Quarter Ended: March 2026
Bank of Maharashtra – Q4 FY26 Results Analysis
NSE
mahabank
BSE
532525
Bank of Maharashtra delivered a fundamentally strong quarter with improved profitability, strong segment performance, healthy asset quality, and stable operating metrics.
key financial highlights
- Revenue from Operations:
- Total Income (Q4 FY26): ₹869,346 lakh
- QoQ Change: +0.18%
- YoY Change: +11.80%
- Previous Quarter (Q3 FY26): ₹867,722 lakh
- Previous Year (Q4 FY25): ₹777,176 lakh
- Total Income (Q4 FY26): ₹869,346 lakh
- Revenue remained stable sequentially while maintaining double-digit growth YoY, reflecting continued growth in core banking operations.
- Profit After Tax (PAT):
- PAT (Q4 FY26): ₹204,488 lakh
- QoQ Growth: +14.93%
- YoY Growth: +36.08%
- Previous Quarter: ₹177,958 lakh
- Previous Year: ₹150,232 lakh
- PAT (Q4 FY26): ₹204,488 lakh
- Strong profit growth was driven by:
- Improved operating profit
- Lower sequential provisions
- Strong Treasury and Wholesale performance
- Better operating leverage
Margin Analysis
- Operating profit rose faster than expenses
- Provisions declined sharply YoY
- Net profit margin expanded
- Return on Assets improved
Key Signal: Margins improved due to Better cost control, Lower credit costs, Improved operating leverage
Segment performance
Treasury Operations
| Segment | Q4 FY26 | Y.O.Y |
|---|---|---|
| Revenue | ₹177,923 lakh | +15.39% |
| Segment Profit | ₹30,207 lakh | -16.11% |
Corporate / Wholesale Banking
| Segment | Q4 FY26 | Y.O.Y |
|---|---|---|
| Revenue | ₹294,606 lakh | +14.55% |
| Segment Profit | ₹105,131 lakh | +29.61% |
Retail Banking
| Segment | Q4 FY26 | Y.O.Y |
|---|---|---|
| Revenue | ₹396,045 lakh | +19.64% |
| Segment Profit | ₹93,456 lakh | +152.90% |
Other Banking Operations
| Segment | Q4 FY26 | Q4 FY25 |
| Revene Softened | ₹9,214 lakh | ₹12,834 lakh |
Segment Insight:
Strength Areas
- Retail Banking profitability surge
- Corporate/Wholesale stability
- Treasury revenue growth
- Diversified segment contribution
Weak Areas
- Other Banking Operations softness
- Treasury profitability moderation
Overall segment structure remains strong
Earning quality check
High Earnings Quality:
- Profit growth appears operationally driven rather than one-off driven
Supported By:
- Lower provisions
- Stable revenue growth
- Operating leverage
- Asset quality improvements
Interpretation:
This is high-quality earnings expansion
balance sheet analysis
Segment Assets
- FY26: ₹4,27,47,102 lakh
- FY25: ₹3,69,35,381 lakh
- Growth: +15.74%
Capital & Reserves
- FY26: ₹33,22,426 lakh
- FY25: ₹28,70,798 lakh
- Growth: +15.73%
Asset Quality
- Gross NPA: 1.45% (vs 1.74% last year)
- Net NPA: 0.13% (vs 0.18% last year)
Cash flow analysis
Operating Cash Flow
- Negative ₹1,13,36.03 lakh
- Interpretation:
- Driven by working capital and operating asset growth
- Needs monitoring, though common in balance sheet-heavy banks
Financing Cash Flow
- Negative ₹26,07.12 lakh
- Reflects:
- Dividend payouts
- Bond servicing
- Interest on borrowings
Cash Position
- FY26: ₹2,77,45.60 lakh
- FY25: ₹4,21,94.91 lakh
Indicates: Liquidity moderated
key risks
- Important monitoring factor
- Profit declined despite revenue growth
- Cash balance declined materially
management strategy signals
- Retail growth acceleration
- Wholesale strength
- Credit quality improvement
- Capital strengthening
- Efficiency-led profitability
Financial Metrics
| Particular | Q4 FY26 | Q.O.Q | Y.O.Y |
|---|---|---|---|
| Total Income | ₹869,346 Lakh | +0.18% | +11.80% |
| PBT | ₹232,962 Lakh | +16.09% | +51.51% |
| PAT | ₹204,488 Lakh | +14.93% | +36.08% |
| EPS | ₹2.66 | +13.68% | +36.41% |
HDFC Bank delivered:
- Strong PAT growth
- Lower provisions
- Improved asset quality
- Strong retail banking performance
- Healthy margins
- Capital growth
Official Exchange Filing: Bank of Maharashtra
Quarterly Performance Context
FISCAL YEAR
2025-2026
AUDIT STATUS
REVIEWED