NSE: MAHABANK · BSE: 532525
BANK OF MAHARASHTRA
Public sector commercial bank that lends to retail, agriculture, MSME and corporate borrowers and funds those loans with deposits, wholesale borrowings and treasury investments. Revenue is split across four banking verticals. Retail Banking Operations is the largest segment at 43.9% of period segment revenue (Rs 9,080.13 crore YTD as of 2024-12-31), covering RAM (retail, agriculture, MSME) advances that grew 25% YoY to Rs 1.87 lakh crore in Q1 FY27. Corporate/Wholesale Banking Operations contributes 34.5% (Rs 7,145.02 crore) and is built around corporate domestic advances of Rs 1.11 lakh crore, up 21% YoY. Treasury Operations accounts for 21.0% (Rs 4,335.87 crore), running the investment book on government and other securities. Other Banking Operations rounds out at 0.6%. At the system level, gross advances stood at Rs 3.06 lakh crore and deposits at Rs 3.44 lakh crore, with a CASA ratio of 49%, producing NIM of 3.85% in Q1 FY27. Asset quality is tight (GNPA 1.45%, NNPA 0.13%) and the bank is well capitalised (CRAR 18.64%), with the Government of India holding 73.60% of the equity. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Retail Banking Operations (44%), Corporate/Wholesale Banking Operations (35%), Treasury Operations (21%), Other Banking Operations (1%). Cyclical, asset-heavy public sector commercial banking with sovereign majority ownership
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | 1,153 | 2,603 | 4,072 | 5,542 | 7,017 |
| EPS, as reported (₹) | 1.73 | 3.87 | 5.80 | 7.48 | 9.12 |
| ROE % · ROCE % | — · — | — · — | — · — | — · — | — · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 6,896 | (1,440) | 11,581 | 7,628 | (11,336) |
| Capex | — | — | — | — | — |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — |
| Profit before tax | 1,380 | 1,463 | 1,537 | 1,703 | 1,819 | 2,008 | 2,330 | 2,277 |
| Net profit | 1,327 | 1,407 | 1,493 | 1,593 | 1,634 | 1,780 | 2,014 | 2,021 |
| EPS (₹) | 1.88 | 1.84 | 1.94 | 1.96 | 2.17 | 2.34 | 2.66 | 2.63 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| STATE BANK OF INDIA | 8,83,184 | 10.3 | — | — | — | — | — | — |
| UNION BANK OF INDIA | 1,39,321 | 6.8 | — | — | — | — | — | — |
| PUNJAB NATIONAL BANK | 1,38,272 | 6.3 | — | — | — | — | — | — |
| BANK OF BARODA | 1,20,028 | 6.6 | — | — | — | — | — | — |
| INDIAN BANK | 1,12,592 | 8.8 | — | — | — | — | — | — |
| CANARA BANK | 1,06,898 | 5.4 | — | — | — | — | — | — |
| BANK OF MAHARASHTRA ◆ | 61,456 | 8.2 | — | — | — | — | — | — |
| BANK OF INDIA | 60,515 | 5.1 | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.2 | 7.5 | 7 of 12 | 46% |
| Profit growth | 26.8 | 28.3 | 7 of 12 | 46% |
| Market cap | 61456 | 84177 | 7 of 12 | 46% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Bank of Maharashtra publishes September 2026 quarter results in newspapers | compliance | minimal | — | — |
| 27 Oct 2026 · Newspaper publication of September 2026 financial results | compliance | minimal | — | — |
| 26 Oct 2026 · Security cover and debt covenant compliance certified for September 2026 | compliance | minimal | — | — |
| 26 Oct 2026 · Q2 FY27 net profit rises 41 percent; gross bad loans fall to 1.25 percent | results | high | — | — |
| 26 Oct 2026 · Bank of Maharashtra Q2 FY27 net profit rises 41.42% | compliance | low | — | — |
| 26 Oct 2026 · Bank of Maharashtra posts 41% Q2 profit growth with improving asset quality | investor communications | medium | — | — |
| 26 Oct 2026 · Bank of Maharashtra September quarter profit rises 41.4%, bad loans improve | results | high | — | — |
| 21 Oct 2026 · Bank of Maharashtra Q2 FY27 earnings call scheduled for Oct 26 | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Bank results meeting scheduled for 26 October 2026 | results | low | — | — |
| 21 Oct 2026 · Bank pays Rs 78.60 crore interest on Tier II bonds | credit debt | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.