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What the record says.
Bank of Maharashtra delivered a strong Q4 FY26, with net profit surging 27% YoY to ₹7,019 crore, driven by robust loan growth of 22% YoY and stable NIM of 3.91% (full year). Asset quality improved further with GNPA at 1.45% (down 29bps YoY) and NNPA at 0.13%. Management met all 18-19 guidance parameters set at the start of the year. Key growth drivers included retail (home loans +29%, vehicle +56%, gold +53%) and corporate lending in renewable energy and infrastructure. The bank created a ₹200 crore geopolitical uncertainty provision proactively. Guidance for FY27 includes advances growth of 18%, NIM of 3.75%, and ROA of 1.80%. Risk: Prolonged West Asia crisis could stress MSME and agri portfolios, with impact visible from Q2.
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Guidance to track
- Total business to grow 16-17%, with advances at 18% and deposits at 14-15%.
- Net interest margin expected to be 3.75% for the full year.
- Return on assets guided at 1.80%, up from 1.75% in FY26.
- Asset quality guidance: gross NPA under 2%, net NPA under 0.25%, slippage below 1%.
Risks flagged
- Prolonged conflict could stress MSME and agri portfolios due to crude price rise and inflation; impact expected from Q2.
- Maharashtra government's KCC loan waiver (up to ₹2 lakh) may affect borrower behavior; bank estimates ₹2,000 crore exposure.
- Effective tax rate may rise from ~10% to 18-20% as unabsorbed losses are exhausted, impacting net profit growth.
- Transition to CLM1 model caused temporary halt in gold co-lending; book declined 70% QoQ, though resuming.
Key quotes
- We have internally created a global geopolitical uncertainties provisioning and we have in this quarter built a provision of 200 crores.
- We want to become bank of a greater significance... from 11th we have to come to the ninth position in size among PSBs.
- We have kept aspiration of making GIFT City in 12 months minimum 1 billion book; 650 million we've already done.
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