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Bank of Maharashtra (MAHABANK)

₹79.79 -0.46% last close, 16 Oct

📊 NSE: MAHABANK 🏢 Banks - Public Sector 📢 Latest filing: 03 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Bank of Maharashtra's net interest income was ₹3,770 Cr (+14.5% year on year, +1.8% on the previous quarter), and net profit ₹2,021 Cr (+34.3% year on year).

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Net interest income	₹3,770	+14.5%	+1.8%
Operating profit	₹3,118	+21.3%	—
Net profit	₹2,021	+34.3%	-1.2%
EPS (₹)	2.63	+34.2%	-1.1%
Gross NPA	1.45%	—	—

Full quarterly financials → Results calendar →

MAHABANK delivery percentage and open interest

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 46.11% of the MAHABANK shares traded on NSE were taken to delivery, against the stock's own 20-session average of 44.94%. That is close to its usual level. In MAHABANK futures, open interest fell 0.26% while the futures price fell 0.71%: long unwinding (longs closing out).

46.11%Delivery, 16 Oct

44.94%Own 20-session average

0.8×Volume vs its average

-0.26%Futures open interest

₹79.79NSE close · -0.46%

Delivery in the last 5 sessions: 47.5% · 46.0% · 37.5% · 36.3% · 46.1%

Delivery across the market →F&O open interest →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Bank of Maharashtra Submits Regulation 74(5) Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 03 Oct 2026, 04:36 PM

Bank of Maharashtra has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. The certificate was issued by the bank's Registrar and Transfer Agent (RTA), MCS Share Transfer Agent Limited. It confirms that share certificates received for dematerialisation were processed, cancelled, and updated in the register of members within the mandated 15-day period. This is an administrative regulatory filing and carries no financial or operational impact.

Compliance confirmed for the quarter ended September 30, 2026
RTA confirmed demat verification and cancellation completed within 15 days
Certificate issued by MCS Share Transfer Agent Limited dated October 1, 2026

💡 No action required. Investors should track upcoming Q2 FY27 financial results and loan growth updates for fundamentally relevant data.

Bank of Maharashtra Designates Devdatta Rokade as Chief Compliance Officer

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Oct 2026, 11:02 AM

Bank of Maharashtra has designated Shri Devdatta Rokade, Chief General Manager (CGM), as the Chief Compliance Officer (CCO) of the bank effective October 1, 2026. This follows an earlier intimation dated July 24, 2026, regarding the process of appointing a CCO at the CGM rank from its internal pool. The appointment ensures regulatory adherence under SEBI and RBI guidelines without altering financial performance. For context, the bank generated TTM net profit of Rs 7,534 Cr on a market cap of Rs 61,952 Cr.

Shri Devdatta Rokade designated as Chief Compliance Officer effective 1st October 2026
Appointment made at the rank of Chief General Manager from the bank's existing pool
Filing follows prior bank communication dated 24.07.2026 regarding the appointment process
Intimated pursuant to Regulation 30 of SEBI Listing Obligations and Disclosure Requirements

💡 Track regular quarterly updates and statutory compliance reporting; this administrative appointment requires no specific investment action.

Bank of Maharashtra Revises MCLR Rates: 1-Year Rate Hiked to 9.05% Effective Sept 30, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Sep 2026, 09:07 PM

Bank of Maharashtra announced a routine revision of its Marginal Cost of Funds Based Lending Rate (MCLR), effective from September 30, 2026. The key benchmark 1-year MCLR was raised by 5 bps from 9.00% to 9.05%. Conversely, shorter-tenor MCLRs saw minor reductions: overnight dropped to 7.05% (from 7.10%), 1-month fell to 7.90% (from 8.15%), 3-month decreased to 8.40% (from 8.60%), and 6-month was cut to 8.70% (from 8.85%).

