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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 45/100Rev +6% YoY · PAT +23% YoY · operating leverage
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
PAT Contribution (Bank & Subsidiaries) Q1FY27
Latest issuer-disclosed distribution across 4 reported categories.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
56NeutralSMA20 +4.7% / mo · MACD + · near 52W low
Technical chart
KOTAKBANKdaily · 1Y · AUTO+4.2%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 69. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~4.5% over last month) — short-term momentum positive.
- RSI(14) at 69 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 81% off 52W high · 23% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- 80.9% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (-5.9% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
Valuation & score drivers
U-Score 28 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 28 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 6.0%.
- Fair-value margin of safety is positive at 25.0%.
- Cash flow contributes 7/10 to the score.
Main drags
- Altman Z is 1.6, in distress territory.
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Balance sheet is weaker at 1/15; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: -2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Altman Z is 1.58.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Financial Services: 81st pctile, median 62 · Large: 47th pctile, median 73
156 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 6.1%.
- ▸5 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Altman Z is 1.58.
- ▸ROCE is low at 7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 21.10
- P/B
- 2.33
- EV/EBITDA
- —
- Market Cap
- 422278.00Cr
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
- 1.58
- Book Value
- 182.00
Cash Flow
- FCF Yield
- 6.05%
- FCF Positive Y
- 5/5
- OCF
- 41727.00 Cr
- EPS TTM
- 20.40
Shareholding
- Promoter Hold
- 25.87%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 73%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable names in Financial Services, ranked by similarity
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.