Kotak Bank
Kotak Bank
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Key Insights
Weaknesses
6- Company has low interest coverage ratio.
- Company has a low return on equity of 13.7% over last 3 years.
- Contingent liabilities of Rs.10,54,268 Cr.
- Earnings include an other income of Rs.40,409 Cr.
- Dividend payout has been low at 2.59% of profits over last 3 years
- Working capital days have increased from 97.7 days to 145 days
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3h agoKotak Mahindra Bank commands a market cap of ₹4,11,238 Cr with a PE of 20.4x and PB of 2.29x. Compounded profit growth has moderated to 5% TTM from a 10-year CAGR of 19%, while ROE has dipped to 11% in the last year against a longer-term average of 14%. Revenue growth has also slowed to 6% TTM versus an 18% three-year CAGR.
- Large-cap franchise with ₹4,11,238 Cr market cap, placing it among India's top private banks with scale advantages in deposits, distribution, and brand
- Consistent long-term ROE of 14% across 3-year, 5-year, and 10-year periods indicates a structurally profitable banking model
- Compounded profit CAGR of 19% over 10 years demonstrates a strong track record of earnings compounding over full business cycles
- 10-year compounded sales CAGR of 13% reflects sustained franchise growth across rate cycles and economic phases
- PE of 20.4x is below Kotak's own historical premium multiples, suggesting the valuation has partially corrected from peak levels
- 5-year compounded profit CAGR of 14% still outpaces most large-cap banking peers, showing resilience even through COVID-era stress
- PB of 2.29x, while above sector average, reflects the market's recognition of superior asset quality and conservative underwriting historically associated with the franchise
- Other income of ₹40,409 Cr indicates diversified revenue streams from fees, treasury, insurance, and asset management subsidiaries
- TTM profit growth has sharply decelerated to just 5%, down from a 3-year CAGR of 9% and 10-year CAGR of 19%, signalling earnings momentum loss
- Last year ROE fell to 11%, meaningfully below the 14% long-term average, indicating declining return efficiency on equity capital
- Contingent liabilities stand at a massive ₹10,54,268 Cr, which is roughly 2.6x the bank's market cap, posing a tail-risk if even a fraction crystallises
- Working capital days have deteriorated from 97.7 days to 145 days, a 48% increase that may reflect operational inefficiency or asset-liability mismatches
- Low interest coverage ratio flags potential vulnerability in servicing obligations if margins compress further in a competitive deposit environment
- Revenue growth has slowed to 6% TTM from an 18% three-year CAGR, suggesting the topline is decelerating faster than profits
- Dividend payout of just 2.59% of profits over three years and a yield of only 0.16% offers negligible income return to shareholders
- Stock CAGR of just 2% over 5 years and 5% over 3 years shows prolonged underperformance relative to broader market indices and banking peers
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- Second CEO change in 3 years Aug 31
CEO Ashok Vaswani will not seek reappointment when his term ends Dec 31, 2026, triggering the bank's second leadership transition since founder Uday Kotak stepped down. RBI approval for successor still pending.
- Group President Kothari resigns Sep 10
Kotak Bank accepted the resignation of Group President Manish Kothari effective September 30, 2026. The Commercial Bank portfolio has been reorganized into Retail and Institutional segments.
- Q1FY27 profit surges 26% YoY Aug 17
Net profit rose 26% YoY to ₹4,123 crore in Q1FY27, with 9% NII growth, NIM at 4.53%, net NPA at just 0.27%, and CET-1 ratio of 22.6%. Advances grew 15% YoY and deposits 12%.
- Two internal CEO candidates named Aug 31
Kotak Bank has submitted names of executive directors Anup Saha (retail banking) and Paritosh Kashyap (wholesale banking) to RBI for CEO succession, providing clarity on leadership continuity before Vaswani's Dec 2026 exit.
- Excellent ESG rating for FY26 Aug 22
Kotak Mahindra Bank received an ESG Rating of 70 (Excellent) for FY26 from ESG Risk Assessments and Insights Limited.
- Shares up 5% in five sessions Aug 31
Stock gained around 5% over the last five trading sessions as investors monitored the leadership transition and the bank's growth trajectory with significant surplus capital to deploy.
- Investor meet on Aug 27 Aug 21
Kotak Bank hosted a virtual meeting with institutional investors and analysts on August 27, 2026, as part of the Morgan Stanley India Financials Investor Group Trip.
- 347,410 ESOPs granted under 2023 scheme Aug 17
The bank granted 3,47,410 stock options on August 17, 2026, under Series 12 of its ESOP Scheme 2023, vesting in four equal tranches starting August 2027.
