Bank of Maharashtra

Financial Services — Banks - Regional · NSE

₹79.79−₹0.37 (−0.46%)

DalalBaazaar Score

78 / 100

🟢 Good

Verdict

ATTRACTIVE

Risk

Moderate

Driven by negative free cash flow.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

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

What does this company do?

Bank of Maharashtra provides various banking products and services in India. It operates through Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Operations segments.

IndustryBanks - Regional

SectorFinancial Services

Employees15,596

Annual revenue₹15,802 Cr

How does it make money?

Turns over ₹15,802 Cr a year. Of every ₹100 of sales, about ₹44 reaches shareholders as profit. Each of its 15,596 employees supports ₹1.01 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.01 Cr

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?

1 analysts covering the stock expect revenue to grow about 14.9% and earnings to grow about 17.9% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+14.9%

Est. earnings growth+17.9%

Analysts1

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +54% while net margin moved +74% 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+54%

Margin effect+74%

DalalBaazaar Score

78/ 100

Good

Weighted across six categories. Every point is explained below.

• Beta of 0.82 — moves roughly with the market
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

83/ 100

Excellent

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

Valuation

77/ 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

8.2x

3Y Median

9.8x

40 monthly readings · mean 10.7x · range 6.9x–18.1x

Sector Median

17.0x

median of 4 sector peers

🟢Current valuation is approximately 17% below its 3y median of 9.8x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 52% below the peer median of 17.0x.

vs. its own history

Fair

9.8x median over 40 months · -17%

vs. sector peers

Cheap

17.0x median of 4 peers · -52%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

—

PEG

0.21

What's Good / What's Bad

🟢 What's Going Well2

Return on equity is rising
ROE has improved from 16.5% to 21.1%.
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 52% 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 12% a year✓ 15.6% CAGR
Latest reported year was 21.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2Return on equity stays above 21%✓ 23.0%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Valuation vs its own median of 9.8x✓ 8.2x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

8 / 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

6 good · 4 neutral · 1 weak

Market Cap

₹61,371 Cr

Mid Cap

Mid-sized — more growth headroom, but sharper swings than large caps

P/E (Trailing)

8.2x

Cheap

Cheap against the generic band

P/B Ratio

1.72x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹9.79

Profitable

Profitable on a per-share basis

ROE

23.0%

Strong

Strong capital efficiency

ROCE

Not meaningful

N/A for lenders

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

Debt/Equity

1.06x

Moderate

Moderate leverage

Revenue Growth (YoY)

21.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

34.2%

Healthy

Profits growing at a healthy clip

Dividend Yield

2.76%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

-₹11,758 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

P/E (Forward)

6.4x

Improving

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

ROA

1.9%

Weak

Assets generate little profit

Operating Margin

57.5%

Good

Healthy core-business profitability

Net Margin

53.4%

Good

Strong bottom-line conversion

Beta (vs Nifty)

0.82

Market-like

Moves roughly in line with the market

52W Range Position

62%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

82.0 / 82.0

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

36.6

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹10,236 Cr	₹11,988 Cr	₹13,759 Cr	₹15,802 Cr	+15.6%
PAT (Net Profit)	₹2,605 Cr	₹4,072 Cr	₹5,542 Cr	₹7,017 Cr	+39.1%
EPS	₹3.87	₹5.8	₹7.51	₹9.12	+33.1%
ROE	16.5%	20.5%	19.3%	21.1%	—
Total Debt	₹10,266 Cr	₹7,719 Cr	₹23,853 Cr	₹35,234 Cr	+50.8%
Free Cash Flow	-₹1,764 Cr	₹11,302 Cr	₹7,108 Cr	-₹11,758 Cr	—

🟢 Revenue has grown at 15.6% a year over 3 years.

🟢 PAT (Net Profit) has grown at 39.1% a year over 3 years.

🟢 EPS has grown at 33.1% a year over 3 years.

🟢 ROE has risen from 16.5% to 21.1% over 3 years (+4.6 pts).

🔴 Total Debt has grown at 50.8% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹4.27 L Cr

Total Liabilities

₹3.94 L Cr

Cash & Equivalents

₹27,746 Cr

Operating Cash Flow

-₹11,336 Cr

Capex

-₹422 Cr

Shareholding (proxy)

Institutional Holding

17.3%

Insider Holding

73.6%

Corporate Actions

Dividend Rate

₹2.2

Ex-Dividend Date

05 Jun 2026

Analyst Consensus

Recommendations

3 Buy · 1 Hold · 0 Sell

Target Price (Mean)

₹96

+20.3% vs CMP

Target Range

₹90 – ₹100

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 Maharashtra Share Price Fall Streak: 5.17% Down

Univest, 15 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 Share Price - Live NSE: BANKBARODA Stock Price & Chart

Upstox, 15 Oct

MAHABANK Forecast — Price Target — Prediction for 2027

TradingView, 25 JunAnalyst view

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

Bank of Maharashtra share price: Analyst sees Rs 150-180 long-term target; key levels to watch

Business Today, 26 AugAnalyst view

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

Top 2 stocks to buy for short-term: Bank of Maharashtra, Usha Martin by Nagaraj Shetti - Check stop loss, targets

Livemint, 07 Oct

Bank of Maharashtra (NSEI:MAHABANK) Stock Forecast & Analyst Predictions

Simply Wall Street, 04 AugAnalyst view

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

Watch Items

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

MiddlingFinancial Health · Risk

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 ↑