Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 19 Sep
Source: Bse
Kotak Mahindra Bank Limited (KOTAKBANK)
Large CapFinancial Services stocks · Large cap · NSE
Kotak Mahindra Bank is a diversified Indian financial conglomerate offering banking, lending, capital markets, asset management, and insurance services. It is the 4th largest private sector bank in India by balance sheet size, serving 50 million customers with a consolidated balance sheet of ₹ 10.1 trillion.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result18 Jul, 06:17 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
69Bullishfull bull SMA stack · SMA20 +2.2% / mo · MACD + · near 52W high
Stock trend: 85
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
KOTAKBANKD candles · FIT view+19.3%Latest close ₹442.30 on 2026-10-19
Bar
+0.4%
RSI
63
MACD hist
1.76
52W pos
90%
2026-10-19O ₹440.50H ₹447.15L ₹438.60C ₹442.30Vol 1.5Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
KOTAKBANKNifty Financial ServicesNifty 500
- KOTAKBANK
- +15.8%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +21.3 pp
Chart stats
19 Oct 2026- From 52W high
- -2.4%
- 52W range position
- 90%
- ATR (14)
- 2.1%
- Volume vs 20D
- 0.60x
- Avg traded value
- ₹1,067 Cr
- 20D price channel
- ₹394.7 - ₹453.1
₹453.2
₹345.5 - ₹453.2
₹9.2
Latest completed session
20-session average
23.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · OVERVALUED26
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average45
Revenue +6.4% · PAT +22.5% YoY
Technical
Bullish69
Price trend and sector-relative-strength timing.
Valuation
Legacy model+15.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence72
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 45/100Rev +6% YoY · PAT +23% YoY · operating leverage
Filed 18 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹18,355 Cr | +6.4% | +3.0% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹5,480 Cr | +22.5% | +1.1% |
| PAT margin | 29.9% | +393 bps | -56 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 21.80
- P/B
- 2.41
- EV/EBITDA
- —
- Market Cap
- 436811.00Cr
Profitability
- ROE
- 11.40%
- ROCE
- 6.98%
- ROA
- 2.02%
- Dividend Y
- 0.15%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 14.00%
- Revenue 3Y
- 18.00%
- EPS 3Y
- 9.00%
Balance Sheet
- Debt/Equity
- 0.17
- Interest Coverage
- —
- Altman Z
- 1.60
- Book Value
- 182.00
Cash Flow
- FCF Yield
- 5.85%
- FCF Positive Y
- 5/5
- OCF
- 41727.00 Cr
- EPS TTM
- 20.40
Shareholding
- Promoter Hold
- 25.87%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 87%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 18.4k+3.0% vs prev
Net Profit
₹ CrLatest: 5,480+1.1% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 63. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~2.2% over last month) — short-term momentum positive.
- RSI(14) at 63 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
78
RS percentile
Stage 2 UptrendNew S2
1M return
+7.2%
3M return
+15.8%
6M return
+17.4%
1Y return
+2.3%
RS 1D
+2
RS 20D
+22
Sector rank
#9
Industry rank
#9
Stage evidence
- Price is 12.4% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +0.9%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
14 Oct 2026
S2 age
4 trading sessions
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 114.24-0.11%
RS vs Nifty 500114
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation4/30
Growth10/25
Quality2/20
Balance Sheet1/15
Cash Flow7/10
Piotroski
5/9 (+3)
Penalties
-1
Raw sum
26
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
26/100 · legacy band OVERVALUED
Positive drivers
- FCF yield is supportive at 5.8%.
- Fair-value margin of safety is positive at 15.0%.
- Cash flow contributes 7/10 to the score.
Main drags
- Altman Z is 1.6, in distress territory.
- Penalty bucket subtracts 1 points.
- Balance sheet is weaker at 1/15; verify the latest quarterly trend.
Sector valuation model
Bank valuation: P/B adjusted for ROE and asset quality
Banks are balance-sheet businesses, so book value quality matters more than simple earnings multiples.
Primary lens
Price/book and ROE/ROA, not trailing PE alone.
Secondary checks
Capital adequacy, credit cost, NPA trend, deposit franchise.
Main risk check
Low P/B can be a trap if asset quality or credit cost is worsening.
PE
21.8
PB
2.4
EV/EBITDA
—
ROE
11.4%
ROCE
7.0%
FCF Yield
5.8%
Debt/Equity
0.2
MoS
+15.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
26
Previous: 26
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
+15.0%
Previous: +15.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
27
27
27
27
27
26
26
26
26
26
26
26
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹289.03
-53.0% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹520.2
+15.0% MoS
PEG
1.82
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
AXISBANK
Large
Axis Bank Limited
Banking
match 165
44
12.8
13.1%
+50%
WATCHLIST
INDUSINDBK
Large
IndusInd Bank Limited
Banking
match 158
10
51.2
1.4%
-2121%
OVERVALUED
J&KBANK
Large
The Jammu & Kashmir Bank Limited
Banking
match 155
64
6.6
15.4%
+74%
UNDERVALUED
ICICIBANK
Large
ICICI Bank Limited
Banking
match 154
46
17.1
15.9%
+31%
FAIR VALUE
IDFCFIRSTB
Mid
IDFC First Bank Limited
Banking
match 153
25
29.6
3.8%
-9%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-19T00:42:15.068Z
Management commentary snapshot
Q1FY27 Consolidated PAT up 23% YoY, 1% QoQ, driven by strong subsidiary performance. Bank PAT grew 26% YoY, 2% QoQ, with customer assets up 16% YoY. NIM declined QoQ, while asset quality improved YoY.
