Bank of Maharashtra — Q4 FY26 earnings call
Summary generated by AI from the official transcript Bank of Maharashtra filed with BSE on 27 Apr 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Bank of Maharashtra reported FY26 total business growth of 17% with advances up 22% and deposits up 14%, while CASA ratio closed at 52.51%. Net profit grew 27% year-on-year to Rs 7,019 crore, with full-year NIM at 3.91% against a guidance of 3.75%, and gross NPA improved to 1.45% and net NPA to 0.13%. Management also detailed FY27 guidance across growth, profitability and asset quality parameters, and discussed a global geopolitical uncertainties provision of Rs 200 crore created during the quarter.
Numbers mentioned
Total business growth: 17% (FY26)
p. 3
“Total business this year has grown at the rate of 17% and within which advances grew at 22%.”
Nidhu Saxena, page 3 of the filed PDF · View the filing
CASA ratio: 52.51% (FY26)
p. 3
“We closed the year with 52.51% CASA.”
Nidhu Saxena, page 3 of the filed PDF · View the filing
Gross NPA: 1.45% (FY26)
p. 4
“The gross NPA has reached -- percentage come down to 1.45% with a 29 bps improvement year-on year.”
Nidhu Saxena, page 4 of the filed PDF · View the filing
Net NPA: 0.13% (FY26)
p. 4
“Net NPA came down to 0.13%, 5 bps year-on-year.”
Nidhu Saxena, page 4 of the filed PDF · View the filing
Operating profit: Rs 10,826 crore (FY26)
p. 4
“OP, operating profit, INR10,826 crores, grew Y-o-Y at 16%.”
Nidhu Saxena, page 4 of the filed PDF · View the filing
Net profit: Rs 7,019 crore (FY26)
p. 4
“Net profit with INR7,019 crores, grew Y-o-Y at 27%.”
Nidhu Saxena, page 4 of the filed PDF · View the filing
NIM: 3.91% (FY26)
p. 4
“Against a NIM guidance of 3.75% at the beginning of the year, we closed the year with a NIM of 3.91%.”
Nidhu Saxena, page 4 of the filed PDF · View the filing
NIM: 3.95% (Q4 FY26)
p. 5
“Quarter 4 stand-alone NIM was 3.95%.”
Nidhu Saxena, page 5 of the filed PDF · View the filing
ROA: 1.86% (FY26)
p. 5
“But for the full year, our ROA has been 1.86 against the guidance of 1.75.”
Nidhu Saxena, page 5 of the filed PDF · View the filing
ROE: 23.19% (FY26)
p. 5
“Full year ROE is 23.19%.”
Nidhu Saxena, page 5 of the filed PDF · View the filing
Cost to income ratio: 37.08% (FY26)
p. 5
“We have contained our cost to income below our guidance of 40%, and it closed with 37.08%.”
Nidhu Saxena, page 5 of the filed PDF · View the filing
Cost of deposits: 4.52% (FY26)
p. 5
“Cost of deposits has improved by 14 bps year-on-year at 4.52%.”
Nidhu Saxena, page 5 of the filed PDF · View the filing
CET1 ratio: 14.59% (FY26)
p. 5
“CET1 is standing at 14.59%.”
Nidhu Saxena, page 5 of the filed PDF · View the filing
CRAR: 18.36% (FY26)
p. 5
“CRAR is at 18.36%.”
Nidhu Saxena, page 5 of the filed PDF · View the filing
Government of India Holding: 73.60% (FY26)
p. 5
“Government of India Holding stands at 73.60%.”
Nidhu Saxena, page 5 of the filed PDF · View the filing
Recovery in write-off book: Rs 1,423 crore (FY26)
p. 4
“It is INR1,423 crores of recovery in the write-off book.”
Nidhu Saxena, page 4 of the filed PDF · View the filing
Geopolitical uncertainties provision: Rs 200 crore (Q4 FY26)
p. 7
“We call it global geopolitical uncertainties provision INR200 crores to begin with in this quarter, I have created.”
