Bank of Maharashtra (MAHABANK) AI Stock Analysis

• Market Cap: ₹501.64B
• Dividend Yield: 2.6%
• Average Volume (3M): 1.10M
• Price to Earnings (P/E): 7.8
• Beta (1Y): 1.21
• Revenue Growth: 18.36%
• EPS Growth: 14.53%
• Country: IN
• Employees: 13,499
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 2.34
• Shares Outstanding: 7,691,555,000
• 10 Day Avg. Volume: 1,770,626
• 30 Day Avg. Volume: 1,100,294
• PEG Ratio: 0.21
• Price to Book (P/B): 1.19
• Price to Sales (P/S): 1.26
• P/FCF Ratio: -1.17
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹80.00
• Price Target Upside: 27.43% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 71 Outperform
• Price Target: ₹72.00 ▲(14.69% Upside)

Bank of Maharashtra has a strong overall stock score driven by attractive valuation and positive technical indicators. The low P/E ratio and decent dividend yield make it appealing for value investors. While financial performance is solid, challenges in revenue growth and cash flow management need attention. The absence of earnings call data and corporate events does not impact the score significantly.

Positive Factors

Return on Equity and Capital Structure

A healthy return on equity and a stable equity ratio indicate the bank uses shareholder capital efficiently. Over 2-6 months, this supports capacity to absorb loan losses, fund growth from retained earnings, and retain investor confidence without immediate reliance on external capital.

High Gross Profit and Improving Margins

Consistently high gross margins and rising EBIT/EBITDA margins point to durable operational efficiency gains. Sustained margin improvement enhances cash generation, funds reinvestment in branch/digital channels, and cushions the franchise against cyclical NII pressures.

Sustained Revenue and EPS Growth

Mid-teens revenue and EPS growth reflect persistent loan book expansion and improving profitability trends. Over the medium term this supports balance sheet scale, diversification of income streams, and the bank’s ability to strengthen reserves while investing in customer acquisition.

Negative Factors

Negative Operating Cash Flow

Negative operating cash flow signals potential liquidity strain and that accounting profits may not be translating into spendable cash. Persisting for months, this can force reliance on wholesale funding or asset sales, increasing funding costs and reducing strategic flexibility.

Rising Total Debt Over Time

An upward trend in total debt raises leverage and interest expense vulnerability. Structurally, higher debt levels can squeeze net interest margins, constrain capital ratio management, and reduce the bank’s buffer against rate shocks or tougher credit cycles.

Declining Revenue Growth & Fluctuating Net Margins

A slowing top-line and volatile net margins undermine earnings predictability and planning. Over several months this can hamper reinvestment, stress provisioning assumptions, and complicate management’s ability to sustainably expand retail and corporate lending without compressing returns.

Bank of Maharashtra Business Overview & Revenue Model

Company Description

Bank of Maharashtra provides various banking products and services in India. The company operates through Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking segments. It accepts savings, current, and term deposits, as well as provides capital gain account schemes. The company also offers housing loans, vehicle loans, topup loans, education loans, gold loans, consumer and personal loans, salary again schemes, and adhaar loans, as well as loans against properties; working capital, term, project, infrastructure, export, and bill financing services; lines of credit; commercial lease rental services; accounts takeover services; non-fund based services; micro, small, and medium enterprise loans; and agriculture loans. In addition, it provides digital banking and lending services, and government schemes; documentary credits and collections, import and export financing, guarantees, travel related forex, non-resident Indian services, remittance schemes, and risk management services; and remittance facilities, as well as hedges exchange risk. As of March 31, 2022, it operated 2,072 banking outlets, and 2,128 automated teller machines and cash recycler machines. Bank of Maharashtra was incorporated in 1935 and is headquartered in Pune, India.

How the Company Makes Money

Bank of Maharashtra generates revenue primarily through interest income and fees. The majority of its earnings come from the interest it charges on loans issued to individuals and businesses. The bank provides various loan products, including home loans, personal loans, and business loans, which typically have interest rates higher than the rates paid on deposits. Additionally, MAHABANK earns income from non-interest sources such as fees for services (like account maintenance and transaction fees), commissions on third-party products, and wealth management services. The bank also engages in treasury operations, which involve investing in government securities and trading in foreign exchange, contributing further to its revenue stream. Strategic partnerships with other financial institutions and fintech companies enhance its service offerings and customer base, providing additional avenues for increasing earnings.

Bank of Maharashtra Financial Statement Overview

Summary

The financial performance of Bank of Maharashtra is solid with strong profitability metrics and a stable balance sheet. However, challenges in revenue growth and cash flow management are areas of concern. The income statement shows strong revenue retention but fluctuating net profit margins. The balance sheet is stable with manageable leverage, but increasing debt poses a risk. Cash flow issues, particularly negative operating cash flow, highlight liquidity concerns.

Income Statement

The income statement shows a mixed performance. The gross profit margin is consistently high, indicating strong revenue retention. However, the revenue growth rate has declined recently, and the net profit margin has fluctuated, reflecting some instability in profitability. The EBIT and EBITDA margins have improved over time, suggesting better operational efficiency.

