Bank of Maharashtra (MAHABANK)

Financial Services · Banks · NSE · Updated 2 September 2026

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

₹82.4 ↑ 57.16% (1Y)

🎯 Key Takeaways

Bank of Maharashtra is in a clear phase of sustained growth and capital efficiency, leveraging strong deposit mobilization, disciplined credit expansion, and improved asset quality to deliver robust profitability and capital adequacy. Management is proactively reinforcing its balance sheet through strategic equity raising and operational excellence, targeting scalable growth while maintaining prudent risk controls.
Revenue grew 3.6% QoQ to ₹8,035 in Q1FY27.
⚠️ Rising competition in the public sector banking space could pressure margins if pricing discipline erodes.

Market Cap

₹63,378

P/E Ratio

8.4

P/B Ratio

1.91

ROE

22.4%

ROCE

35.9%

Debt/Equity

1.06

Div Yield

2.67%

Promoter

73.6%

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📖 The Story

Bank of Maharashtra is in a clear phase of sustained growth and capital efficiency, leveraging strong deposit mobilization, disciplined credit expansion, and improved asset quality to deliver robust profitability and capital adequacy. Management is proactively reinforcing its balance sheet through strategic equity raising and operational excellence, targeting scalable growth while maintaining prudent risk controls.

📰 What's Happening

In Q1 FY2026-27, the bank reported a 27% YoY surge in net profit to INR2,020 crores, driven by 19% YoY growth in total business and 27% YoY expansion in advances, alongside a 20 bps reduction in credit cost to 0.99% and Gross NPA at 1.45%, below guidance. Operating profit rose 21% to INR3,117 crores with NIM at 3.85%, exceeding guidance, while CET1 stood at 15.56% and CRAR at 18.64%. Management highlighted sustainable growth, pricing discipline, and technology-driven CASA expansion as key levers, targeting 17-18% credit growth and planning to raise INR5,000 crores in equity to support future scalability.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	7,054	7,128	7,344	7,755	8,035
Operating Profit	2,570	2,575	2,736	2,947	3,118
OPM %	36.4%	32.3%	33.0%	33.9%	34.4%
Net Profit	1,593	1,634	1,780	2,014	2,021
EPS	₹1.96	₹2.17	₹2.34	₹2.66	₹2.63

The bank has demonstrated consistent top-line and bottom-line growth over the past five quarters, with revenue rising from ₹7,054 crores in Jun 2025 to ₹8,035 crores in Jun 2026 and net profit climbing from ₹1,593 crores to ₹2,021 crores. Operating margins have stabilized around 33-34%, reflecting pricing discipline and cost efficiency, while asset quality has improved markedly with Gross NPA declining to 1.45% and provision coverage at 98.55%. This trajectory aligns closely with management’s disclosed focus on deposit growth, credit expansion, and cost control, indicating effective execution of their growth strategy.

🔮 Management Outlook & What's Next

Management expects continued momentum, targeting 17-18% YoY credit growth and sustained deposit expansion, with NIM guidance maintained at 3.75% for the next quarter. They anticipate controlled stress levels and improved profitability through disciplined pricing and technology-led efficiency. The planned INR5,000 crores equity raise is positioned to strengthen capital buffers without diluting existing shareholder value, supporting long-term growth ambitions.

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

🏦 Balance Sheet (₹ Cr)

Item	Mar 2026	Mar 2026	Mar 2026	Mar 2027
Equity Capital	7,692	7,692	7,692	7,692
Reserves	23,701	25,714	25,533	28,004
Borrowings	24,924	30,358	35,234	38,749
Total Liabilities	3.74 L Cr	3.93 L Cr	4.27 L Cr	4.26 L Cr
Fixed Assets	2,904	2,858	2,954	2,948
Investments	96,199	1.03 L Cr	1.02 L Cr	1.01 L Cr
Total Assets	3.74 L Cr	3.93 L Cr	4.27 L Cr	4.26 L Cr

The balance sheet shows a steady increase in total assets from ₹3.93 L Cr in Mar 2025 to ₹4.26 L Cr in Mar 2027, accompanied by a rise in equity and reserves, indicating organic capital growth. Borrowings have increased moderately to ₹38,749 crores, reflecting funding for expansion, while the equity base remains stable, supporting capital adequacy. This suggests a capital-efficient growth model with prudent leverage, consistent with management’s strategy of funding growth through deposits and selective capital markets access.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	-11,336
Investing	-506
Financing	-2,607
Net Cash Flow	-14,449

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	79.6%	73.6%	73.6%	73.6%
FII	2.3%	4.9%	5.5%	5.8%
DII	10.1%	13.5%	13.9%	14.3%
Public	6.8%	6.8%	5.8%	5.3%
# Shareholders	9,74,484	9,52,775	9,01,410	8,75,943

FII and DII holdings have shown a clear upward trend over the last four quarters, with FII rising from 2.34% in Q2FY26 to 5.81% in Q1FY27 and DII from 10.05% to 14.27%, indicating institutional accumulation. Promoter holding remains stable at 73.6%, while the number of public shareholders has slightly declined, suggesting consolidation. This growing institutional confidence aligns with the bank’s improving financial performance and strategic direction.

⚖️ 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. Rising competition in the public sector banking space could pressure margins if pricing discipline erodes. 2. Regulatory scrutiny on credit quality and compliance, especially following CCO resignation, may increase operational risk. 3. Execution risks around the planned INR5,000 crores equity raise, including market reception and dilution concerns. 4. Slower-than-expected deposit growth or higher-than-expected credit cost could impact profitability outlook.

📋 Recent Filings

🧠 Analyst's Read

Bank of Maharashtra is executing a disciplined growth strategy with strong asset quality and capital efficiency, supported by institutional accumulation and improving financial trends. The key watchpoint is sustained NIM performance and successful execution of the equity raise, which will determine the scalability of its growth trajectory.

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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