HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹707.25 last close on 9 Oct 2026 +2.17%
Research updated
Bank of Baroda
NSE: BANKBARODAFinancial ServicesBanks - Regional
- Last close
- ₹235.80
- Day change
- +₹1.80 (+0.77%)vs
- Market cap
- ₹1.22 lakh crIndian rupees
- Research updated
- 1 report
About Bank of Baroda
Bank of Baroda is a prominent international banking and financial services company headquartered in Vadodara, India. Established in 1908, this public sector bank plays a crucial role in India's financial landscape, serving individuals, businesses, and government entities worldwide. Known for its extensive network, Bank of Baroda operates numerous branches domestically and internationally, facilitating a wide range of banking services. These services include personal banking, corporate finance, wealth management, and investment banking, contributing to diverse financial needs. Bank of Baroda actively participates in key sectors such as agriculture, SMEs, and retail, promoting economic growth and development. Its international presence, with operations spanning over 20 countries, underscores its significance in global trade and cross-border banking services. The bank's strategic partnerships and use of technology enhance its service delivery, enabling efficient and customer-friendly solutions. As a stalwart in the banking sector, Bank of Baroda continually adapts to evolving financial markets, emphasizing innovation and sustainability in its practices.
- Sector
- Financial Services
- Industry
- Banks - Regional
- Listing
- NSE: BANKBARODA
- Chief executive
- Dr. Debadatta Chand
- Employees
- 75,008
- Headquarters
- Vadodara, India
- ISIN
- INE028A01039
- Website
- bankofbaroda.bank.in
Public research · Report of
Business model & financial foundation
Bank of Baroda (NSE: BANKBARODA), Public sector bank: revenue of ₹63,439 crore in FY26 (+1.8% on FY25) and net profit of ₹20,021 crore.
- Revenue, FY26 (₹ crore)
- 63,439
- standalone
- Revenue growth, FY26
- +1.8%
- on FY25
- Net profit, FY26 (₹ crore)
- 20,021
- to owners
- Return on equity, FY26
- 13.8%
- on average equity
- Market capitalisation (₹ crore)
- 1,20,824
- at the close of 12 Oct 2026
Company profile
Bank of Baroda is India's third-largest public sector bank, with global advances of Rs14.3 lakh crore and deposits of Rs16.5 lakh crore at March 2026. About 18% of its loans are booked overseas (largely Gulf, UK and US branches), the largest international book among Indian banks. Earnings rest on net interest income from a corporate-heavy domestic book, retail and agri growth, and recoveries from written-off accounts.
| Item | Value |
|---|---|
| Legal name | Bank of Baroda |
| Exchange and ticker | NSE: BANKBARODA; BSE: 532134 |
| ISIN | INE028A01039 |
| Sector | Financial Services |
| Industry | Public sector bank |
| Headquarters | Vadodara, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | Joint central statutory auditors incl. Shah Gupta & Co, Batliboi & Purohit, Ravi Rajan & Co LLP, Gokhale & Sathe (FY26) |
| Market capitalisation | ₹1,20,824 crore (12 Oct 2026) |
| Price | ₹235.8 (close, 12 Oct 2026) |
| 52-week range | ₹223.8 - ₹325.5 (to 12 Oct 2026) |
| Website | https://www.bankofbaroda.in |
Corporate structure and shareholding
Parent: Government of India (63.97%).
| Entity | Holding | Business |
|---|---|---|
| IndiaFirst Life Insurance | 64.92% | Life insurance (listed? no; unlisted JV-subsidiary) |
| Baroda BNP Paribas Asset Management | 50.1% | Mutual fund asset management |
| BOB Financial Solutions (BOBCARD) | 100% | Credit cards |
| BOB Capital Markets | 100% | Broking and investment banking |
| Nainital Bank | 98.62% | Regional private sector bank |
| India Infradebt (JV) | 40.99% | Infrastructure debt fund NBFC |
| Bank of Baroda (Botswana), (Uganda) 80%, (Kenya) 86.7%, UK, NZ, Guyana, Tanzania | n.d. | Overseas banking subsidiaries |
Also 35% stakes in Baroda Gujarat Gramin and Baroda UP Bank (RRBs), 40% India International Bank Malaysia, 20% Indo-Zambia Bank. A primary dealer subsidiary began 1 Apr 2026.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 63.97% | 63.97% | 63.97% | 63.97% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 9.84% | 9.69% | 10.14% | 10.29% |
| Domestic institutions | 18.81% | 19.01% | 18.42% | 17.92% |
| of which mutual funds | 9.97% | 10.46% | 9.78% | 9.49% |
| Retail | 7.37% | 7.33% | 7.46% | 7.82% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Bank of Baroda is India's third-largest public sector bank (Government of India 63.97%). Standalone global gross advances were 14,29,879 cr and deposits 16,48,487 cr at March 2026. Earnings are net interest income (FY26 47,682 cr), other income (15,757 cr: treasury 4,436, recovery from written-off accounts 3,424, fees/forex/other 7,897) less operating expenses (31,180 cr) and provisions (7,149 cr). The domestic book mixes retail (3,02,598 cr), agriculture (1,91,063), MSME (1,59,786) and corporate (4,56,584); international advances of 2,60,421 cr (about 18%) are the largest of any Indian bank and earn a far thinner margin (1.4-1.5% NIM per the CEO). The bank controls pricing on its loan book only partly: a large share is linked to the repo rate and reprices with RBI, while deposits reprice with a lag.