1-year MCLR increased by 5 bps from 9.00% to 9.05%
Overnight MCLR reduced by 5 bps from 7.10% to 7.05%
One-month MCLR trimmed by 25 bps from 8.15% to 7.90%
Three-month and Six-month MCLR reduced to 8.40% and 8.70% respectively
Revised lending rates effective from September 30, 2026

💡 Track the upcoming Q2 FY27 earnings to see how the reset of MCLR-linked advances impacts Net Interest Margins (NIM), which stood at 3.85% in previous periods.

Bank of Maharashtra Prices USD 500 Million 5-Year Notes at 6.112% Coupon

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 17 Sep 2026, 10:37 PM

Bank of Maharashtra has priced Senior Unsecured Fixed Rate Notes worth USD 500 million under its Medium Term Note (MTN) Programme established on September 4, 2026. The notes carry a maturity of 5 years and a semi-annual coupon of 6.112% p.a. Issued via the bank's IFSC Banking Unit at GIFT City, the notes are scheduled for issuance on September 24, 2026, and will be listed on India INX and NSE IX.

Issued Senior Unsecured Fixed Rate Notes of USD 500 million
Notes priced with a 5-year maturity at a 6.112% p.a. semi-annual coupon
Issued via GIFT City IFSC Banking Unit with issue date set for September 24, 2026
Listing to take place on India INX and NSE IX

💡 Track the settlement and listing of the notes on September 24, 2026, and monitor their impact on the bank's overseas credit book expansion and overall cost of funds in subsequent quarterly results.

Bank of Maharashtra Appoints Saurabh Kumar as GOI Nominee Director

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 11 Sep 2026, 06:33 PM

Bank of Maharashtra announced that the Government of India has nominated Shri Saurabh Kumar as a Director on the Bank's Board, effective September 10, 2026, replacing Shri Abhijit Phukon. Shri Saurabh Kumar is a 2009-batch IAS officer of the Chhattisgarh cadre with over 17 years of administrative experience and is currently serving as Joint Secretary in the Department of Financial Services (DFS). The appointment is part of standard public sector bank governance procedures under the Banking Companies Act, 1970. This change does not alter the financial position or operational outlook of the bank.

Appointment of Shri Saurabh Kumar as GOI Nominee Director effective September 10, 2026
Replaces Shri Abhijit Phukon on the Board until further orders
Appointee is a 2009-batch IAS officer with over 17 years of administrative experience
Appointed under Clause (b) of Sub-section (3) of Section 9 of the Banking Companies Act, 1970

💡 Track standard board committee reconstitutions if any, along with upcoming Q2 FY27 earnings for operational performance.

Bank of Maharashtra Intimates Proposed One-Day Bank Strike on Sept 11, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Sep 2026, 06:58 PM

Bank of Maharashtra has informed the exchanges that seven trade unions (AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, INBOC) have called for a one-day strike on September 11, 2026. The bank stated it is taking necessary steps to ensure smooth branch and office operations during the day. However, physical operations at branches may be partially impacted if the strike materializes. Given the one-day duration and widespread digital banking alternatives, the financial impact on the bank's Rs 34,008 Cr TTM revenue base is expected to be minimal.

Proposed one-day strike scheduled for September 11, 2026
Notice served by seven major bank trade unions (AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, INBOC)
Branch and administrative office operations may face disruption if the strike materializes
Bank is deploying contingency measures to maintain normal operations

💡 Monitor any potential operational disruption on September 11, 2026, though no long-term financial fallout or structural impact is anticipated.

Bank of Maharashtra Shares Investor Presentation: Total Business Reaches ₹6,505 Bn as of June 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Sep 2026, 10:58 PM

Bank of Maharashtra released its updated investor presentation outlining performance metrics as of June 2026. Total business stood at ₹6,504.57 bn, driven by global advances of ₹3,059.64 bn and total deposits of ₹3,444.93 bn. Asset quality remained healthy with Gross NPA at 1.45% and Net NPA at 0.13%, supported by a high Provision Coverage Ratio of 98.55%. Profitability metrics showed an annualized Return on Assets (ROA) of 1.90% and Return on Equity (ROE) of 24.65% with a Net Interest Margin of 3.79%.

