Bank of Maharashtra Share Price Target 2027: Base and Bull Targets Built on FY26 Earnings
- October 9, 2026
- Posted by: Harsh Piplani
- Category: Market
Bank of Maharashtra share price Rs 83.16 (9 October 2026). Base target Rs 98.4, bull Rs 118, downside risk Rs 65.7. PE 8.37. 52W range Rs 54.66 to Rs 94.50.
Quick Answer
The Bank of Maharashtra share price target for 2027 is Rs 98.4, about 18.3% above the current price of Rs 83.16. The bull case is Rs 118, and the downside risk level, which is not a target, is Rs 65.7. The base case assumes earnings per share grow 20.0% a year, a cap applied because the FY24 to FY26 pace was 25.4%, with the stock holding its PE of 8.37. These are model-based estimates built from reported financials, not guaranteed outcomes.
Investors weighing a Bank of Maharashtra target price for 2027 should start with where the stock sits today. At Rs 83.16 on 9 October 2026, it is 12.0% below its 52-week high of Rs 94.50 and 52.1% above its 52-week low of Rs 54.66. That range spans 73% from low to high, so the entry point matters as much as the Bank of Maharashtra price forecast itself.
This article builds the Bank of Maharashtra share price target from reported numbers only: five years of annual results, the last five quarters, the latest shareholding pattern and current valuation ratios from company filings and exchange data. Each scenario shows its assumptions, so you can see exactly how the Rs 98.4 base case and the Rs 118 bull case were reached, along with a downside risk level of Rs 65.7.
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Bank of Maharashtra Stock Analysis: Company Overview and Key Stats
Bank of Maharashtra (NSE: MAHABANK) has a market capitalisation of Rs 63,109 crore. In FY26 it reported revenue of Rs 32,824 crore and net profit of Rs 7,017 crore. The table collects the figures the Bank of Maharashtra share price target is built on.
| Metric | Value |
|---|---|
| Company | Bank of Maharashtra |
| NSE Ticker | MAHABANK |
| CMP (9 October 2026) | Rs 83.16 |
| 52-Week High | Rs 94.50 |
| 52-Week Low | Rs 54.66 |
| Market Cap | Rs 63,109 crore |
| PE Ratio (TTM) | 8.37 |
| Industry PE | 12.00 |
| Price to Book | 1.86 |
| Return on Equity | 22.24% |
| EPS (TTM) | Rs 9.80 |
| Dividend Yield | 1.46% |
| 12-Month Base Target | Rs 98.4 |
| Bull Case | Rs 118 |
| Downside Risk Level (not a target) | Rs 65.7 |
Why Is Bank of Maharashtra Share Price Target Set at Rs 98.4 for 2027?
The base-case Bank of Maharashtra stock target of Rs 98.4 applies a PE multiple of 8.37 to a forward EPS estimate of Rs 11.76. That EPS assumes 20.0% yearly growth, the pace from FY24 to FY26, and puts the target 18.3% above the current price. The bull case adds faster earnings growth and a higher multiple, while the downside risk level assumes flat earnings and a lower multiple.
Earnings Growth Behind the Bank of Maharashtra Target Price: Five Years of Results
Bank of Maharashtra grew revenue from Rs 15,672 crore in FY22 to Rs 32,824 crore in FY26, a compound annual growth rate of 20.3%. Net profit grew faster, from Rs 1,153 crore to Rs 7,017 crore (57.0% a year), which shows margin gains did part of the work and not just higher sales.
| Financial Year | Revenue (Rs Cr) | Net Profit (Rs Cr) | EPS (Rs) | Dividend per Share (Rs) |
|---|---|---|---|---|
| FY22 | 15,672.17 | 1,153.43 | 1.73 | 0.50 |
| FY23 | 18,179.53 | 2,605.00 | 3.87 | 1.30 |
| FY24 | 23,493.44 | 4,071.78 | 5.80 | 1.40 |
| FY25 | 28,402.61 | 5,541.78 | 7.51 | 1.50 |
| FY26 | 32,823.72 | 7,016.86 | 9.12 | 1.20 |
FY26 revenue growth was 15.6%, slower than the four-year average of 20.3%, and net profit moved up 26.6%. EPS rose from Rs 5.80 in FY24 to Rs 9.12 in FY26. The FY27 outlook depends on whether that EPS estimate keeps compounding.
Margins and the Latest Quarter
Bank of Maharashtra converted 21.4% of FY26 revenue into net profit, against 19.5% in FY25, within a five-year range of 7.4% to 21.4%.
