Bank of Maharashtra

₹ 63.3 -1.72%

07 Jan

🔗 Website | BSE: 532525 | NSE: MAHABANK

Market Cap48,718

Current Price63.3

High / Low66.0

Stock P/E7.95

Book Value41.1

Dividend Yield2.37

ROCE5.78

ROE22.9

ABOUT

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]

Stock Analysis

Description

Bank of Maharashtra is engaged in providing banking services. The Bank's segments include Treasury, Corporate/Wholesale Banking, Retail Banking and Other banking operations.

Key Growth Triggers

Aggressive branch expansion under 'Project 321' to open 321 branches in 18 months.
Continued strong growth in retail segments like home loans (+28% YoY), vehicle loans (+54% YoY), and gold loans (+56% YoY).
Focus on co-lending partnerships and digital initiatives, including a revamped mobile app.
Strategic rebalancing and focus on quality in MSME and Agri portfolios, aiming for double-digit growth.

Order Book

Currently no data available for Order Book.

Key Red Flags

A one-off treasury hit of INR290 crore due to the amalgamation of Maharashtra Gramin Bank and Vidarbha Konkan Gramin Bank impacted quarterly profitability.
Management's conscious strategy to reduce high-cost bulk deposits may temporarily affect the Credit-Deposit ratio.

Key Dates To Watch

Board Meeting for Q3 FY26 results and interim dividend approval: January 13, 2026.
Publication of Q3 FY26 results: Expected January 15, 2026.

Peer Comparison

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	SBI	1007.15	11.83	929798.54	1.58	21860.59	-4.25	128040.50	5.78	6.47	505419.84	46.36	78596.36	18941.27	1.63	1.15	11.08
2.	Bank of Baroda	308.25	8.28	159328.89	2.71	5180.63	-4.14	33318.24	4.44	6.29	131574.32	63.64	19236.14	5133.56	1.00	1.18	10.53
3.	Punjab Natl.Bank	125.68	8.48	144408.78	2.31	5120.59	8.72	32512.76	6.78	6.32	129502.98	73.64	17035.45	5125.28	1.02	1.07	12.22
4.	Canara Bank	152.96	7.25	138771.73	2.62	4896.43	15.81	32071.97	6.26	6.79	125841.25	60.85	19140.98	4850.03	1.20	1.08	14.05
5.	Union Bank (I)	166.33	6.87	127038.75	2.86	4425.95	-6.84	26664.81	-0.82	6.72	109143.51	67.32	18488.14	4425.95	1.01	1.24	10.38
6.	Indian Bank	864.60	9.88	116444.99	1.88	3108.63	11.01	16628.28	8.19	6.38	64543.17	68.72	11785.54	3107.97	1.51	1.35	10.65
7.	I O B	36.61	16.53	70459.92	0.00	1226.42	57.81	7848.79	14.57	5.95	29979.65	61.94	4262.19	1226.42	2.02	0.89	11.07
8.	Bank of Maha	63.33	7.95	48718.18	2.37	1633.14	23.09	7128.38	18.46	5.78	27237.72	65.06	6125.43	1633.14	1.54	1.63	10.59

Quarterly Results

Figures in Cr.

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	—	—	—	—	—	—	—	—	—	—	—	—	—
YOY Sales Growth %	25.81%	25.25%	22.3%	38.5%	22.68%	20.07%	31.2%	21.61%	23.12%	18.95%	32.84%	18.73%	18.46%
Expenses	1,622	2,076	2,269	1,881	2,349	2,414	2,098	2,339	2,561	1,507	2,164	2,219	2,274
Material Cost %	—	—	—	—	—	—	—	—	—	—	—	—	—
Employee Cost %	14.68%	12.5%	13.43%	13.9%	15.32%	12.48%	13.24%	15.55%	13.09%	12.24%	13.33%	13.49%	11.53%
Operating Profit	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	641	680	788	629	894	825	822	1,022	981	502	668	792	845
Exceptional items	—	—	—	—	—	—	—	—	—	—	—	—	—
Other income normal	641	680	788	629	894	825	822	1,022	981	502	668	792	845
Interest	2,149	2,706	3,381	2,449	3,076	3,762	2,308	2,882	3,614	1,928	2,636	3,211	3,881
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before tax	998	1,069	1,462	1,087	1,344	1,703	911	1,267	1,536	883	936	1,380	1,818
Tax %	22%	3%	4%	19%	4%	6%	8%	4%	3%	39%	2%	4%	10%
Net Profit	775	1,036	1,406	882	1,293	1,593	840	1,218	1,493	535	920	1,327	1,633
EPS in Rs	1.15	1.46	1.83	1.25	1.83	2.07	1.25	1.72	1.94	0.79	1.3	1.87	2.12