TL;DR: Kotak Mahindra Bank is delivering strong financial performance with 26% profit growth, healthy NIMs at 4.53%, and near-pristine asset quality at 0.27% net NPA. The main overhang is leadership uncertainty — a second CEO transition in three years — though proactive nomination of two experienced internal candidates to RBI provides some reassurance. With a CET-1 ratio of 22.6% offering significant capital headroom for organic and inorganic growth, the trend remains positive provided the succession process concludes smoothly and growth momentum sustains under new leadership.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 12,869 | 13,717 | 14,495 | 15,156 | 15,837 | 16,427 | 16,633 | 16,772 | 17,248 | 17,199 | 17,507 | 17,827 | 18,355 |
| Expenses | 10,303 | 10,136 | 12,484 | 14,920 | 12,263 | 13,094 | 10,596 | 13,666 | 13,123 | 11,606 | 13,933 | 13,656 | 14,857 |
| Financing Profit | -2,269 | -1,955 | -3,975 | -5,976 | -3,231 | -3,806 | -1,133 | -4,051 | -3,402 | -1,740 | -3,811 | -3,205 | -4,205 |
| Fin. Margin % | -18% | -14% | -27% | -39% | -20% | -23% | -7% | -24% | -20% | -10% | -22% | -18% | -23% |
| Other Income | 7,855 | 7,843 | 9,588 | 12,751 | 13,042 | 10,453 | 7,313 | 10,402 | 9,456 | 7,703 | 10,344 | 10,648 | 11,714 |
| Interest | 4,834 | 5,536 | 5,985 | 6,212 | 6,805 | 7,139 | 7,170 | 7,157 | 7,527 | 7,333 | 7,384 | 7,376 | 7,703 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 5,586 | 5,888 | 5,614 | 6,775 | 9,811 | 6,647 | 6,180 | 6,351 | 6,053 | 5,963 | 6,533 | 7,443 | 7,509 |
| Tax % | 26% | 25% | 25% | 23% | 25% | 25% | 25% | 23% | 27% | 25% | 25% | 27% | 27% |
| Net Profit | 4,150 | 4,461 | 4,265 | 5,337 | 7,448 | 5,044 | 4,701 | 4,933 | 4,472 | 4,468 | 4,924 | 5,423 | 5,480 |
| EPS in Rs | 4.18 | 4.49 | 4.29 | 5.37 | 7.49 | 5.07 | 4.73 | 4.96 | 4.5 | 4.49 | 4.95 | 5.45 | 5.51 |
| Gross NPA % | 1.75% | 1.69% | 1.68% | 1.38% | 1.39% | 1.48% | 1.51% | 1.45% | — | — | — | — | — |
| Net NPA % | 0.43% | 0.39% | 0.36% | 0.36% | 0.38% | 0.45% | 0.44% | 0.36% | — | — | — | — | — |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 13,319 | 20,402 | 22,324 | 25,131 | 29,831 | 33,474 | 32,820 | 33,740 | 42,151 | 56,237 | 65,669 | 69,781 | 70,887 |
| Expenses | 9,718 | 11,541 | 14,832 | 16,805 | 19,758 | 22,578 | 29,812 | 31,069 | 33,485 | 47,052 | 48,894 | 54,524 | 54,053 |
| Financing Profit | -3,366 | -2,263 | -3,965 | -4,141 | -5,114 | -5,005 | -9,958 | -8,882 | -5,746 | -13,382 | -11,496 | -14,362 | -12,961 |
| Fin. Margin % | -25% | -11% | -18% | -16% | -17% | -15% | -30% | -26% | -14% | -24% | -18% | -21% | -18% |
| Other Income | 8,152 | 7,631 | 11,660 | 13,682 | 16,148 | 16,892 | 23,588 | 25,311 | 25,991 | 38,037 | 41,426 | 41,387 | 40,409 |
| Interest | 6,966 | 11,123 | 11,458 | 12,467 | 15,187 | 15,901 | 12,967 | 11,553 | 14,411 | 22,567 | 28,271 | 29,620 | 29,795 |
| Depreciation | 237 | 345 | 362 | 383 | 458 | 465 | 461 | 480 | 599 | 792 | 941 | 1,032 | 0 |
| PBT | 4,550 | 5,024 | 7,332 | 9,158 | 10,576 | 11,422 | 13,168 | 15,948 | 19,646 | 23,863 | 28,989 | 25,993 | 27,448 |
| Tax % | 33% | 32% | 32% | 33% | 33% | 25% | 25% | 25% | 25% | 25% | 24% | 26% | — |