Balance Sheet

The balance sheet is relatively strong, with a moderate debt-to-equity ratio indicating manageable leverage. The return on equity is healthy, showing effective use of equity to generate profits. The equity ratio is stable, suggesting a solid capital structure, but the increase in total debt over the years could pose a potential risk if not managed carefully.

Cash Flow

Cash flow analysis reveals some concerns. The operating cash flow has been negative recently, which is a red flag for liquidity. Free cash flow growth has been inconsistent, and the operating cash flow to net income ratio is negative, indicating potential cash flow management issues. However, the free cash flow to net income ratio is positive, suggesting some ability to generate cash relative to net income.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	246.78B	270.40B	226.60B	183.92B	151.64B	146.40B
Gross Profit	139.21B	137.59B	119.88B	102.36B	81.90B	76.70B
EBITDA	63.39B	58.32B	42.95B	28.67B	14.22B	7.60B
Net Income	60.87B	55.42B	40.72B	26.05B	11.53B	5.71B
Balance Sheet
Total Assets	3.74T	3.69T	3.07T	2.68T	2.31T	1.97T
Cash, Cash Equivalents and Short-Term Investments	0.00	428.04B	303.12B	185.29B	202.05B	142.15B
Total Debt	249.24B	238.53B	77.19B	117.81B	83.14B	45.46B
Total Liabilities	3.42T	3.41T	2.87T	2.52T	2.17T	1.85T
Stockholders Equity	313.93B	287.08B	198.71B	157.90B	140.62B	123.08B
Cash Flow
Free Cash Flow	0.00	-292.85B	113.02B	-17.64B	69.24B	22.54B
Operating Cash Flow	0.00	-287.66B	115.81B	-14.40B	72.33B	24.47B
Investing Cash Flow	0.00	-4.95B	-2.60B	-1.75B	-3.00B	-1.69B
Financing Cash Flow	0.00	411.44B	4.61B	2.28B	286.64B	2.17B

Bank of Maharashtra Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 62.78
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MAHABANK, the sentiment is Positive. The current price of 62.78 is below the 20-day moving average (MA) of 64.31, above the 50-day MA of 60.13, and above the 200-day MA of 55.61, indicating a bullish trend. The MACD of 1.58 indicates Positive momentum. The RSI at 62.10 is Neutral, neither overbought nor oversold. The STOCH value of 55.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MAHABANK.

Bank of Maharashtra Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CENTRALBK	78 Outperform	₹338.52B	6.74	―	1.58%	6.84%	31.01%
UCOBANK	75 Outperform	₹366.03B	13.94	―	1.35%	17.33%	45.79%
BANKINDIA	74 Outperform	₹746.64B	7.64	―	2.87%	14.34%	20.97%
MAHABANK	71 Outperform	₹501.64B	7.80	―	2.60%	18.36%	14.53%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
PSB	65 Neutral	₹197.90B	15.79	―	0.26%	18.54%	67.80%
IOB	52 Neutral	₹685.53B	13.83	―	―	―	―

Bank of Maharashtra Corporate Events

Bank of Maharashtra Warns of Possible Service Disruption Amid Proposed January 27 Bank Strike

Bank of Maharashtra has notified the stock exchanges that the United Forum of Bank Unions, comprising nine major banking unions and associations, has called for a one-day nationwide bank strike on January 27, 2026 to press for their demands. The bank stated it is taking necessary steps to ensure smooth functioning of its branches and offices on the strike day, but cautioned that operations may still be affected if the strike goes ahead, signaling potential disruption for customers and routine banking services.

Bank of Maharashtra Publishes Q3 FY2025-26 Financial Results in Leading Dailies

Bank of Maharashtra has notified the stock exchanges that it has published its financial results for the quarter ended 31 December 2025 in leading English, Marathi and Hindi newspapers in compliance with SEBI’s listing and disclosure regulations. By formally disclosing the quarterly numbers through multiple national and regional dailies, the bank reinforces regulatory transparency and ensures wider accessibility of its financial performance information to investors and other stakeholders.

Bank of Maharashtra Details MSME Exposure Under RBI Trade Relief Measures

Bank of Maharashtra has disclosed data sought during its latest earnings conference call regarding the Reserve Bank of India’s 2025 Trade Relief Measures for MSMEs, reporting that 66 borrowers are eligible under these measures with a total exposure of Rs. 671 crore, representing 1.31% of its overall MSME portfolio. The clarification offers investors and other stakeholders a clearer view of the bank’s MSME exposure under the regulatory relief framework, helping to gauge the scale of potential impact on its asset quality and risk profile within this segment.

Bank of Maharashtra Posts Q3 FY26 Earnings Call Recording Online

Bank of Maharashtra has notified the stock exchanges that it conducted an earnings conference call with analysts and investors to discuss its financial performance for the quarter ended December 31, 2025. The bank has made the recording of this earnings call available on its official website, enhancing transparency and access to information for stakeholders and market participants.

Bank of Maharashtra Posts Q3 FY26 Earnings Call Recording Online

Bank of Maharashtra has informed the stock exchanges that it conducted an earnings conference call with analysts and investors to discuss its financial performance for the quarter ended December 31, 2025. The bank has uploaded the recording of this earnings call on its official website, providing stakeholders with access to detailed discussions on its quarterly results and performance metrics.