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Bank of Maharashtra Q2 FY27 Share Price & Earnings Call Analysis

₹81.36+0.44% today
Market cap
₹62,548 Cr
P/E
8.30
ROE
22.65%
PEG
0.20
Price to sales
2.08
Debt to equity
10.74
52W high / low
₹93.8 / ₹56.2
Sales growth (5Y)
19.80%
EBITDA margin
68.75%
Net profit margin
23.96%
Promoter holding
73.60%
Sales (last year)
₹30,262 Cr

Guidance scorecard · Q2 FY27 call

What Bank of Maharashtra's management guided

Revenue20–40%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ2 FY27 call

20–40%
  • Bank of Maharashtra achieved strong business growth of 25% in September 2026 with advances growing 30% YoY.
  • Excluding IBU, credit growth remains robust at 23% YoY across all verticals (Retail, Agri, MSME).
  • Large credit grew 38% YoY, with INR18,000 crores from IBU and INR18,000 crores from domestic large credit (19% growth).
  • Current credit pipeline stands at INR23,000 crores with INR10,000 crores expected to disburse by March 2027.
  • Focus sectors for future growth include infrastructure (roads, power transmission, renewable energy), data centers, and metals.
  • Bank expects to maintain an 18% credit growth guidance, supported by ongoing branch expansions (77 branches added in H1 FY27).

2 more points from Bank of Maharashtra's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Flat

See what Bank of Maharashtra said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • The bank is aggressively opening branches in potential growth centers, requiring large-scale recruitment to support this expansion.
  • For FY24 and FY25, the bank has allocated substantial budgets for IT and cybersecurity to enhance digital capabilities and safeguard against cyber threats; INR900 crores was budgeted for IT in FY24, with INR985 crores allocated for FY25.
  • There is focus on investing in specialized skill sets in areas such as treasury, international banking unit (IBU), and technology through external recruitment.

2 more points from Bank of Maharashtra's call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

See what Bank of Maharashtra said on fundraising — free account, 30 seconds.

Full Q2 FY27 analysis

Order bookQ2 FY27 call

  • The current pipeline for the corporate book stands at approximately INR 23,000 crores.
  • The bank is bullish on growth in infrastructure-related sectors such as ports, airports, roads, power transmission, and renewable energy.
  • Significant funding has been done in renewable energy in the last 3 quarters, amounting to INR 14,000-15,000 crores.
  • The bank’s strategy includes collaboration with entities like NaBFID for large projects, leveraging government and multilateral support to manage risks and gain business on both asset and liability sides.
Full Q2 FY27 analysis

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

This quarter's potential multibaggers
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Bank of Maharashtra rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Financials of Bank of Maharashtra

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Bank of Maharashtra

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +86.46%86.46%86.46%86.46%79.60%79.60%79.60%79.60%73.60%73.60%73.60%73.60%
FIIs +0.45%1.04%1.20%1.26%1.54%1.72%1.89%2.35%4.92%5.55%5.82%6.50%
DIIs +4.71%4.68%4.58%4.46%10.88%10.67%10.40%10.06%13.50%13.93%14.28%13.76%
Public +8.37%7.80%7.75%7.81%7.99%8.00%8.11%8.00%7.97%6.93%6.32%6.14%
No. of Shareholders6,77,0878,46,7469,19,6639,48,4329,95,54310,06,2659,91,9309,74,4849,52,7759,01,4108,75,9438,81,259

Financials of Bank of Maharashtra

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Revenue +5,0685,1725,4675,8756,0176,3256,7317,0547,1287,3447,7558,0358,606
Interest2,6362,7052,8823,0753,2103,3813,6143,7623,8803,9224,0524,2644,652
Expenses +2,1642,0762,3392,3492,2192,2692,5612,4142,2752,3482,3122,5222,369
Financing Profit2683902464505886755568789731,0751,3911,2481,585
Financing Margin %5%8%4%8%10%11%8%12%14%15%18%16%18%
Other Income +6686801,0228947927889818258469339381,0291,129
Depreciation0000000000000
Profit before tax9361,0701,2681,3441,3801,4631,5371,7031,8192,0082,3302,2772,715
Tax %2%3%4%4%4%4%3%6%10%11%14%11%15%
Net Profit +9201,0381,2301,2951,3331,4121,5021,5041,6691,7992,0452,0232,136
EPS in Rs1.301.471.741.831.881.841.951.962.172.342.662.632.78
Gross NPA %2.19%2.04%1.88%1.85%1.84%1.80%1.74%1.74%1.72%1.60%1.45%1.45%1.25%
Net NPA %0.23%0.22%0.20%0.20%0.20%0.20%0.18%0.18%0.18%0.15%0.13%0.13%0.12%