Profit & Loss

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	—	—	—	—	—	—	—	—	—	—	—	—	—
Sales Growth %	—	—	—	—	—	—	—	—	—	—	—	—	—
Expenses	3,555	3,952	4,331	6,708	8,033	10,169	5,978	6,383	6,468	6,314	8,237	9,107	9,518
Material Cost %	—	—	—	—	—	—	—	—	—	—	—	—	—
Raw material cost	—	—	—	—	—	—	—	—	—	—	—	—	—
Change in inventory	—	—	—	—	—	—	—	—	—	—	—	—	—
Manufacturing Cost %	—	—	—	—	—	—	—	—	—	—	—	—	—
Employee Cost %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Cost %	—	—	—	—	—	—	—	—	—	—	—	—	—
Operating Profit	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	894	1,006	1,019	1,508	1,506	1,547	1,649	2,628	2,652	2,280	2,998	3,454	3,439
Exceptional items	—	—	—	—	—	—	—	—	—	—	—	—	—
Other income normal	—	—	—	—	—	—	—	—	—	—	—	—	—
Interest	8,448	8,790	9,174	8,887	7,707	7,116	7,217	6,971	6,975	8,158	10,673	13,282	14,639
Depreciation	100	115	149	118	129	241	211	188	268	262	223	291	0
Profit before tax	748	813	418	-2,143	-3,266	-5,129	-260	954	1,960	3,445	4,359	5,722	6,520
Tax %	48%	45%	76%	-36%	-65%	-7%	-249%	42%	41%	24%	7%	4%	—
Net Profit	386	451	101	-1,373	-1,146	-4,784	389	550	1,152	2,602	4,055	5,520	6,125
Exceptional items AT	—	—	—	—	—	—	—	—	—	—	—	—	—
Profit excl Excep	—	—	—	—	—	—	—	—	—	—	—	—	—
Profit for PE	—	—	—	—	—	—	—	—	—	—	—	—	—
Profit for EPS	—	—	—	—	—	—	—	—	—	—	—	—	—
EPS in Rs	4.6	4.24	0.86	-11.75	-4.41	-17.38	0.67	0.84	1.71	3.87	5.73	7.18	7.96
Dividend Payout %	22%	19%	0%	0%	0%	0%	0%	0%	29%	34%	24%	21%	—

Balance Sheet

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	839	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	5,941	7,004	7,619	6,211	7,346	2,986	4,931	5,573	7,154	8,880	12,593	20,798	23,915
Borrowings	—	—	—	—	—	—	—	—	—	—	—	—	—
Long term Borrowings	—	—	—	—	—	—	—	—	—	—	—	—	—
Short term Borrowings	—	—	—	—	—	—	—	—	—	—	—	—	—
Lease Liabilities	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Borrowings	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Liabilities	3,822	4,706	3,952	4,755	3,340	7,997	4,375	6,287	6,685	7,193	8,998	9,658	7,407
Trade Payables	431	436	442	457	499	417	487	727	810	696	1,179	663	0
Advance from Customers	—	—	—	—	—	—	—	—	—	—	—	—	—
Other liability items	3,391	4,270	3,510	4,298	2,841	7,580	3,889	5,561	5,876	6,497	7,818	8,994	7,407
Total Liabilities	1,36,320	1,46,019	1,60,957	1,59,324	1,56,329	1,64,536	1,68,867	1,96,665	2,30,611	2,67,651	3,07,138	3,69,142	3,73,729
Fixed Assets	1,446	1,432	1,694	1,564	1,487	1,741	1,604	1,622	2,036	2,149	2,200	2,911	2,904
Land	—	—	—	—	—	—	—	—	—	—	—	—	—
Building	1,325.59	1,335.39	1,556.75	1,562.02	1,561.3	1,663.97	1,661.51	1,704.13	1,928.67	1,937.75	1,951.22	2,488.72	—
Plant Machinery	—	—	—	—	—	—	—	—	—	—	—	—	—
Equipments	—	—	—	—	—	—	—	—	—	—	—	—	—
Furniture & fittings	—	—	—	—	—	—	—	—	—	—	—	—	—
Vehicles	—	—	—	—	—	—	—	—	—	—	—	—	—
Intangible Assets	—	—	—	—	—	—	—	—	—	—	—	—	—
Other fixed assets	991.48	1,113.27	1,222.87	1,115.93	1,226.09	1,328.71	1,384.86	1,528.44	1,636.78	1,608.07	1,835.9	2,041.43	—
Gross Block	2,317.07	2,448.66	2,779.62	2,677.95	2,787.39	2,992.68	3,046.37	3,232.57	3,565.45	3,545.82	3,787.12	4,530.15	—
Accumulated Depreciation	871.06	1,016.48	1,085.21	1,113.92	1,300.79	1,251.53	1,441.96	1,610.58	1,529.02	1,396.62	1,587.22	1,618.93	—
CWIP	0	0	0	22	30	34	72	52	205	8	10	4	0
Investments	37,250	32,765	36,231	38,590	43,623	59,697	57,741	68,112	68,590	68,867	68,274	82,005	96,422
Other Assets	97,624	1,11,822	1,23,032	1,19,148	1,11,189	1,03,063	1,09,450	1,26,879	1,59,780	1,96,628	2,36,654	2,84,222	2,74,402
Inventories	—	—	—	—	—	—	—	—	—	—	—	—	—
Trade receivables	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables under 6m	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables over 6m	—	—	—	—	—	—	—	—	—	—	—	—	—
Prow for Doubtful	—	—	—	—	—	—	—	—	—	—	—	—	—
Cash Equivalents	5,383	5,837	7,563	14,615	15,045	7,221	9,542	11,876	18,598	17,413	20,146	36,968	17,276
Loans & Advances	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Assets items	—	—	—	—	—	—	—	—	—	—	—	—	—
Total Assets	1,36,320	1,46,019	1,60,957	1,59,324	1,56,329	1,64,536	1,68,867	1,96,665	2,30,611	2,67,651	3,07,138	3,69,142	3,73,729

