Bank of Maharashtra is a public sector bank established in 1935 and headquartered in Pune. With over 2,000 branches across India, it offers services in retail banking, corporate/wholesale banking, treasury operations, and digital financial solutions. In recent years, the bank has delivered strong profit growth, improved asset quality, and one of the highest return on equity (ROE) ratios among PSU banks. Its lean cost structure, high CASA ratio, and robust capital adequacy have attracted renewed investor interest. This article provides a realistic, data-backed outlook on the Bank of Maharashtra share price target 2026–2030, based on verified financials, sector trends, and fundamental analysis.
Bank of Maharashtra: Company Overview
- Founded: 1935
- Managing Director: Shri A. S. Rajeev
- NSE Symbol: MAHABANK
- Business Segments: Treasury, Corporate/Wholesale Banking, Retail Banking, Other Banking Operations
- Market Position: Mid-sized public sector bank with strong regional presence in western and central India
Bank of Maharashtra has consistently reduced its gross and net NPAs since FY2021 and maintained a capital adequacy ratio well above regulatory requirements. Its focus on operational efficiency—evident from a low cost-to-income ratio—and high CASA mix positions it favorably in the current interest rate environment.
Bank of Maharashtra: Key Financial Snapshot
| Metric | Value |
|---|---|
| Current Share Price | ₹66.10 |
| Market Capitalization | ₹50,864.25 Cr |
| No. of Shares Outstanding | 769.16 Cr |
| 52-Week High / Low | ₹67.50 / ₹38.10 |
| P/E Ratio (TTM) | 7.83 |
| P/B Ratio | 1.62 |
| EPS (TTM) | ₹8.45 |
| Book Value (TTM) | ₹40.84 |
| ROE | 24.63% |
| ROCE | 16.83% |
| Dividend Yield | 2.29% |
| Face Value | ₹10 |
| Net Interest Income | ₹11,665.57 Cr |
| Cost-to-Income Ratio | 38.37% |
| Capital Adequacy Ratio (CAR) | 20.53% |
| Profit Growth (YoY) | 36.12% |
| CASA % | 53.28% |
Bank of Maharashtra Share Price Target Forecast (2026–2030)
| Year | Target Price Range (₹) |
|---|---|
| 2026 | ₹70 – ₹78 |
| 2027 | ₹76 – ₹86 |
| 2028 | ₹82 – ₹95 |
| 2029 | ₹88 – ₹104 |
| 2030 | ₹94 – ₹112 |
Bank of Maharashtra Share Price Target 2026
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2026 | ₹70 | ₹78 |
Bank of Maharashtra reported 36.12% YoY profit growth in FY2025, supported by strong loan recovery, low provisioning, and efficient cost management. With a CASA ratio of 53.28%—among the highest in the PSU banking sector—the bank enjoys a low-cost deposit base, which supports healthy net interest margins. Trading at a P/E of just 7.83 and P/B of 1.62 against an ROE of 24.63%, the stock appears undervalued relative to peers. A 2026 target range of ₹70–₹78 assumes continued earnings momentum and stable macro conditions.
Bank of Maharashtra Share Price Target 2027
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2027 | ₹76 | ₹86 |
If the bank sustains its cost-to-income ratio below 39% and expands its retail loan book, earnings could grow at 15–20% annually. The consistent dividend payout (~21–26% historically) adds income appeal for conservative investors. Assuming EPS reaches ₹9.30–₹10.20 by FY27 and P/E expands modestly to 8.2–8.5x, the 2027 target range of ₹76–₹86 is justified.
Bank of Maharashtra Share Price Target 2028
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2028 | ₹82 | ₹95 |
By 2028, the benefits of past balance sheet cleanup and digital transformation should fully reflect in profitability. With a CAR of 20.53%, the bank has ample room for credit growth without diluting capital. A P/E of 8.5–9x on projected EPS of ₹9.60–₹10.60 supports the ₹82–₹95 band, assuming no major slippage in asset quality.
Bank of Maharashtra Share Price Target 2029
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2029 | ₹88 | ₹104 |
Long-term credit demand in semi-urban and rural India remains supportive. However, competition from private banks and interest rate volatility pose risks. If ROE stays above 22% and the bank maintains its efficiency edge, investor sentiment could improve further. Using a P/E of 9–9.5x on FY29 EPS (~₹9.80–₹11.00), the 2029 target is ₹88–₹104.
