MAHABANK
Bank of Maharashtra share price & financials
- Price
- ₹90.19
- Market cap
- ₹61.1k Cr
- Sector
- Financial Services
- Calls analysed
- 7
Bank of Maharashtra Q1 FY27
What went well
- Total business grown by 19% YoY, adding INR1,04,000 crores.
- Total advances grown at 27% YoY, adding INR65,000 crores.
- Net profit for Q1 increased by 27% YoY to INR2,020 crores.
What to watch
- NIM reduced by 10 bps QoQ, though still above guidance at 3.85%.
- Current account balances saw a 'steep decline' in Q1.
What Bank of Maharashtra does
Bank of Maharashtra is a public sector bank headquartered in Pune that offers retail, agriculture, MSME and corporate lending, deposit-taking, treasury/investment operations and fee-based services such as cards, remittances and trade finance through a nationwide branch and ATM network. It earns mainly through interest income on advances and investments, supplemented by fee-based and treasury income. The bank sponsors Maharashtra Gramin Bank, a regional rural bank, and partners with fintechs and business correspondents/Bank Mitras to extend banking access, including digital lending journeys for retail, MSME, agriculture and self-help-group customers.
Segments
- Retail Advances
- Agriculture Advances
- MSME Advances
- Corporate & Other Advances
- Branch network
- 2,785 branches (as of Mar'26)
- ATM network
- 2,685 ATMs (as of Mar'26)
- Business correspondents / Bank Mitras
- 9,000+ operating through 276 Customer Service Points
- Geographic coverage
- Branch and correspondent network spanning all Indian states and Union Territories
- Sponsored regional rural bank
- Maharashtra Gramin Bank (associate RRB)
- Workforce composition
- 10,279 officers, 3,777 clerks, 1,540 sub-staff
Guidance record · Q1 FY27
what the last two calls moved 23 tracked 8 delivered 1 missed 14 open- GIFT IBU Book Size delivered said Q2 FY26 Promised: $1 billion book in the next 12 months Q1 FY27: IBU book reached INR 8,200 crores (approx. $988M), effectively meeting the $1 billion target within the 12-month timeframe.
- New Branches (Project 321) on track said Q1 FY26 Promised: 321 branches in the next 18 months Q1 FY27: No specific update on 'Project 321'. Management discussed a broader plan of opening 200 branches annually.
- Deposit Growth at risk said Q4 FY26 Promised: 14% to 15% for FY27 Q1 FY27: Actual deposit growth was 13% YoY, slightly below the full-year guidance range of 14% to 15%.
All 23 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 13.9%, net profit up 34.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6,017 | 6,325 | 6,731 | 7,054 | 7,128 +18% | 7,344 +16% | 7,755 +15% | 8,035 +14% |
| Net profit | 1,333 | 1,412 | 1,502 | 1,504 | 1,669 +25% | 1,799 +27% | 2,045 +36% | 2,023 +35% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +55.6% 1Y
1Y: ₹54.12 on 10 Sept 2025 → ₹84.2. High ₹93.85 (29 Jun 2026), low ₹53.99 (26 Sept 2025).
How the price took the results
close before → close after
- Q1 FY27
- +2.7%
- 10 Jul
- Q4 FY26
- +3.9%
- 20 Apr
- Q3 FY26
- +2.0%
- 13 Jan
- Q2 FY26
- −4.3%
- 14 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 22.6% a year over 3 years, FY23 to FY26.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹15.9k Cr | ₹20.5k Cr | ₹24.9k Cr | ₹29.3k Cr |
| Interest | ₹8.2k Cr | ₹10.7k Cr | ₹13.3k Cr | ₹15.6k Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹2.6k Cr | ₹4.1k Cr | ₹5.5k Cr | ₹7.0k Cr |
| Net margin | 16.4% | 19.9% | 22.2% | 24.0% |
| ROE | 17.0% | 23.0% | 23.0% | 23.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹6.6k Cr | ₹6.7k Cr | ₹6.7k Cr | ₹7.1k Cr | ₹7.7k Cr | ₹7.7k Cr |
| Reserves | ₹5.7k Cr | ₹7.3k Cr | ₹9.1k Cr | ₹12.8k Cr | ₹23.7k Cr | ₹25.5k Cr |
| Borrowings | ₹4.2k Cr | ₹7.7k Cr | ₹10.8k Cr | ₹7.7k Cr | — | ₹35.2k Cr |
| Deposits | ₹174.0k Cr | ₹202.3k Cr | ₹234.1k Cr | ₹270.7k Cr | — | ₹350.5k Cr |
| Other liabilities | ₹6.3k Cr | ₹6.7k Cr | ₹7.2k Cr | ₹9.0k Cr | ₹7.4k Cr | ₹8.5k Cr |
| Total liabilities | ₹196.8k Cr | ₹230.8k Cr | ₹267.8k Cr | ₹307.3k Cr | ₹373.5k Cr | ₹427.5k Cr |
| Fixed assets | ₹1.6k Cr | ₹2.0k Cr | ₹2.1k Cr | ₹2.2k Cr | ₹2.9k Cr | ₹3.0k Cr |
| Capital work in progress | ₹52 Cr | ₹205 Cr | ₹8 Cr | ₹10 Cr | ₹0 Cr | ₹8 Cr |
| Investments | ₹68.3k Cr | ₹68.8k Cr | ₹69.0k Cr | ₹68.5k Cr | ₹96.2k Cr | ₹101.6k Cr |
| Other assets | ₹126.9k Cr | ₹159.8k Cr | ₹196.6k Cr | ₹236.7k Cr | ₹274.4k Cr | ₹322.9k Cr |
| Total assets | ₹196.8k Cr | ₹230.8k Cr | ₹267.8k Cr | ₹307.3k Cr | ₹373.5k Cr | ₹427.5k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −6.00 pp while FIIs added +3.93 pp. The shareholder count shrank 12% to 8,75,943.
