Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Oct - Newspaper Publication - Special Window for Transfer and Dematerialisation of Physical Securities
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals14 Oct 2026 · screener
Latest result24 Jul, 07:06 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
41NeutralSMA20 -2.3% / mo · MACD + · near 52W low
Stock trend: 40
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BANKBARODAD candles · FIT view-13.1%Latest close ₹238.20 on 2026-10-19
Bar
+3.4%
RSI
55
MACD hist
0.53
52W pos
14%
2026-10-19O ₹230.30H ₹238.70L ₹229.75C ₹238.20Vol 1.4Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BANKBARODANifty Financial ServicesNifty 500
- BANKBARODA
- -6.5%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -1.0 pp
Chart stats
19 Oct 2026- From 52W high
- -26.8%
- 52W range position
- 14%
- ATR (14)
- 2.2%
- Volume vs 20D
- 1.94x
- Avg traded value
- ₹171 Cr
- 20D price channel
- ₹223.8 - ₹239.4
₹325.5
₹223.8 - ₹325.5
₹5.2
Latest completed session
20-session average
25.2% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · UNDERVALUED70
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +6.8% · PAT -47.7% YoY
Technical
Neutral41
Price trend and sector-relative-strength timing.
Valuation
Legacy model+73.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -48% YoY · Rev +7% YoY
Filed 30 Jun 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 5.39
- P/B
- 0.70
- EV/EBITDA
- —
- Market Cap
- 119020.00Cr
Profitability
- ROE
- 12.70%
- ROCE
- 5.63%
- ROA
- 0.88%
- Dividend Y
- 3.70%
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
- 1.57
- Book Value
- 326.00
Cash Flow
- FCF Yield
- 25.33%
- FCF Positive Y
- 6/5
- OCF
- 33426.00 Cr
- EPS TTM
- 35.13
Shareholding
- Promoter Hold
- 63.97%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 3.0-95.9% vs prev
Net Profit
₹ CrLatest: 20.1k-3.8% vs prev
Return on Equity
%Latest: 12.1-15.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 55. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~2.4% over last month) — short-term momentum negative.
- RSI(14) at 55 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 27% off 52W high · 6% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
37
RS percentile
Stage 4 Downtrend
1M return
+1.4%
3M return
-6.5%
6M return
-15.8%
1Y return
-14.0%
RS 1D
+7
RS 20D
+15
Sector rank
#9
Industry rank
#9
Stage evidence
- Price is 6.7% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.3%.
- Both 3-month and 6-month returns are negative.
50-DMA
price above
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 98.8+4.46%
RS vs Nifty 50099
Valuation & peers
U-Score 70 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 70 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation30/30
Growth16/25
Quality2/20
Balance Sheet9/15
Cash Flow9/10
Piotroski
5/9 (+3)
Penalties
1
Raw sum
70
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
70/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 25.3%.
- Fair-value margin of safety is positive at 73.4%.
- Valuation contributes 30/30 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.
Sector valuation model
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.
Primary lens
Price/book and ROE/ROA, not trailing PE alone.
Secondary checks
Capital adequacy, credit cost, NPA trend, deposit franchise.
Main risk check
Low P/B can be a trap if asset quality or credit cost is worsening.
PE
5.4
PB
0.7
EV/EBITDA
—
ROE
12.7%
ROCE
5.6%
FCF Yield
25.3%
Debt/Equity
0.1
MoS
+73.4%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
70
Previous: 70
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+73.4%
Previous: +73.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
70
70
70
70
70
70
70
70
70
70
70
70
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹507.62
+53.1% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹895.82
+73.4% MoS
PEG
0.11
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
CANBK
Large
Canara Bank
Banking
match 163
72
5.6
16.1%
+79%
UNDERVALUED
UNIONBANK
Large
Union Bank of India
Banking
match 162
63
6.4
15.7%
+75%
UNDERVALUED
PNB
Large
Punjab National Bank
Banking
match 162
67
6.2
13.0%
+75%
UNDERVALUED
MAHABANK
Large
Bank of Maharashtra
Banking
match 159
64
8.5
22.6%
+68%
UNDERVALUED
BANKINDIA
Large
Bank of India
Banking
match 159
72
5.0
12.4%
+79%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-22T07:19:32.383Z
Management commentary snapshot
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.
Current business mix
Gross Domestic Credit by Segment (Mar'26)
Latest issuer-disclosed distribution across 4 reported categories.
Corporate39.0%
MSME14.1%
Retail30.6%
Agriculture16.3%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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%).
Management forward view
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.
Thesis monitor
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
operational efficiencynot yet verifiablequantified
The bank's guidance for Slippage Ratio is 1-1.25% and Credit Cost is below 0.75%.
Timeframe: ongoingDirection: maintain/improveConfidence: guidance
"The Slippage Ratio, we still keep it at 1-1.25% and the Credit Cost below 0.75%"
revenue outlookpartially deliveredquantified
The bank intends to target around 10%-11% growth in the Corporate Loan book for the full year.
Timeframe: full year (FY26)Direction: growthConfidence: intend to target
"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).
operational efficiencynot yet verifiable
The bank aims to consistently contain or reduce its dependency on bulk deposits.
Timeframe: consistent/ongoingDirection: contain/reduceConfidence: consistent aim
"we consistently on the dependency of the bulk want to contain or reduce it"
revenue outlookpartially delivered
The bank intends to grow its MSME loan book faster in the coming quarters.
Timeframe: coming quartersDirection: faster growthConfidence: intent
"which we intend to grow faster in the coming quarters"
Outcome check: Revenue YoY averaged 4.2% across 2 later quarter(s).
Trust Score
70Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 63rd percentile of the scored universe and 75th percentile within Financial Services. Main check: financial discipline is weak at 48/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
141 docs text-extracted · 52 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Financial Services: 75th pctile, median 62 · Large: 40th pctile, median 73
Evidence depth
Financial-only
141 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
2/4 claims checked · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
62
acceptable · leverage and solvency
Discipline
48
watch · capital discipline
Results
60
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 64%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 25.3%.
- ▸6 years of positive FCF.
Trust risks
- ▸Altman Z is 1.57.
- ▸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.
Continue researching Bank of Baroda
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Interest Rates Updates 7 Oct - Bank of Baroda raises BRLLR 25 bps to 8.15% effective 08.10.2026.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 7 Oct - CARE reaffirmed Bank of Baroda ratings, including ₹10,000 crore infrastructure bonds and ₹1,10,000 crore CDs, with stable outlook.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Interest Rates Updates 10 Sep - Bank of Baroda reviewed MCLR effective 12 September 2026; all tenors unchanged.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 9 Sep - Sumit Sachdeva, Head-Large Corporate Relationships, resigned effective 09.09.2026 for personal and professional aspirations.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 13 Aug - Bank of Baroda appoints Sanjay Kumar Grover and changes Mandva Naga Subrahmanyam’s designation on 13 Aug 2026.
Source: Bse
Credit rating
Credit Rating 29 Jun - CareEdge assigned BBB+/Stable to USD 1 billion notes; reaffirmed GMTN programme and issuer rating.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Jun - Newspaper Publication - Special Window for Transfer and Dematerialisation of Physical Securities
Source: Bse
Annual report
Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Jun - Corrigendum to the Annual Report - Newspaper Publication
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 May
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 29 May
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 20 May - Newspaper Publication - 30th Annual General Meeting
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.