Investor presentationSep 2026
Sep 2026 · PPT
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result10 Jul, 02:22 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
49NeutralSMA20 -1.8% / mo · MACD −
Stock trend: 51
Sector RS: 45
Sector 3M: -5.7% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MAHABANKD candles · FIT view-0.9%Latest close ₹79.04 on 2026-10-21
Bar
-2.4%
RSI
42
MACD hist
-0.28
52W pos
60%
2026-10-21O ₹80.98H ₹81.65L ₹78.29C ₹79.04Vol 1.1Cr 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
MAHABANKNifty Financial ServicesNifty 500
- MAHABANK
- -3.3%
- Nifty 500
- -6.5%
- Nifty Financial Services
- -6.9%
- Vs Nifty 500
- +3.2 pp
Chart stats
21 Oct 2026- From 52W high
- -16.4%
- 52W range position
- 61%
- ATR (14)
- 3.1%
- Volume vs 20D
- 0.86x
- Avg traded value
- ₹109 Cr
- 20D price channel
- ₹78.3 - ₹84.9
₹94.5
₹54.7 - ₹94.5
₹2.5
Latest completed session
20-session average
35.4% 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 is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED65
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good55
Revenue +13.9% · PAT +34.5% YoY
Technical
Neutral49
Price trend and sector-relative-strength timing.
Valuation
Legacy model+68.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence72
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
Good · 55/100Rev +14% YoY · PAT +35% YoY · operating leverage
Filed 10 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 8.46
- P/B
- 1.79
- EV/EBITDA
- —
- Market Cap
- 63763.00Cr
Profitability
- ROE
- 22.60%
- ROCE
- 6.03%
- ROA
- 1.76%
- Dividend Y
- 2.66%
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
- 2.00
- 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
- 70%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 8,035+3.6% vs prev
Net Profit
₹ CrLatest: 2,023-1.1% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
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
Bearish setupTrend is weak — long-term uptrend intact. RSI 42.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~1.9% over last month) — short-term momentum negative.
- RSI(14) at 42 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 16% off 52W high · 42% 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
86
RS percentile
Stage 1 Base / Transition
1M return
-3.8%
3M return
-3.3%
6M return
+2.2%
1Y return
+32.2%
RS 1D
+1
RS 20D
+2
Sector rank
#10
Industry rank
#8
Stage evidence
- Price is within 1.2% of the 30-week proxy.
- The 30-week proxy changed +2.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 149.94-1.46%
RS vs Nifty 500150
Valuation & peers
U-Score 65 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 65 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · UNDERVALUEDValuation24/30
Growth17/25
Quality11/20
Balance Sheet9/15
Cash Flow3/10
Piotroski
4/9 (+1)
Penalties
0
Raw sum
65
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
65/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 68.3%.
- Valuation contributes 24/30 to the score.
- Growth contributes 17/25 to the score.
Main drags
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
- Quality is weaker at 11/20; 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
8.5
PB
1.8
EV/EBITDA
—
ROE
22.6%
ROCE
6.0%
FCF Yield
—
Debt/Equity
0.1
MoS
+68.3%
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
65
Previous: 64 (+1)
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+68.3%
Previous: +67.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
63
63
63
63
64
63
65
65
65
65
64
64
Factor attribution
Valuation
24+1
was 23
Modelled fair value
Graham Number
₹101.15
+21.9% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹249.9
+68.3% MoS
PEG
0.15
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
IOB
Large
Indian Overseas Bank
Banking
match 167
64
10.1
15.6%
+61%
UNDERVALUED
BANKINDIA
Large
Bank of India
Banking
match 167
72
5.0
12.4%
+79%
UNDERVALUED
CENTRALBK
Large
Central Bank of India
Banking
match 162
68
6.2
11.9%
+76%
UNDERVALUED
UCOBANK
Large
UCO Bank
Banking
match 162
57
10.0
8.5%
+68%
FAIR VALUE
UNIONBANK
Large
Union Bank of India
Banking
match 157
63
6.4
15.7%
+75%
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 2026-07-11T06:40:54.271Z
Management commentary snapshot
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.
Current business mix
Share of Global Advances, as on 30th June 2026
Latest issuer-disclosed distribution across 5 reported categories.
Retail Sector29.0%
Agriculture Sector14.0%
MSME Sector18.0%
Corporate & Others36.0%
Overseas Advances3.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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
operational efficiencynot yet verifiablequantified
The bank aims to maintain a healthy CRAR above 16%.
Timeframe: OngoingDirection: Maintain aboveConfidence: High
"keeping the number above 16%"
operational efficiencynot yet verifiablequantified
The bank aims to maintain its gross NPA less than 2% and net NPA less than 0.25%.
Timeframe: OngoingDirection: MaintainConfidence: High
"maintain our gross NPA less than 2% and net NPA at less than 0.25%"
operational efficiencynot yet verifiablequantified
The bank's cost-to-income ratio is to be maintained below 40%.
Timeframe: OngoingDirection: Maintain belowConfidence: High
"Our cost-to-income is to be maintained below 40%"
revenue outlookcontradictedquantified
The bank's deposit growth guidance of 14% will be maintained.
Timeframe: Full yearDirection: MaintainConfidence: High
"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).
Trust Score
72Limited 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 0% delivered/partly-delivered outcomes on 1 checked claims, with 1 adverse claim outcome. It ranks around the 69th percentile of the scored universe and 81st percentile within Financial Services. Main check: cash conversion is weak at 52/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
98 docs text-extracted · 35 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
69th percentile
overall median 67 · Financial Services: 81st pctile, median 62 · Large: 46th pctile, median 73
Evidence depth
Financial-only
98 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
0% delivered or partly delivered
1/4 claims checked · 1 contradicted/failed claim
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
52
watch · profit to cash conversion
Balance sheet
80
strong · leverage and solvency
Discipline
64
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 73.6%.
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸Debt/equity is 0.10.
Trust risks
- ▸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.
Continue researching Bank of Maharashtra
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Interest Rates Updates 29 Sep - Bank of Maharashtra revised MCLR rates effective 30 September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 30 Sep - Shri Amit Srivastava ceased as Chief Vigilance Officer on 30 September 2026 upon superannuation.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement Under Regulation 30 - Outcome Of Analyst/Investor Meet 24 Sep - Bank held investor meetings from 8 to 24 September 2026; no UPSI shared.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Strikes /Lockouts / Disturbances 23 Sep - Bank unions have proposed a strike on 28-30 September 2026, possibly affecting branch operations.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 11 Sep - Shri Saurabh Kumar appointed GOI Nominee Director on Bank of Maharashtra board, effective 10 September 2026.
Source: Bse
Credit ratingSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 7 Sep - S&P assigned BBB rating to Bank of Maharashtra’s USD 500 million Euro Medium-Term Note programme on September 7, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Strikes /Lockouts / Disturbances 9 Sep - Seven bank unions proposed a one-day strike on 11.09.2026; branch and office functioning may be affected.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 13 Aug - Shri Naresh Kumar Vashisht appointed Part-time Non-official Director for three years from 12 August 2026.
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 21 Jul - ICRA reaffirmed AA+ Stable ratings on Bank of Maharashtra’s Rs 12,000 crore bonds.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Jul - Newspaper Publication on the financial results for the quarter ended 30.06.2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.