In the June 2026 quarter, revenue was Rs 9,064 crore, up 15.0% from the same quarter a year earlier, while net profit of Rs 2,021 crore was up 26.8%. The next quarterly result is the first test of whether the earnings assumption holds.
Balance Sheet and Cash Flow
As a lender, Bank of Maharashtra funds its book mainly through deposits and borrowings, so debt to equity is not a meaningful gauge for it. Book value stands at Rs 44.04 per share and the price to book ratio is 1.86, and shareholders’ equity grew from Rs 14,062 crore in FY22 to Rs 33,225 crore in FY26.
Valuation Check for the Bank of Maharashtra Stock Target: PE, Price to Book and ROE
At a PE of 8.37 against an industry PE of 12.00, Bank of Maharashtra trades at a discount to its industry. Price to book is 1.86 on a book value of Rs 44.04 per share, and return on equity is 22.24%. A PE of 8.37 equals an earnings yield of 11.9%, and the FY26 dividend of Rs 1.20 per share gives a yield of 1.46%.
Shareholding Pattern and Institutional Holding
Promoters held 73.60% of Bank of Maharashtra in September 2026, and promoter holding fell from 79.60% in September 2025 to 73.60% in September 2026. Foreign institutional investors (FII) held 6.51% and domestic institutions (DII) held 13.77%, which puts total institutional holding at 20.28%. FII holding rose from 2.34% in September 2025 to 6.51% in September 2026. Public shareholders own the remaining 6.13%. A meaningful institutional holding adds a layer of research coverage and trading depth.
Bank of Maharashtra Share Price Targets for the Short Term and 12 Months
Short Term Bank of Maharashtra Stock Target Levels: Technical Setup
At Rs 83.16 on 9 October 2026, Bank of Maharashtra trades above its 50-day simple moving average of Rs 81.71 and above its 200-day exponential moving average of Rs 75.87. The 14-day RSI reads 49.1, which is neutral territory, and the MACD line sits above its signal line. The nearest resistance level is Rs 94.50 (52-week high) and the nearest support is Rs 81.71 (50-day simple moving average). A sustained move above Rs 94.50 would improve the short-term setup, while a close below Rs 81.71 would shift attention to the next support.
12 Month Bank of Maharashtra Target Price for 2027
The 12-month target for Bank of Maharashtra is Rs 98.4: forward EPS of Rs 11.76 at a PE of 8.37. That is 18.3% above Rs 83.16. It would also push the stock above its 52-week high of Rs 94.50.
How EPS Growth and PE Multiple Change the Bank of Maharashtra Target Price
| EPS Growth | PE 6.70 | PE 8.37 | PE 9.63 |
|---|---|---|---|
| 0.0% (EPS Rs 9.80) | Rs 65.7 | Rs 82.0 | Rs 94.4 |
| 20.0% (EPS Rs 11.76) | Rs 78.8 | Rs 98.4 | Rs 113 |
| 25.0% (EPS Rs 12.25) | Rs 82.1 | Rs 103 | Rs 118 |
Each cell multiplies the forward EPS estimate by the PE shown. Reading across a row shows what a de-rating or re-rating does to the Bank of Maharashtra price forecast, and reading down a column shows what earnings growth is worth at a fixed multiple.
Bull Case and Downside Risk for Bank of Maharashtra Stock Target in 2027
Bull Case Rs 118
The bull case Bank of Maharashtra price target needs EPS growth of 25.0%, which lifts forward EPS to Rs 12.25, and a PE multiple that rises 15% to 9.63. That gives Rs 118, 41.9% above the current price and above the 52-week high of Rs 94.50, so the stock would have to set a fresh 52-week high.
Downside Risk Level Rs 65.7
The downside risk level is not a target. It assumes EPS stays flat at Rs 9.80 and the PE falls 20% to 6.70. That gives Rs 65.7, 21.0% below the current price and above the 52-week low of Rs 54.66.
| Scenario | EPS Growth | PE Multiple | Price (Rs) | Change vs CMP |
|---|---|---|---|---|
| Bull Case | 25.0% | 9.63 | Rs 118 | +41.9% |
| Base Case | 20.0% | 8.37 | Rs 98.4 | +18.3% |
| Downside Risk | 0.0% | 6.70 | Rs 65.7 | -21.0% |
Key Risks to the Bank of Maharashtra Target Price for 2027
Growth Slowdown Risk for the Bank of Maharashtra Price Target
Revenue in the June 2026 quarter was up 15.0% year on year, and FY26 revenue growth was 15.6%. If growth slows from here, the EPS estimate behind the Bank of Maharashtra stock target will need revising.
