Kotak Mahindra Bank (KMB IN) Analyst Meet Update Levers in place for better than expected core RoA BUY
Focus on profitable growth; unsecured may rise by 2-2.5% Opex to assets may continue to reduce driven by tech aid We expect core RoA to improve by 9bps over FY26-28E We met the MD&CEO and senior management of KMB and key takeaways were (1) bank may continue to grow faster than system without compromising on NIM (2) unsecured growth has resumed but secured growth would not be impeded; unsecured share may increase from ~9% in Mar'26 to 11-11.5% and (3) tech investments would further drive operating efficiency, reducing opex/assets. Bank has de-risked its balance sheet which...