Bank of Baroda (BANKBARODA)
Large CapFinancial Services stocks · Large cap · NSE
Bank of Baroda is a 118-year-old Indian public sector bank with 63.97% government ownership. It operates through 8,648 domestic branches, over 10,000 ATMs, and 80 overseas offices across 15 countries, serving ~183 million customers. The bank offers a full spectrum of financial services through its subsidiaries and JVs.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 2/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -48% YoY · Rev +7% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹35,115 Cr | +6.8% | +1.7% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹1,839 Cr | -47.7% | -68.7% |
| PAT margin | 5.2% | -546 bps | -1177 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Bank of Baroda reported its highest ever Net Profit in Q4 FY26, up 11.2% YoY, with full-year FY26 Net Profit up 2.2% YoY. Asset quality improved significantly with GNPA/NNPA ratios declining, while domestic advances saw robust growth. However, non-interest income and consolidated PAT faced headwinds.
The bank demonstrated strong asset quality improvement, with GNPA and NNPA ratios showing a consistent downward trend. Domestic advances, particularly retail and agriculture, exhibited robust growth. Digital adoption is high, and key subsidiaries are performing well. While Q4FY26 saw a spike in credit cost and a decline in non-interest income, the overall trajectory for core banking operations and asset quality remains positive.
Gross Domestic Credit by Segment (Mar'26)
Latest issuer-disclosed distribution across 4 reported categories.
Retail Advances Growth
Retail Advances grew 17.9% YoY to USD 31,908 Mn in Mar'26, driven by Gold Loans (+98.0% YoY), Auto Loans (+20.6% YoY), and Mortgages (+19.3% YoY).
Agriculture & MSME Advances Growth
Agriculture Advances grew 20.7% YoY to USD 20,147 Mn, and MSME Advances grew 15.6% YoY to USD 16,849 Mn in Mar'26.
Digital Adoption & Transactions
97% of transactions are done digitally. New Savings Account acquisition is 94% digital, and New Current Account acquisition is 79% digital (YTD FY26).
Subsidiary Performance
Baroda BNP Paribas Asset Management's AAUM grew 25.44% YoY, and India Infradebt's total advances grew 20.40% YoY in FY26.
Digital Touch Points Expansion
Self-Service Passbook Printers (SSPBP) increased from 4,974 to 8,382 YoY, and Cash Recyclers (CR) increased from 1,671 to 2,059 YoY in Q4 FY26.
Fastest Growing Major Economy
India is projected as the fastest-growing major economy, with IMF Global Growth Forecasts for India at 7.6% in 2025 and 6.5% in 2026F.
Strong Government Sponsorship
Government of India holds a 63.97% stake, with shareholding not permitted to fall below 51.0% by the Bank's Nationalization Act.
Non-Interest Income Decline
Non-Interest Income declined 16.2% YoY in Q4 FY26 and 0.2% YoY in FY26. Treasury Income specifically declined 97.2% YoY in Q4 FY26.
Consolidated Profit After Tax (PAT) Decline
Consolidated PAT declined 4.2% YoY to USD 2,093 Mn in FY26.
Spike in Credit Cost
Credit cost increased significantly to 0.76% in Q4 FY26 from 0.17% in Q3 FY26, driven by higher provisions for NPA & Bad Debts Written-off.
International Asset Quality Concerns
Bank of Baroda (Uganda) Ltd. reported a high GNPA ratio of 11.84% at the end of FY26, despite strong net profit growth.
Underperforming Subsidiary
Baroda Global Shared Services Limited reported a net loss of USD (1.61 Mn) for FY26 and a YoY revenue decline of 13.85%.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are crucial for financial services. YoY provides insight into annual growth and structural changes, while QoQ highlights sequential momentum in key metrics like NIM, asset quality, and business growth, which are vital for assessing short-term performance and trends.
Global Net Interest Margin (NIM)
Global NIM for Q4 FY26 was 2.89%, an increase of 10 bps QoQ (Q3 FY26: 2.79%). For FY26, Global NIM was 2.89%, a decrease of 19 bps YoY (FY25: 3.08%). Domestic NIM for Q4 FY26 was 3.08%, up 15 bps QoQ.
