Bank of Maharashtra (MAHABANK)
Large CapFinancial Services stocks · Large cap · NSE
Bank of Maharashtra is a public sector bank providing a comprehensive range of financial products and services. It focuses on domestic banking with a significant presence in retail, agriculture, and MSME lending, alongside corporate and overseas advances.
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 supports entry, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 1/4 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
Good · 55/100Rev +14% YoY · PAT +35% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹8,035 Cr | +13.9% | +3.6% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹2,023 Cr | +34.5% | -1.1% |
| PAT margin | 25.2% | +386 bps | -119 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 Maharashtra reports strong Q1 FY27 results with Net Profit up 26.84% YoY and Gross Advances growing 26.90% YoY, driven by robust RAM segment performance and improved asset quality.
The bank delivered robust Q1 FY27 results, demonstrating strong business growth across key segments like RAM advances and improved profitability. Asset quality metrics continued to strengthen, supporting the overall thesis, despite a slight QoQ dip in NIM.
Share of Global Advances, as on 30th June 2026
Latest issuer-disclosed distribution across 5 reported categories.
Retail Advances
positiveRetail Advances grew by 24.59% YoY to Rs. 89,661 crore in Q1 FY27, with Vehicle Loans up 56.89% YoY.
Agriculture Advances
positiveAgriculture Advances increased by 28.94% YoY to Rs. 42,290 crore in Q1 FY27.
MSME Advances
positiveMSME Advances grew by 23.17% YoY to Rs. 55,386 crore in Q1 FY27, with Medium MSME up 47.50% YoY.
Digital Initiatives
positiveNew digital initiatives include Zen Lyfe app features, PIN-less CBDC transactions, and digital Mudra/Vehicle loan onboarding for new customers.
Branch Network Expansion
positiveTotal domestic branches increased to 2,815 as of June 2026, up from 2,785 in March 2026.
ATM Network Expansion
positiveTotal ATMs increased to 2,731 as of June 2026, up from 2,685 in March 2026.
Projected GDP Growth
positiveRBI projects real GDP growth at 6.6% for FY 2026-27, indicating strong economic momentum.
Stable Monetary Policy
positiveRBI maintained the Repo Rate at 5.25% in June 2026 MPC meeting, indicating a neutral stance.
Strong Forex Reserves
positiveIndia’s foreign exchange reserves stood at US$ 666.93 billion as on June 26, 2026, sufficient for over 11 months of imports.
Geopolitical Tensions
negativeExternal pressures from geopolitical tensions, including the Iran–US war, are straining India’s external balance.
Crude Price Volatility
negativeCrude price volatility is identified as a key challenge impacting India's macro-economic stability.
Inflation Sensitivity
negativeInflation remains sensitive to food and fuel shocks, posing domestic vulnerability.
Monsoon Impact on Agriculture
negativeEl Nino-driven uneven monsoons may impact agriculture produce and overall price stability.
External Pressures
neutralGeopolitical tensions, crude price volatility, and a weakening rupee are straining India’s external balance.
Domestic Vulnerabilities
neutralInflation sensitivity to food and fuel shocks, and potential El Nino impact on agriculture, pose risks to price stability.
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.
YoY comparison is crucial for assessing overall growth and profitability trends, especially for a seasonal business like banking. QoQ comparison is important for tracking sequential momentum in deposits, advances, asset quality, and NIM trends.
Total Business Growth
positiveTotal Business increased by 19.10% YoY to Rs. 6,50,457 crore in Q1 FY27.
Global Advances Growth
positiveGlobal Advances grew by 26.90% YoY to Rs. 3,05,964 crore in Q1 FY27.
Net Interest Margin (NIM)
negativeNIM stood at 3.79% in Q1 FY27, down from 3.95% in Q1 FY26 and 3.91% in Q4 FY26.
Cost of Funds
negativeCost of Funds was 4.01% in Q1 FY27, up from 3.95% in Q1 FY26.
