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Last Updated: April 2, 2026, 2:41 am
Author: Getaka|Social: XLinkedIn

Bank of Maharashtra: Intrinsic Value & Share Price Analysis

Fair Value

₹62.44Fairly Valued by 3.79%vs CMP ₹64.90

P/E (7.7) × ROE (22.8%) × BV (₹43.40) × DY (2.31%)

₹84.15Undervalued by 29.66%vs CMP ₹64.90
MoS: +22.9% (Adequate)Confidence: 43/100 (Low)Models: 4 Under, 3 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹85.8927%Under (+32.3%)
Graham NumberEarnings₹90.6819%Under (+39.7%)
Earnings PowerEarnings₹44.1413%Over (-32%)
DCFCash Flow₹206.5713%Under (+218.3%)
Net Asset ValueAssets₹40.839%Over (-37.1%)
EV/EBITDAEnterprise₹3.7811%Over (-94.2%)
Earnings YieldEarnings₹84.209%Under (+29.7%)
Consensus (7 models)₹84.15100%Undervalued
Key Drivers: EPS CAGR 37.6% lifts DCF — verify sustainability. | Wide model spread (₹4–₹207) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 37.6%

*Investments are subject to market risks

Investment Snapshot

60
Bank of Maharashtra scores 60/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health67/100 · Strong
ROCE 5.7% WeakROE 22.8% ExcellentD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money70/100 · Strong
FII holding up 3.20% (6mo) AccumulatingDII holding up 2.83% MF buyingPromoter decreased by 6.00% Caution
Earnings Quality50/100 · Moderate
Quarterly Momentum58/100 · Moderate
Profit (4Q): +23% YoY Positive
Industry Rank60/100 · Moderate
P/E 7.7 vs industry 8.7 In-lineROCE 5.7% vs industry 6.2% AverageROE 22.8% vs industry 14.3% Above peers

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:41 am

Market Cap 49,903 Cr.
Current Price 64.9
Intrinsic Value₹84.15
High / Low 77.0/38.1
Stock P/E7.71
Book Value 43.4
Dividend Yield2.31 %
ROCE5.72 %
ROE22.8 %
Face Value 10.0
PEG Ratio0.21

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Bank of Maharashtra

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Bank of Maharashtra 49,903 Cr. 64.9 77.0/38.17.71 43.42.31 %5.72 %22.8 % 10.0
Indian Overseas Bank 62,411 Cr. 32.4 42.8/31.213.1 18.80.00 %5.95 %11.0 % 10.0
Bank of India 64,511 Cr. 142 178/1016.33 1902.86 %6.17 %12.4 % 10.0
Central Bank of India 29,942 Cr. 33.1 41.2/31.36.20 43.61.81 %5.48 %11.4 % 10.0
UCO Bank 29,694 Cr. 23.7 35.1/22.211.3 26.51.65 %5.76 %8.38 % 10.0
Industry Average144,637.54 Cr226.678.69183.822.11%6.22%14.34%7.46

All Competitor Stocks of Bank of Maharashtra

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue4,1314,4954,7895,0685,1725,4675,8756,0176,3256,7317,0547,1287,344
Interest 2,1492,3082,4492,6362,7052,8823,0753,2103,3813,6143,7623,8803,922
Expenses 1,6222,0981,8822,1642,0762,3392,3492,2192,2692,5612,4142,2752,348
Financing Profit359894582683902464505886755568789731,075
Financing Margin %9%2%10%5%8%4%8%10%11%8%12%14%15%
Other Income 6408226296686801,022894792788981825846933
Depreciation 0000000000000
Profit before tax 9999111,0889361,0701,2681,3441,3801,4631,5371,7031,8192,008
Tax % 22%8%19%2%3%4%4%4%4%3%6%10%11%
Net Profit 7778418849201,0381,2301,2951,3331,4121,5021,5041,6691,799
EPS in Rs 1.151.251.251.301.471.741.831.881.841.951.962.172.34
Gross NPA %2.94%2.47%2.28%2.19%2.04%1.88%1.85%1.84%1.80%1.74%1.74%1.72%1.60%
Net NPA %0.47%0.25%0.24%0.23%0.22%0.20%0.20%0.20%0.20%0.18%0.18%0.18%0.15%

