MAHABANK
Large CapBank of Maharashtra
Financial Services
Bank of Maharashtra is a public sector bank in India, offering a comprehensive suite of financial products and services. The bank focuses on retail, agriculture, and MSME (RAM) segments, alongside corporate banking, with a growing emphasis on digital transformation and financial inclusion.
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 is neutral, 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 31 Mar 2026
Excellent · 75/100Rev +15% YoY · PAT +36% YoY · +6% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7,755 Cr | +15.2% | +5.6% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹2,045 Cr | +36.1% | +13.7% |
| PAT margin | 26.4% | +406 bps | +187 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 Maharashtra reports strong Q4 FY26 Net Profit growth of +34.89% YoY and FY26 Net Profit growth of +27.17% YoY, driven by robust advances and deposit expansion, coupled with improved asset quality.
The bank demonstrates strong operational performance with significant growth in both advances and deposits. Asset quality continues to improve, and profitability metrics like RoA and RoE are healthy. While NIM saw a slight annual decline, quarterly NIM showed resilience. Digital adoption and branch expansion initiatives support future growth, despite some capital adequacy moderation.
Share of Global Advances, as on 31st March 2026
Latest issuer-disclosed distribution across 5 reported categories.
Retail Credit Growth
Total Retail Credit grew +32.39% YoY to Rs. 85,857 Crore in Mar'26, with Vehicle Loans up +55.51% YoY.
Micro MSME Segment
Micro MSME credit grew +24.71% YoY to Rs. 30,339 Crore in Mar'26.
Digital Lending Initiatives
New initiatives include Digital MUDRA STP CC (up to Rs. 10 Lac) for NTB customers and Digital SHG Loan Project.
Branch Network Expansion
Total branches increased to 2,785 in Mar'26 from 2,606 in Mar'25.
Branch Network Expansion
Total branches increased by 179, reaching 2,785 in Mar'26 from 2,606 in Mar'25.
Digital Lending Platforms
Implemented Digital MUDRA STP CC (up to Rs. 10 Lac) for new-to-bank customers and Digital SHG Loan Project.
Core Technology Infrastructure
Completed migration to IBM Flash Storage at Data Center, enhancing performance and disaster recovery readiness.
Digital Account Opening
Implemented DigiLEAP (Digital Liability Express Account Platform) for seamless tab-based account opening.
Strong GDP Growth Forecast
RBI estimates India's GDP growth at 7.6% for FY26, with revised forecasts for FY27 around 6.5%-6.9%.
Robust GST Collections
India's GST collections reached Rs. 22.27 lakh crore in FY26, growing 8.3% YoY.
Controlled Inflation Outlook
CPI Inflation forecast for FY 2026-27 is projected at 4.6%, within RBI's target range.
Strong Forex Reserves
India’s foreign exchange reserves stood at US$ 700.95 billion as on 10th April 2026, covering over 11 months of merchandise imports.
Geopolitical Tensions
Escalation in West Asia conflict may disrupt supply chains and slow global growth.
High Commodity Prices
Higher crude oil prices could pose headwinds to growth and inflation.
Depreciating INR
A depreciating USDINR could pose headwinds to growth and inflation.
Geopolitical Instability
Management notes that escalation in West Asia conflict could disrupt supply chains and global growth.
Commodity Price Volatility
Higher crude oil prices are identified as a potential headwind to growth and inflation.
Currency Depreciation
A depreciating USDINR is cited as a potential headwind to growth and inflation.
Capital Adequacy Moderation
CRAR declined to 18.36% in Mar'26 from 20.53% in Mar'25, and CET I % declined to 14.59% from 15.83%.
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.
For financial services, both annual (YoY) and sequential (QoQ) comparisons are crucial. YoY highlights long-term growth trends and seasonal impacts, while QoQ reveals immediate momentum in business acquisition, asset quality management, and profitability drivers like NIM.
Global Advances Growth
Global Advances grew +21.74% YoY to Rs. 2,91,967 Crore in Mar'26.
Total Deposits Growth
Total Deposits increased +14.14% YoY to Rs. 3,50,564 Crore in Mar'26.
Net Interest Income (NII) Growth
NII grew +18.81% YoY for Q4 FY26 and +17.13% YoY for FY26.
Net Interest Margin (NIM)
NIM for FY26 was 3.90% (vs 4.00% in FY25). Quarterly NIM for Mar'26 was 3.91% (vs 3.86% in Dec'25).
Digital Transformation Focus
Bank is implementing new digital initiatives like Zen Lyfe mobile app, DigiLEAP for account opening, and TRRACS/TRUST for trade finance.
IT Infrastructure Enhancement
Upgraded perimeter security with next-gen firewalls and completed migration to IBM Flash Storage for improved performance.
Compliance and Governance
Implemented TRRACS for seamless regulatory reporting and adopted an API gateway for streamlined API traffic management.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Global Advances Growth | +21.74% YoY (Mar'26) | Sustained double-digit growth, particularly in RAM segments, to maintain market share. |
| Net Interest Margin (NIM) | 3.90% (FY26), 3.91% (Q4 FY26) | Stabilization or improvement in NIM, given the slight annual decline and competitive pressures. |
| Net NPA % | 0.13% (Mar'26) | Continued low levels of Net NPA, indicating effective asset quality management and recovery efforts. |
| Capital Adequacy Ratio (CRAR) | 18.36% (Mar'26) | Maintenance of strong capital ratios, especially CET I, to support future growth and absorb potential shocks. |
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
60BullishSMA20 +23.9% / mo · near 52W high
Technical chart
MAHABANKdaily · 6M+48.0%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 66.
- SMA20 rising (~1.1% over last month) — short-term momentum positive.
- RSI(14) at 66 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 3% of 52-week high — testing resistance.
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
- Fair-value margin of safety is positive at 72.1%.
- Valuation contributes 26/30 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 10/20; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; 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.
Mixed Trust: Management has 0% delivered/partly-delivered outcomes on 1 checked claims, with 1 adverse claim outcome. It ranks around the 57th percentile of the scored universe and 75th 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: 75th pctile, median 62 · Large: 34th pctile, median 74
102 documents indexed, 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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 8.73
- P/B
- 1.84
- EV/EBITDA
- —
- Market Cap
- 61232.00Cr
Profitability
- ROE
- 22.70%
- ROCE
- 6.03%
- ROA
- 1.64%
- Dividend Y
- 2.76%
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
- 1.98
- Book Value
- 43.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- -11336.00 Cr
- EPS TTM
- 9.12
Shareholding
- Promoter Hold
- 73.60%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 82%
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.