Bank of Maharashtra(MAHABANK)

NSE: MAHABANKBSE: 532525

₹ 75.3-4.05%refreshed 23 Oct, 03:59 pm ISTMarket cap: ₹ 57,917 crNext results: 26 Oct 2026Website: www.bankofmaharashtra.inUpdated: 24 Oct 2026

About

Bank of Maharashtra is a public sector bank headquartered in Pune. It offers retail, corporate/wholesale and treasury banking across India. It reported revenue of ₹29,281.74 crore in FY26. It had global advances of ₹3,05,964 crore and 2,861 branches as of June 2026, and is expanding its branch network beyond its home state of Maharashtra.^[1]

Business segments

Retail Banking: 44.3% of FY26 revenue (₹14,552.99 crore). Its share rose 14.5 percentage points over FY2019-FY2026.^[2]
Corporate/Wholesale Banking: 33.8% of FY26 revenue (₹11,085.68 crore). Its EBIT margin of 27.9% was the highest of the three segments.^[2]
Treasury Operations: 21.3% of FY26 revenue (₹6,979.46 crore). Its share fell 17.3 percentage points over FY2019-FY2026.^[2]

Loan book and deposits

Global advances reached ₹3,05,964 crore in Q1 FY27, up 27% YoY. By segment: Retail +25%, Agri +29%, MSME +23%, Corporate +30%.^[3]
The RAM:Corporate ratio stood at 62.84:37.16 at end-FY26, within the guided 60:40 ±2% band.^[4]
Total deposits grew 13% YoY to ₹3,44,493 crore in Q1 FY27, with no fresh certificate-of-deposit issuances in the quarter.^[3]
The CASA ratio was 49% in Q1 FY27, down from 53% at March 2026, after a seasonal ₹2,500-3,000 crore decline in current account balances. Absolute CASA grew 9% YoY.^[3]
The bank replaced high-cost bulk deposits with ₹19,000 crore of refinance at a blended cost of 6-6.5%.^[3]
The retail loan portfolio stood at ₹64,852.98 crore as of March 31, 2025.^[5]
The agriculture credit portfolio reached ₹35,547 as of 31.03.2025, up 16.71%. The priority sector loan book stood at ₹94,805 in FY25, up 10% over FY24.^[5]

Key operating metrics

NIM was 3.85% in Q1 FY27, down 10 bps YoY, against full-year guidance of 3.75%. Full-year FY26 NIM was 3.91%.^[3]
GNPA was 1.45% in Q1 FY27, down from 1.74% in June 2025. NNPA was 0.13%, down from 0.18%.^[3]
PCR (including TWO) was 98.55% in Q1 FY27, up from 98.36% in June 2025.^[3]
Credit cost was 0.99% in Q1 FY27, down 20 bps YoY. The slippage ratio was 1.16%.^[3]
CRAR was 18.64% in Q1 FY27, up from 18.13% in June 2025. CET1 was 15.56%, down from 16.63%.^[3]
The cost-to-income ratio was 35.04% in Q1 FY27, down from 37.57% in June 2025, against a guided ceiling of 40%.^[3]
ROA was 1.90% in Q1 FY27 (+10 bps YoY) and ROE was 24.65% (+165 bps YoY).^[3]

Products and portfolio

Gold loans reached ₹13,000 crore in Q1 FY27, up 75% YoY across the Agri, MSME and Retail segments.^[3]
The gold loan book was ₹24,000 crore at end-FY26 (+53% YoY). This included about ₹5,000 crore of co-lending with nine NBFCs rated A or above.^[4]
In FY26, home loans grew 29% YoY, vehicle loans grew 55.51% YoY and retail advances grew 32.39% YoY.^[4]
Gold loan co-lending moved to the RBI-mandated CLM1 model in the first week of March 2026.^[4]
Digital loans with straight-through processing include Digital Mudra, Digital Personal loan, Digital Gold loan, Digital Car loan and the E-GST scheme, which gives existing MSME customers cash credit of up to Rs.25 lakh (FY25).^[5]
The bank acts as a corporate agent for life, general and health insurance through partnerships with 8 insurance companies (FY25).^[5]
Green products include the Maha Bank Green Vehicle Loan, the Maha Bank Green Housing Loan and rooftop solar financing under PM Surya Ghar (FY25).^[5]
Subsidiary METCO managed over 1,030 public and private trusts and 754 live wills in FY 2024-25.^[5]

