Bank of Baroda Limited

Financial Services — Banks - Regional · NSE

₹230.40+₹2.40 (+1.05%)

DalalBaazaar Score

75 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

Driven by falling profits.

In simple words: Reasonable but unspectacular business quality, though profits are falling even as sales grow. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:49 pm

Understanding the Business

Company site ↗

The 60-second version of Bank of Baroda Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Bank of Baroda Limited provides various banking products and services to individuals, government departments, and corporate customers in India and internationally. It operates through Treasury, Wholesale Banking, Retail Banking, and Other Banking Operations segments.

IndustryBanks - Regional

SectorFinancial Services

Employees76,693

Annual revenue₹74,870 Cr

How does it make money?

Turns over ₹74,870 Cr a year. Of every ₹100 of sales, about ₹27 reaches shareholders as profit. Each of its 76,693 employees supports ₹97.6 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹97.6 lakh

Who are its competitors?

The closest listed comparisons in its industry are HDFC BANK LTD, ICICI BANK LTD., KOTAK MAHINDRA BANK LTD, AXIS BANK LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE13.8%

What is the outlook?

30 analysts covering the stock expect revenue to grow about 13.3% and earnings to grow about 28.6% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+13.3%

Est. earnings growth+28.6%

Analysts30

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +34% while net margin moved -1% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+34%

Margin effect-1%

DalalBaazaar Score

75/ 100

Good

Weighted across six categories. Every point is explained below.

• Shareholders fund 7.9% of the balance sheet, which is within the normal range for a bank
• Capital adequacy, gross NPAs and provision coverage decide a lender's financial health, and none are available here — check the bank's own quarterly disclosure

Quality vs. Valuation

Company Quality

73/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

80/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

6.6x

3Y Median

6.8x

40 monthly readings · mean 7.1x · range 5.4x–9.8x

Sector Median

17.0x

median of 4 sector peers

🟡Currently trading close to its 3y median of 6.8x — the market is paying about what it usually pays for this company.

🟢Against its sector it trades 61% below the peer median of 17.0x.

vs. its own history

Fair

6.8x median over 40 months · -4%

vs. sector peers

Cheap

17.0x median of 4 peers · -61%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

—

PEG

0.65

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 61% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

No clear risk case emerges from the available numbers — which is not the same as there being none.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 8% a year✓ 10.3% CAGR
Latest reported year was 18.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2Return on equity stays above 9%✓ 11.3%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Valuation vs its own median of 6.8x✓ 6.6x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

7 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

7 good · 3 neutral · 1 weak

Market Cap

₹1.19 L Cr

Large Cap

Large, widely-covered business — typically the steadiest of the bands

P/E (Trailing)

6.6x

Cheap

Cheap against the generic band

P/B Ratio

0.71x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹35.13

Profitable

Profitable on a per-share basis

ROE

11.3%

Moderate

Moderate capital efficiency

ROCE

Not meaningful

N/A for lenders

Banks and NBFCs don't report capital employed the way other businesses do

Debt/Equity

0.94x

Moderate

Moderate leverage

Revenue Growth (YoY)

18.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-48.6%

Falling

Profits are shrinking

Dividend Yield

3.69%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

₹31,610 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

5.3x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

ROA

0.9%

Weak

Assets generate little profit

Operating Margin

45.5%

Good

Healthy core-business profitability

Net Margin

27.4%

Good

Strong bottom-line conversion

Beta (vs Nifty)

0.44

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

232.9 / 238.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

42.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹55,791 Cr	₹67,901 Cr	₹74,547 Cr	₹74,870 Cr	+10.3%
PAT (Net Profit)	₹14,905 Cr	₹18,767 Cr	₹20,716 Cr	₹19,846 Cr	+10.0%
EPS	₹28.82	₹36.29	₹40.06	₹38.38	+10.0%
ROE	14.2%	15.7%	14.1%	12.0%	—
Total Debt	₹1.05 L Cr	₹93,089 Cr	₹1.06 L Cr	₹1.55 L Cr	+13.8%
Free Cash Flow	-₹22,337 Cr	-₹7,629 Cr	₹28,559 Cr	₹31,610 Cr	—

🟢 Revenue has grown at 10.3% a year over 3 years.

🟢 PAT (Net Profit) has grown at 10.0% a year over 3 years.

🟢 EPS has grown at 10.0% a year over 3 years.

🔴 ROE has fallen from 14.2% to 12.0% over 3 years (-2.2 pts).

🔴 Total Debt has grown at 13.8% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹22,337 Cr to ₹31,610 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹21.02 L Cr

Total Liabilities

₹19.34 L Cr

Cash & Equivalents

₹1.61 L Cr

Operating Cash Flow

₹33,426 Cr

Capex

-₹1,816 Cr

Shareholding (proxy)

Institutional Holding

20.5%

Insider Holding

66.5%

Corporate Actions

Next Earnings

30 Oct 2026

Dividend Rate

₹8.5

Ex-Dividend Date

05 Jun 2026

Analyst Consensus

Recommendations

26 Buy · 6 Hold · 3 Sell

Target Price (Mean)

₹286.76

+24.5% vs CMP

Target Range

₹225 – ₹335

Peer Comparison

Company	P/E	ROE
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%
KOTAK MAHINDRA BANK LTD	21.9x	11.2%
AXIS BANK LIMITED	14.5x	13.4%

Recent News

4 mixed2 general

Bank of Baroda Share Price - Live NSE: BANKBARODA Stock Price & Chart

Upstox, 15 Oct

Bank of Baroda shares fall 3% as BR Shetty files $15 billion lawsuit; lender vows to defend claims

Moneycontrol.com, 14 OctPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Bank of Baroda down 3%, top loser among PSU Banks; why is stock falling?

Business Standard, 14 Oct

Bank of Baroda (NSEI:BANKBARODA) Stock Forecast & Analyst Predictions

Simply Wall Street, 09 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Bank of Baroda shares fall 3% after NMC Healthcare’s B.R. Shetty files lawsuit - Details, share price trend

Livemint, 14 OctPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Bank of Baroda shares fall 3% after NMC Healthcare's B.R. Shetty files lawsuit - Details, share price trend

TradingView, 14 OctPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Growth · Profitability · Valuation · Risk

MiddlingFinancial Health

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last.

All 3 tripwires holding · see Key things to watch ↑