Financials of Bank of Maharashtra

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue +12,66513,05312,06211,09610,85011,49611,86913,01915,89920,49524,94829,28231,740
Interest8,7909,1748,8867,7067,1157,2166,9706,9748,15710,67213,28115,61616,890
Expenses +3,9534,3326,7098,0349,8255,3306,7887,2786,3148,5429,1079,0059,551
Financing Profit-78-453-3,533-4,643-6,090-1,050-1,889-1,2331,4281,2812,5604,6615,300
Financing Margin %-1%-3%-29%-42%-56%-9%-16%-9%9%6%10%16%17%
Other Income +1,0201,0371,5251,5401,5681,6602,6492,6552,2833,0153,4763,5384,029
Depreciation1151491181292412111882682622232913440
Profit before tax827435-2,126-3,232-4,7633995711,1533,4484,0725,7457,8559,329
Tax %44%73%-36%-66%0%0%0%0%24%0%4%11%
Net Profit +465118-1,356-1,112-4,7633995711,1532,6054,0725,5427,0178,004
EPS in Rs4.371.01-11.61-4.28-17.300.680.871.713.875.757.219.1210.41
Dividend Payout %18%0%0%0%0%0%0%29%34%24%21%13%

Financials of Bank of Maharashtra

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital1,0631,1681,1682,5982,7535,8246,5606,7306,7307,0817,6927,6927,692
Reserves7,0607,6926,3017,4693,1305,0855,7487,3319,06012,78921,01625,53329,659
Deposits125,915142,785139,040138,967140,636150,050173,989202,275234,064270,726307,120350,538376,380
Borrowing7,3225,4238,1374,06410,1493,6704,2397,74710,7667,71923,85335,23447,890
Other Liabilities +4,7133,9614,7653,3518,0084,3886,2996,7007,2079,0139,6738,4756,845
Total Liabilities146,073161,029159,411156,449164,676169,018196,835230,783267,827307,329369,354427,471468,464
Fixed Assets +1,4321,6951,5641,4871,7411,6041,6222,0362,1492,2002,9112,9542,960
CWIP002230347252205810480
Investments32,81936,30238,67743,74259,83757,89168,28168,76269,04268,46582,216101,58899,420
Other Assets +111,822123,033119,148111,189103,064109,451126,880159,780196,628236,655284,222322,922366,085
Total Assets146,073161,029159,411156,449164,676169,018196,835230,783267,827307,329369,354427,471468,464

Financials of Bank of Maharashtra

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +-1,0832,9047,498-1,723-10,8426932,4476,896-1,44011,5817,628-11,336
Cash from Investing Activity +-151-151-99-134-106-100-169-300-175-260-495-506
Cash from Financing Activity +1,885-186-771,1004,2206982173782284614,750-2,607
Net Cash Flow6512,5677,322-758-6,7291,2922,4956,974-1,38711,78311,883-14,449
Free Cash Flow-1,2342,7537,399-1,858-10,9685842,2586,594-1,61711,3057,112-11,742

Financials of Bank of Maharashtra

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %6%1%-17%-13%-60%5%5%9%17%23%23%23%

Guidance history

How Bank of Maharashtra's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →20–40%FlatPlanned——
Q1 FY27 call →20–40%FlatPlannedPlannedRising
Q4 FY26 call →10–20%FlatPlanned——
Q3 FY26 call →20–40%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

72out of 100

Momentum score · price trend

72 out of 100 — Strengthening

Over the past year its share price has done better than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+39.2%82%
Last 6 months+3.8%61%
Last 3 months+2.6%72%
How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Bank of Maharashtra: 0.4 × 82 + 0.4 × 61 + 0.2 × 72 = 72.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Bank of Maharashtra's management said in earlier quarters