Kotak Mahindra Bank Limited
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. The company ranks 4th in both deposit and gross advances market share. Its securities broking business held an 11.8% market share in FY24, while the asset management business had a 6.5% market share.
Business Segments Q3 FY26
1) Insurance (~24%)
2) Retail Banking (30%)
3) Corporate & Wholesale Banking (21%)
4) Treasury (~11%)
5) Vehicle Financing (4%)
6) Broking (4%)
7) Asset Management (3%)
8) Advisory and Other lendings (3%)
Shareholding Pattern (June 2026)
Financial Summary
| Particular | Mar-22 | Mar-23 | Mar-24 | Mar-25 | Mar-26 |
| Revenue – | 33,740 | 42,151 | 56,237 | 65,669 | 69,781 |
| Sales Growth % | 2.80% | 24.93% | 33.42% | 16.77% | 6.26% |
| Interest | 11,553 | 14,411 | 22,567 | 28,271 | 29,620 |
| Expenses + | 31,069 | 33,485 | 47,052 | 48,894 | 54,524 |
| Financing Profit | -8,882 | -5,746 | -13,382 | -11,496 | -14,362 |
| Financing Margin % | -26% | -14% | -24% | -18% | -21% |
| Net Profit + | 12,089 | 14,925 | 18,213 | 22,126 | 19,288 |
| EPS in Rs | 12.18 | 15.03 | 18.32 | 22.26 | 19.39 |
| Dividend Payout % | 2% | 2% | 2% | 2% | 3% |
Synopsis of Financials
- Consolidated PAT: INR 5,480 crore (+23% YoY; +5% QoQ). Subsidiaries contributed 33% of consolidated PAT (INR 2,022 crore, +20% YoY).
- Standalone bank PAT: INR 4,123 crore (+26% YoY); PBT INR 5,463 crore (+25% YoY).
Final Outlook
Kotak Mahindra Bank continues to have a strong and diversified banking franchise, supported by growing deposits, a large branch network and multiple financial-services businesses. Q1 FY27 showed meaningful improvement, with consolidated PAT growing 23%, standalone bank PAT growing 26%, ROA improving to 2.14% and credit costs declining significantly. However, FY26 witnessed slower revenue growth and a decline in annual net profit and EPS. The stock also trades at a higher P/E compared with major private-sector banking peers.
Recent Performance – Q1 FY27
Kotak Mahindra Bank delivered a positive Q1 FY27 performance:
- Consolidated PAT: ₹5,480 Cr, up 23% YoY and 5% QoQ
- Standalone Bank PAT: ₹4,123 Cr, up 26% YoY
- PBT: ₹5,463 Cr, up 25% YoY
- NII: increased 9% YoY
- Fee income: increased 11% YoY
- ROA: improved to 2.14% from 1.94%
- NIM: remained stable at around 4.53%
- Credit cost: improved to 46 bps from 93 bps in Q1 FY26.
Kotak Mahindra Bank remains a strong and diversified financial services franchise with a large deposit base, growing branch network and improving profitability in Q1 FY27. Lower credit costs, stable NIM, better ROA and strong deposit growth are positive indicators.
