Bank of Baroda Share Price Near Record High: Q2 FY26 Results, Analyst Targets and 2025

Bank of Baroda (BoB) has quietly turned into one of the star performers of India’s public-sector banking pack. As of 2 December 2025, the stock is trading near an all-time high, riding on strong earnings, improving asset quality, and a broadly bullish view from both domestic and global brokerages. ^[1]

Bank of Baroda share price today (2 December 2025)

On 2 December 2025, Bank of Baroda’s share price is hovering around ₹300–301 on the NSE/BSE, with an intraday day range of ₹296–₹303.95. The stock has also logged a 52‑week high of ₹303.95 and a 52‑week low of ₹190.70. ^[2]

Live snapshot (midday, 2 Dec 2025):
- Price: ~₹300–300.5
- Day’s low–high: ₹296 – ₹303.95
- 52‑week low–high: ₹190.7 – ₹303.95
- Market cap: ~₹1.52–1.55 lakh crore ^[3]

Over the last three months, the stock has surged about 24–28%, sharply outperforming the broader indices. MarketsMojo pegs the one‑year return at ~22%, while INDmoney shows a 1‑year gain of ~20% and a five‑year return of ~446%, underscoring how dramatically PSU banks have re‑rated since the bad‑loan clean‑up phase. ^[4]

On 2 December, Business Standard reports that BoB has hit an all‑time high of ₹302.90, up 28% in three months and 59% above its March 2025 low of ₹190.70. ^[5]

Q2 FY26 results: Profit dips, balance sheet strengthens

The latest big trigger for the stock is BoB’s Q2 FY26 (quarter ended September 2025) earnings.

According to filings reported by NDTV Profit and detailed analysis by Trade Brains: ^[6]

Net profit:
- ₹4,809 crore, down 8% year‑on‑year (YoY) from ₹5,238 crore.
Net Interest Income (NII):
- ₹11,954 crore, up 2.7% YoY (₹11,637 crore) and up 4.5% QoQ.
Total income:
- Slightly lower at ₹35,026 crore vs ₹35,445 crore a year ago.
Operating profit:
- Moderated 20% YoY to ₹7,576 crore vs ₹9,477 crore, largely due to lower non‑interest income and higher operating costs. ^[7]

Where the numbers really shine is in asset quality and growth:

Gross NPA ratio: down to 2.16% from 2.50% a year ago.
Net NPA: down to 0.57% from 0.60%.
Provision coverage ratio: still very high at around 93%. ^[8]
Advances: ~₹12.79 lakh crore, up 12% YoY and 6% QoQ.
Loan mix: about 61.7% in RAM (Retail, Agriculture, MSME) and 38.3% in corporate and others, indicating a deliberate shift towards granular, secured retail credit. ^[9]
Deposits: ~₹15 lakh crore, up 9.3% YoY; CASA (current and savings) ratio at ~38.4%. ^[10]

Capital levels are comfortable, with CRAR at 16.54%, giving the bank room to grow without immediate dilution. ^[11]

So the headline is a bit paradoxical: profit is down, but the franchise is arguably stronger—better asset quality, robust growth, and still‑healthy margins, even if those margins are under pressure.

Analyst view: Mostly “Buy”, but valuation is getting tested

Big broker calls after Q2 FY26

The Q2 print triggered a wave of positive commentary from global brokerages. Trade Brains compiles several key calls: ^[12]

Citi:
- Rating: Buy
- Target price: ₹350 (raised from ₹310)
- Key positives: better‑than‑expected NII, strong margins helped partly by an IT refund, and low credit cost (~0.4%).
HSBC:
- Rating: Buy
- Target price: ₹340
- Thesis: strong loan growth, higher lending margins, and stable asset quality; FY26–FY28 profit estimates raised by 5–7%.
Investec:
- Rating: Upgraded from Hold to Buy
- Target price: ₹325 (up from ₹250)
- Focus: improving return on assets (ROA) and operating profit driven by NII and low credit costs.

On the more cautious side, ICICI Securities notes that while BoB’s RAM‑led growth, healthier liability mix, and resilient asset quality are positives, margins are likely to remain range‑bound, and preparation for Expected Credit Loss (ECL) norms will mean a recurring extra burden. Their target price is a more conservative ₹290, which the stock has already surpassed. ^[13]

Consensus target and valuation snapshot

Data from INDmoney (sourced from S&P Global) summarises the broader analyst consensus: ^[14]

34 analysts covering the stock.
82% have a Buy rating, ~12% Hold, ~6% Sell.
Average target price:₹312.9
High target:₹364
Low target:₹215
Implied upside from ~₹300.5 is about 6% based on the average target, with much more if the most bullish scenario plays out.

