BANKBARODA
Large CapBank of Baroda
Financial Services
Bank of Baroda is a public sector bank offering a comprehensive suite of banking and financial services. It focuses on domestic and international operations, with a strategic emphasis on retail, agriculture, and MSME (RAM) segments, digital transformation, and sustainability initiatives.
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 31 Mar 2026
Bad · 20/100Rev +5% YoY · PAT +8% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹34,514 Cr | +5.2% | +2.7% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹5,872 Cr | +7.8% | +6.7% |
| PAT margin | 17.0% | +41 bps | +64 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Bank of Baroda reports highest ever Net Profit for FY26, driven by robust advances growth and improved asset quality, despite a decline in full-year operating profit and Q4 non-interest income.
The bank demonstrated strong growth in global advances and deposits, coupled with significant asset quality improvement (GNPA/NNPA reduction). However, the decline in full-year operating profit, Q4 non-interest income, and a notable drop in the capital adequacy ratio warrant close monitoring. Digital lending shows promising traction.
Share in Gross Domestic Credit (Mar'26)
Latest issuer-disclosed distribution across 4 reported categories.
Retail Advances (Organic)
Retail Advances grew 17.9% YoY to INR 3,02,598 crore as of Mar'26.
Agriculture Advances
Agriculture Advances grew 20.7% YoY to INR 1,91,063 crore as of Mar'26.
International Advances
International Advances grew 24.4% YoY to INR 2,60,421 crore as of Mar'26.
Digital Lending
Total Digital Sanctions grew 143% QoQ to INR 14,713 crore in Q4FY26, with Agri Digital Sanctions up 4086% QoQ.
Digital Touch Points
The bank has 20,057 digital touch points YTD FY26, with 97% of transactions done digitally.
Solar Energy Adoption
386 branches and 49 RSETI sites run on solar energy, reducing 7646 Tons of CO2 emissions. 93 owned buildings have solar panels.
Strong Retail Gold Loan Growth
Retail Gold Loans grew 98.0% YoY to INR 14,010 crore as of Mar'26.
Green Infrastructure Bonds
First PSB to issue Domestic Green Infrastructure Bonds, raising INR 10,000 crore with a 'Greenium' coupon of 7.10%.
Renewable Energy Financing
Renewable Energy financing reached 36.60% of total energy sector financing as of Mar'26, nearing the 40% target by 2027.
Non-Interest Income Decline
Non-Interest Income decreased by 16.2% YoY in Q4FY26 and 0.2% YoY for FY26, primarily due to a 97.2% YoY drop in Treasury Income in Q4FY26.
Operating Profit Decline (FY26)
Operating Profit for FY26 decreased by 0.5% YoY to INR 32,259 crore.
Increased Provisions
Total Provisions increased by 19.5% YoY for FY26 to INR 7,149 crore, with provisions for NPA & Bad Debts Written-off up 10.1% YoY.
Capital Adequacy Erosion
The Capital Adequacy Ratio declined by 137 bps YoY to 15.82%, indicating potential pressure on future growth or dividend capacity.
Volatility in Non-Interest Income
Significant volatility in Treasury Income, which dropped 97.2% YoY in Q4FY26, could impact overall profitability.
Rising Q4 Credit Cost
Credit cost for Q4FY26 increased to 0.76% from 0.44% in Q4FY25, suggesting potential asset quality pressures or higher provisioning needs.
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 a view of annual growth trends and overall performance, while QoQ highlights sequential momentum in business, asset quality, and profitability, which are key for a dynamic sector like banking.
Global Advances Growth
Global Advances grew 16.2% YoY to INR 14,29,879 crore and 6.3% QoQ.
Global Deposits Growth
Global Deposits increased 12.0% YoY to INR 16,48,487 crore and 6.6% QoQ.
Net Interest Margin (NIM) - Global
Global NIM for Q4FY26 was 2.89%, down from 2.98% in Q4FY25 but up from 2.79% in Q3FY26. FY26 NIM was 2.89% vs 3.08% in FY25.
Gross Non-Performing Assets (GNPA) Ratio
GNPA Ratio improved by 37 bps YoY to 1.89% as of Mar'26.
Net Zero Commitment
Bank is committed to achieving Net Zero target by 2057, with a short-term target of 20% reduction in Scope 1 & 2 emissions achieved ahead of schedule.
Digital Transformation
Management is accelerating digital transformation, leveraging digital infrastructure for transactions, new account acquisition, and digital lending products.
ESG and Climate Risk Management
The bank has formulated a Sustainable Financing Framework and is focused on integrating ESG and climate risk initiatives across functions.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Global Net Interest Margin (NIM) | 2.89% (Q4FY26) | Sustained improvement in NIM, especially given the decline in FY26 and Q4FY25 figures. |
| Capital Adequacy Ratio | 15.82% (Mar'26) | Stabilization or improvement in the Capital Adequacy Ratio to support future asset growth and meet regulatory requirements. |
| Non-Interest Income Contribution | Declined 16.2% YoY in Q4FY26 | Diversification and growth in non-interest income streams, particularly fee-based income, to offset treasury volatility. |
| Slippage Ratio | 0.89% (Q4FY26) | Continued control over fresh slippages to maintain improving asset quality trends. |
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
42NeutralSMA20 -6.3% / mo
Technical chart
BANKBARODAdaily · 1Y-4.2%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 56. Wait for confirmation.
- SMA20 falling (~2.1% over last month) — short-term momentum negative.
- RSI(14) at 56 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 16% off 52W high · 14% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 22.5%.
- Fair-value margin of safety is positive at 78.4%.
- Valuation contributes 28/30 to the score.
Main drags
- Altman Z is 1.6, in distress territory.
- Quality is weaker at 1/20; 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
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 64th percentile of the scored universe and 81st 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 1.59.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Financial Services: 81st pctile, median 62 · Large: 39th pctile, median 74
146 documents indexed, 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 22.5%.
- ▸6 years of positive FCF.
Trust risks
- ▸Altman Z is 1.59.
- ▸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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 6.76
- P/B
- 0.81
- EV/EBITDA
- 207.47
- Market Cap
- 134068.00Cr
Profitability
- ROE
- 12.70%
- ROCE
- 5.63%
- ROA
- 0.96%
- Dividend Y
- 3.28%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 73.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 10.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- —
- Altman Z
- 1.59
- Book Value
- 321.00
Cash Flow
- FCF Yield
- 22.49%
- FCF Positive Y
- 6/5
- OCF
- 33426.00 Cr
- EPS TTM
- 38.38
Shareholding
- Promoter Hold
- 63.97%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 29%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.