Total Business reached ₹6,504.57 bn as of June 2026, representing a 16.69% CAGR from March 2022
Net NPA maintained at 0.13% with Gross NPA at 1.45% and Provision Coverage Ratio (PCR) at 98.55%
Capital adequacy remains strong with CRAR at 18.64% and Tier-1 capital at 16.35%
CASA ratio reported at 48.51% with Cost of Funds at an annualized 4.01%
RAM (Retail, Agri, MSME) advances comprise 62.89% of domestic advances

💡 Track the upcoming Q2 FY27 results to monitor whether the bank maintains its elevated Net Interest Margin (3.79%) amid rising industry-wide deposit costs.

Bank of Maharashtra Sets Up USD 500 Million Euro Medium Term Note (EMTN) Programme

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 05 Sep 2026, 10:33 PM

Bank of Maharashtra has established a Euro Medium Term Note (EMTN) Programme of USD 500 million (approx. ₹4,150-4,200 crore). The bank has submitted the offering circular to NSE IFSC Limited and India International Exchange (IFSC) Limited in GIFT City. This program establishes a framework enabling the bank to issue debt securities in overseas markets to diversify its funding profile.

Established a Euro Medium Term Note (EMTN) Programme capped at USD 500 million
Offering circular filed with NSE IFSC Limited and India International Exchange (IFSC) Limited
Enables foreign currency debt issuance against bank's net worth of ₹33,108 crore
Filing executed on September 5, 2026 under SEBI LODR Regulation 30

💡 Watch for upcoming bond issuances, pricing/coupons, and tenure under this USD 500 million EMTN umbrella programme.

Bank of Maharashtra to Hold Non-Deal Road Shows from September 8 to September 24, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Sep 2026, 09:12 PM

Bank of Maharashtra has scheduled Non-Deal Road Shows and interactions with a group of institutional investors and analysts between September 8, 2026, and September 24, 2026. The meetings will be held in virtual mode. The bank stated that only publicly available documents will be referred to and no unpublished price-sensitive information (UPSI) will be shared.

Non-deal road shows scheduled from 8th September 2026 to 24th September 2026
Interaction to be conducted in virtual mode with groups of institutional investors and analysts
No unpublished price sensitive information (UPSI) will be shared during the sessions

💡 Track subsequent post-meet presentation uploads or investor disclosures on the exchange for any business updates.

Bank of Maharashtra Revises MCLR; 1-Year Benchmark Unchanged at 9.00%

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Sep 2026, 12:59 PM

Bank of Maharashtra has revised its Marginal Cost of Funds Based Lending Rates (MCLR) across multiple tenors, effective August 31, 2026. The benchmark 1-year MCLR remains unchanged at 9.00% per annum. Shorter-tenor rates saw minor adjustments: the overnight MCLR was reduced by 20 bps to 7.10%, the 1-month rate cut by 15 bps to 8.15%, and the 6-month rate lowered by 5 bps to 8.85%, while the 3-month MCLR increased by 5 bps to 8.60%.

1-Year MCLR retained at 9.00% p.a.
Overnight MCLR reduced by 20 bps from 7.30% to 7.10%
One-month MCLR lowered by 15 bps from 8.30% to 8.15%
Three-month MCLR revised up by 5 bps from 8.55% to 8.60%
Six-month MCLR adjusted down by 5 bps from 8.90% to 8.85%, effective August 31, 2026

💡 Monitor upcoming quarterly results to see the impact of asset-liability repricing on Net Interest Margins (NIM) and cost of funds.