Global Advances Growth
Global Gross Advances grew 16.2% YoY to USD 150,775 Mn in Mar'26. Domestic Gross Advances grew 14.5% YoY, and International Gross Advances grew 24.4% YoY.
Gross Non-Performing Assets (GNPA) Ratio
GNPA Ratio improved to 1.89% in Q4 FY26, down 37 bps YoY (Q4 FY25: 2.26%) and 15 bps QoQ (Q3 FY26: 2.04%).
Net Non-Performing Assets (NNPA) Ratio
NNPA Ratio improved to 0.45% in Q4 FY26, down 13 bps YoY (Q4 FY25: 0.58%) and 12 bps QoQ (Q3 FY26: 0.57%).
Highest Ever Net Profit Achieved
Management highlighted achieving the 'Highest ever Net Profit' in Q4 FY26.
Dividend Declaration
The Bank has declared a dividend of USD 0.09 per share, subject to approvals.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| GNPA/NNPA Ratios | 1.89% / 0.45% (Q4 FY26) | Sustained reduction and stability in asset quality metrics, particularly in international operations. |
| Global Net Interest Margin (NIM) | 2.89% (Q4 FY26) | Further improvement in global NIM, especially the domestic component, and stability in yield on advances. |
| Credit Cost | 0.76% (Q4 FY26) | Moderation of credit cost in subsequent quarters after the Q4 FY26 spike. |
| Non-Interest Income Growth | -16.2% YoY (Q4 FY26) | Recovery and consistent growth in non-interest income, particularly treasury income and fee-based income. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The bank's guidance for Slippage Ratio is 1-1.25% and Credit Cost is below 0.75%.
"The Slippage Ratio, we still keep it at 1-1.25% and the Credit Cost below 0.75%"
The bank intends to target around 10%-11% growth in the Corporate Loan book for the full year.
"for the full year we intend to target on something around 10%-11% growth"
Outcome check: Revenue YoY averaged 4.2% across 2 later quarter(s).
The bank aims to consistently contain or reduce its dependency on bulk deposits.
"we consistently on the dependency of the bulk want to contain or reduce it"
The bank intends to grow its MSME loan book faster in the coming quarters.
"which we intend to grow faster in the coming quarters"
Outcome check: Revenue YoY averaged 4.2% across 2 later quarter(s).
Trend score and candlestick chart
25Bearishfull bear SMA stack · SMA20 -1.1% / mo · MACD − · near 52W low
Technical chart
BANKBARODAdaily · 1Y · AUTO-20.8%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 41.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~1.1% over last month) — short-term momentum negative.
- RSI(14) at 41 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 10.7% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.7%.
- Both 3-month and 6-month returns are negative.
Valuation & score drivers
U-Score 69 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 69 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 24.4%.
- Fair-value margin of safety is positive at 75.5%.
- Valuation contributes 29/30 to the score.
Main drags
- Altman Z is 1.6, in distress territory.
- Quality is weaker at 2/20; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
Bank valuation: P/B adjusted for ROE and asset quality
Banks are balance-sheet businesses, so book value quality matters more than simple earnings multiples.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 63rd percentile of the scored universe and 76th percentile within Financial Services. Main check: financial discipline is weak at 48/100.
Healthy Trust Lite: Promoter holding is 64%. Key concern: Altman Z is 1.58.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Financial Services: 76th pctile, median 62 · Large: 41st pctile, median 73
138 documents have extracted text, but claim history is not strong enough yet.
2/4 claims checked · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 64%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 24.4%.
- ▸6 years of positive FCF.
Trust risks
- ▸Altman Z is 1.58.
- ▸ROCE is low at 5.6%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 5.60
- P/B
- 0.73
- EV/EBITDA
- —
- Market Cap
- 123596.00Cr
Profitability
- ROE
- 12.70%
- ROCE
- 5.63%
- ROA
- 0.88%
- Dividend Y
- 3.56%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 73.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 10.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- —
- Altman Z
- 1.58
- Book Value
- 326.00
Cash Flow
- FCF Yield
- 24.39%
- FCF Positive Y
- 6/5
- OCF
- 33426.00 Cr
- EPS TTM
- 35.13
Shareholding
- Promoter Hold
- 63.97%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 6%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.