Kotak Mahindra Bank Ltd. share price target

Kotak beat our PAT estimate by 4.7% this quarter, although the composition of the beat is more informative than the magnitude.

We maintain our BUY recommendation on the stock.

Kotak Mahindra Bank (KMB) reported Q1FY27 PAT of INR 41.2bn, up 26% YoY (and 2% QoQ), driven by ~45% drop in provisioning, while NII and PPOP growth were weak at 9–10% YoY.

Kotak Mahindra Bank (KMB) posted a standalone 1QFY27 PAT of INR41.2b (5% beat; up 26% YoY/2% QoQ), aided by high other income and lower provisions.

Consistent in delivering superior RoA of 2+% and RoE of 13+% Q1FY27 performance: Kotak Mahindra Bank delivered a mixed Q1FY27 performance, with healthy earnings but flat margin, alongside softer deposit growth and seasonal pressure in select retail portfolios. Advances grew 15.1% YoY (3.2% QoQ), led by strong momentum in SME and corporate banking, while deposits increased 11.9% YoY (0.2% QoQ) with CASA moderating to 40.3% due to seasonal decline in current account balances. Adjusted NIM remained stable at 4.53% (flat QoQ), despite the repo rate transmission. Credit cost stood at 46 bps (vs 39 bps in...

Kotak's Q1FY27 provisional business update indicates a quarter where margin pressures were largely absorbed through disciplined cost management rather than earnings outperformance.

We continue to maintain a constructive outlook on the bank and reiterate our BUY recommendation with an unchanged TP of Rs 500/share, implying an upside of 28% from the CMP.

We continue to maintain our positive outlook on the bank and maintain our BUY recommendation on the stock with an unchanged TP of Rs 500/share (2.2x FY28 ABV core book), implying an upside of 25% from the CMP.

Kotak Mahindra Bank (KMB) hosted analyst interaction with Mr. Ashok Vaswani, MD&CEO. Under Mr. Vaswani’s leadership, KMB has made significant progress on re-orienting itself from a ‘product-focus’ to ‘customer-focus’ organisation.

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...

and operational automation also helped. The management expects a gradual normalisation in margin as return ratios improve over the medium term, aided by enhanced fee income generation and incremental contributions from subsidiaries. The strategic emphasis remains on capital-efficient growth, portfolio diversification, risk management discipline and the rebranding of retail securities as Kotak Neo, reflecting a focus on scalable innovation and seamless customer experience. While external challenges including geopolitical tensions and commodity volatility persist, the bank's...

We value Kotak Mahindra Bank on an SOTP basis with a TP of INR 434. The standalone bank is valued at 2.3x FY28E ABV, reflecting improving returns as the provisions cycle normalises and operating leverage compounds.

We maintain our BUY recommendation on the stock.

Good quarter; core PAT beat led by better fees/provisions Secured loan growth without diluting NIM to continue NIM cut for FY27/28E to be more than offset lower opex KMB saw a good quarter as better fees, opex and asset quality led to core PAT beat of 8.8%. Due to asset quality pressure that impacted FY25/26 PAT, bank seems to have tweaked its strategy of increasing unsecured mix; its share may rise at a slower pace since as per the bank, secured growth would not be sacrificed. Hence, reported NIM is guided to remain flattish in FY27E vs FY26 levels (4.6%). Fee growth that was weak in...

Kotak Mahindra Bank (KMB) posted a healthy standalone 4QFY26 PAT of INR40.3b (14% beat; up 13.4% YoY/16.8% QoQ), aided by a notable decrease in provisions, NIM expansion and lower opex (reversal in retiral benefits).

Kotak Mahindra Bank (KMB) reported a strong Q4FY26 result, marked by a NIM uptick and historically low slippages/credit costs. However, the guidance of a YoY dip in FY27 NIM was underwhelming.

Consistent in delivering superior RoA of 2+% and RoE of 13+% Q4FY26 performance: Kotak Mahindra Bank delivered healthy Q4FY26 performance, marked by advances growth of 16.2% YoY (3.2% QoQ), led by strong traction in business banking and mortgages, while deposits rose 14.7% YoY (5.5% QoQ) with CASA at 43.3% (up 200 bps). Adjusted NIM stood at 4.54% (flat QoQ) as benefits from deposit repricing and higher credit growth offset the impact of repo rate transmission. Credit cost moderated to 39 bps (vs 63 bps in Q3) with improvement in MFI and credit card portfolio, while asset quality remained robust...

Kotak Mahindra Bank (KMB) posted a standalone 3QFY26 PAT of ~INR34.5b (in line; up 4.3% YoY/5.9% QoQ). Consol PAT stood at INR49.2b (up 5% YoY/10% QoQ).

Consistent in delivering superior RoA of 2+% and RoE of 13+% Q3FY26 performance: Kotak Mahindra Bank delivered a steady Q3FY26 performance, marked by advances growth of 16% YoY (4% QoQ), led by strong traction in business banking and mortgages, while deposits rose 14.6% YoY (2.6% QoQ) with CASA at 41.3% (down 100 bps). NIM stood at 4.54% (flat QoQ) as benefits from deposit repricing and CRR cut offset the impact of repo rate transmission and temporary deployment of surplus liquidity in low-yield treasury asset. Credit cost moderated to 63 bps (vs 79 bps in Q2) with improvement in MFI...