Bank of Maharashtra Share Price Target 2030
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2030 | ₹94 | ₹112 |
Over a five-year horizon, Bank of Maharashtra’s combination of high ROE, low costs, and strong capital buffers makes it a standout among mid-sized PSU banks. While it lacks the scale of SBI or PNB, its operational discipline offers reliable returns. A terminal P/E of 9.5–10x on FY30 EPS (~₹9.90–₹11.20) supports the ₹94–₹112 range. Upside remains limited by its PSU tag, but downside risk is low due to strong fundamentals.
Bank of Maharashtra: Shareholding Pattern
| Category | Holding (%) |
|---|---|
| Promoters (Government of India) | 73.60% |
| Domestic Institutional Investors (DII) | 13.51% |
| Foreign Institutional Investors (FII) | 4.92% |
| Public & Others | 7.98% |
The high promoter stake ensures policy continuity, while rising institutional interest reflects growing confidence in management execution and financial discipline.
Bank of Maharashtra: Strengths vs Risks
Strengths:
- Exceptional ROE of 24.63%—among the highest in PSU banking
- Industry-leading CASA ratio (53.28%) reduces funding costs
- Very low cost-to-income ratio (38.37%) enhances profitability
- Strong capital buffer (CAR: 20.53%) well above RBI’s 11.5% requirement
- Consistent dividend payer with ~21–26% payout since FY2022
Risks:
- Contingent liabilities of ₹47,914 Cr require monitoring
- Limited national footprint compared to larger PSUs
- Vulnerable to regional economic slowdowns (strong presence in Maharashtra)
- Government ownership may limit strategic agility
Investment Suitability
| Factor | Assessment |
|---|---|
| Risk Profile | Moderate |
| Ideal Time Horizon | 3–5+ years |
| Volatility | Lower than market average; aligned with PSU banking index |
| Dividend/Income Potential | Yes (2.29% yield + consistent payouts) |
| Best For | Conservative to moderate-risk investors seeking efficient PSU banking exposure with income |
FAQs
Is Bank of Maharashtra a good stock to buy?
Yes, for long-term portfolios seeking a high-ROE, low-cost PSU bank with dividends. Its valuation (P/E: 7.83, P/B: 1.62) appears attractive given its 24.6% ROE and 36% profit growth.
Why is the Bank of Maharashtra share falling?
Despite strong fundamentals, PSU banks often face short-term volatility due to profit-taking, global rate fears, or lack of liquidity. The stock rose ~23% in the last year, which may have triggered consolidation.
Is Bank of Maharashtra overvalued?
No. With a P/E below 8x, P/B of 1.62x, and ROE above 24%, the stock trades at a significant discount to its return profile—making it undervalued relative to peers.
Which is better: Bank of Maharashtra or SBI?
SBI offers greater scale, international presence, and liquidity. Bank of Maharashtra delivers higher ROE and better cost efficiency but lacks SBI’s brand strength. SBI suits core holdings; MAHABANK suits tactical, efficiency-focused allocations.
Final Verdict
Bank of Maharashtra has emerged as one of the most efficient and profitable mid-sized public sector banks in India. Its exceptional ROE, industry-leading CASA mix, and lean cost structure make it a compelling option for investors seeking stable returns with dividend income.
Our Bank of Maharashtra share price target 2026–2030 (₹70 to ₹112) is grounded in historical performance, sector benchmarks, and realistic valuation expansion. While it won’t deliver explosive gains, it offers consistent capital appreciation with lower downside risk—a rare combination in today’s PSU banking landscape.
Disclaimer: Price targets are estimates based on publicly available data and sector analysis. They are not investment advice. Consult a SEBI-registered advisor before making decisions.
Sources
- Screener.in – Bank of Maharashtra Consolidated Page (FY2025 + TTM)
- Groww.in – Bank of Maharashtra Stock Profile (Market Cap, P/E, CASA %)
- Bank of Maharashtra Investor Presentation (Q3 FY26, Jan 2026)
- BSE India – Annual Report FY2025
- RBI Guidelines on Capital Adequacy and NPA Classification
