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
Kotak Mahindra Bank has a market capitalisation of about Rs 3,94,578 Cr and trades at a P/E of 19.8x and a P/B of 2.22x. Revenue has compounded at 18% over 3 years and profit at 19% over 10 years. Growth has slowed recently, with TTM sales up 6% and TTM profit up 5%, and last year's ROE of 11% was below its 14% long-term average. The stock has returned 0% CAGR over 5 years and 1% over the past year, which means valuation multiples have compressed while earnings kept growing.
- Profit has compounded at 19% over 10 years, ahead of 13% sales growth over the same period. This points to long-term operating leverage and margin improvement.
- Revenue grew at an 18% CAGR over 3 years and 16% over 5 years, showing sustained growth in the balance sheet and business volume.
- ROE has held at 14% on a 3-, 5- and 10-year basis. That consistency suggests stable underwriting and profitability through credit cycles.
- The stock's 5-year CAGR is 0%, while profit compounded at 14% over the same 5 years. This implies meaningful multiple compression, and the current P/B is 2.22x.
- Dividend payout has averaged only 2.59% of profits over 3 years. Retaining nearly all earnings strengthens capital buffers and funds future loan growth without dilution.
- Other income of Rs 40,409 Cr reflects a diversified consolidated franchise, including insurance, asset management, securities and investment banking, which reduces reliance on net interest income alone.
- With a market capitalisation of about Rs 3,94,578 Cr, Kotak is one of India's largest private-sector banks. That scale supports its funding, technology and distribution capabilities.
- The 10-year stock CAGR of 10% shows long-run shareholder value creation despite weak returns over the past 5 years.
- ROE fell to 11% last year from a 14% 3-year average, and the 3-year average stands at 13.7%. That is modest for a bank trading at 2.22x book value.
- Growth has slowed sharply. TTM sales growth is 6% against an 18% 3-year CAGR, and TTM profit growth is 5% against a 9% 3-year CAGR.
- Over 3 years, profit grew at a 9% CAGR while sales grew at 18%. This gap suggests margin compression from higher funding costs, provisions or operating expenses.
- A P/E of 19.8x set against TTM profit growth of 5% leaves limited valuation cushion if earnings momentum stays weak.
- Stock returns have been weak: 1% over 1 year, 5% CAGR over 3 years and 0% CAGR over 5 years, a long stretch of underperformance.
- The dividend yield of 0.16% and 3-year payout of 2.59% give income-focused investors almost no cash return.
- Contingent liabilities of Rs 10,54,268 Cr are roughly 2.7x the market capitalisation. They are largely derivatives and guarantees, which is typical for banks, but they still represent off-balance-sheet exposure.
- Other income of Rs 40,409 Cr forms a large share of earnings. Part of it may be market-linked, such as treasury gains or insurance investment income, which can make earnings more volatile.
This is AI-generated analysis, not financial advice. Do your own due diligence. Two flagged cons, 'low interest coverage' and 'working capital days increased from 97.7 to 145 days', are industrial-company metrics that do not meaningfully apply to banks, so they were excluded. The 52-week high/low data was unavailable (reported as 0). The ROE shown in key_metrics is the last-year figure of 11%, taken from the growth metrics because the headline ROE was null.
AI News Digest
- Group President Manish Kothari exits Sep 10
Kotak Mahindra Bank accepted the resignation of Group President Manish Kothari, effective September 30, 2026. His Commercial Bank portfolio has been folded into the Retail and Institutional segments, which adds to senior management churn and brings some risk during the integration.
- RBI clears Anup Saha as CEO Oct 1
RBI approved Anup Kumar Saha as MD & CEO for 3 years, effective January 1, 2027, succeeding Ashok Vaswani. The approval comes well ahead of the handover and settles a major governance question.
- Subsidiary merger simplifies group structure Sep 25
The board approved merging Kotak Mahindra Investments with Kotak Alternate Asset Managers. The aim is to simplify the group structure and align it with RBI directions, which should cut regulatory and operating complexity.
- Investor meets at Citi, JP Morgan Sep 16
Bank representatives will meet investors at the Citi India Financials Forum on September 21 and the J.P. Morgan India Conference on September 22, 2026. These are routine institutional engagements.
- ₹16.68 crore large trade on BSE Sep 22
About 400,385 shares changed hands on BSE at ₹416.65 per share, worth ₹16.68 crore in total. This was a real-time size signal, not a confirmed exchange disclosure, and buyer and seller are unknown.
TL;DR: Kotak Mahindra Bank's recent news is mostly about governance and structure. RBI approved Anup Kumar Saha as the next MD & CEO from January 2027, and the board moved to simplify the subsidiary structure in line with RBI directions. The main risk is senior leadership churn: Group President Manish Kothari is leaving and the Commercial Bank vertical is being reorganised, which could cause short-term disruption. Overall the governance trend is improving, and investors will now watch for any signals on growth and asset quality from the September investor meets and the coming quarterly results.
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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96 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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