- Promoters
- 73.6%
- FIIs
- 5.8%
- DIIs
- 14.3%
- Public
- 6.3%
Since Jun 2025
- Promoters −6.00 pp
- FIIs +3.93 pp
- DIIs +3.88 pp
How it drifted, 12 quarters
Over this window promoters fell from 86.5% to 73.6% — −12.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 86.5%, FIIs 0.6%, DIIs 5.2%, Public 7.8%.Dec '23: Promoters 86.5%, FIIs 0.5%, DIIs 4.7%, Public 8.4%.Mar '24: Promoters 86.5%, FIIs 1.0%, DIIs 4.7%, Public 7.8%.Jun '24: Promoters 86.5%, FIIs 1.2%, DIIs 4.6%, Public 7.8%.Sep '24: Promoters 86.5%, FIIs 1.3%, DIIs 4.5%, Public 7.8%.Dec '24: Promoters 79.6%, FIIs 1.5%, DIIs 10.9%, Public 8.0%.Mar '25: Promoters 79.6%, FIIs 1.7%, DIIs 10.7%, Public 8.0%.Jun '25: Promoters 79.6%, FIIs 1.9%, DIIs 10.4%, Public 8.1%.Sep '25: Promoters 79.6%, FIIs 2.4%, DIIs 10.1%, Public 8.0%.Dec '25: Promoters 73.6%, FIIs 4.9%, DIIs 13.5%, Public 8.0%.Mar '26: Promoters 73.6%, FIIs 5.5%, DIIs 13.9%, Public 6.9%.Jun '26: Promoters 73.6%, FIIs 5.8%, DIIs 14.3%, Public 6.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Kotak Aggressive Hybrid Fund Mutual fund +0.38 pp 3.13% held
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Bank of Maharashtra above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| President Of India | 73.60% | unchanged |
| Life Insurance Corporation Of India Insurer | 6.85% | −0.13 pp |
| Kotak Aggressive Hybrid Fund Mutual fund | 3.13% | +0.38 pp |
| Aditya Birla Sun Life Trustee Private Limited A/C - Aditya Birla Sun Life Large Mutual fund | 1.38% | −0.07 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in MAHABANK
Filings to Aug 2026
2 new, 9 added, 3 trimmed, 0 sold out — net −17.24 L shares (−4.9%).
- Held by funds
- ₹277 Cr
- 14 schemes
- Biggest holder
- Nippon India ETF Nifty PSU Bank BeES
- ₹184 Cr · 4.6% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India ETF Nifty PSU Bank BeES Nippon India Mutual Fund | ₹184 Cr | −4.36 L | Dec '19 |
| SBI BSE PSU Bank ETF SBI Mutual Fund | ₹20 Cr | −27.02 L | Mar '25 |
| SBI BSE PSU Bank Index Fund SBI Mutual Fund | ₹18 Cr | +0.04 L | Mar '25 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹16 Cr | +1.15 L | Sep '23 |
| Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund | ₹11 Cr | +0.25 L | Sep '23 |
| Nippon India Nifty 500 Momentum 50 Index Fund Nippon India Mutual Fund | ₹10 Cr | +0.19 L | Jun '26 |
| Nippon India Arbitrage Fund Nippon India Mutual Fund | ₹9 Cr | new | Aug '26 |
| SBI Nifty Midcap 150 Index Fund SBI Mutual Fund | ₹5 Cr | +0.25 L | Sep '23 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
9 added, 3 trimmed — net −17.24 L shares (−4.9%)
- Funds are sitting on
- +60%
- vs est. average cost
- Held by funds
- ₹277 Cr
- 14 schemes · ≈ 0.50% of the company
- Biggest holder
- Nippon India ETF Nifty PSU Bank BeES
- ₹184 Cr · 4.6% of that fund
Shares held by these funds +187%
Aug '23 3.55 cr shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Bank of Maharashtra
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