Minerva Capital Research Solutions

Bank of Maharashtra

NSE: MAHABANKBSE: 532525
Compare with peers
₹ 79.95▼ 0.05 (−0.06%)28 Oct, 03:28 pm IST
Market cap
₹ 57,917 Cr.
P/E
7.7x
P/B
1.82x
52-week range
55.51 – 94.5
ROE
23%
Dividend yield
2.8%
Debt / equity
1.09
Sector
Banks
Industry
Public Sector Bank
Listed on
NSE, BSE

About

The Bank of Maharashtra Limited (the Bank) is engaged in providing banking services. The Bank's segments include Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Operations. The Treasury segment includes investment, balances with banks outside India, interest accrued on investments and related income. The Corporate/Wholesale Banking Segment includes all advances to trusts, partnership firms, companies, and statutory bodies. The Retail Banking Segment includes exposure to the individual person/persons or to a small business. The Other Banking Operations segment includes all other banking transactions. Its products and services include e-payment taxes, credit cards, doorstep banking, and a new pension scheme, among others. The services of the Bank include corporate banking, deposits, loans, digital banking, and government schemes. The subsidiary of the Bank is The Maharashtra Executor & Trustee Co. Pvt. Limited.

Quick check

The five things to look at first. Open one for more.

Compared with its industry

Public Sector Bank: 12 companies →

Bank of Maharashtra against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

  • Valuation (P/E)7.7 against a typical 7: pricier than most peers (1st = cheapest).7th of 12
  • Sales growth+13.9% against a typical +12.3% from a year earlier.5th of 12
  • Profit growth+34.5% against a typical +23.7% from a year earlier.3rd of 12
  • Share price, 3 months−1% against a typical −5.1%.4th of 12
  • Size₹ 57,917.4 Cr. market value against a typical ₹ 59,662.7 Cr. (1st = largest).7th of 11

Latest announcements

Exchange filings and their impact on the company.

  • 26 Oct 2026Outcome of Board MeetingHigh impactVery positivePrice +1.1% that day
    Q2 profit up 41% YoY with sharply lower NPAs and 2%+ ROA signals sustained high earnings momentum.

    Bank of Maharashtra reported Q2 FY27 standalone net profit of Rs 2,309.6 crore, up 41.4% from Rs 1,633.1 crore a year ago, on total income of Rs 9,735.4 crore. Gross NPA fell to 1.25% from 1.72% YoY and net NPA to 0.12% from 0.18%, with provision coverage at 98.53% and annualized ROA at 2.02%. The quarter included a Rs 250 crore COVID provision reversal, a new Rs 500 crore ECL buffer and 100% provision of Rs 273.4 crore against reported frauds.

    Filing

Credit ratings

Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates

Look closer

Rated AA+ to AA by 5 agencies
AA+
DefaultRiskyModerateSafeVery safe
  • Acuite lowered its rating on 18 Dec 2025.
AgencyCurrent ratingOutlookAs of
ICRA[ICRA]AA+Stable21 Jul 2026
CARECARE AA+Stable2 Jul 2026
InfomericsIVR AAStable11 Mar 2026
BrickworkBWR AA+Stable21 Jan 2026
AcuiteACUITE AAStable18 Dec 2025
CRISIL——4 Nov 2025
Credit rating actions
RatingDetails
21 Jul 2026
Reaffirmed
[ICRA]AA+—ICRA₹ 12,000 Cr.
2 Jul 2026
Reaffirmed
CARE AA+—CARE₹ 18,182 Cr.
11 Mar 2026
Reaffirmed
IVR AA—Infomerics₹ 3,000 Cr.
21 Jan 2026
Reaffirmed
BWR AA+—Brickwork₹ 1,505.7 Cr.
18 Dec 2025
▼ Downgrade1 notch
ACUITE AA+ → ACUITE AA—Acuite₹ 1,492.3 Cr.

