Bank of Maharashtra was listed on the NSE and BSE on April 12, 2004. In the last five years, its stock has given a massive return of around 450%. Will Bank of Maharashtra continue to provide such great returns in the future as well? Let’s explore Bank of Maharashtra’s growth potential and the Bank of Maharashtra share price target 2025 to 2050 in this article.
About Bank of Maharashtra
Bank of Maharashtra is a public sector bank of India that was founded in 1935. It is headquartered in Pune, Maharashtra. The bank provides a variety of financial services, including savings and current accounts, loans, and digital banking. It grows over time to include numerous branches across the country. The bank is well-known for helping small businesses, farmers, and individuals by providing various types of loans and financial assistance.
Bank of Maharashtra Fundamental Analysis
| Stock Name | Bank of Maharashtra. |
|---|---|
| NSE Symbol | MAHABANK |
| Market Cap | ₹ 39281 Cr. |
| 52W High | ₹ 73.5 |
| 52W Low | ₹ 38.1 |
| Stock P/E | 7.09 |
| Book Value | ₹ 37.3 |
| Dividend Yield | 2.94 % |
| ROCE | 5.78 % |
| ROE | 22.8 % |
| Face Value | ₹ 10.0 |
| Industry PE | 8.40 |
| Price to book value | 1.37 |
| Debt to equity | 11.5 |
| PEG Ratio | 0.10 |
| Quick ratio | 3.93 |
| Shareholders | March 2023 | March 2024 | March 2025 |
|---|---|---|---|
| Promoters | 90.97% | 86.46% | 79.60% |
| FIIs | 0.26% | 1.04% | 1.72% |
| DIIs | 3.33% | 4.68% | 10.67% |
| Public | 5.44% | 7.80% | 8.0% |
| No. of Shareholders | 4,41,517 | 8,46,746 | 10,06,265 |
Key Factors Driving Bank of Maharashtra’s Future Growth
- Strategic Branch Expansion: Bank of Maharashtra plans to add over 1,000 branches by FY30, focusing on high-growth centers outside Maharashtra, aiming for 200–220 new branches annually.
- Capital Raising Plans: Bank of Maharashtra plans to raise ₹7,500 crore in 2025 to reduce the government’s stake below 75% and support business growth.
- Expansion of Digital Services: Bank of Maharashtra is expanding its mobile banking services from 290 to over 400 by the end of the financial year, enhancing user experience and increasing digital transactions.
Pros of Bank of Maharashtra
- Consistent Revenue Growth: Bank of Maharashtra’s sales have grown at a CAGR of 24% over the last three years.
- Consistent Profit Growth: Bank of Maharashtra’s profits have grown at a CAGR of 70% over the last five years.
- Low P/B Ratio (Undervalued Stock): Bank of Maharashtra Price to Book Value (P/B) ratio is 1.37, which shows that its stock is trading close to its intrinsic value and may be undervalued.
- Attractive Valuation: Bank of Maharashtra’s stock is currently trading at a PE ratio of 7.09, indicating a fair valuation compared to its earnings.
- Increase in FIIs Holding: Foreign Institutional Investors (FIIs) have increased their holding to 1.72% in March 2025 from 1.54% in December 2024, which indicates growing confidence in the Bank of Maharashtra’s future potential by the FIIs.
Cons of Bank of Maharashtra
- Low Return on Equity (ROCE): Bank of Maharashtra’s 5-year average ROCE is 4.82%, which shows that it is not using shareholders’ funds efficiently to generate profits.
- High Financial Risk: Bank of Maharashtra has a high debt-to-equity ratio of 11.5, indicating a strong dependency on debt.
- Low Interest Coverage Ratio: The interest coverage ratio of Bank of Maharashtra is 1.43, which shows that the company is struggling to pay interest.
- Decrease in DIIs Holding: Domestic Institutional Investors (DIIs) have reduced their holding to 10.67% in March 2025 from 10.88% in December 2024, indicating a decline in DIIs’ confidence in the company’s future growth prospects.