Liquidity and Size Risk
Bank of Maharashtra has a market capitalisation of Rs 63,109 crore. Institutional holding is 20.28%, and promoters hold 73.60%. A company of this size trades with deep liquidity, so entry and exit are rarely a problem, and the larger risk is paying too much for slow earnings growth.
Valuation and Margin Risk
Net margin was 21.4% in FY26, and a squeeze from higher costs or weaker pricing would hit earnings first. At a PE of 8.37 versus an industry PE of 12.00, a de-rating toward the downside-risk PE of 6.70 would cut the price even if earnings hold.
Market and Technical Risk
The stock trades 12.0% below its 52-week high, with an RSI of 49.1 and a MACD reading above its signal line. Broader market weakness can override company fundamentals in the short term.
How to Invest in Bank of Maharashtra
Start with the live price and volume. Any Bank of Maharashtra share price target is only as current as the data behind it, and the data here is as of 9 October 2026, so refresh the Rs 83.16 price before acting on any level.
Next, review the fundamentals yourself. The Univest Screener lets you check Bank of Maharashtra’s PE, ROE, debt and shareholding in one place.
Check Bank of Maharashtra fundamentals on the Univest Screener
Then compare the three Bank of Maharashtra target price scenarios with your own view. If you expect EPS growth below 20.0%, the base case is too optimistic for you; if you expect more, the bull case deserves weight.
Decide your position size and exit levels before you buy. The support and resistance levels above can serve as reference points, but they are not recommendations.
Finally, place the order through a SEBI-registered broker or the Univest app, and review the position after each quarterly result. Consult a SEBI-registered advisor if you are unsure.
Download the Univest iOS App or Univest Android App to track Bank of Maharashtra live price and get daily stock recommendations.
Conclusion
The Bank of Maharashtra share price target for 2027 is Rs 98.4 in the base case, with Rs 118 as the bull case. The support for that view is arithmetic you can check: EPS grew 25.4% a year over FY24 to FY26, and the stock trades at a PE of 8.37. The risks are equally concrete, including a stock that sits 12.0% below its 52-week high and a downside scenario that cuts the price 21% if earnings stall. Use these numbers as a framework, check them against the latest filings, and size any position to your own risk appetite.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
FAQs on Bank of Maharashtra Share Price Target 2027
What is the Bank of Maharashtra share price target for 2027?
Ans. The base-case Bank of Maharashtra share price target for 2027 is Rs 98.4, with Rs 118 as the bull case. The downside risk level, which is not a target, is Rs 65.7. These are model estimates from reported earnings and the current PE, not guaranteed outcomes.
What is the Bank of Maharashtra share price today?
Ans. As of 9 October 2026, 3:30 PM IST, Bank of Maharashtra trades at Rs 83.16, up 1.35% on the day. The 52-week range is Rs 54.66 to Rs 94.50.
Is Bank of Maharashtra a buy or sell at the current price?
Ans. The data is mixed rather than one-sided: EPS has grown 25.4% a year over FY24 to FY26, but the stock is 12.0% below its 52-week high. Whether Bank of Maharashtra fits your portfolio depends on your time horizon and risk appetite, so consult a SEBI-registered advisor before investing. This article is not investment advice.
What are the bull case target and downside risk level for Bank of Maharashtra shares?
Ans. The bull case target is Rs 118, which assumes 25.0% EPS growth and a PE of 9.63. The downside risk level is Rs 65.7, which assumes flat EPS and a PE of 6.70. It marks a risk, not a target.
What are the main risks to the Bank of Maharashtra price target?
Ans. The main risks are slower revenue growth, a small market capitalisation of Rs 63,109 crore, a PE de-rating and short-term weakness in the broader market. Each is covered in the risk section above.
What is the PE ratio of Bank of Maharashtra and how does it compare with the industry?
Ans. The PE ratio of Bank of Maharashtra is 8.37 against an industry PE of 12.00. Price to book is 1.86 and return on equity is 22.24%. The base case in the Bank of Maharashtra price target holds this PE constant.
Who owns Bank of Maharashtra, and what is the promoter holding?
Ans. Promoters held 73.60% of Bank of Maharashtra in September 2026. FII held 6.51%, DII held 13.77% and the public held 6.13%.
What were Bank of Maharashtra’s latest quarterly results?
Ans. In the June 2026 quarter, Bank of Maharashtra reported revenue of Rs 9,064 crore (up 15.0% year on year) and net profit of Rs 2,021 crore (up 26.8%).
