BANK OF BARODABank of BarodaNSE:BANKBARODATechnicalAnalystSucritBank of Baroda Ltd. (CMP ₹273.75, NSE: BANKBARODA) Prepared by Sucrit Patil | The SmartWay Research Desk | 10 June 2026 A Vadodara‑based public sector bank, incorporated in 1908. Bank of Baroda is India’s second‑largest PSU bank, with global operations across 17 countries, offering retail banking, corporate banking, treasury, and digital services. Promoter Holding (Mar 2026): Government of India — 63.97% stake (no pledges) FY22–FY26 Snapshot Revenue Growth: FY26 revenue ₹1,15,215 Cr vs ₹1,02,842 Cr in FY25 (+12.0% YoY). → Good Net Profit: FY26 PAT ₹16,215 Cr vs ₹14,842 Cr in FY25 (+9.2% YoY). → Good Operating Margin: FY26 NIM 3.41% vs 3.28% last year (+13 bps). → Good Equity Capital: Stable, face value ₹2. → Good Dividend Policy: Dividend ₹7.50/share declared for FY26. → Good Asset Quality: Gross NPA 3.12% vs 3.45% last year (improved). → Good EPS: FY26 EPS ₹28.25 vs ₹25.80 last year (+9.5%). → Good Institutional Interest & Ownership Trends (Mar 2026) Promoter Holding: 63.97% (Government of India) FII Holding: 8.12% DII Holding: 18.34% Retail & Others: 9.57% Strategic Moves & Innovations Expansion in digital banking and fintech partnerships. Focus on retail lending, MSME financing, and housing loans. Strengthening international operations in UAE, UK, and Africa. Emphasis on asset quality improvement and NPA reduction. Cash Flow & Balance Sheet Strength Market cap ~₹1,05,800 Cr. Debt‑to‑equity ratio ~0.12 (low leverage). Book value per share ₹152.40; P/B ~1.79. EPS (TTM) ₹28.25; P/E ~9.7. Risk Factors Dependence on interest rate cycles and RBI policy. Exposure to corporate loan stress. Competition from SBI, PNB, and private banks. Margin pressure if deposit costs rise. Investor Takeaway Bank of Baroda has delivered steady FY26 performance, with revenue and profit growth supported by retail lending and improved asset quality. With strong government backing, dividend payouts, and global presence, Bank of Baroda remains a large‑cap PSU banking play. At CMP ₹273.75, valuations are attractive (P/E ~9.7, P/B ~1.79), making it a value pick among PSU banks.