Financial Services · Banks - Regional · NSE · India
₹230.90-2.33%
Market cap ₹1.19TNext earnings 2026-10-30Updated Oct 23, 2026
Our verdict
Trades 8% below our fair value
Price
₹230.90
Model fair valueConfidence: good
₹250
Model range
₹97.80 to ₹403
Fair value ₹250
Price ₹231
2 models fit Bank of Baroda Limited and they disagree: 0 of 2 land within 15% of the average.
Two or more of our models back this value.
Near fair value(i)
Valued as a bank: P/E comparison and Dividend discount.
ACCE opinionBank of Baroda Limited (BANKBARODA.NS)
Fair value (2 models)
₹250
ACCE price target
₹258
Rating
Fairly valued
Horizon
12 months
Fair value published on 23 Oct 2026, 10:03 CEST.
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Rating published on 23 Oct 2026, 10:03 CEST.
Price used: ₹231 at the close on 23 Oct 2026, 12:00 CEST.
Models: P/E comparison and Dividend discount.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
7.8% below
+8.5% to fair value
ACCE score
60
out of 100
P/E
6.7x
forward 5.4x
1-year return
-13.5%
Dividend yield
3.60%
Bank of Baroda Limited in four questions
Plain answers, details below
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Overview
ACCE thesis
Bank of Baroda is one of India's largest state-owned lenders, taking deposits and making retail, agricultural, MSME and corporate loans through a branch and digital network that spans the country and a large international book. Its edge is scale and a deposit franchise that a 1.22 trillion INR market cap reflects in full, while the state ownership brings a government-backed funding profile that private peers struggle to match. Revenue grew 18.0% over the reported period, and the stock trades on 6.7x trailing and 5.5x forward earnings, which prices in little of that growth. The question for a deeper look is whether the 11.3% ROE can keep climbing as the loan book expands and credit costs stay contained, since that gap is the main thing the multiple is discounting. Note the 45.5% operating margin is a bank-level figure on a different basis from industrial margins, and the 0.0% gross margin is not meaningful for a lender.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Earnings collapse despite revenue growth
Revenue grew 18.0% year over year, yet earnings fell 48.6%, so the profit line is not keeping pace with the top line. Net margin of 27.4% also gives little room for further deterioration.
moderate
Heavy insider ownership
Insiders hold 66.5% of the shares, leaving institutions with only 20.5%. Free float is thin, which can amplify price moves in either direction.
moderate
Sequential revenue decline
Quarter-on-quarter revenue fell 2.8% even though the latest quarter beat EPS estimates by 96.2%. The beat may reflect one-off items rather than a turnaround.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-10-22 · prices to Oct 23, 2026
Why it could do well
Revenue grew 18.0% year over year in the latest filings, well above its 7.3% five-year average pace.
Analysts' mean price target of INR 286.76 sits 21.3% above the current share price.
The latest quarter's earnings per share beat expectations by 96.2%, coming in at 10.25 against 5.22 expected.
Why it could disappoint
Return on equity of 11.3% is modest for a lender, leaving limited room for shareholder returns to compound.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
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Valuation
INVESTOR
Where BANKBARODA.NS's valuation models land
Price
₹230.90
Model fair value
₹250
Model range
₹97.80 to ₹403
Fair value ₹250
Price ₹231
The price sits inside the model range.
Model
Fair value
Upside
Dividend discount
P/E comparison
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Quality
INVESTOR
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Analysts
Wall Street consensus
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