Board meetings

Results dates and other board meetings. Full calendar

Details
26 Oct 2026Financial ResultsTo consider and approve the financial results for the period ended September 30, 2026
10 Jul 2026Financial ResultsTo consider and approve the financial results for the period ended Jun 30, 2026
20 Apr 2026Financial Results/Dividend/Fund RaisingTo consider and approve the financial results for the quarter and year ended March 31, 2026
13 Jan 2026Financial Results/DividendTo consider and approve the financial results for the period ended December 31, 2025 and dividend
14 Oct 2025Financial ResultsTo consider and approve the financial results for the period ended September 30, 2025
15 Jul 2025Financial ResultsTo consider and approve the financial results for the period ended Jun 30, 2025

Share price

1Y change +35.76%
0 of 1 filing day came with a big price move
Volume (shares)Price (₹)
Close price

Financials

Consolidated figures in ₹ crore.

Quarterly results
₹ Cr.Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue5,0685,1725,4675,8756,0176,3256,7317,0547,1287,3447,7558,035
Interest2,6362,7052,8823,0753,2103,3813,6143,7623,8803,9224,0524,264
Expenses2,1642,0762,3392,3492,2192,2692,5612,4142,2752,3482,3122,522
Financing Profit2683902464505886755568789731,0751,3911,248
Financing Margin %5%8%4%8%10%11%8%12%14%15%18%16%
Other Income6686801,0228947927889818258469339381,029
Depreciation000000000000
Profit before tax9361,0701,2681,3441,3801,4631,5371,7031,8192,0082,3302,277
Tax %2%3%4%4%4%4%3%6%10%11%14%11%
Net Profit9201,0381,2301,2951,3331,4121,5021,5041,6691,7992,0452,023
EPS in Rs1.31.471.741.831.881.841.951.962.172.342.662.63
Gross NPA %2.2%2%1.9%1.9%1.8%1.8%1.7%1.7%1.7%1.6%1.5%1.5%
Net NPA %0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.1%0.1%

Growth and returns

Compounded yearly rates over each period.

Compounded Sales Growth
10 Years
8%
5 Years
20%
3 Years
23%
TTM
16%
Compounded Profit Growth
10 Years
50%
5 Years
65%
3 Years
39%
TTM
31%
Stock Price CAGR
10 Years
10%
5 Years
34%
3 Years
28%
TTM
—
Return on Equity
10 Years
10%
5 Years
20%
3 Years
23%
TTM
—

Shareholding

Latest: Jun 2026.

Promoters
73.6%
−6 pts in a year
FIIs
5.82%
+3.93 pts in a year
DIIs
14.28%
+3.88 pts in a year
Public
6.32%
−1.79 pts in a year

P/E and EPS over time

Daily P/E and trailing 12-month EPS. EPS updates with each result.

P/E 7.7xEPS (12 months) ₹ 10.41Median P/E 8.3x
P/E (times)EPS (₹)

Peers

Listed companies in the same business.

Peer comparison
Bank of Maharashtra₹ 79.95₹ 57,917 Cr.7.7x1.8x23%—
HDFC Bank₹ 692.10₹ 10,66,990 Cr.16.5x2.2x13.7%25.6%
ICICI Bank₹ 1,395.00₹ 10,01,336 Cr.19.3x2.9x16%25.9%
State Bank of India₹ 957.00₹ 8,83,384 Cr.11.8x1.6x15.4%21.4%
Kotak Mahindra Bank₹ 430.10₹ 4,27,849 Cr.20.2x2.1x11.4%24.5%
Union Bank of India₹ 178.50₹ 1,36,260 Cr.6.6x1x15.8%33.2%

Management

Nidhu Saxena
Chief Executive Officer, Managing Director, Executive Director
Vijay Prakash Srivastava
Chief Financial Officer, General Manager
Divesh Dinkar
Chief Compliance Officer, General Manager
Subhasish Roy
Chief Risk Officer, General Manager
Abhijit Malin Kumar Chanda
General Manager
Vivek Kumar Dhawan
General Manager
Santosh Dular
General Manager
Milind Babarao Gharad
Chief General Manager

Prices are delayed and for information only. Nothing on this page is investment advice.