Last Updated: February 6, 2026, 1:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 23, 2026, 1:16 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue11,95712,66513,05312,06211,09610,85011,49611,86913,01915,89920,49524,94828,257
Interest 8,4478,7909,1748,8867,7067,1157,2166,9706,9748,15710,67213,28115,178
Expenses 3,9183,9534,3326,7098,0349,8255,3306,7887,2786,3148,5429,3119,598
Financing Profit-409-78-453-3,533-4,643-6,090-1,050-1,889-1,2331,4281,2812,3563,482
Financing Margin %-3%-1%-3%-29%-42%-56%-9%-16%-9%9%6%9%12%
Other Income 9071,0201,0371,5251,5401,5681,6602,6492,6552,2833,0153,4763,585
Depreciation 1001151491181292412111882682622232910
Profit before tax 399827435-2,126-3,232-4,7633995711,1533,4484,0725,5427,066
Tax % 0%44%73%-36%-66%0%0%0%0%24%0%0%
Net Profit 399465118-1,356-1,112-4,7633995711,1532,6054,0725,5426,474
EPS in Rs 4.754.371.01-11.61-4.28-17.300.680.871.713.875.757.218.42
Dividend Payout % 21%18%0%0%0%0%0%0%29%34%24%21%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)16.54%-74.62%-1249.15%17.99%-328.33%108.38%43.11%101.93%125.93%56.31%36.10%
Change in YoY Net Profit Growth (%)0.00%-91.17%-1174.53%1267.15%-346.32%436.70%-65.27%58.82%24.01%-69.62%-20.21%

Bank of Maharashtra has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:7%
5 Years:17%
3 Years:24%
TTM:21%
Compounded Profit Growth
10 Years:28%
5 Years:70%
3 Years:69%
TTM:28%
Stock Price CAGR
10 Years:4%
5 Years:32%
3 Years:42%
1 Year:-15%
Return on Equity
10 Years:6%
5 Years:17%
3 Years:21%
Last Year:23%

Last Updated: September 5, 2025, 12:30 am

Balance Sheet

Last Updated: December 4, 2025, 1:01 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 8391,0631,1681,1682,5982,7535,8246,5606,7306,7307,0817,6927,692
Reserves 5,9837,0607,6926,3017,4693,1305,0855,7487,3319,06012,78921,01623,701
Deposits119,599125,915142,785139,040138,967140,636150,050173,989202,275234,064270,726307,120309,767
Borrowing6,1097,3225,4238,1374,06410,1493,6704,2397,74710,7667,71923,85324,924
Other Liabilities 3,8314,7133,9614,7653,3518,0084,3886,2996,7007,2079,0139,6737,423
Total Liabilities 136,360146,073161,029159,411156,449164,676169,018196,835230,783267,827307,329369,354373,507
Fixed Assets 1,4461,4321,6951,5641,4871,7411,6041,6222,0362,1492,2002,9112,904
CWIP 000223034725220581040
Investments 37,29032,81936,30238,67743,74259,83757,89168,28168,76269,04268,46582,21696,199
Other Assets 97,625111,822123,033119,148111,189103,064109,451126,880159,780196,628236,655284,222274,403
Total Assets 136,360146,073161,029159,411156,449164,676169,018196,835230,783267,827307,329369,354373,507

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -173-1,0832,9047,498-1,723-10,8426932,4476,896-1,44011,5817,628
Cash from Investing Activity + -171-151-151-99-134-106-100-169-300-175-260-495
Cash from Financing Activity + 2741,885-186-771,1004,2206982173782284614,750
Net Cash Flow -706512,5677,322-758-6,7291,2922,4956,974-1,38711,78311,883
Free Cash Flow -344-1,2342,7537,399-1,858-10,9685842,2586,594-1,61711,3057,112
CFO/OP -2%-12%38%140%-56%-1,058%11%48%120%-15%97%49%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-116.00-122.00-138.00-133.00-130.00-131.00-145.00-167.00-195.00-228.00-262.00-298.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
ROE % 6%6%1%-17%-13%-60%5%5%9%17%23%23%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 90.97%86.46%86.46%86.46%86.46%86.46%86.46%79.60%79.60%79.60%79.60%73.60%
FIIs 0.26%0.68%0.59%0.45%1.04%1.20%1.26%1.54%1.72%1.89%2.35%4.92%
DIIs 3.33%6.43%5.17%4.71%4.68%4.58%4.46%10.88%10.67%10.40%10.06%13.50%
Public 5.44%6.42%7.76%8.37%7.80%7.75%7.81%7.99%8.00%8.11%8.00%7.97%
No. of Shareholders 4,41,5174,53,5246,06,0466,77,0878,46,7469,19,6639,48,4329,95,54310,06,2659,91,9309,74,4849,52,775

