Kotak Mahindra Bank Ltd.

•

kotak.bank.inBSE: 500247NSE: KOTAKBANK

Market Cap₹ 4,12,231 Cr.

Current Price

High / Low₹ 453 / 346

Stock P/E27.8

Book Value₹ 140

Price to Book2.60

Dividend Yield0.16 %

ROCE12.2 %

ROE11.1 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Other Retail Banking-Retail Banking: 43.8% • Corporate / Wholesale Banking: 35.8% • Treasury and BMU: 17.1%

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Comfortable capital adequacy - CAR of 22.4%
Asset quality is healthy - gross NPA of just 1.2%
Solid return on assets for a lender - ROA of 1.9%
Strong provisioning - provision coverage ratio of 78.0%
Healthy loan book growth of 16.2% with stable asset quality
Company has delivered good sales growth of 15.7% CAGR over last 5 years

CONS

A large part of profit comes from other income (62.5% of PBT)
Operating margins have contracted to 39.7% from 43.4%
Though reporting repeated profits, the company pays out little dividend (4.6%)
Expensive relative to growth - PEG of 3.2

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesBankBank - Private

Part ofNIFTY BANK NIFTY 50 NIFTYLARGEMIDCAP250 NIFTY PVT BANK NIFTY100 LOWVOL30

S.No.	Name
1.	HDFCBANK	687.25	13.41	1059339.46	2.26	203826.90	1092.64	905753.30	936.66	12.81	35.64
2.	ICICIBANK	1390.10	17.79	997793.42	0.86	16209.74	12.62	52240.85	6.44	16.51	32.39
3.	KOTAKBANK	414.40	20.31	412230.87	0.16	5487.06	23.89	18354.57	6.41	12.05	19.05
4.	AXISBANK	1239.50	13.89	385909.17	0.08	7656.51	22.31	35541.96	9.87	11.04	63.88
5.	IDBI	81.63	9.42	87771.86	0.00	2130.57	5.27	7549.28	7.44	14.76	76.80
6.	FEDERALBNK	344.85	18.21	85260.58	0.35	1297.61	37.06	7861.58	9.94	10.98	66.11
7.	AUBANK	1061.00	43.70	79680.01	0.09	7959.53	1270.31	53027.42	1111.10	14.17	56.24
8.	INDUSINDBK	1002.00	59.04	78069.88	0.15	1037.02	71.68	11309.94	-7.78	4.97	55.07
9.	IDFCFIRSTB	86.00	32.17	74146.70	0.29	1147.82	153.12	11051.09	14.61	5.42	38.45
10.	YESBANK	22.43	18.65	70403.95	0.00	1071.81	32.53	8054.49	5.92	8.04	58.47
11.	RBLBANK	416.80	71.90	64643.15	0.24	2342.30	993.41	38402.40	1015.97	6.49	40.95
12.	KARURVYSYA	340.45	11.99	32911.76	0.76	755.70	44.92	3049.42	18.72	23.62	71.82

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	10,500	11,193	11,799	12,307	12,746	13,216	13,428	13,530	13,837	13,649	13,903	14,175	14,477
Interest Expended	4,266	4,896	5,246	5,398	5,904	6,197	6,231	6,246	6,577	6,339	6,339	6,299	6,549
Net Interest Income	6,234	6,297	6,554	6,909	6,842	7,020	7,196	7,284	7,259	7,311	7,565	7,875	7,928
	2,683	2,315	2,297	2,978	2,929	2,684	2,623	3,182	3,080	2,589	2,838	3,116	3,338
Total Income	0	0	0	0	2,50,759	2,68,800	23,946	2,71,744	2,67,039	2,49,014	2,78,508	2,81,076	17,816
Operating Expenses	3,967	4,001	4,284	4,426	4,517	4,605	4,638	4,994	4,776	4,632	5,023	5,137	5,135
Operating Profit	4,950	4,610	4,566	5,462	5,254	5,099	5,181	5,472	5,564	5,268	5,380	5,855	6,131
Provisions & Contingencies	364	367	579	264	578	660	794	909	1,208	947	810	516	668
Profit before Tax	4,585	4,244	3,987	5,198	8,196	4,439	4,387	4,563	4,356	4,321	4,570	5,339	5,463
Tax %	24.71%	24.80%	24.63%	20.48%	23.74%	24.67%	24.67%	22.16%	24.66%	24.71%	24.60%	24.58%	24.53%
Net Profit	3,452	3,191	3,005	4,133	6,250	3,344	3,305	3,552	3,282	3,253	3,446	4,027	4,123
EPS	17	16	15	21	31	17	3	4	17	16	3	4	0

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	0	0	0	0	0	0	0	45,799	52,920	55,564	—
Interest Expended	9,573	10,217	12,684	13,430	11,501	10,221	12,699	19,806	24,578	25,554	25,526
Net Interest Income	-9,573	-10,217	-12,684	-13,430	-11,501	-10,221	-12,699	25,993	28,342	30,010	—
	3,477	4,052	4,657	5,372	5,007	5,986	7,083	10,273	14,961	11,623	11,882
Total Income	0	0	0	0	0	0	0	56,072	67,881	67,187	8,26,413
	0	0	0	0	0	0	0	16,679	18,776	19,566	—
Operating Profit	-9,573	-10,217	-12,684	-13,430	-11,501	-10,221	-12,699	19,587	24,526	22,067	—
	139	197	-14	90	-44	-91	-21	1,574	2,942	3,481	—
Profit before Tax	5,148	6,218	7,386	7,805	9,303	11,361	14,391	18,014	21,584	18,586	19,693
Tax %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	23.49%	23.79%	24.63%	24.60%
Net Profit	3,411	4,084	4,865	5,947	6,965	8,573	10,939	13,782	16,450	14,008	14,849
EPS	0	0	0	0	35	43	55	69	83	14	—

