Bank of Maharashtra Moat Analysis: Score & Risks
Bank of Maharashtra
A first-pass moat teardown of Bank of Maharashtra, built from single-pass filing evidence. Free note — provisional, and the full two-pass deep dive may revise it.
First-pass narrow read — primary edge in Switching Costs. Provisional, single-pass evidence.
Bank of Maharashtra scores 5.09 on MoatSCORE 6.0 — a narrow moat in Banks. This is a first-pass note: the dimensional read and the filing receipts below come from a single GFIP evidence pass, not the full two-pass deep corpus behind our flagship deep dives. Provisional — published free while the deep version is queued.
Seven dimensions of moat
Ordered by contribution. Each dimension carries a verified filing quote, graded [M] mechanism or [O] outcome.
“when you are getting more and more people onboarded on your mobile platform, we are seeing that the balances that are getting maintained in these individual accounts are also going up”
“And sometimes, we even try to see that clients happily pay a price for the good service or the turnaround time, which is reasonable or a decent turnaround time.”
“the revenue that they are generating, the profitability they are generating, it is more than offsetting the cost that is we are experiencing in opening new branches, recruiting.”
“So last year, INR21,000 crores in deposits, we have raised outside Maharashtra. Out of our total growth of INR43,000 crores in deposits, INR21,000 crores contribution is coming from outside Maharashtra.”
“While BOM witnessed a marginal impact on its NIM in line with the industry trend, it was able to improve its profitability with better operating cost control and lower credit costs.”
“The bank plans to have at least one branch in every district of the country to broaden its presence.”
D8 rating: ADEQUATE. Not part of the moat score — it governs the cost of equity and the fade window. First-pass; not yet deep-reviewed.
The barrier gate — first-pass
Effective barrier 5.5 — below 6, so the band is capped narrow. First-pass estimate.
Deep two-pass review. This draft rests on a single GFIP evidence pass; the full 10-year AR + concall corpus may move the read.
The barrier gate. A firmer replication or bypass estimate is the most likely thing to shift the band.
Adverse events. Any governance, regulatory or funding shock captured in D8 could re-rate the fade window.
Where this note fits. This company is one of 113 Indian companies we have scored for moat durability — 88 narrow, 25 narrow-trending-wide, none wide. The full ranked read: Wide-Moat Stocks in India: We Scored 113 Companies and Found None. Every score, dimension by dimension, is free in the Moat Screener.
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