Satara-based Babar received the award from former India pacer Zaheer Khan, who was the chief guest at the event here.
Maharashtra's sixth Chess GM Shardul Gagare got the sportsman of the year award.
Mumbai and India middle-order batsman Ajinkya Rahane received the International Cricketer of the Year award, while Rohit Sharma was presented with a special award for making the highest ODI score at Kolkata in 2014.
MCA was given the team of the year award, which Mumbai skipper Aditya Tare and coach Chandrakant Pandit received.
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Mumbai had won the Ranji Trophy for the 41st time, defeating Saurashtra in the final.
Devika Vaidya got the woman cricketer of the year award.
Kabaddi team U Mumba was conferred with an Excellence award, while kabaddi player Abhilasha Mahtre got the sportsperson of the year Indian Games award.
Tennis player Siddhant Bhantia won the junior sportsman of the year award, while chess player Akanksha Hagawane bagged the junior sportswoman of the year.