TrueCAGR
Kotak Mahindra Bank · Research view

Kotak Mahindra Bank Ltd.

NSE: KOTAKBANKBSE: 500247ISIN INE237A01036Face value ₹1consolidated
₹420
+3.40% · 2026-10-01 · 52-wk ₹353–₹445
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext
ConcernTalking point

Returns at a multi-year low

ROE of 11.4% is the lowest in 4 years (prior range 12.4% to 15.4%).

Importance 56 / 95 · profitability

StrengthTalking point

Asset quality at a multi-year best

Gross NPA of 1.2% is the lowest in 4 years, down from a peak of 2.4%.

Importance 54 / 95 · financial health

Concern

Returns declining

ROE declined from 15.4% to 11.4% year on year.

Importance 44 / 95 · profitability

Section 03 · The company

Who is this company?

Classified by the exchange under Financial Services › Financial Services › Banks › Private Sector Bank.

Market cap
₹4.18 L cr
FY2026 total income
₹1,07,564 cr
FY2026 net profit
₹19,288 cr
Net worth
₹1,81,113 cr
Advances
₹5,65,768 cr
EPS (basic)
₹19.40
Listed
NSE · BSE
Reporting
Banking (Sch. III)Apr–Mar

Peer set used on this page: 8 private sector bank.

Section 04 · Business performance

Is the business growing?

Total income & net profit — FY22 to FY26₹ crore · consolidated
₹'000 cr05010015020001530TOTAL INCOMENET PROFIT59k12,089FY2268k14,925FY2394k18,213FY241.03L22,126FY251.08L19,288FY26
Total incomeNet profit
Advances & deposits — FY22 to FY26₹ crore · consolidated
0k200k400k600k3.04L3.10LFY223.59L3.61LFY234.30L4.45LFY244.86L4.95LFY255.66L5.67LFY26
Advances (loans)Deposits
Strength

Advances grew 16.4% year on year (FY2025 → FY2026).

Rule BANK_LOAN_GROWTH_STRONG

Advances growth per year
+16.8%over 4 years
Advances growth
+16.4%vs last year
Deposits growth
+14.6%vs last year
Net profit growth
−12.8%vs last year
Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Strength

Q1 FY27 net profit was ₹5,480 cr, up 22.5% from ₹4,472 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Strength

Q1 FY27 total income was ₹30,069 cr, up 12.6% from ₹26,704 cr in Q1 FY26 a year earlier.

Rule QTR_REVENUE_GROWTH_YOY

Strength

Q1 FY27 total income of ₹30,069 cr is the highest of the 13 quarters on record for this company.

Rule QTR_REVENUE_AT_RECORD

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated
₹'000 cr010203040036TOTAL INCOMENET PROFIT27k5,044Q2 '2524k4,701Q3 '2527k4,933Q4 '2527k4,472Q1 '2625k4,468Q2 '2628k4,924Q3 '2628k5,423Q4 '2630k5,480Q1 '27
Total incomeNet profit
QuarterTotal incomeYoYNet profitYoY
Q2 FY2526,880—5,044—
Q3 FY2523,946−0.6%4,701+10.2%
Q4 FY2527,174−2.6%4,933−7.6%
Q1 FY2626,704+6.5%4,472−40.0%
Q2 FY2624,901−7.4%4,468−11.4%
Q3 FY2627,851+16.3%4,924+4.7%
Q4 FY2628,108+3.4%5,423+9.9%
Q1 FY2730,069+12.6%5,480+22.5%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Total income
₹1,10,928 crTTM
PBT
₹27,448 crTTM
Net profit
₹20,296 crTTM

C. Corporate actions

17 Jul 2026DividendFinal Dividend - Rs. - 0.6500 — ₹0.65/share
14 Jan 2026Stock splitStock Split From Rs.5/- to Rs.1/- — 5:1
18 Jul 2025DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share
19 Jul 2024DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
4 Aug 2023DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share
11 Aug 2022DividendDividend - Rs. - 1.1000 — ₹1.10/share
11 Aug 2021DividendDividend - Rs. - 0.9000 — ₹0.90/share
12 Jul 2019DividendDividend - Rs. - 0.8000 — ₹0.80/share
11 Jul 2018DividendDividend - Rs. - 0.7000 — ₹0.70/share
12 Jul 2017DividendDividend - Rs. - 0.6000 — ₹0.60/share
14 Jul 2016DividendDividend - Rs. - 0.5000 — ₹0.50/share
8 Jul 2015Bonus issueBonus issue 1:1 — 1:2
18 Jun 2015DividendDividend - Rs. - 0.9000 — ₹0.90/share
4 Jul 2014DividendDividend - Rs. - 0.8000 — ₹0.80/share
4 Jul 2013DividendDividend - Rs. - 0.7000 — ₹0.70/share
6 Jul 2012DividendDividend - Rs. - 0.6000 — ₹0.60/share
12 Jul 2011DividendDividend - Rs. - 0.5000 — ₹0.50/share
13 Sept 2010Stock splitStock Split From Rs.10/- to Rs.5/- — 10:5
30 Jun 2010DividendDividend - Rs. - 0.8500 — ₹0.85/share
14 Jul 2009DividendDividend - Rs. - 0.7500 — ₹0.75/share
14 Jul 2008DividendDividend - Rs. - 0.7500 — ₹0.75/share
23 Jan 2002DividendInterim Dividend - Rs. - 2.0000 — ₹2.00/share
25 Jun 2001DividendDividend - Rs. - 1.8000 — ₹1.80/share
Section 06 · Business performance

Is it becoming more profitable?

