Bank of Maharashtra — Q2 FY26
Bank of Maharashtra reported a strong Q2 FY26 with net profit rising 23% YoY to ₹1,633 crore and operating profit up 17% to ₹2,500 crore.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
50%Questions answered4Evaded / deflected12Questions audited
Evasive
High priority
Why did cost of deposits increase by 8 bps despite term deposit rate cuts?
Asked by Rohan Mandura, Aquarius Securities
Management discussed overall deposit strategy but did not quantify the benefit from rate cuts or impact from CASA decline.
no direct attribution of 8 bps increasefocused on strategy instead of specific drivers
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Question
I wanted to understand the moment on cost of deposits this quarter which has gone up by 8 bits. So what was the benefit from term deposit rate cut and what was the adverse impact from the current account changes the decline in car balances.
Management (unidentified)
So the cost of deposit maybe it is 78 bits which has gone up... focus with us is to maintain our deposit growth majorly through the low cost element... bulk deposits have seen a degrowth of 9.9%... CASA has grown at 15%.
Answered
Medium priority
What is the outstanding AFS reserve at end of Q2?
Asked by Rohan Mandura, Aquarius Securities
Management provided a specific number (340 crores) directly answering the question.
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Question
What is the outstanding AFS reserve at the end of 2Q?
Management (unidentified)
It's around 340 crores on the ground.
Answered
Medium priority
Why did credit RWA increase 10.5% QoQ?
Asked by Rohan Mandura, Aquarius Securities
Management explained the increase was due to higher advances and undrawn lines, providing specific numbers.
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Question
There's almost 10 and a half% Q1Q increase in credit RW this quarter. So if you can explain what is the reason for that.
CRO (unidentified)
Total RA from June to September increased around 16,000... credit R has increased around 15,000... because of advances the gross advances increased around 14,000 and there is some extra undrawn use there.
Partial answer
Medium priority
Why is agriculture growth lagging behind retail in RAM portfolio?
Asked by Abhishek Kotari, Aviva India
Management gave the RAM share and strategy but did not quantify why agriculture growth is lagging.
no specific growth rate for agriculturefocused on strategy rather than explaining lag
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Question
If you could guide with respect to your growth that I'm seeing in the RAM portfolio, retail has grown very nicely. But you know and agree the growth is lagging behind. So any thoughts over there?
Management (unidentified)
RAM overall share is 62.38. Our guidance has been to maintain it at 60:40 plus/minus 2%. We are doing a conscious rebalancing... in the agree portfolio we are making a shift from production credit to investment credit.
Evasive
High priority
When will the fund raise happen? Will it be this fiscal or next?
Asked by Abhishek Kotari, Aviva India
Management confirmed approvals but did not commit to a quarter or amount, leaving timing vague.
no specific timelinedeferred to 'opportune time'
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Question
Your capital consumption was high in this quarter around 193 bits. You have a resolution or board approval in place for fundra. So by when could we expect your fund raise to come by? Will it be in this fiscal let's say Q4 or will it go to next fiscal?
Management (unidentified)
There are plans, we have approvals in place from our board, government, RBI, shareholders. So approvals are in place to go for a fund raise within this FY. We are looking at the opportune time and opportune mode.
Evasive
High priority
Will you raise the entire 5,000 cr or a smaller amount?
Asked by Abhishek Kotari, Aviva India
Management did not indicate the size of the raise, only that approval exists and there is no urgent need.
no specific amount givendownplayed urgency
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Question
Just to ask would you be raising the entire 5,000 cr or like it'll be like 2,500 cr kind of a number.
Management (unidentified)
Since this enabler is there and we take it from the beginning of the year. That approval is on the higher side. With healthy CR of 18%, there is no urgent emergent need for raising the growth capital.
Partial answer
High priority
Why has agriculture GNPA increased to almost 10%? Any specific state or reason?
Asked by Suraj Das, Sundara Mutual Fund
Management gave reasons but did not pinpoint a specific state or quantify the impact of each factor.
no specific state mentionedattributed to multiple factors without quantification
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Question
Agree GNPAI has increased quite a lot over the last one year and the number is touching almost 10% now. Anything specific that is happening there or any particular state or anything there?
Management (unidentified)
We have seen some agriculture stress in some pockets due to incessant rains and flooding. Also we are rebalancing our agree book towards investment credit, so denominator reduced. RBI guidelines on gold loan classification also impacted.
Partial answer
High priority
What is the impact of ECL on credit cost and fee income?
Asked by Suraj Das, Sundara Mutual Fund
Management answered the credit cost part but did not address the fee income amortization impact.
fee income impact not addressedfocused on credit cost and provisions
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Question
Your comment on ECS any impact there on both the credit cost or the asset quality side as well as on the fee income side because now I think fee will be amortized.
Management (unidentified)
ECL calculations... broad number is 2,500 crores. We have already started proactively providing, holding 250 crores. Glide path available, requiring 100 to 125 crores every quarter. Credit cost has come down from 1.19 to 0.92.
Evasive
Medium priority
Can the 1,200 cr COVID provision be used towards the 2,500 cr ECL provision?
Asked by Suraj Das, Sundara Mutual Fund
Management avoided a direct yes/no on using COVID provisions, instead citing total provisions.
did not directly answer whether COVID provision can be usedmentioned total cushion instead
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Question
You have COVID provision of 1200 crores also. So that 2500 cr of ECL provision is after adjusting for this 1200 crores or this is you can use towards this 2,500 crores.
Management (unidentified)
It is not just 1200 crores. Today we have a total provisioning cushion of almost 3,000 crores. But 2,500 crores... we have already built 250 and we may follow a guided path.
Answered
Medium priority
What is the LTV for gold loans in agriculture and non-agriculture?
Asked by Sedat Rajpurit, systematics group
Management provided specific LTV numbers for both segments.
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Question
First on gold loan what will be your LTV in the agree and non-aggree space.
Management (unidentified)
LTB in gold loans the RBI guidelines are 75% at all times. So for agriculture we have kept 85 LTV and we have some variance within this range in the non-priority.
Answered
High priority
Is there incremental stress in the MSME segment?
Asked by Sedat Rajpurit, systematics group
Management provided specific NPA percentages showing improvement, directly addressing the question.
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Question
On your small and medium segment sequentially the NPA have gone up so what is the trend that we are seeing are that incremental pain that is in the segment?
Management (unidentified)
MSME... absolute number it has gone down from 2.9 to 1.7 year on year. September 24 was 2.39 it has come down to 1.73 now. MSME portfolio is also behaving. There's no issue.
Partial answer
High priority
What is the sustainable credit cost guidance including ECL impact?
Asked by Akshai Badlani, HDFC Securities
Management reiterated the below 1% guidance but did not explicitly state whether it includes the additional ECL provisions.
did not clarify if guidance includes ECL impactfocused on current numbers
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Question
What could be the normalized credit cost range that we are looking for? This is including the ECL impact as well or that we'll additionally provide for the next four to five years.
Management (unidentified)
Credit cost guidance has been to maintain it below one. September 25 we have achieved 0.92%. On a half yearly basis it is marginally two basis point above 1.02. This guidance going forward also we would be maintaining to keep the credit cost below 1%.