HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 23 Oct 2026 −0.18%
Research updated
Bank of Maharashtra
NSE: MAHABANKFinancial ServicesBanks - Regional
- Last close
- ₹75.32
- Day change
- −₹3.16 (−4.03%)vs
- Market cap
- ₹64,409 crIndian rupees
- Research updated
- 1 report
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About Bank of Maharashtra
Bank of Maharashtra is a prominent public sector bank in India, established in 1935. As a pivotal player in the financial sector, the bank is primarily engaged in providing a comprehensive range of banking and financial services. Its suite of products includes personal banking solutions like savings accounts and personal loans, corporate banking services, agricultural loans, and various government-backed schemes aimed at promoting financial inclusion. Known for its extensive network, Bank of Maharashtra operates numerous branches and ATMs across India, significantly impacting the rural and urban populations. Its strong presence in the Indian banking sector emphasizes its commitment to supporting economic growth and development. In addition to traditional banking, the bank has embraced technology by offering digital services such as mobile banking, internet banking, and UPI payment systems. Through its continued focus on innovation and customer-centric services, Bank of Maharashtra plays a vital role in enhancing the accessibility of financial services and contributing to the overall stability and dynamism of the Indian banking industry.
- Sector
- Financial Services
- Industry
- Banks - Regional
- Listing
- NSE: MAHABANK
- Next results
- Chief executive
- Mr. Nidhu Saxena
- Employees
- 15,596
- Headquarters
- Pune, India
- ISIN
- INE457A01014
- Website
- bankofmaharashtra.bank.in
Public research · Report of
Business model & financial foundation
Bank of Maharashtra (NSE: MAHABANK), Public sector banking: revenue of ₹32,823 crore in FY26 (+15.6% on FY25) and net profit of ₹7,019 crore.
- Revenue, FY26 (₹ crore)
- 32,823
- standalone
- Revenue growth, FY26
- +15.6%
- on FY25
- Net profit, FY26 (₹ crore)
- 7,019
- to owners
- Return on equity, FY26
- 22.8%
- on average equity
- Market capitalisation (₹ crore)
- 63,378
- at the close of 13 Oct 2026
Company profile
Government-controlled universal bank based in Pune. Its retail, agriculture, MSME and corporate lending is funded predominantly by deposits, with a historically high CASA mix. Earnings depend on earning-asset growth, loan and deposit repricing, operating costs, recoveries and provisioning. GIFT City adds overseas growth while capital and public-sector governance constrain the pace of expansion.
| Item | Value |
|---|---|
| Legal name | Bank of Maharashtra |
| Exchange and ticker | NSE: MAHABANK; BSE: 532525 |
| ISIN | INE457A01014 |
| Sector | Financial Services |
| Industry | Public sector banking |
| Headquarters | Pune, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | G D Apte & Co.; Manubhai & Shah LLP; Sagar & Associates; S. Singhal & Co. |
| Market capitalisation | ₹63,378 crore (13 Oct 2026) |
| Price | ₹83.00 (close, 13 Oct 2026) |
| 52-week range | ₹54.66 - ₹94.50 (to 13 Oct 2026) |
| Website | https://bankofmaharashtra.bank.in |
Corporate structure and shareholding
Parent: Government of India.
| Entity | Holding | Business |
|---|---|---|
| Maharashtra Executor & Trustee Co. Pvt. Ltd. | 100% | Executor and trustee services |
| Maharashtra Gramin Bank | 35% | Regional rural bank associate; absorbed Vidharbha Konkan Gramin Bank in April 2025 |
Nationalised under the 1970 Act, no corporate CIN. GIFT City unit is a branch, not a subsidiary.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 73.60% | 73.60% | 73.60% | 73.60% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 4.92% | 5.55% | 5.82% | 6.50% |
| Domestic institutions | 13.51% | 13.92% | 14.26% | 13.78% |
| of which mutual funds | 5.32% | 6.27% | 6.76% | 6.78% |
| Retail | 7.97% | 6.93% | 6.32% | 6.14% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | pbt, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Treasury Operations | 6,979 | 21.3% | 1,496 | 19.0% |
| Corporate / Wholesale Banking | 11,086 | 33.8% | 3,094 | 39.4% |
