Bank of Maharashtra (MAHABANK) AI Stock Analysis

Bank of Maharashtra

(NSE:MAHABANK)

Select Model

Rating:67Neutral

Price Target:INR 82.00▲(0.99% Upside)

Action:reiterated

Date:10/26/26

The score is driven primarily by strong reported earnings/profitability trends and a very attractive valuation (low P/E with a solid dividend). These positives are tempered by cash-flow volatility and weaker near-term technicals (price below key moving averages with negative MACD), while the latest earnings call was broadly supportive despite some funding-cost and recovery-related watch items.

Positive Factors

Strong earnings growthRapid revenue and net-income growth, together with substantial margin expansion, indicate stronger operating leverage and improved earnings quality. If sustained, this creates greater internal capacity to build capital, support lending growth, and absorb credit costs over the next several quarters.

Negative Factors

Remaining ECL provisioningA substantial portion of the assessed expected-credit-loss requirement remains to be recognized over the four-year period. Although management considers the obligation manageable, future provisions could continue to absorb earnings and constrain the benefit of otherwise strong operating performance.

Bank of Maharashtra (MAHABANK) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 650.32B
Dividend Yield: 2.71%
Average Volume (3M): 894.25K
Price to Earnings (P/E): 7.8
Beta (1Y): 1.19
Revenue Growth: 16.60%
EPS Growth: 31.41%
Country: India
Employees: 15,596
Sector: General
Sector Strength: 55
Industry: Banks - Regional

Bank of Maharashtra Business Overview & Revenue Model

Company Description

Bank of Maharashtra, established in 1935 and headquartered in Pune, India, offers a comprehensive suite of banking and financial services across the nation. The bank's operations are segmented into Treasury, Corporate/Wholesale Banking, Retail Bankin...

How the Company Makes Money

Bank of Maharashtra primarily makes money through a mix of interest-based income and fee-based (non-interest) income typical of commercial banks. 1) Net interest income (core earnings) - Interest on loans and advances: The bank earns interest from le...

Bank of Maharashtra Earnings Call Summary

Earnings Call Date:Oct 25, 2026(Q2-2027)|% Change Since:7.84%|Next Earnings Date:Feb 13, 2027

Earnings Call SentimentPositive

The call was strongly positive. Highlights significantly outweighed the challenges, with management reporting that all guidance metrics were met, business and credit growth remained strong, profitability and returns improved materially, asset quality strengthened, and capital and liquidity stayed healthy. The main concerns were the sequential increase in deposit costs, pending debt-waiver receivables, the large outstanding write-off book, and the need to monitor drought-related agricultural conditions, but management described these areas as manageable and provided specific mitigation or recovery plans.

Positive Updates

All FY2027 Guidance Metrics Met

Management stated that every guidance number set for growth, profitability, asset quality, and capital adequacy had been met, with the targets being met consistently.

Negative Updates

Quarter-on-Quarter Increase in Cost of Deposits

An analyst noted that the cost of deposits had increased sharply quarter over quarter. Management emphasized that the cost of deposits had declined 4 basis points year over year and said it was reducing reliance on high-cost bulk deposits while focusing on core retail deposits.

Company Guidance

Management said each of the guidance numbers set for the year across growth, profitability, asset quality and capital adequacy had been met, with a credit growth guidance number of 18% and expectations to maintain a pace above our guidance of 18% in credit; the bank is opening 200 branches annually, has estimated INR 10,000 crore of proposals will be disbursed up to March 2027, assessed INR 2,500 crore of ECL provisioning to be done in four years, and is targeting write-off recoveries of INR 1,300 crore-INR 1,500 crore annually for the next four to five years.

Bank of Maharashtra Financial Statement Overview

Summary

Income statement strength is clear (high growth and materially higher profitability with net margin expansion), but the overall financial picture is capped by volatile operating/free cash flow and a balance-sheet watch item (sharp rise in debt and missing 2026 leverage/return metrics limiting visibility).

