StrengthTalking point
Asset quality at a multi-year best
Gross NPA of 1.5% is the lowest in 7 years, down from a peak of 16.4%.
Importance 54 / 95 · financial health
Bank of maharashtra · Research view
Bank of maharashtra
NSE: MAHABANKBSE: 532525ISIN INE457A01014Face value ₹10consolidated
₹80.40
+1.13% · 2026-10-01 · 52-wk ₹55–₹94
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
Strength
More profitable than peers
ROE of 22.8% is well above the public sector bank median of 15.9%.
Importance 51 / 95 · profitability
Strength
Loan book growing double-digit
Advances grew 22.0% year on year (FY2025 → FY2026).
Importance 37 / 95 · growth
Section 03 · The company
Who is this company?
Classified by the exchange under Financial Services › Financial Services › Banks › Public Sector Bank.
- Market cap
- ₹61,840 cr
- FY2026 total income
- ₹32,824 cr
- FY2026 net profit
- ₹7,017 cr
- Net worth
- ₹33,225 cr
- Advances
- ₹2,88,104 cr
- EPS (basic)
- ₹9.12
- Listed
- NSE · BSE
- Reporting
- Banking (Sch. III)Apr–Mar
Peer set used on this page: 8 public sector bank.
Section 04 · Business performance
Is the business growing?
Total incomeNet profit
Advances (loans)Deposits
Strength
Advances grew 22.0% year on year (FY2025 → FY2026).
Rule BANK_LOAN_GROWTH_STRONG
- Advances growth per year
- +22.1%over 6 years
- Advances growth
- +22.0%vs last year
- Deposits growth
- +14.1%vs last year
- Net profit growth
- +26.6%vs last year
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹2,023 cr, up 34.5% from ₹1,504 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 total income was ₹9,064 cr, up 15.0% from ₹7,879 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 net margin was 22.3%, up 3.23 percentage points from 19.1% a year earlier.
Rule QTR_MARGIN_CHANGED_YOY
A. Quarterly results
Total incomeNet profit
| Quarter | Total income | YoY | Net profit | YoY |
|---|---|---|---|---|
| Q2 FY25 | 6,809 | — | 1,333 | — |
| Q3 FY25 | 7,113 | +21.6% | 1,412 | +35.9% |
| Q4 FY25 | 7,712 | +18.9% | 1,502 | +22.2% |
| Q1 FY26 | 7,879 | +16.4% | 1,504 | +16.2% |
| Q2 FY26 | 7,974 | +17.1% | 1,669 | +25.2% |
| Q3 FY26 | 8,277 | +16.4% | 1,799 | +27.4% |
| Q4 FY26 | 8,693 | +12.7% | 2,045 | +36.1% |
| Q1 FY27 | 9,064 | +15.0% | 2,023 | +34.5% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Total income
- ₹34,008 crTTM
- PBT
- ₹8,433 crTTM
- Net profit
- ₹7,536 crTTM
C. Corporate actions
5 Jun 2026DividendFinal Dividend - Rs. - 1.2000 — ₹1.20/share
20 Jan 2026DividendInterim Dividend - Rs. - 1.0000 — ₹1.00/share
9 May 2025DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share
10 May 2024DividendFinal Dividend - Rs. - 1.4000 — ₹1.40/share
23 May 2023DividendFinal Dividend - Rs. - 1.3000 — ₹1.30/share
20 Jun 2022DividendDividend - Rs. - 0.5000 — ₹0.50/share
19 Jun 2015DividendDividend - Rs. - 0.8000 — ₹0.80/share
6 Feb 2014DividendInterim Dividend - Rs. - 1.0000 — ₹1.00/share
30 May 2013DividendDividend - Rs. - 2.3000 — ₹2.30/share
14 Jun 2012DividendDividend - Rs. - 2.2000 — ₹2.20/share
16 Jun 2011DividendDividend - Rs. - 2.0000 — ₹2.00/share
30 Jun 2010DividendDividend - Rs. - 2.0000 — ₹2.00/share
2 Jul 2009DividendDividend - Rs. - 1.5000 — ₹1.50/share
29 May 2008DividendDividend - Rs. - 2.0000 — ₹2.00/share
3 Jan 2008OtherGeneral
Section 06 · Business performance
Is it becoming more profitable?
Net interest margin (left)Return on equity (right)
Strength
ROE of 22.8% is well above the public sector bank median of 15.9%.
Rule ROE_ABOVE_PEER_MEDIAN
- NIM FY2026
- 3.43%
- Cost-to-income
- 37.1%
- ROE FY2026
- 22.7%
- ROA FY2026
- 1.76%
Section 07 · Financial health
Is financial health improving?
Gross NPA %Net NPA %
Strength
Gross NPA of 1.5% is the lowest in 7 years, down from a peak of 16.4%.
