After Balaji Vishwanath, his son, Bajirao I was appointed as the Peshwa. He expanded the Maratha empire up to Malwa, Rajasthan, and Bundelkhand. He defeated the Nizam.
After Bajirao I, Balaji Bajirao alias Nanasaheb was appointed as the Peshwa. Madhavrao Peshwa tried to reestablish the Maratha power.
The defeat in Panipat was not just a political defeat but also lowered the morale of the Marathas greatly.
Madhavrao Peshwa tried to elevate the spirits of Marathas as well as reestablish the Maratha power in the north.
The Marathas were successful in overcoming the great defeat at Panipat and create a politically strong position for themselves in the politics of the north.
Malharrao was the founder of the Holkar State at Indore. He served the Maratha power for a long time.