Bank of Maharashtra Appoints Naresh Kumar Vashisht as Director for 3-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 13 Aug 2026, 04:58 PM

Bank of Maharashtra has announced the appointment of Mr. Naresh Kumar Vashisht as a Part-time Non-official Director, effective August 12, 2026. The appointment was made by the Central Government (Department of Financial Services) for a fixed tenure of three years. Mr. Vashisht, aged 52, holds an M.Com and an MBA in HRD, with professional experience in the construction sector. This is a routine board-level appointment for a Public Sector Bank to fulfill regulatory composition requirements.

Appointment of Mr. Naresh Kumar Vashisht is effective from August 12, 2026.
The tenure is fixed for a period of 3 years or until further orders from the Government of India.
The appointee is 52 years old and brings experience from the construction sector and workforce management.
The appointment is made under Clause (h) of sub-section (3) of Section 9 of the Banking Companies Act, 1970.

💡 Investors should treat this as a routine governance update. No immediate action is required as this is a standard regulatory appointment for a Public Sector Bank.

Bank of Maharashtra Revises MCLR: 1-Year Rate Hiked to 9.00%, Overnight Cut by 20 bps

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 24 Jul 2026, 09:16 PM

Bank of Maharashtra has announced a revision in its Marginal Cost of Funds Based Lending Rates (MCLR) effective July 25, 2026. The benchmark 1-year MCLR, which influences most retail and corporate loans, has been increased by 5 basis points to 9.00%. In contrast, the overnight rate has been reduced by 20 basis points to 7.30%, while the 6-month rate saw a 10 bps increase. These adjustments are part of the bank's routine asset-liability management to protect Net Interest Margins (NIM), which recently stood at 3.85%.

1-Year MCLR increased by 5 basis points from 8.95% to 9.00%
Overnight MCLR reduced by 20 basis points from 7.50% to 7.30%
6-Month MCLR increased by 10 basis points from 8.80% to 8.90%
1-Month and 3-Month rates remain unchanged at 8.30% and 8.55% respectively
Revised rates are effective from July 25, 2026

💡 Investors should monitor the bank's Net Interest Margin (NIM) in the next quarterly report to see if these rate hikes successfully offset the rising cost of deposits.

Bank of Maharashtra: Resignation of Chief Compliance Officer Effective July 23, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 24 Jul 2026, 05:07 PM

Bank of Maharashtra has announced the resignation of Smt. Uma Vedula from the position of Chief Compliance Officer (CCO) effective July 23, 2026, citing personal reasons. In alignment with RBI guidelines, the bank is upgrading the seniority of this role and is in the process of appointing a new CCO at the rank of Chief General Manager (CGM) from its internal pool. This transition occurs while the bank maintains a significant market capitalization of Rs 62,280 Cr and a total business size of Rs 5,63,909 Cr.

Smt. Uma Vedula resigned as Chief Compliance Officer effective July 23, 2026.
The bank is upgrading the CCO position to the rank of Chief General Manager (CGM) per RBI guidelines.
The replacement will be selected from the bank's existing pool of CGMs.
Bank of Maharashtra reported a total business of Rs 5,63,909 Cr as of September 2025.
The bank maintains a high promoter holding of 73.6% as of March 2026.

💡 Investors should watch for the formal announcement of the new Chief General Manager-level CCO to ensure a smooth transition in the bank's regulatory oversight function.

MAHABANK Q1 FY27: 27% YoY Net Profit growth to ₹2,020 Cr; Net NPA at 0.13%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 16 Jul 2026, 01:05 PM

Bank of Maharashtra reported a strong Q1 FY27 with net profit rising 27% YoY to ₹2,020 Cr, driven by a 27% surge in advances (₹65,000 Cr added). Asset quality remains robust with Gross NPA at 1.45% and Net NPA at a low 0.13%, supported by a high Provision Coverage Ratio of 98.55%. While Net Interest Margin (NIM) compressed by 10 bps to 3.85%, it remains above the management guidance of 3.75%. The bank continues its aggressive expansion, targeting 200 new branches annually to sustain industry-leading credit growth.