Rule BANK_ASSET_QUALITY_MULTIYEAR_BEST
Net worth (capital + reserves)
- Gross NPA FY2026
- 1.45%
- Net NPA
- 0.13%
- Credit cost
- 1.13%of advances
- Credit / deposit
- 82%
Section 08 · Relative position
How does it compare with peers?
Ranked against 8 public sector bank (FY2026, consolidated). No peer-relative rule fired for this company.
Return on equity
MAHABANK · 1st of 8 · set median 15.2%
P/E ratio
MAHABANK · 6th of 8 · set median 6.4×
- P / E
- 8.2×TTM to Jun 26
- P / B
- 1.9×latest book
- P / S
- 1.8×TTM sales
- Earnings yield
- 12.2%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 8.8× · P/S 1.9× · ROE 22.7%.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- +43.7%
- 3-year return
- +68.7%
- 5-year return
- +302.0%
- From 52-wk high
- −14.3%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹81
- vs 200-day avg
- Above₹75
- RSI (14)
- 44.9neutral
- MACD histogram
- -0.4
- From 52-wk high
- −14.3%
- From 52-wk low
- +45.9%
- 30-day volatility
- 32.5%ann.
- 6-month return
- +31.1%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
Nothing is flagged for review for this company.
- Cash-flow-statement facts are unavailable for FY2019, FY2020, FY2021 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| Total income | 13,146 | 14,495 | 15,672 | 18,180 | 23,493 | 28,403 | 32,824 |
| Interest earned | 11,496 | 11,869 | 13,019 | 15,899 | 20,495 | 24,948 | 29,282 |
| Interest expended | 7,216 | 6,970 | 6,974 | 8,157 | 10,672 | 13,281 | 15,616 |
| Net interest income | 4,280 | 4,898 | 6,045 | 7,742 | 9,823 | 11,667 | 13,666 |
| Pre-provision operating profit | 2,848 | 3,959 | 4,848 | 6,100 | 8,006 | 9,321 | 10,828 |
| Provisions & contingencies | 3,107 | 2,727 | 2,892 | 2,654 | 3,646 | 3,597 | 2,968 |
| Profit before tax | −259 | 1,232 | 1,956 | 3,446 | 4,361 | 5,724 | 7,859 |
| Net profit | 399 | 571 | 1,153 | 2,603 | 4,072 | 5,542 | 7,017 |
| EPS (₹) | 0.7 | 0.9 | 1.7 | 3.9 | 5.8 | 7.5 | 9.1 |
| Net worth | 10,909 | 12,308 | 14,398 | 15,790 | 19,871 | 28,708 | 33,225 |
| Total debt | 3,670 | 4,239 | 7,747 | 10,766 | 7,719 | 23,853 | 35,234 |
| Advances | 86,872 | 1,02,405 | 1,31,170 | 1,71,221 | 2,00,240 | 2,36,084 | 2,88,104 |
| Deposits | 1,50,050 | 1,73,989 | 2,02,275 | 2,34,064 | 2,70,726 | 3,07,120 | 3,50,538 |
| Borrowings | 3,670 | 4,239 | 7,747 | 10,766 | 7,719 | 23,853 | 35,234 |
| Investments | 57,891 | 68,281 | 68,762 | 69,042 | 68,465 | 82,216 | 1,01,588 |
| Gross NPAs | 12,152 | 7,780 | 5,327 | 4,334 | 3,833 | 4,185 | 4,246 |
| Net NPAs | 4,145 | 2,544 | 1,277 | 435 | 409 | 432 | 384 |
| Operating cash flow | — | — | 6,896 | −1,440 | 11,581 | 7,628 | −11,336 |
| Ratio | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Advances growth YoY | — | 17.9 | 28.1 | 30.5 | 16.9 | 17.9 | 22.0 |
| Deposits growth YoY | — | 16.0 | 16.3 | 15.7 | 15.7 | 13.4 | 14.1 |
| Profit growth YoY | — | 43.3 | 101.8 | 125.7 | 56.4 | 36.1 | 26.6 |
| Profitability | |||||||
| Net interest margin % | 2.5 | 2.7 | 2.8 | 3.1 | 3.4 | 3.4 | 3.4 |
| Cost-to-income % | 52.0 | 47.4 | 44.3 | 39.1 | 37.6 | 38.4 | 37.1 |
| Return on equity % | 3.7 | 4.9 | 8.6 | 17.2 | 22.8 | 22.8 | 22.7 |
| Return on assets % | 0.2 | 0.3 | 0.5 | 1.0 | 1.4 | 1.6 | 1.8 |
| Asset quality | |||||||
| Gross NPA % | 12.8 | 7.2 | 3.9 | 2.5 | 1.9 | 1.7 | 1.5 |
| Net NPA % | 4.8 | 2.5 | 1.0 | 0.3 | 0.2 | 0.2 | 0.1 |
| Credit cost % | 3.6 | 2.9 | 2.5 | 1.8 | 2.0 | 1.6 | 1.1 |
| Credit / deposit % | 57.9 | 58.9 | 64.8 | 73.2 | 74.0 | 76.9 | 82.2 |