Bank of Maharashtra (MAHABANK) — share price & stock analysis

Market cap

₹70,147 Cr

P/BV

2.11×

ROE

22.6%

vs own 10-yr valuation

90th pctile

Book value / share

₹43.2

EPS (TTM)

₹9.12

10-yr median P/BV

0.9×

Revenue (FY26)

₹29,282 Cr

Profit after tax (FY26)

₹7,017 Cr

Weinstein stage

Stage 2 (53 weeks)

Data as of

1 July 2026

4 of the 5 things we track are currently moving the right way — nearly everything is pulling in the same direction.

Where the levels actually stand: ROE 23% — a genuinely good bank; GNPA 1.4% — clean book; the spread is near its 13-year high. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, lending and bad loans count double, and a quarter of the score comes from our earnings-recovery lens (is the profit cycle turning up off its trough?).

The business grew faster than the stock

Since May 2016, earnings per share grew 840% while the stock is up 214%. The business has outrun its own share price.pricettm_eps

When profits grow faster than the price, the stock quietly gets cheaper while doing better — the market hasn’t fully caught up.

Today’s P/BV of 2.1× means the market is paying up — this is the expensive end of its own 10-year history (90th percentile).pb_ratio

Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots; between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/BV — what the market pays per rupee of book value; the dotted line is its long-run median (0.9×).

Stage 2: the trend is up, and has been for 53 weeks

Price trends have a life cycle: they base (1), advance (2), top out (3) and decline (4). This chart is in Stage 2: advancing — 53 weeks so far, confirmed.stage

The price sits above its rising 200-day average (₹70 today) — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200

Beating NIFTY 500 for 47 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

Losses, then a rebuild: profits are at an all-time high

Over 12 years, income went from ₹11,957 Cr to ₹29,282 Cr (about 8% a year), and profit from ₹399 Cr to ₹7,017 Cr.revenuenet_profit

The books show real losses in FY17 and FY18 and FY19 (worst: ₹−4,763 Cr). Everything about today’s cheap-looking numbers must be read against that history — the recovery is what you are buying.net_profit

The loan book is working — interest income grew 15%

Mar 26 income was ₹7,755 Cr, up 15% on a year ago. A bank grows by lending more and charging well — this line is both together.revenue

The squeeze is easing — the spread bottomed at 46% and is mending

Of every ₹100 of interest the bank earns, ₹52 goes straight out as interest on deposits and borrowings. It keeps ₹48 — up 1 point from a year ago.revenueinterest_expense

The visible arc: squeezed from 49% down to 46% (Sep 25) as deposits repriced faster than loans, and recovering since. The direction matters more than the level now.interest_expense

Bad loans are healing — from a worst of 2.3% (Jun 23) to 1.4%

₹1.4 of every ₹100 lent is currently stuck with borrowers who’ve stopped paying — down from ₹2.3 at the Jun 23 worst. After the money already set aside, the true exposure is 0.1%.gross_npa_pctnet_npa_pct

Falling bad loans do double duty: less money set aside for losses flows straight back into profit — and the profit bridge this year shows exactly that. The tailwind eventually runs out; the loan book has to take over.gross_npa_pctnet_profit

Profit jumped 36% year on year

Mar 26 profit was ₹2,045 Cr, up 36% on last year — earnings per share of ₹2.66.net_profiteps

You are paying near the top of its own range

Today you pay ₹2.11 for every ₹1 of book value, against a long-run median of ₹0.90. It has traded cheaper than this only 90% of the time since 2016.pb_ratio

Promoters have trimmed their stake — 12.9 points over 8 quarters

Promoters hold 73.6% (down 12.9 points over 8 quarters). Foreign funds own 5.5%, domestic funds 13.9%.promoters_pctfiis_pctdiis_pct

Domestic funds tell the real story: they sold from 6.4% down to 4.5% (Sep 24), and have been buying back since — now 13.9%. A completed round trip like that usually means the doubts got answered.diis_pct

Strong on the data — worth the deeper look if the story keeps its promises

The numbers lean positive, and the price hasn’t fully caught up with the improvement.

Best thing in the data: profit rising (₹1,502 Cr → ₹2,045 Cr).net_profit

Biggest worry: promoter holding falling (79.6% → 73.6%).promoters_pct

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data