Bank of Maharashtra reported Q2 FY27 numbers with revenue of Rs. 9,735.41 Cr (+22.09% YoY) and PAT growth of +41.42% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 26, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 9,735.41 Cr (+22.09% YoY) |
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| PAT (Q2) | Rs. 2,309.59 Cr (+41.42% YoY) |
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| EBITDA margin | 34.60% (+232 bps YoY) |
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| EPS (Q2) | Rs. 3.00 (+41.51% YoY) |
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| Market cap | Rs. 57,325.16 Cr |
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| CMP | Rs. 74.53 |
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Quarter Snapshot
Bank of Maharashtra beat its own FY27 guidance on ten derivable metrics, with advances +30.16% YoY vs +18% guided, deposits +21.50% vs 14-15%, PAT +41.42% YoY, and GNPA at 1.25% vs <2% guided. Retail Banking segment profit nearly doubled YoY with margin expansion from 19.53% to 29.87%, and normalized PAT grew 12.5% QoQ after stripping the Rs.250 cr COVID reversal and Rs.500 cr ECL buffer. Watch items are the CD ratio at 86.51%, the -Rs.173.48 cr associate loss swing at the consolidated level, and the Treasury segment's 35.24% YoY profit decline.
Key Investment Insights
Key Positives
- PAT grew 41.42% YoY to Rs.2,309.59 cr; PPOP grew 30.86% YoY to Rs.3,368.67 cr
- NII grew 21.76% YoY to Rs.3,954.23 cr; other income grew 33.57% YoY to Rs.1,129.04 cr
- Advances grew 30.16% YoY vs +18% guidance; deposits grew 21.50% YoY vs 14-15% guidance
- GNPA fell to 1.25% (from 1.45% QoQ, 1.72% YoY); NNPA at 0.12%; PCR 98.53% incl. technically written-off
- Cost-to-income improved to 33.73% from 37.10% YoY; operating margin at 34.60% vs 32.28% YoY
- Retail Banking segment result grew 92.82% YoY with margin expanding from 19.53% to 29.87%; Corporate/Wholesale result grew 53.61% YoY
- Normalized PAT of Rs.2,522.32 cr (stripping Rs.250 cr COVID reversal and Rs.500 cr ECL buffer) grew 12.5% QoQ
- ROA at 2.02% annualized vs 1.80% guidance; CRAR 18.51% with CET1 15.61%
Risk Factors
- Associate (Maharashtra Gramin Bank) loss share swung to -Rs.173.48 cr in Q2 from +Rs.2.78 cr in Q1, cutting consolidated PAT after minority interest to Rs.2,136.48 cr, below standalone PAT
- CD ratio rose to 86.51% from 80.75% YoY, above the ~80% comfort level flagged in prior-quarter notes
- Treasury segment result fell 35.24% YoY and 48.11% QoQ on revenue of -5.29% YoY
- Effective tax rate rose to 14.91% from 11.27% in Q1, a drag on PAT growth relative to PBT (+49.26% YoY)
- Fraud losses of Rs.273.42 cr net (63 cases, Rs.308.19 cr involved) charged to Q2 provisions
- Borrowings more than doubled YoY (+92.14%) on the USD 500 mn offshore bond and other raisings