Branch network and reach

The bank had 2,861 branches as of June 2026, up from 2,651 a year earlier.^[3]
As of FY25, the 2,603 branches split into 643 metro, 577 urban, 770 semi-urban and 613 rural.^[5]
Maharashtra's share of the branch network fell from 52% to 42% over the 12 months to September 2025, because new branches are opening outside the state.^[6]
Of ₹43,000 crore of deposit growth in FY26, ₹21,000 crore came from outside Maharashtra.^[3]
Under Project 321, 183 of 321 planned branches, all outside Maharashtra, were operating at end-FY26. The Board has approved opening 1,000 branches over five years.^[4]
As of December 2025, all branches opened three or more years earlier were profitable, as were 60% of those opened two to three years earlier.^[7]
As of FY25, the bank had Housing Finance Branches in 43 major locations and Maha Bank Gold Loan Points in 34 locations, and had installed over 500 new ATMs and cash recyclers.^[5]

GIFT City international operations

The GIFT City IBU had sanctions of $965 million (a ₹8,200 crore book) by June 2026.^[3]
The IBU added about 3 percentage points to overall advances growth in Q1 FY27. It turned net-profit positive in March 2026.^[3]
The IBU targets a $1 billion book within 12 months of inception. It reached $650 million by March 2026, with $350 million in the pipeline.^[4]

Capital and funding

The bank plans to raise ₹5,000 crore of equity in FY27, subject to government approval.^[3]
The bank raised ₹3,500 crore of equity through a QIP in October 2024 to improve capital adequacy and fund growth.^[5]
S&P Global assigned a BBB- (Stable) rating. FII holding rose from 0.39% in 2023 to 2.58% by September 2025.^[6]
The bank plans ECL provisioning of about ₹125 crore per quarter for four years, to March 2031.^[3]

Recent developments

Under Maharashtra's farm loan waiver, ₹3,500 crore of the bank's portfolio is eligible. The bank puts its maximum haircut at ₹450-500 crore, against provisions of ₹1,700 crore and TWO of ₹1,100 crore as of Q1 FY27.^[3]
The bank expects the KCC farm loan waiver to be completed within FY27 and to reduce agri NPA from 7.72% to 5.33%.^[4]
The bank was mobilising five-year FCNR deposits at 6.60% in August-September 2026.^[3]
Management stated that all 18-19 quantitative guidance parameters were met in FY26, including ROA of 1.86% against guidance of 1.75%.^[4]
Vidarbha Konkan Gramin Bank was merged into Maharashtra Gramin Bank, which Bank of Maharashtra sponsors, with effect from 1 May 2025.^[5]
SEBI issued the bank an administrative warning for not holding Nomination and Remuneration Committee (NRC) meetings in FY 2022-23 and 2023-24 (FY25 annual report).^[5]

Market Cap

₹57,917 Cr

High / Low

₹95 / 56

Stock P/E

8.1

Price / Book

1.8

Book Value

₹33

EPS

₹9.1

No. of Shares

769.16 Cr

ROE

22.7%

Sales

₹29,282 Cr

Net Profit

₹7,017 Cr

Promoter holding

73.6%

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Bank of Maharashtra(MAHABANK)

About

Business segments

Loan book and deposits

Key operating metrics

Products and portfolio

Branch network and reach

GIFT City international operations

Capital and funding

Recent developments

Signal history

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