| Retail Banking (incl. Digital Banking Units) | 14,553 | 44.3% | 3,164 | 40.3% |
| Other Banking Operations | 204.4 | 0.6% | 103.5 | 1.3% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Canara Bank (CANBK) | PSB with broad RAM portfolio and funding competition |
| Union Bank of India (UNIONBANK) | PSB loan growth and capital benchmark |
| Bank of Baroda (BANKBARODA) | PSB with international operations |
| Punjab National Bank (PNB) | Large PSB asset-quality normalisation comparator |
| State Bank of India (SBIN) | Sector funding and franchise quality anchor |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total income | 23,493 | 28,402 | 32,823 |
| Interest earned | 20,495 | 24,947 | 29,282 |
| Interest expended | 10,673 | 13,282 | 15,618 |
| Net interest income | 9,822 | 11,666 | 13,664 |
| Other income | 2,998 | 3,454 | 3,541 |
| Employees cost (Sch 16 I) | 2,838 | 3,442 | 3,376 |
| Other operating expenses | 1,976 | 2,358 | 3,003 |
| Operating expenses | 4,814 | 5,801 | 6,379 |
| Operating profit before provisions | 8,005 | 9,319 | 10,826 |
| Provisions other than tax | 3,646 | 3,597 | 2,968 |
| Profit before tax | 4,359 | 5,722 | 7,857 |
| Tax expense | 304.4 | 202.7 | 838.1 |
| Net profit | 4,055 | 5,520 | 7,019 |
| Net profit to owners | 4,055 | 5,520 | 7,019 |
| EPS diluted (= basic) (₹) | 5.78 | 7.48 | 9.13 |
| Weighted average shares (crore) (crore shares) | 701.81 | 737.89 | 769.16 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Advances (net) | 2,00,240 | 2,36,084 | 2,88,104 |
| Deposits | 2,70,747 | 3,07,143 | 3,50,564 |
| Capital + reserves & surplus | 19,674 | 28,489 | 33,108 |
| Paid-up capital | 7,081 | 7,692 | 7,692 |
| Reserves & surplus | 12,593 | 20,798 | 25,416 |
| Total assets | 3,07,138 | 3,69,142 | 4,27,363 |
| Cash, RBI and bank/call balances | 30,312 | 42,195 | 27,746 |
| Investments | 68,274 | 82,005 | 1,01,480 |
| Borrowings | 7,719 | 23,853 | 35,234 |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Cash flow from operating activities | n.r. | 7,649 | -10,989 |
| Purchase of fixed assets | n.r. | -519.4 | -421.6 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Shares outstanding, year end (crore) (crore shares) | 708.14 | 769.16 | 769.16 |
| Dividend per share (₹) | 2.20 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Total income | 6,809 | 7,112 | 7,711 | 7,879 | 7,974 | 8,277 | 8,693 | 9,063 |
| Interest earned | 6,017 | 6,325 | 6,731 | 7,054 | 7,128 | 7,344 | 7,755 | 8,035 |
| Interest expended | 3,211 | 3,381 | 3,614 | 3,762 | 3,881 | 3,922 | 4,053 | 4,265 |
| Net interest income | 2,807 | 2,943 | 3,116 | 3,292 | 3,248 | 3,422 | 3,702 | 3,770 |
| Other income | 791.8 | 787.8 | 980.7 | 824.9 | 845.2 | 932.9 | 937.9 | 1,029 |
| Employees cost | 811.6 | 849.7 | 881.0 | 880.3 | 822.1 | 797.9 | 875.5 | 1,007 |
| Other operating expenses | 585.0 | 578.4 | 696.4 | 666.4 | 696.5 | 821.7 | 818.8 | 674.5 |
| Operating expenses | 1,397 | 1,428 | 1,577 | 1,547 | 1,519 | 1,620 | 1,694 | 1,681 |
| Operating profit (PPOP) | 2,202 | 2,303 | 2,520 | 2,570 | 2,574 | 2,736 | 2,946 | 3,117 |
| Provisions other than tax | 822.1 | 840.7 | 983.3 | 867.4 | 755.9 | 728.2 | 617.0 | 840.4 |
| Profit before tax | 1,380 | 1,462 | 1,536 | 1,703 | 1,818 | 2,007 | 2,329 | 2,277 |
| Tax expense | 53.1 | 55.9 | 43.4 | 109.8 | 185.2 | 228.1 | 315.0 | 256.6 |
| Net profit | 1,327 | 1,406 | 1,493 | 1,593 | 1,633 | 1,779 | 2,014 | 2,020 |
| Net profit to owners | 1,327 | 1,406 | 1,493 | 1,593 | 1,633 | 1,779 | 2,014 | 2,020 |
| EPS (not annualised) (₹) | 1.87 | 1.83 | 1.95 | 2.07 | 2.12 | 2.31 | 2.62 | 2.63 |
Standalone, as reported. 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 | 20.9% | 15.6% | |
| Net margin | 17.3% | 19.4% | 21.4% |
| Return on equity | 20.6% | 22.9% | 22.8% |
| EPS, diluted (₹) | 5.78 | 7.48 | 9.13 |
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 diluted (= basic)).
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 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 Maharashtra 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 Maharashtra
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 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.