Nidhu Saxena, page 7 of the filed PDF · View the filing
Gold loan book: Rs 24,000 crore (FY26)
p. 15
“my gold loan book stands at INR24,000 crores, which has grown by 53%.”
Nidhu Saxena, page 15 of the filed PDF · View the filing
Corporate sanctions: Rs 72,000 crore (FY26)
p. 18
“INR72,000 crores of sanctions have been granted in the last FY in the corporate book.”
Nidhu Saxena, page 18 of the filed PDF · View the filing
Undisbursed corporate sanctions: Rs 34,500 crore
p. 18
“And we still have undisbursed portion of INR34,500 crores”
Nidhu Saxena, page 18 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Total business growth — 16% to 17% · FY27
stated firmly by Nidhu Saxena
p. 10
“So total business this year, we plan to grow at 16% to 17%, within which advances will grow at 18%.”
Nidhu Saxena, page 10 of the filed PDF · View the filing
Deposit growth — 14% to 15% · FY27
stated firmly by Nidhu Saxena
p. 10
“Deposit to grow at 14% to 15%.”
Nidhu Saxena, page 10 of the filed PDF · View the filing
NIM — 3.75% · FY27
stated firmly by Nidhu Saxena
p. 10
“NIM, the guidance for this year is 3.75%.”
Nidhu Saxena, page 10 of the filed PDF · View the filing
ROA — 1.80% · FY27
stated firmly by Nidhu Saxena
p. 10
“So ROA, we want to keep a guidance of 1.80%.”
Nidhu Saxena, page 10 of the filed PDF · View the filing
ROE — 20% and more · FY27
stated firmly by Nidhu Saxena
p. 10
“ROE, while we did 23% plus for this year, we want to maintain a guidance of 20% and more.”
Nidhu Saxena, page 10 of the filed PDF · View the filing
GNPA — within 2% · FY27
stated firmly by Nidhu Saxena
p. 10
“GNPA will remain within 2%.”
Nidhu Saxena, page 10 of the filed PDF · View the filing
NNPA — within 0.25% · FY27
stated firmly by Nidhu Saxena
p. 10
“NNPA within 0.25%.”
Nidhu Saxena, page 10 of the filed PDF · View the filing
Cost to income ratio — below 40% · FY27
stated firmly by Nidhu Saxena
p. 10
“Cost to income, we will continue to maintain as last year, below 40%.”
Nidhu Saxena, page 10 of the filed PDF · View the filing
CRAR — 18% · FY27
stated firmly by Nidhu Saxena
p. 10
“CRAR to be maintained at 18%.”
Nidhu Saxena, page 10 of the filed PDF · View the filing
GIFT City IBU business book — 1 billion · 12 months
stated as an aspiration by Nidhu Saxena
p. 7
“We have kept an aspiration of making GIFT City in 12 months minimum 1 billion book.”
Nidhu Saxena, page 7 of the filed PDF · View the filing
Agri and MSME growth — 15% to 16%
stated as an aspiration by Nidhu Saxena
p. 3
“We will soon regain our 15% to 16% retail and agri -- sorry, agri and MSME growth in the bank.”
Nidhu Saxena, page 3 of the filed PDF · View the filing
KCC debt waiver benefit — around INR2,000 crores · Q2 or Q3
stated conditionally by Nidhu Saxena
p. 14
“My calculation is INR2,000 crores is what we get to benefit out of debt waivers.”
Nidhu Saxena, page 14 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said no stress was visible yet in March but expects the fallout to show from Q2 onward, and that they are watching Brent crude and currency movements closely.
Answered by Nidhu Saxena
Asked by Ashok Ajmera: What impact will the Iran-Israel-US war have on the corporate and MSME book going forward?
p. 6
“But as I again said, we are still to see the end. So we can only hope that the crisis resolves and what damage must have happened, the impact, how fast it can be replaced is also needs to be seen.”
Nidhu Saxena, page 6 of the filed PDF · View the filing
Management said the COVID provision was no longer needed given the bank's asset quality and instead created a new geopolitical uncertainties provision as a prudent measure.