| Net Profit | 3,105 | 3,524 | 5,019 | 6,258 | 7,204 | 8,593 | 9,990 | 12,089 | 14,925 | 18,213 | 22,126 | 19,288 | 20,296 |
| EPS in Rs | 3.94 | 3.77 | 5.37 | 6.51 | 7.55 | 8.98 | 10.08 | 12.18 | 15.03 | 18.32 | 22.26 | 19.39 | 20.4 |
| Div. Payout % | 2% | 3% | 2% | 2% | 2% | 0% | 2% | 2% | 2% | 2% | 2% | 3% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 386 | 917 | 920 | 953 | 954 | 957 | 991 | 992 | 993 | 994 | 994 | 995 |
| Reserves | 21,770 | 32,447 | 37,572 | 49,535 | 56,827 | 65,680 | 83,348 | 95,673 | 1,10,821 | 1,28,978 | 1,56,495 | 1,80,231 |
| Borrowing | 31,415 | 43,730 | 49,690 | 58,604 | 66,939 | 66,077 | 48,239 | 55,648 | 57,534 | 75,106 | 97,622 | 95,394 |
| Deposits | 72,843 | 1,35,949 | 1,55,540 | 1,91,236 | 2,24,824 | 2,60,400 | 2,78,871 | 3,10,087 | 3,61,273 | 4,45,269 | 4,94,707 | 5,66,940 |
| Other Liabilities | 22,049 | 27,761 | 32,465 | 37,392 | 45,626 | 50,059 | 67,405 | 84,097 | 89,809 | 1,17,321 | 1,29,995 | 1,59,793 |
| Total Liabilities | 1,48,464 | 2,40,804 | 2,76,188 | 3,37,720 | 3,95,171 | 4,43,173 | 4,78,854 | 5,46,498 | 6,20,430 | 7,67,667 | 8,79,814 | 10,03,353 |
| Fixed Assets | 1,385 | 1,761 | 1,759 | 2,543 | 2,697 | 2,675 | 2,554 | 2,723 | 3,075 | 3,510 | 3,759 | 3,801 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 45,589 | 70,274 | 68,462 | 90,977 | 1,03,487 | 1,11,197 | 1,56,946 | 1,64,529 | 1,95,338 | 2,46,446 | 2,84,255 | 2,90,633 |
| Other Assets | 1,01,490 | 1,68,769 | 2,05,967 | 2,44,201 | 2,88,987 | 3,29,301 | 3,19,355 | 3,79,245 | 4,22,017 | 5,17,711 | 5,91,801 | 7,08,919 |
| Total Assets | 1,48,464 | 2,40,804 | 2,76,188 | 3,37,720 | 3,95,171 | 4,43,173 | 4,78,854 | 5,46,498 | 6,20,430 | 7,67,667 | 8,79,814 | 10,03,353 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 2,302 | 5,025 | 13,222 | -10,392 | 1,822 | 46,619 | 4,881 | 8,418 | -1,242 | 15,685 | 16,916 | 41,727 |
| Investing | -4,467 | -2,353 | -5,289 | -5,475 | -3,323 | -13,068 | -11,172 | -11,018 | -10,381 | -8,919 | -25,226 | -16,159 |
| Financing | 2,426 | 2,024 | 6,055 | 14,679 | 8,365 | -735 | -10,072 | 7,549 | 1,883 | 15,515 | 22,165 | -2,538 |
| Net Cash Flow | 260 | 4,696 | 13,989 | -1,188 | 6,864 | 32,815 | -16,363 | 4,949 | -9,740 | 22,281 | 13,855 | 23,029 |
| Free Cash Flow | 2,034 | 4,714 | 12,840 | -10,758 | 1,331 | 46,206 | 4,581 | 7,785 | -2,203 | 14,593 | 15,768 | 40,690 |
| CFO/OP | 103 | 76 | 205 | -89 | 52 | 454 | 270 | 455 | 41 | 236 | 139 | 316 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 15% | 12% | 14% | 14% | 13% | 14% | 13% | 13% | 14% | 15% | 15% | 11% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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73 extracted metrics + investor summaries across FY08–FY27.
Documents
Frequently Asked Questions about Kotak Bank
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Company Information
Kotak Mahindra Bank is a diversified financial services group providing a wide range of banking and financial services including Retail Banking, Treasury and Corporate Banking, Investment Banking, Stock Broking, Vehicle Finance, Advisory services, Asset Management, Life Insurance and General Insurance.[1]
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