Any current/future new fundraising through debt or equity?

The bank has Board approval to raise INR 7,500 crore through debt and equity but will do so at an opportune time and via the opportune mode (Page 14). Currently, the Capital to Risk Weighted Assets Ratio (CRAR) stands at a healthy 20.5%, with a guidance to maintain around 18%, indicating no immediate need to raise capital (Page 13). Last year's equity dilution of 7% brought promoter holding below 80%, requiring only a 4.6% further reduction to meet SEBI regulations; however, no decision has been made on timing or mode of capital raise (Page 13). The bank actively engages with investors and has

Any current/future capex/capital investment/strategic investment?

The bank has a strategic focus on expanding physical presence, with a Board-approved plan to open 1,000 new branches over the next 5 years, including a specific Project 321 for opening 321 branches in 18 months. Significant recruitment is underway to support this expansion, including hiring specialized skill sets for compliance, governance, and technology risk management. A new version of the mobile banking application is being fast-tracked to launch within a month, aimed at providing a world-class digital experience and attracting new retail customers. The bank has obtained regulatory p

Future growth expectations in sales/revenue/volumes?

The bank targets a total business growth of 15% for FY2026, with advances expected to grow by 17% and deposits by 14%. Gold loan portfolio is growing strongly at 58% year-on-year, supported by robust valuation and safekeeping processes. The bank plans to open 321 new branches in the next 18 months, focusing on potential growth centers identified through detailed market analysis. Expansion into new geographies will continue, aiming to make the bank a pan-India presence with a broader footprint over the next 3-5 years. GIFT City International Banking Unit (IBU) operations are expected to

Future growth expectations in earnings/operating earnings/profits/EPS?

The bank aims for sustainable, consistent growth in business, advances, deposits, CASA, RAM, asset quality, profitability, and efficiency ratios, aligning with FY2026 guidance. Total business growth for FY2026 is targeted at 15%, with advances growing at 17% and deposits at 14%. The bank plans to maintain cost-to-income ratio below 40% despite rapid branch expansion and recruitment. Asset quality focus: Maintain slippage ratio and credit cost below 1%, with NNPA guidance at 0.2%-0.25%. Capital adequacy ratio (CRAR) currently healthy at 20.5%, with guidance to maintain around 18%; capital raisi

Bank of MaharashtraQ2 FY26Banks

Bank of Maharashtra Q2 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹80.3P/E: 8.1Market Cap: ₹60.9K CrSector: Banks

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→The bank targets a total business growth of 15% for FY2026, with advances expected to grow by 17% and deposits by 14%.
→Gold loan portfolio is growing strongly at 58% year-on-year, supported by robust valuation and safekeeping processes.
→The bank plans to open 321 new branches in the next 18 months, focusing on potential growth centers identified through detailed market analysis.
→Expansion into new geographies will continue, aiming to make the bank a pan-India presence with a broader footprint over the next 3-5 years.
→GIFT City International Banking Unit (IBU) operations are expected to start in Q2-FY2026, opening avenues for global syndications and enhanced business growth.
→Focus on strengthening MSME and Agriculture segments through selective customer targeting and improved underwriting standards.
→The bank emphasizes profitable growth and sustainable business acquisition, prioritizing bottom-line impact alongside top-line growth.

Margin guidance

Category 3

→The bank aims for sustainable, consistent growth in business, advances, deposits, CASA, RAM, asset quality, profitability, and efficiency ratios, aligning with FY2026 guidance.
→Total business growth for FY2026 is targeted at 15%, with advances growing at 17% and deposits at 14%.
→The bank plans to maintain cost-to-income ratio below 40% despite rapid branch expansion and recruitment.
→Asset quality focus: Maintain slippage ratio and credit cost below 1%, with NNPA guidance at 0.2%-0.25%.
→Capital adequacy ratio (CRAR) currently healthy at 20.5%, with guidance to maintain around 18%; capital raising via QIP planned at an opportune time to support growth.
→Profitability drivers include differentiated product offerings, new geographies expansion (321 new branches planned in 18 months), technology upgrades, and growth in Treasury income.
→EPS expected to benefit from consistent operational performance, controlled costs, and profitable loan growth.

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Fundraise plans

Yes

→The bank has Board approval to raise INR 7,500 crore through debt and equity but will do so at an opportune time and via the opportune mode (Page 14).
→Currently, the Capital to Risk Weighted Assets Ratio (CRAR) stands at a healthy 20.5%, with a guidance to maintain around 18%, indicating no immediate need to raise capital (Page 13).
→Last year's equity dilution of 7% brought promoter holding below 80%, requiring only a 4.6% further reduction to meet SEBI regulations; however, no decision has been made on timing or mode of capital raise (Page 13).
→The bank actively engages with investors and has a vertical headed by a Chief General Manager focusing on capital raising initiatives (Page 17).
→The management plans to raise funds strategically, ensuring sustainable performance before proceeding with any fundraising exercise (Page 17).

Order book

The transcript from the Bank of Maharashtra's Q1-FY2026 earnings call does not explicitly mention details about the current or expected order book or pending orders. The discussion primarily focuses on: - Business growth, asset quality, profitability, and branch expansion. - Loan portfolio quality, underwriting standards, and growth in MSME and Agriculture sectors. - Plans for capital raising and technology enhancements including GIFT City International Banking Unit. - Recruitment and branch opening strategy. - No direct reference to order book status, pending orders, or similar terms was made during the call. Therefore, there is no specific data or commentary regarding the Bank's current or expected order book or pending orders in the provided transcript.

Capex plans

Yes

→The bank has a strategic focus on expanding physical presence, with a Board-approved plan to open 1,000 new branches over the next 5 years, including a specific Project 321 for opening 321 branches in 18 months.
→Significant recruitment is underway to support this expansion, including hiring specialized skill sets for compliance, governance, and technology risk management.
→A new version of the mobile banking application is being fast-tracked to launch within a month, aimed at providing a world-class digital experience and attracting new retail customers.
→The bank has obtained regulatory permission to open an International Banking Unit (IBU) in GIFT City, which is expected to start operations in Q2 FY2026, enabling participation in global syndications and ECB transactions.
→Capital raising plans include Board approval to raise up to INR 7,500 crore via debt and equity, with no immediate timeline but intended to be done at an opportune time and mode.

How does Bank of Maharashtra rank vs peers in Banks?

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1Bank of Maharashtra

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