Net Profit for Q1 FY27 increased 27% YoY to ₹2,020 Cr.
Total advances surged 27% YoY, adding ₹65,000 Cr to the loan book.
Asset quality remains best-in-class with Net NPA at 0.13% and PCR at 98.55%.
Gold loan portfolio saw a significant 75% YoY growth, reaching ₹13,000 Cr.
Return on Equity (ROE) improved by 165 bps YoY to 24.65%.

💡 Monitor the sustainability of the 27% credit growth and the impact of rising deposit costs on NIMs in upcoming quarters. Watch for the execution of the 200-branch annual expansion plan and its impact on the Credit-to-Deposit ratio.

Bank of Maharashtra Releases Q1 FY27 Earnings Call Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Jul 2026, 08:51 PM

Bank of Maharashtra has informed the exchanges that the recording of its earnings conference call for the quarter ended June 30, 2026, is now available on its website. The call was conducted on July 10, 2026, at 4:30 PM to discuss the bank's latest financial performance. This follows a strong preceding quarter (March 2026) where the bank reported a net profit of ₹2,045 Cr. Investors can use this recording to gain insights into management's commentary on credit growth and margin sustainability.

Earnings conference call conducted on July 10, 2026, at 4:30 PM
Recording covers financial performance for the quarter ended June 30, 2026
Bank's total business stood at ₹5,63,909 Cr as per latest available annual data
Net Interest Margin (NIM) was previously noted at 3.85% in the prior year period
Promoter holding remains stable at 73.6% as of March 2026

💡 Investors should review the recording for management's guidance on the RAM (Retail, Agri, MSME) segment growth and any updates on the overseas expansion strategy which had an initial exposure of ₹888 Cr.

View All MAHABANK Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total Interest Income grew 18% YoY to INR 7,128 Cr in Q2 FY26. Interest on Advances increased 16.37% YoY to INR 5,451 Cr, while Interest on Investments grew 24.45% YoY to INR 1,634 Cr. Non-Interest Income saw a 7% YoY increase to INR 845 Cr.

Geographic Revenue Split

The bank is primarily domestic-focused with Domestic Advances at INR 2,53,230 Cr (99.65% of total) as of Sept '25. Overseas Advances were recently initiated, standing at INR 888 Cr (0.35% of total).

Profitability Margins

Net Profit Margin improved as Net Profit grew 23.09% YoY to INR 1,633 Cr in Q2 FY26. Return on Assets (RoA) increased to 1.82% from 1.74% YoY. Return on Equity (RoE) remained strong at 22.58% despite a slight dip from 23.00% YoY due to a larger capital base.

EBITDA Margin

Operating Profit (equivalent to EBITDA for banks) grew 16.91% YoY to INR 2,574 Cr in Q2 FY26. The Operating Profit margin is supported by a declining Cost-to-Income ratio, which improved from 38.81% to 37.10% YoY.

Capital Expenditure

Not disclosed in available documents as a traditional CapEx figure; however, the bank utilized funds raised in FY 2024-25 to improve capital adequacy, resulting in a CRAR of 18.13% as of Sept '25.

Credit Rating & Borrowing

The bank holds an AA+ (Stable) rating for Tier II Bonds from ICRA/CARE and an A1+ rating from CRISIL for short-term instruments. S&P assigned an international rating of BBB- (Stable). Cost of Funds stood at 4.32% in Sept '25, up from 4.20% YoY.

⚙️ Operational Drivers

Raw Materials

CASA Deposits (Savings and Current accounts) represent 48.13% of total deposits; Term Deposits represent 51.87%; Borrowings represent INR 24,924 Cr of total liabilities.

Import Sources

Not applicable for banking operations as funds are sourced domestically from Indian depositors and the interbank market.

Key Suppliers

Not applicable; the 'suppliers' are retail and corporate depositors across India.