Shareholding Pattern Chart

No. of Shareholders

Bank of Maharashtra: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Kotak Midcap Fund 115,761,596 1.28 755.58108,261,5962026-02-23 06:17:326.93%
Aditya Birla Sun Life PSU Equity Fund 33,193,607 3.79 216.655,193,6082026-01-26 00:58:33539.12%
Kotak Large & Midcap Fund 30,000,000 0.65 195.8124,000,0002026-02-23 06:17:3225%
UTI Mid Cap Fund 25,000,000 1.42 163.1812,200,0002026-01-26 00:58:33104.92%
Canara Robeco Mid Cap Fund 14,182,185 2.28 92.5712,204,9382026-01-26 00:58:3316.2%
Aditya Birla Sun Life Multi Asset Allocation Fund 13,678,933 1.46 89.28N/AN/AN/A
Aditya Birla Sun Life Banking and Financial Services Fund 12,546,499 2.25 81.89N/AN/AN/A
Aditya Birla Sun Life Multi-Cap Fund 12,000,000 1.2 78.328,000,0002026-01-26 00:58:3350%
Aditya Birla Sun Life Large and Mid Cap Fund 11,506,474 1.33 75.1N/AN/AN/A
UTI Large & Mid Cap Fund 9,809,589 1.14 64.038,800,0002026-01-26 00:58:3311.47%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
Face Value10.0010.0010.0010.0010.00
Basic EPS (Rs.) 7.515.803.871.730.91
Diluted EPS (Rs.) 7.515.803.871.730.91
Cash EPS (Rs.) 7.556.044.262.111.13
Book Value[Excl.RevalReserv]/Share (Rs.) 34.8626.0221.2718.5516.97
Book Value[Incl.RevalReserv]/Share (Rs.) 37.3228.0623.4620.8918.76
Operating Revenue / Share (Rs.)32.4428.9423.6219.3418.09
Net Profit / Share (Rs.) 7.185.733.871.710.84
Net Profit After MI / Share (Rs.)7.215.753.871.710.87
Net Profit Margin (%) 22.1219.7816.378.844.64
Net Profit After MI And SOA Nargin (%)22.2119.8616.388.854.81
Operating Profit Margin (%)36.5031.6325.9613.237.32
Return On Assets (%) 1.501.320.970.490.29
Return On Equity / Networth (%)20.6622.0918.199.235.13
Net Interest Margin (X)3.153.192.892.612.48
Cost To Income (%)38.3637.5539.1344.2647.38
Interest Income / Total Assets (%)6.756.665.935.646.02
Non-Interest Income / Total Assets (%)0.930.970.851.141.33
Operating Profit / Total Assets (%)0.550.340.12-0.65-1.05
Operating Expenses / Total Assets (%)1.571.561.461.661.81
Interest Expenses / Total Assets (%)3.593.473.043.023.54
Enterprise Value (Rs.Cr.)328530.19301393.81243000.21201540.00178990.69
EV Per Net Sales (X)13.1714.7115.2815.4815.08
Price To Book Value (X)1.332.391.160.901.23
Price To Sales (X)1.432.151.050.861.15
Retention Ratios (%) 79.1875.6566.4170.82100.00
Earnings Yield (X)0.150.090.150.100.04

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Bank of Maharashtra is a Public Limited Listed company incorporated on 16/09/1935 and registered in the State of Maharashtra, India. Company presently involved in the business activities of Banking Business.
INDUSTRYADDRESSCONTACT
Finance - Banks - Public Sector1501, Lokmangal, Shivajinagar, Pune Maharashtra 411005Contact not found
Management
NamePosition Held
Mr. Nidhu SaxenaManaging Director & CEO
Mr. Rohit RishiExecutive Director
Mr. Asheesh PandeyExecutive Director
Mr. Praveen KumarShareholder Director
Mr. Sanjeev PrakashNominee Director
Dr. Abhijit PhukonGovernment Nominee Director

FAQ

What is the intrinsic value of Bank of Maharashtra and is it undervalued?

As of 12 April 2026, Bank of Maharashtra's intrinsic value is ₹84.15, which is 29.66% higher than the current market price of ₹64.90, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (22.8 %), book value (₹43.4), dividend yield (2.31 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Bank of Maharashtra?

Bank of Maharashtra is trading at ₹64.90 as of 12 April 2026, with a FY2026-2027 high of ₹77.0 and low of ₹38.1. The stock is currently in the middle of its 52-week range. Market cap stands at ₹49,903 Cr..

How does Bank of Maharashtra's P/E ratio compare to its industry?

Bank of Maharashtra has a P/E ratio of 7.71, which is below the industry average of 8.69. This is broadly in line with or below the industry average.

Is Bank of Maharashtra financially healthy?

Key indicators for Bank of Maharashtra: ROCE of 5.72 % is on the lower side compared to the industry average of 6.22%; ROE of 22.8 % shows strong shareholder returns. Dividend yield is 2.31 %.

Is Bank of Maharashtra profitable and how is the profit trend?

Bank of Maharashtra reported a net profit of ₹5,542 Cr in Mar 2025 on revenue of ₹24,948 Cr. Compared to ₹1,153 Cr in Mar 2022, the net profit shows an improving trend.

Does Bank of Maharashtra pay dividends?

Bank of Maharashtra has a dividend yield of 2.31 % at the current price of ₹64.90. This is a relatively attractive yield for income-seeking investors.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Bank of Maharashtra. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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