Valuation metrics (as of 2 December 2025): ^[15]

P/E (TTM): ~7.9x vs industry P/E ~15.7x
P/B: ~0.86–1.0x
ROE: ~15.7%
ROA: ~1.1%
Dividend yield: ~3.7%

So even near all‑time highs, BoB still trades at a discount to private peers and to the sector average, which is exactly why PSU banks continue to attract value‑plus‑growth investors. But with the price now nudging past some target prices, the easy money from deep value looks largely behind it.

Technical picture: New highs, range breakout, strong momentum

From a technical and trading standpoint, Bank of Baroda is very much “in play” right now:

Business Standard reports a fresh record high of ₹302.90 on 2 December 2025, with the stock up 28% in three months and 59% off its 52‑week low. ^[16]
MarketsMojo highlights a new 52‑week high of ₹303.9, one‑year return of ~22%, and notes that the stock is trading above all major moving averages, a classic marker of a strong uptrend. ^[17]

A separate MarketsMojo note points to high value turnover, strong volumes and rising delivery percentages on 2 December, signalling genuine investor accumulation rather than pure intraday froth. ^[18]

On the pure chart side, Times of India, quoting Mirae Asset Sharekhan’s technical team, lists Bank of Baroda among the “top stocks to buy” on 2 December 2025, with: ^[19]

Buy zone: ₹296–₹297
Target: ₹325
Stop‑loss: ₹280
Rationale:
- The stock has been consolidating in a broad range for four weeks.
- Now giving a range breakout above the 20‑ and 40‑day moving averages.
- Momentum indicators show a positive crossover, with key resistance around ₹300.

In short: the short‑term technicals are firmly bullish, but after a near‑vertical three‑month climb, short‑term volatility risk is naturally higher.

Growth strategy: Doubling the balance sheet, retail tilt and rural push

Price action is one thing; long‑term investors care about the roadmap. On that front, CEO Debadatta Chand laid out an ambitious plan in a January 2025 interview with Reuters: ^[20]

Goal:Double the consolidated balance sheet in five years.
Balance sheet size: ₹17.91 trillion as of end‑2024, up 11.5% YoY.
Loan growth targets:
- 11–13% in FY25
- 13–15% in FY26, assuming easier monetary conditions.
Deposit growth target: ~13% in FY26, with focus on low‑cost CASA.
Branch expansion: ~500 new branches over two years, especially in “micro markets” to mobilise deposits and support retail growth.
Loan mix focus:
- Secured retail loans (home loans, auto loans) over unsecured personal loans.
- Corporate credit to grow, but not be chased aggressively, in order to protect margins.

Those strategic themes are already visible in the numbers: RAM loans now make up over 60% of the loan book, and agriculture lending is a growing pillar. ^[21]

Agri push and financial inclusion

Bank of Baroda has been aggressively courting farmers and rural borrowers:

In November 2025, BoB said it had engaged with about 3.65 lakh farmers over a two‑week period and sanctioned ₹5,636 crore in agricultural loans under its “Baroda Kisan Pakhwada” outreach.
Its total agriculture lending stood at ₹1,69,703 crore at the end of September 2025, up 17.4% YoY. ^[22]
The bank is pushing Digital Baroda Kisan Credit Card (BKCC), integrated with digital land records, and a Digital Gold Loan platform, aiming for faster, self‑serve rural credit. ^[23]

This combination of retail + agri + MSME is exactly the “RAM” mix that many brokerages highlight as a structural strength for BoB.

Interest rate environment and home loans

The macro backdrop has also turned friendlier:

The RBI has cut the repo rate by a total of 100 bps in 2025, from 6.00% to 5.50%. ^[24]
Following this, Bank of Baroda reduced its Baroda Repo Based Lending Rate (BRLLR) from 8.65% to 8.15% with effect from 7 June 2025, lowering home loan rates for borrowers. ^[25]

Lower policy rates can pressure margins in the short run but typically support loan growth and reduce credit stress—a trade‑off BoB’s management seems willing to make, especially with its guidance for NIMs in the 2.85–3.0% range for FY26, as highlighted by Business Standard. ^[26]

Credit rating upgrade: Moody’s vote of confidence

Another under‑the‑radar positive: Moody’s recently affirmed BoB’s Baa3 ratings and upgraded its Baseline Credit Assessment (BCA) to Ba1 (one notch higher), citing improved asset quality and capitalisation. ^[27]

Moody’s notes that:

Government support remains “very high”, adding a notch of uplift to the rating.
Further upgrades could be possible if TCE/RWA exceeds 14% and net income/tangible assets exceeds 1.3% on a sustained basis.