Cash Flows

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-173	-1,083	2,885	7,498	-1,723	-10,823	703	2,467	6,898	-1,438	11,597	7,649
Profit from operations	1,886	2,304	2,973	1,993	2,556	2,722	3,317	4,250	5,681	6,733	8,666	10,659
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Payables	—	—	—	—	—	—	—	—	—	—	—	—
Loans Advances	-13,450	-9,679	-8,964	12,047	9,718	0	0	0	0	0	0	0
Other WC items	-705	-27	-2,191	-3,030	-6,745	-5,425	-7,508	-15,415	-29,811	-41,763	-30,505	-38,986
Working capital changes	-2,059	-3,388	352	5,505	-4,279	-13,545	-2,615	-1,783	1,217	-8,171	2,931	-3,011
Direct taxes	0	0	-439	0	0	0	0	0	0	0	0	0
Cash from Investing Activity	-171	-151	-132	-99	-134	-126	-109	-189	-302	-177	-275	-516
Fixed assets purchased	-179	-155	-138	-103	-140	-133	-124	-192	-309	-324	-279	-519
Fixed assets sold	7	4	6	4	5	7	14	4	7	147	3	4
Investments purchased	—	—	—	—	—	—	—	—	—	—	—	—
Investments sold	—	—	—	—	—	—	—	—	—	—	—	—
Interest received	—	—	—	—	—	—	—	—	—	—	—	—
Redeemp Cnce of Shares	—	—	—	—	—	—	—	—	—	—	—	—
Acquisition of companies	—	—	—	—	—	—	—	—	—	—	—	—
Other investing items	—	—	—	—	—	—	—	—	—	—	—	—
Cash from Financing Activity	274	1,885	-186	-77	1,100	4,220	698	217	378	228	461	4,750
Redemption of debentures	0	0	0	0	-1,925	-200	0	0	0	0	0	0
Proceeds from borrowings	—	—	—	—	—	—	—	—	—	—	—	—
Repayment of borrowings	—	—	—	—	—	—	—	—	—	—	—	—
Interest paid fin	-290	-355	-478	-502	-462	-283	-264	-289	-316	-374	-438	-581
Dividends paid	-202	-137	-85	0	0	0	0	0	0	-337	-875	-991
Financial liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Other financing items	-34	-23	-17	0	0	0	0	0	0	0	0	0
Net Cash Flow	-71	651	2,567	7,322	-758	-6,729	1,292	2,495	6,974	-1,387	11,783	11,883

Ratios

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	—	—	—	—	—	—	—	—	—	—	—	—
Inventory Days	—	—	—	—	—	—	—	—	—	—	—	—
Days Payable	—	—	—	—	—	—	—	—	—	—	—	—
Cash Conversion Cycle	—	—	—	—	—	—	—	—	—	—	—	—
Working Capital Days	—	—	—	—	—	—	—	—	—	—	—	—
ROCE %	—	—	—	—	—	—	—	—	—	—	—	—

