Any current/future new fundraising through debt or equity?

Bank of Maharashtra has Board approval for a capital raise of Rs. 7,500 crore, of which Rs. 5,000 crore is equity and the rest is debt. There is no immediate urgent need due to a healthy CRAR of 18%, but the bank plans to maintain this level going forward. The fundraise is planned to support growth capital needs driven by branch expansion and new geographies. The timing and mode of the capital raise will be decided opportunistically within FY 2026. Government shareholding has dropped below 80% (currently 79.6%), and the fundraise will also help comply with SEBI minimum public sharehold

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

The bank has approval from the Board, government, RBI, and shareholders to raise funds. A capital raise is planned within FY2026, with approval for Rs. 7,500 crore, including Rs. 5,000 crore equity and the rest debt. The capital raise aims to maintain a healthy CRAR (~18%) to support fast growth and branch expansion into new geographies. The bank plans to open 1,000 branches over the next 5 years, with 321 branches targeted for opening in the next 18 months as part of "Project 321." No immediate urgent need to raise capital due to healthy CRAR, but fundraise will support sustained growth. The

Future growth expectations in sales/revenue/volumes?

Bank of Maharashtra is undertaking an aggressive branch expansion plan called "Project 321" to open 321 branches in the next 18 months, focusing on high potential growth centers outside Maharashtra. Total business growth of 14% to Rs. 5.63 lakh crore, with deposits up 12.13% and advances up almost 17%. Banking potential and business growth are targeted at emerging cities and five focus states beyond Maharashtra, where institutional business and government allocations are increasing. Retail segments show strong growth: home loans up 30-31%, gold loans 47%, vehicle loans 49%, focusing on p

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

Total business is growing strongly, with advances up by 17% and deposits by 12.13%. Net profit has increased by 23% to Rs. 1,633 crore in H1 FY2026. Operating profit grew by 17% to Rs. 2,500 crore. Net interest income increased by ~16%, with NIM at a healthy 3.85%. Cost-to-income ratio improved to 37.1%, reflecting operational efficiency. ROA improved to 1.82%, indicating better asset utilization. Expansion through Project 321 (321 branches in 18 months) and a 5-year plan to open 1,000 branches will drive growth. Growing retail and prime borrower portfolio (home loans grew 30-31%) supports ass

Bank of MaharashtraQ3 FY26Banks

Bank of Maharashtra Q3 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

→Bank of Maharashtra is undertaking an aggressive branch expansion plan called "Project 321" to open 321 branches in the next 18 months, focusing on high potential growth centers outside Maharashtra.
→Total business growth of 14% to Rs. 5.63 lakh crore, with deposits up 12.13% and advances up almost 17%.
→Banking potential and business growth are targeted at emerging cities and five focus states beyond Maharashtra, where institutional business and government allocations are increasing.
→Retail segments show strong growth: home loans up 30-31%, gold loans 47%, vehicle loans 49%, focusing on prime and super prime borrowers.
→GIFT International Banking Unit set up with a $100 million business in the first half year and aspirations to reach $1 billion in 12 months.
→Fee-based income is being enhanced via new partnerships, co-branded cards, and bancassurance, contributing to revenue diversification.
→Capital adequacy is healthy at 18%, supporting further growth and planned fundraise of up to Rs. 7,500 crore in FY2026 to fund expansion.

Margin guidance

Category 3

→Total business is growing strongly, with advances up by 17% and deposits by 12.13%.
→Net profit has increased by 23% to Rs. 1,633 crore in H1 FY2026.
→Operating profit grew by 17% to Rs. 2,500 crore.
→Net interest income increased by ~16%, with NIM at a healthy 3.85%.
→Cost-to-income ratio improved to 37.1%, reflecting operational efficiency.
→ROA improved to 1.82%, indicating better asset utilization.
→Expansion through Project 321 (321 branches in 18 months) and a 5-year plan to open 1,000 branches will drive growth.
→Growing retail and prime borrower portfolio (home loans grew 30-31%) supports asset quality.
→Maintaining credit cost guidance below 1%, supporting sustainable profit growth.
→Capital adequacy healthy at 18%, with plans for fundraise to fuel growth.
→Fee income enhancement initiatives underway through partnerships and digitalization.
→Overall outlook: steady growth in earnings, operating profits, and EPS is expected, supported by business expansion, asset quality, and operational efficiencies.

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Fundraise plans

Yes

→Bank of Maharashtra has Board approval for a capital raise of Rs. 7,500 crore, of which Rs. 5,000 crore is equity and the rest is debt.
→There is no immediate urgent need due to a healthy CRAR of 18%, but the bank plans to maintain this level going forward.
→The fundraise is planned to support growth capital needs driven by branch expansion and new geographies.
→The timing and mode of the capital raise will be decided opportunistically within FY 2026.
→Government shareholding has dropped below 80% (currently 79.6%), and the fundraise will also help comply with SEBI minimum public shareholding norms by raising around 4.6% public shareholding.
→Overall, a conscious plan to raise growth capital is in place, but the precise timing and structure will be finalized based on market conditions.

Order book

The transcript from the Bank of Maharashtra Q2 & H1 FY-2026 earnings call does not explicitly mention current, expected, or pending order book details. However, relevant business growth insights include: - Total business grew 14% to Rs. 5.63 lakh crore. - Deposits up 12.13%; Advances up almost 17%. - New branch expansion plan: Project 321 aims to open 321 branches in 18 months, as part of a 5-year plan to open 1,000 branches. - GIFT International Banking Unit (IBU) operational with Rs. 100 million business in the half-year, with a pipeline to grow to a $1 billion book in 12 months. - Strong traction in new business verticals targeting institutions in five focus states. - No specific mention of order book or pending orders in typical banking terms. Thus, while growth and expansion initiatives are underway, explicit order book or pending order figures are not disclosed in the provided transcript.

Capex plans

Yes

→The bank has approval from the Board, government, RBI, and shareholders to raise funds.
→A capital raise is planned within FY2026, with approval for Rs. 7,500 crore, including Rs. 5,000 crore equity and the rest debt.
→The capital raise aims to maintain a healthy CRAR (~18%) to support fast growth and branch expansion into new geographies.
→The bank plans to open 1,000 branches over the next 5 years, with 321 branches targeted for opening in the next 18 months as part of "Project 321."
→No immediate urgent need to raise capital due to healthy CRAR, but fundraise will support sustained growth.
→The bank is also investing in digital technology solutions, including revamping mobile banking applications and creating end-to-end digital journeys for products like KCC loans.

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