Net interest margin & ROE — FY22 to FY26% · consolidated
0%1%2%3%4%5%0%5%10%15%20%4.3%FY22FY23FY24FY25FY26
Net interest margin (left)Return on equity (right)
Concern

ROE of 11.4% is the lowest in 4 years (prior range 12.4% to 15.4%).

Rule ROE_AT_MULTI_YEAR_LOW

NIM FY2026
4.27%
Cost-to-income
62.1%
ROE FY2026
11.4%
ROA FY2026
2.05%

ROE declined from 15.4% to 11.4% year on year.

Net interest margin fell from 4.5% to 4.3% year on year.

Section 07 · Financial health

Is financial health improving?

Asset quality — gross & net NPA, FY22 to FY26% of advances · lower is better
0%1%2%3%1.2%0.3%FY22FY23FY24FY25FY26
Gross NPA %Net NPA %
Strength

Gross NPA of 1.2% is the lowest in 4 years, down from a peak of 2.4%.

Rule BANK_ASSET_QUALITY_MULTIYEAR_BEST

Net worth — FY22 to FY26₹ crore · consolidated
₹'000 cr06713320097kFY221.12LFY231.30LFY241.57LFY251.81LFY26
Net worth (capital + reserves)
Gross NPA FY2026
1.23%
Net NPA
0.31%
Credit cost
0.74%of advances
Credit / deposit
100%
Section 08 · Relative position

How does it compare with peers?

Ranked against 8 private sector bank (FY2026, consolidated). No peer-relative rule fired for this company.

Return on equity

KOTAKBANK · 4th of 8 · set median 11.4%

ICICIBANK15.3%HDFCBANK13.8%AXISBANK13.2%KOTAKBANK11.4%FEDERALBNK11.4%YESBANK7.1%IDFCFIRSTB3.8%INDUSINDBK1.4%

P/E ratio

KOTAKBANK · 6th of 8 · set median 16.9×

AXISBANK13.6×HDFCBANK14.0×FEDERALBNK16.7×ICICIBANK16.7×YESBANK17.2×KOTAKBANK20.6×IDFCFIRSTB30.0×INDUSINDBK51.8×
P / E
20.6×TTM to Jun 26
P / B
2.3×latest book
P / S
3.8×TTM sales
Earnings yield
4.9%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 21.6× · P/S 3.9× · ROE 11.4%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted
0k₹4202020202120222023202420252026

Long-term price performance is shown above.

1-year return
+1.7%
3-year return
+20.9%
5-year return
+5.3%
From 52-wk high
−5.7%
Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg
Above₹403
vs 200-day avg
Above₹400
RSI (14)
59.3neutral
MACD histogram
-1.5
From 52-wk high
−5.7%
From 52-wk low
+18.8%
30-day volatility
20.0%ann.
6-month return
+14.4%
RSI (14) · 0–10059.3 — neutral
0305070100OVERSOLDOVERBOUGHT59.3
Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

  • Concern
    Returns at a multi-year low
    ROE of 11.4% is the lowest in 4 years (prior range 12.4% to 15.4%).
    ROE_AT_MULTI_YEAR_LOW · conviction 56
  • Concern
    Returns declining
    ROE declined from 15.4% to 11.4% year on year.
    ROE_DETERIORATED_YOY · conviction 44
  • Concern
    Net interest margin compressing
    Net interest margin fell from 4.5% to 4.3% year on year.
    BANK_NIM_COMPRESSED_YOY · conviction 38
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
MetricFY22FY23FY24FY25FY26
Total income58,88367,98194,2741,03,0761,07,564
Interest earned33,74042,15156,23765,66969,781
Interest expended11,55314,41122,56728,27529,620
Net interest income22,18727,74033,66937,39440,161
Pre-provision operating profit16,72020,08625,83629,04529,525
Provisions & contingencies7724401,9723,8593,900
Profit before tax15,94819,64623,86328,98925,993
Net profit12,08914,92518,21322,12619,288
EPS (₹)60.875.091.5111.319.4
Net worth97,1341,12,2541,29,8921,57,3951,81,113
Total debt55,14857,03475,10697,62295,394
Advances3,04,4743,59,1074,30,3524,86,1665,65,768
Deposits3,10,0873,61,2734,45,2694,94,7075,66,940
Borrowings55,14857,03475,10697,62295,394
Investments1,64,5291,95,3382,46,4462,84,2552,90,633
Gross NPAs7,3346,4196,0037,1127,046
Net NPAs2,1491,4791,5671,7521,730
Operating cash flow8,418−1,24215,68516,91641,727
Key ratios — consolidated
RatioFY22FY23FY24FY25FY26
Growth
Advances growth YoY—17.919.813.016.4
Deposits growth YoY—16.523.311.114.6
Profit growth YoY—23.522.021.5-12.8
Profitability
Net interest margin %4.14.84.94.54.3
Cost-to-income %64.762.564.061.262.1
Return on equity %12.414.315.015.411.4
Return on assets %2.22.62.62.72.0
Asset quality
Gross NPA %2.41.81.41.41.2
Net NPA %0.70.40.40.40.3
Credit cost %0.30.10.50.80.7
Credit / deposit %98.299.496.698.399.8
Financials: BSE Integrated Filing inline XBRL (SEBI taxonomy), normalised to standard metric keys. Prices: NSE end-of-day, raw OHLC preserved; a corporate-action factor produces the adjusted series. The insight engine writes factual observations from fixed rules — it does not make recommendations. Not investment advice.