The bank delivered robust YoY growth in PAT and customer assets across the group, demonstrating strength in its diversified model. However, sequential moderation in NIM and CASA ratio, alongside an increase in SMA-2, warrants close monitoring despite improved asset quality metrics.
Current business mix
PAT Contribution (Bank & Subsidiaries) Q1FY27
Latest issuer-disclosed distribution across 4 reported categories.
Bank & Other Lending Related Entities75.0%
Capital Market11.0%
Insurance6.0%
Asset Management & Others9.0%
Growth engines
HNI / Private Banking
PositiveDriving profitable growth with high-value customers anchored in multi-generational relationships and deeper engagement through multi-products across the group.
Core India (Kotak811)
PositiveDriving scalable growth through fully digital, end-to-end journeys for customer onboarding, stable granular deposits, and lifecycle-driven monetization.
SME Advances
PositiveSME Advances reached ₹ 1.3 lakh crore, growing 20% YoY and 3% QoQ, accounting for 24% of the Bank’s advances mix.
Institutional Banking
PositiveA fully integrated platform delivering balance-sheet, capital market, and advisory solutions, leveraging leadership in custody, investment banking, and broking.
Capacity and execution
Bank Branch Network Expansion
PositiveThe Bank's branch presence increased to 2,301 as of June 30, 2026, from 2,276 as of March 31, 2026.
Group Branch Network
PositiveThe total Group Branch Network in India stands at 5,916 as of June 30, 2026.
Tailwinds
Diversified Financial Conglomerate Structure
PositiveThe conglomerate structure helps retain profitability within the group by capturing shifting financial trends through cycles.
Digital Transformation & AI Adoption
PositiveLaunched a cloud-native banca platform with KMBL, enhancing digital insurance journeys and scalability; built an AI-powered Incentive Predictor.
Headwinds
Decline in Trading and MTM Income
NegativeTrading and MTM income was a loss of ₹ 58 cr in Q1FY27, compared to a gain of ₹ 195 cr in Q1FY26 and ₹ 52 cr in Q4FY26.
Increase in SMA-2 Accounts
NegativeSMA-2 accounts increased to ₹ 249 cr as on June 30, 2026, from ₹ 194 cr as on March 31, 2026.
Risk radar
Asset Quality Deterioration Risk
NeutralThe increase in SMA-2 accounts from ₹ 194 cr to ₹ 249 cr QoQ indicates potential for future slippages.
Interest Rate Volatility Impact
NeutralThe significant decline in Trading and MTM income to a loss of ₹ 58 cr suggests sensitivity to market interest rate movements.
Funding Cost and Deposit Competition
NeutralThe sequential decline in CASA ratio and NIM could indicate increasing competition for deposits and pressure on lending spreads.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing overall growth and performance against the previous year's base, especially for a diversified financial conglomerate. QoQ comparison is vital for tracking sequential momentum in core banking metrics like NIM, CASA, and asset quality, which reflect immediate operational shifts and market conditions.
Sector KPIs management disclosed
Consolidated Customer AUM Growth
PositiveConsolidated Customer AUM grew 8% YoY to ₹ 805,531 cr as of June 30, 2026.
Bank Customer Assets Growth
PositiveBank Customer Assets grew 16% YoY to ₹ 570,901 cr as of June 30, 2026.
Net Interest Margin (NIM)
NegativeBank NIM was 4.53% in Q1FY27, down from 4.65% in Q1FY26 and 4.67% in Q4FY26.
Gross Non-Performing Assets (GNPA)
NeutralBank GNPA was 1.18% in Q1FY27, improving from 1.48% in Q1FY26 but slightly up from 1.20% in Q4FY26.
Management forward view
Customer-Centricity
PositiveFocus on understanding customer needs and stitching together relevant product propositions drawn from capabilities across the Group to become the primary banking relationship.
Building Sustainable Value
PositiveAim to build a great company that delivers sustainable and consistent risk-adjusted financial returns for shareholders.
Inclusive and Responsible Growth
PositiveEfforts are geared to create positive impact on the community in line with Kotak values, pursuing inclusive and responsible growth.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Bank Net Interest Margin (NIM) | 4.53% in Q1FY27 | Stabilization or improvement in NIM after sequential decline, indicating better asset repricing or lower funding costs. |
| Bank CASA Ratio | 40.3% in Q1FY27 | Reversal of the sequential decline to maintain a strong low-cost funding base and competitive advantage. |
| SMA-2 Accounts | ₹ 249 cr as of June 30, 2026 | Trends in early delinquency indicators to assess potential future asset quality pressures and credit costs. |
| Unsecured Retail Advances as % of Net Advances | 8.8% as of June 30, 2026 | Growth trajectory and asset quality performance within this segment, given its higher risk profile. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
72Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 69th percentile of the scored universe and 81st percentile within Financial Services. Main check: financial discipline is weak at 48/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
159 docs text-extracted · 34 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
69th percentile
overall median 67 · Financial Services: 81st pctile, median 62 · Large: 46th pctile, median 73
Evidence depth
Financial-only
159 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
55
watch · leverage and solvency
Discipline
48
watch · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 5.9%.
- ▸5 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Altman Z is 1.60.
- ▸ROCE is low at 7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Kotak Mahindra Bank Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Aug
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 20 Aug - S&P assigned BBB rating to Kotak Bank’s USD 650 million senior notes under EMTN programme.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 19 Aug
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 14 Aug - S&P assigned BBB rating to senior notes under Kotak Bank's USD 1 billion EMTN programme.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 14 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Jul
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 10 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 22 Jun
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.