NSE: KOTAKBANK · BSE: 500247
KOTAK MAHINDRA BANK LTD
The bank serves 5.2 crore customers across 5,581 branches with consolidated total assets of Rs 10,03,353 crore. Revenue comes from three core banking segments — Retail Banking (48.1% of segment revenue), Corporate Wholesale Banking (34.8%), and Treasury, BMU and Corporate Centre (17.1%) — plus a set of financial services subsidiaries covering insurance, asset management, broking, vehicle financing and advisory. Retail Banking generated Rs 25,067 crore at a 17.4% EBIT margin; Corporate Wholesale Banking produced Rs 18,108 crore at a 30.7% margin; the Treasury segment, though only 17.1% of revenue, ran at a 79.9% EBIT margin. In Q1 FY27, the standalone bank earned a net profit of Rs 4,123 crore (+26% YoY) on net interest income of Rs 7,928 crore, with net advances of Rs 5.12 lakh crore (+15% YoY) and deposits of Rs 5.73 lakh crore (+12% YoY). Subsidiaries contributed 33% of consolidated PAT, with Kotak AMC, Kotak Prime, Kotak Securities and insurance among the larger contributors. Asset quality is strong — gross NPA at 1.18%, capital adequacy at 22.78%, NIM held at 4.53% for a third straight quarter. The bank is acquiring Deutsche Bank's India retail, private banking and wealth business for Rs 281 crore — adding roughly 150,000 customers, Rs 29,000 crore in advances, Rs 16,000 crore in deposits and Rs 10,500 crore in wealth AUM, with closing scheduled for September 2027. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Retail Banking (48%), Corporate Wholesale Banking (35%), Treasury, BMU and Corporate Centre (17%), Insurance, Broking, Vehicle Financing, Asset Management, Advisory and Transactional Services. Diversified private-sector bank with a meaningful subsidiaries franchise in insurance, asset management, broking and vehicle finance
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | 12,089 | 14,925 | 18,213 | 22,126 | 19,288 |
| EPS, as reported (₹) | 60.76 | 74.96 | 91.45 | 111.29 | 19.40 |
| ROE % · ROCE % | — · — | — · — | — · — | — · — | — · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 8,418 | (1,242) | 15,685 | 16,916 | 41,727 |
| Capex | — | — | — | — | — |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — |
| Profit before tax | 6,647 | 6,180 | 6,351 | 6,053 | 5,963 | 6,533 | 7,443 | 7,509 |
| Net profit | 4,998 | 4,640 | 4,909 | 4,429 | 4,446 | 4,904 | 5,402 | 5,487 |
| EPS (₹) | 25.37 | 23.64 | 24.81 | 22.49 | 22.47 | 4.95 | 5.45 | 5.51 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HDFC BANK LTD | 10,47,596 | 13.2 | — | — | — | — | — | — |
| ICICI BANK LTD. | 9,95,059 | 17.7 | — | — | — | — | — | — |
| KOTAK MAHINDRA BANK LTD ◆ | 4,40,141 | 11.5 | — | — | — | — | — | — |
| AXIS BANK LIMITED | 3,75,069 | 13.5 | — | — | — | — | — | — |
| FEDERAL BANK LTD | 84,309 | 18.0 | — | — | — | — | — | — |
| IDBI BANK LIMITED | 83,869 | 9.0 | — | — | — | — | — | — |
| INDUSIND BANK LIMITED | 64,925 | 49.1 | — | — | — | — | — | — |
| IDFC FIRST BANK LIMITED | 61,475 | 27.4 | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.5 | 12.3 | 9 of 20 | 58% |
| Profit growth | 23.9 | 29.5 | 13 of 20 | 37% |
| Market cap | 440141 | 41910 | 3 of 20 | 90% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Kotak Mahindra Bank receives ESG rating of 70 for FY 2025-26 | general | low | — | — |
| 24 Oct 2026 · September 2026 quarter earnings call audio recording available | investor communications | low | — | — |
| 24 Oct 2026 · Anu Aggarwal appointed as Senior Management Personnel | management changes | medium | — | — |
| 24 Oct 2026 · Anup Saha named MD and CEO; Ashu Suyash reappointed as independent director | management changes | medium | — | — |
| 24 Oct 2026 · Kotak Q2FY27 profit rises 29% as net interest margin eases | investor communications | medium | — | — |
| 24 Oct 2026 · Kotak Mahindra Bank Q2FY27 profit rises 26% on consolidated basis | compliance | low | — | — |
| 24 Oct 2026 · Kotak Mahindra Bank Q2 FY27 net profit up 26% to Rs 5,645 crore | results | high | — | — |
| 24 Oct 2026 · Kotak Mahindra Bank Q2 PAT rises 29% standalone and 26% consolidated | results | high | — | — |
| 19 Oct 2026 · Kotak Mahindra Q2 FY26 earnings call set for Oct 24, 2026 | board shareholder meetings | low | — | — |
| 12 Oct 2026 · Half-yearly debt securities statement as on Sep 30, 2026 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.