COMPOUNDED SALES GROWTH

10 Years:: 13%
5 Years:: 16%
3 Years:: 18%

COMPOUNDED PROFIT GROWTH

10 Years:: 21%
5 Years:: 15%
3 Years:: 9%

STOCK PRICE CAGR

10 Years:: 10%
5 Years:: 3%
3 Years:: 5%
1 Year:: 6%

RETURN ON EQUITY

10 Years:: 13%
5 Years:: 14%
3 Years:: 14%
Last Year:: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
	920	953	954	957	991	992	993	994	994	995
	26,696	36,529	41,444	47,559	62,236	70,964	81,967	95,646	1,16,152	1,34,204
	1,57,426	1,92,643	2,25,880	2,62,821	2,80,100	3,11,684	3,63,096	4,48,954	4,99,055	5,72,456
	21,095	25,154	32,248	37,993	23,651	25,967	23,416	28,368	48,443	32,475
Other Liabilities & Provisions	8,451	9,652	11,143	10,420	15,990	19,289	19,830	26,316	28,886	42,760
Total Liabilities	2,14,590	2,64,933	3,12,172	3,60,252	3,83,470	4,29,428	4,89,862	60	69	78
ASSETS	-	-	-	-	-	-	-	-	-	-
	7,492	8,909	10,878	9,505	12,494	36,026	19,966	36,252	41,699	51,239
Balances with Banks & Money at Call	15,080	10,712	13,798	43,787	27,133	6,898	12,577	16,536	24,080	32,849
	45,074	64,562	71,189	75,052	1,05,099	1,00,580	1,21,404	1,55,404	1,81,907	1,72,535
	1,36,082	1,69,718	2,05,695	2,19,748	2,23,670	2,71,254	3,19,861	3,76,075	4,26,909	4,96,009
	1,538	1,527	1,652	1,623	1,535	1,644	1,920	2,155	2,359	2,388
	9,324	9,506	8,961	10,537	13,539	13,027	14,135	13,934	16,670	27,981
Total Assets	2,14,590	2,64,933	3,12,172	3,60,252	3,83,470	4,29,428	4,89,862	60	69	78

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	14,412	-10,275	-3,388	30,159	-5,298	2,161	-8,369	13,901	12,806	37,211
Cash from Investing	-2,972	-2,515	798	-7,454	-1,769	-1,335	491	2,022	-19,556	-2,722
Cash from Financing	257	9,837	7,633	5,883	-6,586	2,456	-2,542	4,314	19,723	-16,278
	11,697	-2,953	5,043	28,588	-13,653	3,282	-10,420	20,237	12,973	18,212

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	18.53	21.43	25.49	30.88	34.94	42.99	54.86	69.13	82.74	14.08
Book Value (₹)	150.01	196.69	222.13	253.60	319.03	362.56	417.61	486.13	589.20	135.93
Dividend per Share (₹)	0.60	0.70	0.80	0.00	0.90	1.10	1.50	2.00	2.50	0.65
PROFITABILITY
Net Interest Margin %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.45%	4.20%	3.99%
ROA %	1.68%	1.70%	1.69%	1.77%	1.87%	2.11%	2.38%	2.53%	2.54%	1.90%
ROE %	13.23%	12.55%	12.18%	13.08%	12.47%	12.68%	14.12%	15.35%	15.39%	11.10%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	45.99%	43.36%	47.00%
ASSET QUALITY
Gross NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.45%	1.48%
Net NPA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.36%	0.34%
Provision Coverage %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	77.00%
Slippage Ratio %	—	—	—	—	—	—	—	—	—	—
BALANCE SHEET & LIQUIDITY
CASA %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	45.51%	42.96%	43.27%
Credit-Deposit Ratio %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.06%	0.10%	0.06%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	20.55%	22.25%	22.40%
GROWTH & VALUATION
Net Profit Growth %	63.25%	19.72%	19.12%	22.24%	17.11%	23.09%	27.61%	25.98%	19.36%	-14.85%
Book Value Growth %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	16.41%	21.20%	-76.93%
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	25.83x	5.25x	25.08x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	3.67x	3.69x	2.60x
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.11%	0.12%	0.18%

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	25.89	25.89	25.89	25.88	25.88	25.88	25.87	25.87	25.87
	31.50	31.73	30.82	30.99	30.68	29.74	29.35	26.39	25.20
	27.58	27.77	28.63	29.02	29.50	31.91	32.76	36.07	37.58
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	13.26	12.84	12.90	12.33	12.17	12.36	11.89	11.55	11.22

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10

Resignation of Director/KMP/SMP

2026-09-10 - Kotak Mahindra Bank Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-09-10

General Updates

2026-09-10 - Kotak Mahindra Bank Limited has informed the Exchange about Change in Senior Management Personnel

2026-09-08

ESOP/ESOS/ESPS

2026-09-08 - Kotak Mahindra Bank Limited has informed the Exchange regarding Grant of 714080 Options.

2026-08-24

General Updates

2026-08-24 - Kotak Mahindra Bank Limited has informed the Exchange about General Updates.

2026-08-24

General Updates

2026-08-24 - Kotak Mahindra Bank Limited has informed the Exchange about General Updates.

2026-08-22

General Updates

2026-08-22 - Kotak Mahindra Bank Limited has informed the Exchange about ESG Rating

2026-08-21

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-21 - Kotak Mahindra Bank Limited has informed the Exchange about Schedule of meet

2026-08-20

Credit Rating

2026-08-20 - Kotak Mahindra Bank Limited has informed the Exchange about Credit Rating

2026-08-20

General Updates

2026-08-20 - Kotak Mahindra Bank Limited has informed the Exchange about ESG rating

News

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