Answered by Nidhu Saxena
Asked by Ashok Ajmera: Why did the COVID/special provision decline while a new provision appeared?
p. 6
“So while the COVID book has reduced, it has actually been a nudge coming from the auditors also.”
Nidhu Saxena, page 6 of the filed PDF · View the filing
Management explained the growth reflects GIFT City operations, global syndications and ECBs, with a pipeline of $350 million toward a $1 billion aspiration.
Answered by Nidhu Saxena
Asked by Ashok Ajmera: What is the nature of the overseas advances book growth?
p. 7
“So currently, it is mostly corporate books, but we are ECBs, global syndications.”
Nidhu Saxena, page 7 of the filed PDF · View the filing
Management explained the effective tax rate benefited from bad debt deductions and unabsorbed losses in Q1, and that from Q2 the bank moved to the normal tax bucket.
Answered by Management
Asked by Ashok Ajmera: What is the bank's average tax rate and DTA position?
p. 8
“So overall, sir, if you see in our bank or other banking sector, sir, operating profit, 13% to 14%, average tax rate is coming.”
Management, page 8 of the filed PDF · View the filing
Management attributed it to a focus on profitable growth, reducing reliance on pool buyouts, strengthening core branch business, and a calibrated branch expansion program.
Answered by Nidhu Saxena
Asked by Priyank Chheda: What strategy allowed the bank to meet all its guidance parameters in a volatile year?
p. 9
“So the mantra for growth was it should be a growth, but it should be a profitable growth.”
Nidhu Saxena, page 9 of the filed PDF · View the filing
Management attributed the weakness to a one-time MTM hit from the Maharashtra Gramin Bank RRB amalgamation and said fee-based income is now a designated area of focus.
Answered by Nidhu Saxena
Asked by Parth Gutka: Why was fee income growth lower than loan growth?
p. 11
“So there was an immediate MTM, which we had to provide and INR290 crores is what the hit I took as onetime.”
Nidhu Saxena, page 11 of the filed PDF · View the filing
Management said the AFS reserve moved from positive in Q3 to negative at year-end, a swing of roughly Rs 500-550 crore.
Answered by Management
Asked by Jai Mundhra: How much was the AFS reserve swing from Q3 to Q4?
p. 12
“So it was INR175 crores positive as on Q3. And as on -- I mean for 31st March, it is INR362 crores negative.”
Management, page 12 of the filed PDF · View the filing
Management explained fresh underwriting was paused during a shift from RBI's CLM2 to CLM1 co-lending model, temporarily halting new co-lending business with NBFC partners.
Answered by Nidhu Saxena
Asked by Ashlesh Sonje: Why did the gold loan book decline quarter-on-quarter?
p. 16
“But we did not do any fresh underwriting till the time we switched on from the CLM2 to CLM1 model, which needed some level of integrating my IT and developing, first of all, new underwriting mechanism with me and the NBFC.”
Nidhu Saxena, page 16 of the filed PDF · View the filing
Management said they introduced stringent underwriting benchmarks last year to build a higher-quality, bigger-ticket book, which temporarily slowed growth before it picked up again.
Answered by Nidhu Saxena
Asked by Preethi RS: Why has MSME growth (medium and small) been lower than the overall RAM average?
p. 17
“So we -- temporarily in the Q1, Q2, we did see a dip. The Y O-Y growth went down to 3%, 4%.”
Nidhu Saxena, page 17 of the filed PDF · View the filing
Risks flagged
Prolonged West Asia geopolitical crisis and its effect on crude prices, inflation and currency
p. 6
“But having said that, yes, with headwinds like Brent crude more than $115, anything above $100 will bring pain.”
Nidhu Saxena, page 6 of the filed PDF · View the filing
Delayed recovery timelines due to NCLT process uncertainty
p. 4
“But at times, you're not very sure whether the recovery will fall in a particular quarter or it may slip to the other because of the some delays that may happen in the NCLT.”
Nidhu Saxena, page 4 of the filed PDF · View the filing
Paused gold loan co-lending underwriting due to regulatory model transition
p. 16
“So we had almost an exposure of INR5,000 crores plus in co-lending with the 3 NBFCs.”
Nidhu Saxena, page 16 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.