Bank of Maharashtra (MAHABANK.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+36.6%

₹108.79

vs ₹79.62 price

Levered DCF

-₹12.58

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.32

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	6.72×	6.16×	11.23×	6.4×	9.65×	22.86×	12.9×	-1.01×
P/B	1.42×	1.19×	2.3×	1.05×	0.79×	1.06×	0.48×	1.42×
P/S	1.44×	1.26×	2.02×	0.91×	0.74×	0.89×	0.39×	0.67×
EV / EBITDA	6.67×	2.61×	5.39×	3.46×	-0.52×	4.4×	-17.04×	1.29×
Gross margin	44.4%	50.9%	52.9%	55.7%	54.0%	52.4%	45.6%	43.1%
Operating margin	23.9%	20.5%	18.0%	14.2%	7.6%	3.9%	3.0%	-38.1%
Net margin	21.4%	20.5%	18.0%	14.2%	7.6%	3.9%	3.0%	-38.1%
Current ratio	0.08×	0.16×	0.44×	50.86×	80.37×	402.67×	382.1×	380.8×
Debt / equity	1.06×	0.83×	0.39×	0.75×	0.59×	0.37×	0.34×	1.54×
Interest coverage	0.5×	0.42×	0.38×	0.32×	0.17×	0.08×	0.06×	-0.67×
Dividend yield	4.1%	2.9%	1.9%	2.0%	3.0%	0.0%	0.0%	0.0%
Payout ratio	27.4%	17.9%	21.5%	12.9%	29.2%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	21.1%	19.3%	20.5%	16.5%	8.2%	4.6%	3.7%	-81.0%
Return on invested capital	7.6%	8.6%	1.7%	1.8%	0.4%	0.1%	0.2%	-2.7%
Return on assets	1.6%	1.5%	1.3%	1.0%	0.5%	0.3%	0.2%	-2.9%
Free cash flow yield	8.8%	-85.7%	24.7%	-10.6%	62.1%	17.3%	11.0%	-131.2%
Earnings yield	14.9%	16.2%	8.9%	15.6%	10.3%	4.4%	7.7%	-57.1%
Enterprise value	₹546.7B	₹152.1B	₹231.3B	₹99.1B	-₹7.3B	₹33.4B	-₹103.9B	-₹58.2B
Net debt / EBITDA	0.91×	-3.25×	-5.26×	-2.35×	-8.36×	-12.73×	-25.56×	3.13×
Cash conversion cycle (days)	17	68	936	25	34	38	28	34