Electing to field after winning the toss, Maharashtra rode on Khadiwale's patient 147 and Jadhav's attacking 114-ball 106 to take the upper hand in their first innings.
While Khadiwale's unfinished knock was studded with 18 fours and one six during which he faced 254 balls, Jadhav's innings was laced with 13 fours and two sixes.
Khadiwale and Ankit Bawne (36 batting) were at the crease when stumps were drawn for the day.
Maharashtra lost opener Vijay Zol early when he was castled by Bandekar for 20.
Next man-in, Sangram Atitkar and Khadiwale combined well and stitched together a 71-run stand for the second wicket before the former was sent packing by Yadav for 39.
However, Maharashtra took complete control of the match as Khadiwale and new man Jadhav put together 178 runs for the third wicket to guide their team to a commanding position.
Yadav broke the stand in the 71st over when he had Jadhav caught behind by Keenan Vaz.
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