| Peer | Why the dossier compares them |
|---|---|
| State Bank of India (SBIN) | Largest PSU bank; same ownership, rate sensitivity and ECL transition |
| Punjab National Bank (PNB) | |
| Canara Bank (CANBK) | |
| Union Bank of India (UNIONBANK) | Large PSU bank, similar balance-sheet scale |
| Indian Bank (INDIANB) |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Interest earned | 1,12,606 | 1,22,301 | 1,26,994 |
| Interest expended | 67,884 | 75,783 | 79,311 |
| Net interest income | 44,722 | 46,518 | 47,682 |
| Other income | 14,495 | 15,788 | 15,757 |
| Operating expenses | 28,252 | 29,871 | 31,180 |
| Employee cost | 15,816 | 16,608 | 15,742 |
| Other operating expenses | 12,436 | 13,264 | 15,439 |
| Operating profit before provisions | 30,965 | 32,435 | 32,259 |
| Provisions (other than tax) and contingencies | 6,076 | 5,980 | 7,149 |
| Exceptional items | 0.00 | 0.00 | 0.00 |
| Profit before tax | 24,890 | 26,454 | 25,110 |
| Tax expense | 7,101 | 6,873 | 5,089 |
| Net profit | 17,789 | 19,581 | 20,021 |
| EPS basic = diluted (₹) | 34.40 | 37.86 | 38.72 |
| Net revenue (NII plus other income) | 59,217 | 62,306 | 63,439 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Global gross advances | 10,90,506 | 12,30,461 | 14,29,879 |
| Global deposits | 13,35,136 | 14,72,035 | 16,48,487 |
| Capital plus reserves and surplus | 1,12,224 | 1,36,926 | 1,53,208 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Shares (net profit / EPS) | 517.1 | 517.2 | 517.1 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Interest earned | 30,278 | 31,277 | 31,117 | 31,091 | 31,511 | 31,750 | 32,642 | 33,211 |
| Interest expended | 18,641 | 19,491 | 19,622 | 19,657 | 19,557 | 19,949 | 20,148 | 20,686 |
| Net interest income | 11,637 | 11,786 | 11,494 | 11,435 | 11,954 | 11,800 | 12,494 | 12,525 |
| Other income | 5,166 | 3,400 | 4,735 | 4,675 | 3,515 | 3,600 | 3,967 | 3,470 |
| Operating expenses | 7,326 | 7,522 | 8,097 | 7,873 | 7,893 | 8,024 | 7,391 | 7,868 |
| Employee cost | 4,040 | 4,207 | 4,347 | 4,308 | 4,061 | 4,111 | 3,262 | 4,247 |
| Other operating expenses | 3,287 | 3,315 | 3,750 | 3,565 | 3,832 | 3,913 | 4,129 | 3,621 |
| Operating profit before provisions | 9,477 | 7,664 | 8,132 | 8,236 | 7,576 | 7,377 | 9,069 | 8,127 |
| Provisions (other than tax) and contingencies | 2,336 | 1,082 | 1,552 | 1,967 | 1,232 | 798.9 | 3,150 | 643.0 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -5,680 |
| Profit before tax | 7,141 | 6,582 | 6,581 | 6,270 | 6,343 | 6,578 | 5,919 | 1,804 |
| Tax expense | 1,903 | 1,745 | 1,533 | 1,728 | 1,534 | 1,524 | 303.3 | 525.6 |
| Net profit | 5,238 | 4,837 | 5,048 | 4,541 | 4,809 | 5,055 | 5,616 | 1,278 |
| EPS basic = diluted (not annualised) (₹) | 10.13 | 9.35 | 9.76 | 8.78 | 9.30 | 9.77 | 10.86 | 2.47 |
| Net revenue (NII plus other income) | 16,803 | 15,186 | 16,229 | 16,109 | 15,469 | 15,401 | 16,461 | 15,995 |
Standalone, restated. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue growth | 5.2% | 1.8% | |
| Net margin | 30.0% | 31.4% | 31.6% |
| Return on equity | 15.9% | 15.7% | 13.8% |
| EPS, diluted (₹) | 34.40 | 37.86 | 38.72 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- EPS, diluted (₹): as reported (EPS basic = diluted).
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Bank of Baroda includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Bank of Baroda
- Research reportLatest
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Prices are the last close on the NSE, 9 Oct 2026. Research from Mool’s report of 12 Oct 2026; page updated 12 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.