.1%	22.1%	24.1%	23.8%	25.6%
Net Profit	3,352	5,070	5,407	5,648	1,573
EPS	₹6.71	₹9.93	₹10.53	₹11.22	₹3.45

Operating profit has risen steadily from ₹8,586 crore in Jun 2025 to ₹10,584 crore in Jun 2026, reflecting better expense control and higher fee income. Net profit showed volatility but rebounded strongly to ₹5,648 crore in Mar 2026, up from ₹3,352 crore a year earlier, indicating improved profitability despite flat revenue growth. Operating margin remained stable around 24%, supported by cost discipline and higher yield on advances. The trend in NP growth suggests better asset quality and lower credit costs, aligning with management’s focus on risk-adjusted returns.

🔮 Management Outlook & What's Next

Management expects continued improvement in net interest margin (NIM) and fee income, with a focus on retail and SME segments as drivers of growth. They emphasized maintaining credit discipline while expanding digital banking services and enhancing customer acquisition. The bank is confident in sustaining ROE above 10% over the medium term, supported by stable asset quality and controlled operating expenses. No major acquisitions or capital raises are planned, with growth to be funded through retained earnings.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2026	Mar 2026	Mar 2026	Mar 2027
Equity Capital	1,036	1,036	1,036	1,036
Reserves	1.58 L Cr	1.63 L Cr	1.65 L Cr	1.67 L Cr
Borrowings	1.48 L Cr	1.43 L Cr	1.70 L Cr	1.73 L Cr
Total Liabilities	19.14 L Cr	19.71 L Cr	21.02 L Cr	21.17 L Cr
Fixed Assets	12,322	12,040	13,107	12,135
Investments	4.34 L Cr	4.07 L Cr	4.36 L Cr	4.61 L Cr
Total Assets	19.14 L Cr	19.71 L Cr	21.02 L Cr	21.17 L Cr

The balance sheet remains robust, with equity held steady at ₹1,036 crore and reserves growing steadily, indicating no major capital infusions or write-downs. Borrowings increased slightly to ₹1.73 L Cr in Mar 2027, primarily for liquidity and funding long-term assets, but remain manageable relative to capital. Total assets grew to ₹21.17 L Cr, driven by loan book expansion, particularly in retail and wholesale segments. The bank is not over-leveraged and is funding growth through stable funding sources, including deposits and market borrowings.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+33,426
Investing	-3,275
Financing	-1,806
Net Cash Flow	+28,345

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	64.0%	64.0%	64.0%	64.0%
FII	8.7%	9.8%	9.7%	10.1%
DII	19.0%	18.8%	19.0%	18.4%
Public	6.9%	6.1%	6.0%	6.1%
# Shareholders	15,65,743	14,77,398	14,59,934	14,60,575

Promoter holding remains stable at 63.97%, indicating confidence in long-term prospects. FII ownership declined slightly to 10.14% in Q1FY27 from 10.14% in Q4FY26, but DII increased to 18.42%, suggesting institutional accumulation. The number of public shareholders rose marginally, reflecting retail interest. No significant selling by promoters or large blocks of shares offloaded, and the shareholder base remains stable with no signs of activist pressure.

⚖️ Peer Comparison — Banks

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
HDFCBANK	10.97 L Cr	13.9	25.0%	14.1%	1.00
ICICIBANK	10.31 L Cr	18.3	28.8%	16.4%	0.61
SBIN	9.54 L Cr	11.1	31.8%	14.8%	1.30
KOTAKBANK	4.22 L Cr	7.3	20.7%	11.2%	0.53
AXISBANK	3.92 L Cr	14.1	22.3%	13.1%	1.31
UNIONBANK	1.41 L Cr	6.8	44.9%	15.0%	0.58
PNB	1.32 L Cr	6.0	45.1%	13.7%	0.72
BANKBARODA	1.23 L Cr	6.8	31.2%	10.7%	1.03
INDIANB	1.19 L Cr	9.3	45.8%	15.7%	0.58
CANBK	1.14 L Cr	5.7	42.1%	16.1%	1.32

🔗 Peer Stock Analyses

HDFCBANK ICICIBANK SBIN KOTAKBANK AXISBANK

⚠️ Risk Factors

1. Slower-than-expected credit growth in a high-interest environment could limit revenue expansion. 2. Rising competition in retail lending may pressure margins if banks engage in aggressive rate discounting. 3. Any deterioration in asset quality, particularly in unsecured or SME segments, could reverse the current trend in provisioning and profitability. 4. Regulatory scrutiny on loan restructuring and customer affordability could impact new loan volumes.

📋 Recent Filings

🧠 Analyst's Read

Bank of Baroda is executing a disciplined turnaround with improving profitability, stable capital, and controlled risk-taking. The next key watchpoints are credit growth trends, margin trajectory, and how effectively the bank deploys its capital to grow high-yielding assets without compromising asset quality.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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