Digital Transformation
positiveManagement is focused on new digital initiatives like Zen Lyfe, PIN-less CBDC transactions, and end-to-end digital onboarding for Mudra and Vehicle loans.
Skill Enhancement
positiveInitiated trainings in CBAP, PMP, and Agile Framework to enhance resource skills.
IT Infrastructure Upgrade
positivePrivate cloud infrastructure upgraded, and Debit card Switch/Management System upgraded to PCI-SSF compliant version.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Interest Margin (NIM) | 3.79% (Q1 FY27) | Trend in NIM, especially given the QoQ decline, and its impact on profitability amidst rising cost of funds. |
| RAM Advances Growth | 25.11% YoY (Q1 FY27) | Sustained growth in the high-yielding RAM segment and its contribution to overall advances mix. |
| Asset Quality (GNPA/NNPA) | GNPA 1.45%, NNPA 0.13% (Q1 FY27) | Continued improvement or stability in asset quality metrics, particularly in the MSME and Agriculture sectors where NPA percentages are higher. |
| Digital User Adoption | Zen Lyfe users 1.39 Mio, UPI/BHIM users 9.37 Mio (Q1 FY27) | Growth in digital banking users and transaction volumes as new initiatives are rolled out, indicating successful digital transformation. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The bank aims to maintain a healthy CRAR above 16%.
"keeping the number above 16%"
The bank aims to maintain its gross NPA less than 2% and net NPA less than 0.25%.
"maintain our gross NPA less than 2% and net NPA at less than 0.25%"
The bank's cost-to-income ratio is to be maintained below 40%.
"Our cost-to-income is to be maintained below 40%"
The bank's deposit growth guidance of 14% will be maintained.
"the deposit guidance that we have kept is 14%, which will be maintained"
Outcome check: Revenue YoY averaged 15.2% across 1 later quarter(s).
Trend score and candlestick chart
72BullishSMA20 +2.7% / mo · MACD +
Technical chart
MAHABANKdaily · 1Y · AUTO+20.4%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 62.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~2.6% over last month) — short-term momentum positive.
- RSI(14) at 62 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 9% off 52W high · 64% 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.
Relative Strength & Trend Stage
- Price is 11.4% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.0%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 63 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 63 · 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
- Fair-value margin of safety is positive at 68.4%.
- Valuation contributes 23/30 to the score.
- Growth contributes 17/25 to the score.
Main drags
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
- Quality is weaker at 11/20; 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: -1 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.
Mixed Trust: Management has 0% delivered/partly-delivered outcomes on 1 checked claims, with 1 adverse claim outcome. It ranks around the 56th percentile of the scored universe and 70th percentile within Financial Services. Main check: cash conversion is weak at 52/100.
Healthy Trust Lite: Promoter holding is 73.6%. Key concern: Promoter holding fell 6%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 70th pctile, median 62 · Large: 32nd pctile, median 73
96 documents have extracted text, but claim history is not strong enough yet.
1/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Mixed 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 73.6%.
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸Debt/equity is 0.10.
Trust risks
- ▸Promoter holding fell 6%.
- ▸Operating cash flow is negative at ₹-11336 Cr.
- ▸ROCE is low at 6%.
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
- 8.77
- P/B
- 1.85
- EV/EBITDA
- —
- Market Cap
- 66109.00Cr
Profitability
- ROE
- 22.60%
- ROCE
- 6.03%
- ROA
- 1.76%
- Dividend Y
- 2.56%
Growth (CAGR)
- Revenue 5Y
- 20.00%
- EPS 5Y
- 65.00%
- Revenue 3Y
- 23.00%
- EPS 3Y
- 39.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- —
- Altman Z
- 2.02
- Book Value
- 46.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- -11336.00 Cr
- EPS TTM
- 9.80
Shareholding
- Promoter Hold
- 73.60%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 80%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Financial Services, ranked by similarity
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.