Bank of Maharashtra (IN:MAHABANK)
:MAHABANK
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Bank of Maharashtra
(MAHABANK)
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Rating:77Outperform
Price Target:
₹91.00
▲(44.95% Upside)
Action:Reiterated
Date:04/22/26
The score is driven primarily by strong reported profitability and growth trends, supported by an attractive valuation (low P/E and solid dividend). Technicals are bullish with a strong uptrend, but overbought signals and volatile cash-flow history temper the overall rating.
Positive Factors
Strong revenue and profit growth
Sustained multi-year revenue and net-income expansion, plus a material net-margin improvement, indicate durable operating leverage from core lending and fee businesses. This strengthens internal capital generation, funds growth initiatives, and increases the bank's ability to absorb credit stress over the medium term.
Negative Factors
Volatile cash generation
Large swings in operating and free cash flow raise execution risk: irregular cash generation complicates provisioning, capital allocation, and funding plans. Over 2–6 months this variability can force reliance on short-term funding or curtail investments, weakening durability of reported earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue and profit growth
Sustained multi-year revenue and net-income expansion, plus a material net-margin improvement, indicate durable operating leverage from core lending and fee businesses. This strengthens internal capital generation, funds growth initiatives, and increases the bank's ability to absorb credit stress over the medium term.
Read all positive factors
Bank of Maharashtra (MAHABANK) vs. iShares MSCI India ETF (INDA)
Market Cap
₹605.63B
Dividend Yield2.6%
Average Volume (3M)1.10M
Price to Earnings (P/E)5.8
Beta (1Y)1.16
Revenue Growth15.57%
EPS Growth21.59%
CountryIN
Employees13,499
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)7.92
Shares Outstanding7,691,555,000
10 Day Avg. Volume1,770,626
30 Day Avg. Volume1,100,294
Financial Highlights & Ratios
PEG Ratio0.31
Price to Book (P/B)1.42
Price to Sales (P/S)1.44
P/FCF Ratio11.37
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹71.00Price Target Upside13.09% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)10
Revenue Forecast (FY)₹205.71B
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...
How the Company Makes Money
Bank of Maharashtra primarily earns money through (1) interest income and (2) fee and other non-interest income. Interest income is generated by lending: the bank collects interest on loans and advances extended to retail customers, MSMEs, agricul...
Bank of Maharashtra Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
63
Positive
Cash Flow
48
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 246.78B | 328.24B | 270.40B | 226.60B | 183.92B | 151.64B |
| Gross Profit | 139.21B | 145.81B | 137.59B | 119.88B | 102.36B | 81.90B |
| EBITDA | 63.39B | 82.03B | 58.32B | 42.95B | 28.67B | 14.22B |
| Net Income | 60.87B | 70.17B | 55.42B | 40.72B | 26.05B | 11.53B |
Balance Sheet | ||||||
| Total Assets | 3.74T | 4.27T | 3.69T | 3.07T | 2.68T | 2.31T |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 277.46B | 428.04B | 303.12B | 185.29B | 202.05B |
| Total Debt | 249.24B | 352.34B | 238.53B | 77.19B | 117.81B | 83.14B |
| Total Liabilities | 3.42T | 3.94T | 3.41T | 2.87T | 2.52T | 2.17T |
| Stockholders Equity | 313.93B | 332.25B | 287.08B | 198.71B | 157.90B | 140.62B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 41.52B | -292.85B | 113.02B | -17.64B | 69.24B |
| Operating Cash Flow | 0.00 | 45.73B | -287.66B | 115.81B | -14.40B | 72.33B |
| Investing Cash Flow | 0.00 | -718.99B | -4.95B | -2.60B | -1.75B | -3.00B |
| Financing Cash Flow | 0.00 | 528.76B | 411.44B | 4.61B | 2.28B | 286.64B |
Bank of Maharashtra Technical Analysis
Positive
62.78
Price Trends
72.38
Positive
68.57
Positive
62.15
Positive
Market Momentum
1.66
Positive
53.92
Neutral
22.94
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 79.76, below the 50-day MA of 72.38, and above the 200-day MA of 62.15, indicating a neutral trend. The MACD of 1.66 indicates Positive momentum. The RSI at 53.92 is Neutral, neither overbought nor oversold. The STOCH value of 22.94 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
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹605.63B | 5.76 | ― | 2.60% | 15.57% | 21.59% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | ₹633.73B | 6.05 | ― | 2.87% | 6.51% | 7.93% | |
60 Neutral | ₹690.37B | 12.68 | ― | ― | 0.59% | 42.80% | |
58 Neutral | ₹643.17B | 10.00 | ― | ― | 11.22% | 57.74% | |
56 Neutral | ₹587.17B | 39.59 | ― | 0.29% | 11.37% | -3.10% | |
48 Neutral | ₹699.95B | 24.65 | ― | 1.95% | -5.11% | -65.49% |
* Financial Sector Average
IN:MAHABANK
Bank of Maharashtra
79.79
30.08
60.50%
IN:BANKINDIA
Bank of India
139.20
26.73
23.77%
IN:IDFCFIRSTB
IDFC First Bank Ltd.