Income Statement

86Very Positive

Balance Sheet

63Positive

Cash Flow

48Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	352.84B	328.24B	270.40B	226.60B	183.92B	151.64B
Gross Profit	168.54B	145.81B	137.59B	119.88B	102.36B	81.90B
EBITDA	93.29B	82.03B	58.32B	42.95B	28.67B	14.22B
Net Income	80.04B	70.17B	55.42B	40.72B	26.05B	11.53B
Balance Sheet
Total Assets	4.68T	4.27T	3.69T	3.07T	2.68T	2.31T
Cash, Cash Equivalents and Short-Term Investments	345.07B	277.46B	428.04B	303.12B	185.29B	202.05B
Total Debt	478.90B	352.34B	238.53B	77.19B	117.81B	83.14B
Total Liabilities	4.31T	3.94T	3.41T	2.87T	2.52T	2.17T
Stockholders Equity	373.50B	332.25B	287.08B	198.71B	157.90B	140.62B
Cash Flow
Free Cash Flow	0	41.52B	-292.85B	113.02B	-17.64B	69.24B
Operating Cash Flow	0	45.73B	-287.66B	115.81B	-14.40B	72.33B
Investing Cash Flow	0	-718.99B	-4.95B	-2.60B	-1.75B	-3.00B
Financing Cash Flow	0	528.76B	411.44B	4.61B	2.28B	286.64B

Bank of Maharashtra Technical Analysis

Technical Analysis SentimentPositive

Last Price81.20

Price Trends

50DMA81.75Negative

100DMA82.60Negative

200DMA76.28Positive

Market Momentum

MACD-0.67Negative

RSI51.95Neutral

STOCH83.24Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MAHABANK, the sentiment is Positive. The current price of 81.20 is above the 20-day moving average (MA) of 80.56, below the 50-day MA of 81.75, and above the 200-day MA of 76.28, indicating a neutral trend. The MACD of -0.67 indicates Negative momentum. The RSI at 51.95 is Neutral, neither overbought nor oversold. The STOCH value of 83.24 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MAHABANK.

Bank of Maharashtra Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:MAHABANK against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:IOB	77Outperform	INR 553.24B	8.38	―	―	14.15%	50.70%
IN:MAHABANK	67Neutral	INR 624.55B	7.82	―	2.71%	16.60%	31.41%
IN:BANKINDIA	60Neutral	INR 603.23B	4.83	―	3.51%	9.15%	29.72%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:YESBANK	55Neutral	INR 475.86B	11.39	―	―	5.03%	47.78%
IN:IDFCFIRSTB	48Neutral	INR 620.11B	20.63	―	0.35%	13.41%	83.77%
IN:INDUSINDBK	45Neutral	INR 654.48B	21.75	―	0.18%	-2.29%	―

* General Sector Average

Performance Comparison

IN:MAHABANK and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:MAHABANK	Bank of Maharashtra	81.20	23.06	39.67%
IN:BANKINDIA	Bank of India	132.50	-5.11	-3.71%
IN:IDFCFIRSTB	IDFC First Bank Ltd.	71.91	-9.83	-12.02%
IN:INDUSINDBK	IndusInd Bank Ltd.	840.00	44.24	5.56%
IN:IOB	Indian Overseas Bank	28.73	-11.75	-29.03%
IN:YESBANK	Yes Bank Limited	15.16	-7.82	-34.03%

Bank of Maharashtra Corporate Events

Bank of Maharashtra Sets Q2 Earnings Call for October 26

Oct 21, 2026

Bank of Maharashtra has scheduled a post-results earnings conference call for analysts and institutional investors on October 26, 2026, at 4:30 p.m. IST to discuss its financial performance for the quarter ended September 30, 2026. The call, to be mo...

Bank of Maharashtra Prices USD 500 Million Offshore Notes Under MTN Programme

Sep 17, 2026

Bank of Maharashtra has priced a new international debt offering, issuing senior unsecured fixed rate notes worth USD 500 million under its Medium Term Note programme. The five-year notes, carrying a 6.112% coupon payable semi-annually, will be issue...

Bank of Maharashtra Launches USD 500 Million Euro Medium Term Note Programme

Sep 5, 2026

Bank of Maharashtra has established a Euro Medium Term Note (EMTN) programme of up to USD 500 million, signaling a move to tap international debt markets for funding and diversification of its capital base. The programme framework has been lodged wit...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 26, 2026

Bank of Maharashtra AI Stock Analysis