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	90.97%	90.97%	86.46%	86.46%	86.46%	86.46%	86.46%	86.46%	79.6%	79.6%	79.6%	79.6%	73.6%
President of India	90.97	90.97	86.46	86.46	86.46	86.46	86.46	86.46	79.6	79.6	79.6	79.6	73.6
FIIs	0.16%	0.26%	0.68%	0.59%	0.45%	1.04%	1.2%	1.26%	1.54%	1.72%	1.89%	2.35%	4.68%
DIIs	3.39%	3.33%	6.43%	5.17%	4.71%	4.68%	4.58%	4.46%	10.88%	10.67%	10.4%	10.06%	12.74%
Life Insurance Corporation of India	3.07	3.07	4.1	4.1	4.1	4.1	—	4.05	7.1	7.1	7.1	7.1	6.98
Government	—	—	—	—	—	—	—	—	—	—	—	—	—
Public	5.49%	5.44%	6.42%	7.76%	8.37%	7.8%	7.75%	7.81%	7.99%	8%	8.11%	8%	8.99%
Others	—	—	—	—	—	—	—	—	—	—	—	—	—
No. of Shareholders	4,33,506	4,41,517	4,53,524	6,06,046	6,77,087	8,46,746	9,19,663	9,48,432	9,95,543	10,06,265	9,91,930	9,74,484	—

News & Updates

BSE Announcements

Direct from BSE filings, AI summarised

Bank of Maharashtra Reports Record Quarterly Profit in Q3 FY26, Declares 10% Interim Dividend

16 Jan 2026

Bank of Maharashtra Publishes Q3 FY26 Financial Results in Leading Dailies

16 Jan 2026

Bank of Maharashtra Publishes Q3 FY26 Financial Results in Newspapers

14 Jan 2026

Bank of Maharashtra Announces Newspaper Publication for Interim Dividend Record Date

14 Jan 2026

Bank of Maharashtra Clarifies MSME Relief Measures Details Post Q3 FY26 Earnings Call

13 Jan 2026

Other Websites

External media mentions

Dividend Watch: Bank of Maharashtra, Angel One, ICICI Pru AMC Lead Week's Payouts

18 Jan 2026

Six Companies Eyeing Investors with Dividend Payouts Next Week

16 Jan 2026

Indian Banks Q3 Earnings: Deposit Scarcity Sparks Investor Caution Amid Record LDR

16 Jan 2026

Indian Overseas, BoM Post Solid Results; Midcap PSU Banks' Outlook Brightens

16 Jan 2026

PSU Bank Index Surges to Record High on Strong Q3FY26 Bank Results

14 Jan 2026

News Articles

Editorial & research coverage

Dividend Watch: Bank of Maharashtra, Angel One, ICICI Pru AMC Lead Week's Payouts

18 Jan 2026

Indian Banks Q3 Earnings: Deposit Scarcity Sparks Investor Caution Amid Record LDR

16 Jan 2026

Indian Overseas, BoM Post Solid Results; Midcap PSU Banks' Outlook Brightens

16 Jan 2026

PSU Bank Index Surges to Record High on Strong Q3FY26 Bank Results

14 Jan 2026

India Bonds: REC, JSW Steel Lead ₹1.5 Lakh Crore Fundraising Frenzy

14 Jan 2026

Documents

Announcements

Board Meeting Intimation for Consideration And Approval Of Quarterly Financial Results And Declaration Of Interim Dividend

5h - Board meeting on 13 Jan 2026 to approve quarter ended 31st December 2025 results and consider interim dividend.

Disclosure Of Provisional Business Figures As On 31.12.2025

2d - Provisional 31.12.2025: Total business ₹5,95,171cr; deposits ₹3,21,695cr; advances ₹2,73,476cr; YoY growth ~17%

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

null

Announcement under Regulation 30 (LODR)-Newspaper Publication

31 Dec - Notice regarding special window of re-lodgement of transfer requests of Physical shares

Compliances-Reg. 57 (1) - Certificate of interest payment/Principal in case of NCD

26 Dec - Paid Rs. 76,91,20,000 interest on Rs.880 crore AT1 bonds (ISIN INE457A08134) on 26/12/2025.

Annual Reports

FY Financial Year 2025

(from bse)

FY Financial Year 2024

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FY Financial Year 2023

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FY Financial Year 2022

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FY Financial Year 2021

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FY Financial Year 2015

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FY Financial Year 2014

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FY Financial Year 2013

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FY Financial Year 2012

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FY Financial Year 2011

(from nse)

Credit Ratings

Rating update

18 Dec from smera

Rating update

4 Nov 2025 from crisil

Rating update

24 Jul 2025 from icra

Rating update

3 Jul 2025 from care

Rating update

13 Mar 2025 from infomerics

Rating update

23 Jan 2025 from brickwork

Concalls

Oct 2025

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Bank of Maharashtra

ABOUT

Stock Analysis

Description

Key Growth Triggers

Order Book

Key Red Flags

Key Dates To Watch

Peer Comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

News & Updates

BSE Announcements

Other Websites

News Articles

Documents

Announcements

Annual Reports

Credit Ratings

Concalls