For equity investors, this improvement in credit quality essentially says: the balance sheet is stronger and risk buffers are thicker, though the bank still operates within the usual PSU‑bank constraints.

The flip side: Margin pressure, regulation and governance risks

This isn’t a “perfect” story; there are real risks that explain why BoB still trades at sub‑2x book.

Margin and funding pressure

In May 2025, Reuters reported that BoB’s Q4 FY25 net interest income fell 6.6% YoY, with domestic NIM dropping to 3.02% from 3.45%, triggering a share‑price drop of over 10% on result day. Management warned that margin pressure could persist for at least two quarters, driven by higher deposit costs amid tight liquidity. ^[28]

The mechanics are simple:

Interest paid on deposits jumped ~10%, while interest earned on loans rose just 3.3%.
Cost of domestic deposits rose from 5.11% to 5.33%. ^[29]

Even if Q2 FY26 showed stabilising trends, NIMs are unlikely to revisit the easy‑liquidity highs anytime soon, which caps valuation re‑rating unless ROE steps up further.

Regulatory fines and compliance

BoB has also faced regulatory and consumer‑protection setbacks:

In April 2025, the RBI imposed a ₹61.4 lakh monetary penalty on Bank of Baroda for non‑compliance with directives on “Financial services provided by banks” and “Customer service in banks”—specifically relating to incentives in insurance distribution and interest credit in dormant accounts. ^[30]
In May 2025, the Ghaziabad District Consumer Commission ordered BoB to compensate a Noida customer by nearly ₹3 lakh for failing to prevent fraudulent transactions despite a timely complaint after her phone (and OTP access) was stolen. The commission cited RBI guidelines making banks liable for unauthorised transactions reported within three days. ^[31]

In pure financial terms, these amounts are tiny for a bank of BoB’s size. But they highlight ongoing operational‑risk and compliance challenges—issues that tend to weigh more on PSU banks than on better‑digitised private peers.

ECL transition and PSU overhang

Analysts like ICICI Securities also flag that the eventual transition to Expected Credit Loss (ECL) provisioning will likely mean higher recurring credit costs, even for relatively clean books like BoB’s. ^[32]

Add to that the usual PSU‑bank headwinds:

Government ownership can mean policy‑driven lending at times.
Capital allocation and dividend decisions may not always be purely shareholder‑return optimised.

Those are part of why the stock still trades at <1x book, even with ROE in the mid‑teens.

Bank of Baroda stock forecast: What 2025–2026 could look like

No forecast is a crystal ball, but current data points let us sketch a working framework for how the market is thinking about Bank of Baroda over the next 12–24 months:

Earnings and growth
- Loan growth guidance of 13–15% in FY26, with a continued skew towards RAM, suggests high single‑digit to low double‑digit earnings growth if credit costs stay low and margins hold in the 2.85–3.0% band. ^[33]
- With GNPA already around 2.16% and NNPA 0.57%, there isn’t much room for dramatic asset‑quality improvement, so future upside will lean more on growth and efficiency than on falling NPAs. ^[34]
Valuation
- At ~0.86–1.0x book and ~8x earnings, BoB is no longer a deep‑distress bargain, but still undervalued versus private peers and the sector P/E of ~15.7x. ^[35]
- If BoB sustains ROE above 15% and delivers steady mid‑teens loan growth, a move towards 1.2–1.5x book over time is not an outlandish scenario in many broker models; that’s roughly what underpins the more optimistic targets (₹340–₹364). ^[36]
Street expectations
- The consensus target of ~₹313 implies only modest upside (~6%) in the near term from current levels around ₹300–301.
- More bullish houses like Citi and HSBC see scope for 20–25% upside (targets ₹340–₹350) if growth, asset quality, and margins all behave. ^[37]
Technical near term
- After a 25–30% run in three months and fresh all‑time highs, short‑term corrections and profit‑taking are entirely normal.
- However, so long as the price holds above the breakout zone (~₹280–₹290) and fundamental news flow remains supportive, technical analysts will likely continue to treat dips as buying opportunities—exactly the logic in the 2 December trading call targeting ₹325. ^[38]

Bottom line (not investment advice!)

Putting it together, the 2025–2026 story for Bank of Baroda looks something like this:

A cleaner, better‑capitalised PSU bank with strong RAM‑focused growth, improving asset quality, and a credible strategy to double its balance sheet. ^[39]
Valuations that are no longer dirt‑cheap, but still offer a discount to private peers and room for re‑rating if execution stays on track. ^[40]
Risks centred on margin pressure, regulatory/compliance issues, ECL transition, and the usual PSU overhang.