68.31
1.71
2.57%
IN:INDUSINDBK
IndusInd Bank Ltd.
899.65
114.55
14.59%
IN:IOB
Indian Overseas Bank
33.77
-3.92
-10.40%
IN:YESBANK
Yes Bank Limited
21.57
0.60
2.86%
Bank of Maharashtra Corporate Events
Bank of Maharashtra posts earnings call recording for FY 2025-26
Apr 20, 2026
Bank of Maharashtra informed stock exchanges that it held an earnings conference call with analysts and investors on April 20, 2026, to discuss its financial performance for the quarter and full year ended March 31, 2026. The bank has uploaded the...
Bank of Maharashtra clears FY26 results, dividend and major fund-raising plan
Apr 20, 2026
Bank of Maharashtra’s board has approved the audited standalone and consolidated financial results for the quarter and full year ended 31 March 2026, confirming an unmodified audit opinion and related disclosures. The bank also reported no d...
Bank of Maharashtra posts strong FY26 growth with improved asset quality and profitability
Apr 20, 2026
Bank of Maharashtra reported strong growth for the year ended 31 March 2026, with total business rising 17.47% to ₹642,531 crore on the back of a 14.14% increase in deposits and a 21.74% jump in gross advances. The bank’s credit-deposi...
Bank of Maharashtra releases investor presentation on FY 2026 results
Apr 20, 2026
Bank of Maharashtra has notified the stock exchanges that it has prepared an investor presentation covering its financial results for the quarter and full year ended 31 March 2026. The bank has submitted this presentation to BSE and NSE under the ...
Bank of Maharashtra Board Proposes 12% Final Dividend for FY 2025-26
Apr 20, 2026
Bank of Maharashtra’s board has recommended a final dividend of Rs 1.20 per equity share, equivalent to 12% on shares with a face value of Rs 10, for the financial year 2025-26, subject to shareholder approval at the upcoming annual general ...
Bank of Maharashtra Sets April 20 Earnings Call With Analysts and Investors
Apr 15, 2026
Bank of Maharashtra has announced that it will hold a conference and earnings call with analysts and institutional investors on April 20, 2026, to discuss its financial performance for the quarter and year ended March 31, 2026. The call, moderated...
Bank of Maharashtra Posts 18% Business Growth, Boosts Advances and CD Ratio in FY 2025-26
Apr 6, 2026
Bank of Maharashtra reported strong provisional business figures for the year ended 31 March 2026, with total business rising 18% year-on-year to ₹6.43 lakh crore and total deposits growing 14% to ₹3.51 lakh crore. CASA deposits increa...
Bank of Maharashtra Confirms SEBI Dematerialisation Compliance for March Quarter
Apr 4, 2026
Bank of Maharashtra has disclosed that its registrar and transfer agent, MCS Share Transfer Agent Limited, has certified the bank’s compliance with Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarte...
Bank of Maharashtra Confirms Unencumbered Government Promoter Stake and SEBI Compliance
Apr 4, 2026
Bank of Maharashtra has disclosed to the stock exchanges that its promoter, the President of India, held 73.60% of the bank’s equity share capital as of 31 March 2026, underscoring the government’s continued majority ownership in the l...
Bank of Maharashtra Calls March 2026 EGM to Approve Executive Director and Elect Shareholder Director
Feb 23, 2026
Bank of Maharashtra has convened an Extraordinary General Meeting on March 23, 2026, to be held via video conferencing and other audio-visual means, reflecting continued use of virtual formats for shareholder governance. The meeting will seek shar...
Bank of Maharashtra Warns of Possible Service Disruption Amid Proposed January 27 Bank Strike
Jan 23, 2026
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 b...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.