Capacity Expansion

The bank expanded its 'capacity' to lend by increasing its Total Business to INR 5,63,909 Cr, a 14.20% YoY increase. The branch network and digital infrastructure (Digital Rupee, Digital Sanctions) serve as the primary delivery channels.

Raw Material Costs

Cost of Deposits rose to 4.67% in Sept '25 from 4.29% YoY (an 8.8% increase in cost) due to the high-interest-rate environment and competition for term deposits.

Manufacturing Efficiency

The Credit-to-Deposit (C/D) ratio improved to 82.03% in Sept '25 from 78.72% YoY, indicating higher efficiency in deploying mobilized deposits into interest-earning advances.

Logistics & Distribution

Distribution is driven by digital channels and physical branches; Staff Expenses (the primary distribution cost) were INR 822 Cr in Q2 FY26, a decrease from INR 900 Cr in the previous quarter.

📈 Strategic Growth

Expected Growth Rate

17.90%

Growth Strategy

The bank is focusing on the RAM (Retail, Agri, MSME) segment, which grew 19.68% in FY25. Strategy includes aggressive retail credit expansion (up 37.45% YoY), digital transformation for faster loan processing, and maintaining a high CASA ratio to keep borrowing costs competitive.

Products & Services

Housing loans (INR 43,041 Cr), Vehicle loans (INR 4,872 Cr), MSME credit (INR 46,554 Cr), Gold loans, Education loans, and Digital Rupee (CBDC).

Brand Portfolio

MAHABANK, Bank of Maharashtra, Mahabank Digital Rupee.

New Products/Services

Digital Rupee (CBDC) and Digital Sanctions for retail loans are expected to improve processing speed and customer acquisition, contributing to the 16.83% growth in global advances.

Market Expansion

The bank is expanding into overseas markets with an initial exposure of INR 888 Cr and continues to deepen its domestic footprint in the Infrastructure and Housing sectors.

Market Share & Ranking

Not explicitly ranked, but advance growth of 17.90% is noted as being higher than the banking industry average.

Strategic Alliances

The bank maintains JVs and Subsidiaries with a gross investment of INR 762 Cr as of Sept '25 to diversify service offerings.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward digital-first banking and NIM compression. MAHABANK is positioning itself by maintaining a high CASA of 48.13% and a low Cost of Funds (4.32%) compared to peers.

Competitive Landscape

Competes with major PSU and private banks; maintains an edge through superior asset quality (Net NPA at 0.18%) which is among the lowest in the industry.

Competitive Moat

The bank's moat is its low-cost deposit base and high CASA ratio, which allows it to maintain a NIM of 3.85% even in a rising rate environment. This is sustainable due to its strong brand presence in Maharashtra and growing digital adoption.

Macro Economic Sensitivity

Sensitive to RBI repo rate changes; a high-interest-rate environment has increased the Cost of Deposits by 38 basis points YoY, impacting the bank's cost structure.

Consumer Behavior

Increasing preference for digital banking and retail credit; MAHABANK responded with a 37.45% YoY growth in retail credit and new digital sanctioning tools.

Geopolitical Risks

Net FPI outflows of US$ 3.9 billion in 2025-26 (April-Sept) create market volatility that can impact the bank's investment portfolio valuation (AFS/HFT categories).

⚖️ Regulatory & Governance

Industry Regulations

Complies with RBI's Basel III capital requirements (CET1 at 14.05%) and SEBI LODR regulations. No non-compliance reported for the financial year ended March 31, 2025.

Environmental Compliance

The bank has initiated ESG initiatives as part of its corporate reporting, though specific INR costs are not disclosed.

Taxation Policy Impact

Profitability was supported by a low effective tax rate due to the write-off of carried forward losses in previous periods.

Legal Contingencies

Pending court cases and labor disputes exist as per standard banking operations; however, the specific aggregate INR value of all pending litigation is not disclosed in the provided documents.