Bank of Maharashtra Ltd Balance Sheet
| Particulars | March 2023 | March 2024 | March 2025 |
|---|---|---|---|
| Equity Capital | 6,730 | 7,081 | 7,692 |
| Reserves | 9,060 | 12,789 | 21,016 |
| Deposits | 234,064 | 270,726 | 307,120 |
| Borrowing | 10,766 | 7,719 | 23,853 |
| Other Liabilities | 7,207 | 9,013 | 9,673 |
| Total Liabilities | 267,827 | 307,329 | 369,354 |
| Fixed Assets | 2,149 | 2,200 | 2,916 |
| CWIP | 8 | 10 | 0 |
| Investments | 69,042 | 68,465 | 82,216 |
| Other Assets | 196,628 | 236,655 | 284,222 |
| Total Assets | 267,827 | 307,329 | 369,354 |
By the end of 2025, the Bank of Maharashtra share price is expected to be around ₹65 in normal conditions. In a bear market, it might be ₹60, and in a bull market, it may go up to ₹80.
| Bank of Maharashtra Share Price Target 2025 | Rupees (₹) |
|---|---|
| 1st Target | 60 |
| 2nd Target | 65 |
| 3rd Target | 80 |
In 2026, the Bank of Maharashtra share price is expected to be around ₹85 in a normal situation. In a bear market, it might be ₹80, and in a bull market, it may cross ₹100.
| Bank of Maharashtra Share Price Target 2026 | Rupees (₹) |
|---|---|
| 1st Target | 80 |
| 2nd Target | 85 |
| 3rd Target | 100 |
According to our analysis, the Bank of Maharashtra share price is expected to be around ₹100 in 2027. In a bear market, it might be ₹90, and in a bull market, it may cross ₹130.
| Bank of Maharashtra Share Price Target 2027 | Rupees (₹) |
|---|---|
| 1st Target | 90 |
| 2nd Target | 100 |
| 3rd Target | 130 |
According to our analysis, the Bank of Maharashtra share price may trade near ₹140 by 2028; bearish conditions could pull it down to ₹110, while a strong bull run might lift it to ₹180.
| Bank of Maharashtra Share Price Target 2028 | Rupees (₹) |
|---|---|
| 1st Target | 110 |
| 2nd Target | 140 |
| 3rd Target | 180 |
In a normal situation, the Bank of Maharashtra share price is projected to be approximately ₹150 in 2029. In a bear market, the value may be as low as ₹130, while in a bull market, it may rise to ₹250.
| Bank of Maharashtra Share Price Target 2029 | Rupees (₹) |
|---|---|
| 1st Target | 130 |
| 2nd Target | 150 |
| 3rd Target | 250 |
In a normal situation, the Bank of Maharashtra share price is projected to be approximately ₹200 in 2030. In a bear market, the value may be as low as ₹150, while in a bull market, it may rise to ₹300.
| Bank of Maharashtra Share Price Target 2030 | Rupees (₹) |
|---|---|
| 1st Target | 150 |
| 2nd Target | 200 |
| 3rd Target | 300 |
By 2035, the Bank of Maharashtra share price is projected to be around ₹500 under normal conditions. In adverse markets, the price could fall to ₹300, while favorable conditions might push it up to ₹900.
| Bank of Maharashtra Share Price Target 2035 | Rupees (₹) |
|---|---|
| 1st Target | 300 |
| 2nd Target | 500 |
| 3rd Target | 900 |
Under normal conditions, the Bank of Maharashtra share price might hit ₹1500 by 2040. A bearish trend could lower it to ₹600, whereas a bullish surge could raise it to ₹2700.
| Bank of Maharashtra Share Price Target 2040 | Rupees (₹) |
|---|---|
| 1st Target | 600 |
| 2nd Target | 1500 |
| 3rd Target | 2700 |
In 2050, the Bank of Maharashtra share price is expected to be around ₹8000 in a normal situation. In a bear market, it might be ₹2400, and in a bull market, it may go up to ₹16,200.
| Bank of Maharashtra Share Price Target 2050 | Rupees (₹) |
|---|---|
| 1st Target | 2400 |
| 2nd Target | 8000 |
| 3rd Target | 16,200 |
| Years | Target Price |
|---|---|
| Bank of Maharashtra Share Price Target 2025 | ₹60 to ₹80 |
| Bank of Maharashtra Share Price Target 2026 | ₹80 to ₹100 |
| Bank of Maharashtra Share Price Target 2027 | ₹90 to ₹130 |
| Bank of Maharashtra Share Price Target 2028 | ₹110 to ₹180 |
| Bank of Maharashtra Share Price Target 2029 | ₹130 to ₹250 |
| Bank of Maharashtra Share Price Target 2030 | ₹150 to ₹300 |
| Bank of Maharashtra Share Price Target 2035 | ₹300 to ₹900 |
| Bank of Maharashtra Share Price Target 2040 | ₹600 to ₹2700 |
| Bank of Maharashtra Share Price Target 2050 | ₹2400 to ₹16,200 |
Disclaimer
This article is for educational purposes only. It is not a stock recommendation and should not be treated as such. Please ask your financial advisor before making any investment decision.
Also Read: Reliance Industries Share Price Target 2025 to 2050
