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Kotak Mahindra Bank Q2 FY27 Share Price & Earnings Call Analysis

₹461.60+0.57% today
Market cap
₹4.59L Cr
P/E
22.94
ROE
11.39%
PEG
2.57
Price to sales
6.48
Debt to equity
3.65
52W high / low
₹2,218 / ₹353
Sales growth (5Y)
16.28%
EBITDA margin
23.75%
Net profit margin
27.64%
Promoter holding
25.86%
Sales (last year)
₹70,887 Cr

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]

Guidance scorecard · Q2 FY27 call

What Kotak Mah. Bank's management guided
and where it ranks in Banks

#15of 27 in
Banks
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • Kotak Mahindra Bank expects continued growth in rupee terms in its loan book, particularly focusing on both secured and unsecured segments without compromising secured loan growth to maintain percentages.
  • Personal loans are anticipated to grow first, followed by microfinance and credit cards, reflecting a phased approach to unsecured retail portfolio expansion.
  • The bank is focused on responsible and profitable growth rather than growth at any cost, aiming for steady, value-compounded growth especially in personal loans.
  • Credit substitutes and corporate advances are expected to grow, leveraging market opportunities, particularly short-dated instruments like commercial papers, reflecting flexible growth strategies in institutional business.

2 more points from Kotak Mah. Bank's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Kotak Mah. Bank said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • The acquisition of Deutsche's portfolio (transaction expected to close in September 2027), which is a significant strategic inorganic opportunity with advances of INR 29,000 crore, deposits of INR 16,000 crore, and wealth AUM of INR 10,500 crore. This…
  • Continuous investments in digital capabilities, including strengthening the digital merchant and collection capabilities, and enhancing platforms like Kotak811 and Kotak Mobile Banking to improve customer engagement, reduce servicing costs, and enable…
  • Ongoing investments to expand fee-led businesses, institutional and SME franchises, and digital loan disbursements.
Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Kotak Mah. Bank said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Ask what Kotak Mah. Bank said on the order book →

Full Q1 FY27 analysis
Full Banks ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Banks
on management's own guidance

  1. AU Small FinanceGood growth
    2
  2. Canara BankGood growth
    1
  3. RBL BankGood growth
    3
See all potential multibaggersWhere does Kotak Mah. Bank rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Banks companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
1Canara Bank20–40%Flat₹1.07L Cr5.3
2AU Small Finance20–40%Flat₹74,341 Cr26.0
3RBL Bank20–40%Flat₹58,716 Cr49.8
420–40%Flat₹13,576 Cr9.4
520–40%Flat₹6,759 Cr8.6
620–40%Flat₹5,337 Cr8.0

Sign up free to see every company in the sector ranking and track Kotak Mah. Bank.

Pro shows every company guiding 40%+ revenue growth →Full Banks ranking

Financials of Kotak Mah. Bank

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Kotak Mah. Bank

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +25.91%25.90%25.89%25.88%25.88%25.88%25.88%25.87%25.87%25.87%25.87%25.86%
FIIs +39.74%37.59%33.16%33.39%32.48%32.65%32.34%29.75%29.36%26.40%25.21%24.65%
DIIs +21.38%23.40%27.69%27.88%28.79%29.13%29.61%32.02%32.88%36.19%37.71%38.54%
Public +12.98%13.11%13.26%12.84%12.83%12.34%12.18%12.35%11.90%11.54%11.20%10.95%
No. of Shareholders6,34,6986,81,3017,82,6807,39,7557,46,6027,05,6166,90,1256,91,4136,79,0967,81,4487,84,7277,69,224

Pros & Cons

Kotak Mah. Bank

Key positives and risks surfaced from the company insights section.

Pros
  • 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.42,277 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
Raw Insights
  • 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.42,277 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

Financials of Kotak Mah. Bank

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Revenue +13,71714,49515,15615,83716,42716,63316,77217,24817,19917,50717,82718,35519,856
Interest5,5365,9856,2126,8057,1397,1707,1577,5277,3337,3847,3767,7038,681
Expenses +10,13612,48414,92012,26313,09410,59613,66613,12311,60613,93313,65614,85713,216
Financing Profit-1,955-3,975-5,976-3,231-3,806-1,133-4,051-3,402-1,740-3,811-3,205-4,205-2,041
Financing Margin %-14%-27%-39%-20%-23%-7%-24%-20%-10%-22%-18%-23%-10%
Other Income +7,8439,58812,75113,04210,4537,31310,4029,4567,70310,34410,64811,7149,571
Depreciation0000000000000
Profit before tax5,8885,6146,7759,8116,6476,1806,3516,0535,9636,5337,4437,5097,530
Tax %25%25%23%25%25%25%23%27%25%25%27%27%25%
Net Profit +4,4614,2655,3377,4485,0444,7014,9334,4724,4684,9245,4235,4805,645
EPS in Rs4.494.295.377.495.074.734.964.504.494.955.455.515.67
Gross NPA %1.69%1.68%1.38%1.39%1.48%1.51%1.45%
Net NPA %0.39%0.36%0.36%0.38%0.45%0.44%0.36%

Financials of Kotak Mah. Bank

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue +13,31920,40222,32425,13129,83133,47432,82033,74042,15156,23765,66969,78173,545
Interest6,96611,12311,45812,46715,18715,90112,96711,55314,41122,56728,27129,62031,143
Expenses +9,71811,54114,83216,80519,75822,57829,81231,06933,48547,05248,70151,30355,662
Financing Profit-3,366-2,263-3,965-4,141-5,114-5,005-9,958-8,882-5,746-13,382-11,303-11,142-13,261
Financing Margin %-25%-11%-18%-16%-17%-15%-30%-26%-14%-24%-17%-16%-18%
Other Income +8,1527,63111,66013,68216,14816,89223,58825,31125,99138,03741,23338,16642,277
Depreciation2373453623834584654614805997929411,0320
Profit before tax4,5505,0247,3329,15810,57611,42213,16815,94819,64623,86328,98925,99329,016
Tax %33%32%32%33%33%25%25%25%25%25%24%26%
Net Profit +3,1053,5245,0196,2587,2048,5939,99012,08914,92518,21322,12619,28821,473
EPS in Rs3.943.775.376.517.558.9810.0812.1815.0318.3222.2619.3921.58
Dividend Payout %2%3%2%2%2%0%2%2%2%2%2%3%

Financials of Kotak Mah. Bank

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital386917920953954957991992993994994995995
Reserves21,77032,44737,57249,53556,82765,68083,34895,673110,821128,978156,495180,231193,711
Deposits72,843135,949155,540191,236224,824260,400278,871310,087361,273445,269494,707566,940647,459
Borrowing31,41543,73049,69058,60466,93966,07748,23955,64857,53475,10697,62295,394123,120
Other Liabilities +22,04927,76132,46537,39245,62650,05967,40584,09789,809117,321129,995159,793159,118
Total Liabilities148,464240,804276,188337,720395,171443,173478,854546,498620,430767,667879,8141,003,3531,124,402
Fixed Assets +1,3851,7611,7592,5432,6972,6752,5542,7233,0753,5103,7593,8012,850
CWIP0000000000000
Investments45,58970,27468,46290,977103,487111,197156,946164,529195,338246,446284,255290,633335,776
Other Assets +101,490168,769205,967244,201288,987329,301319,355379,245422,017517,711591,801708,919785,776
Total Assets148,464240,804276,188337,720395,171443,173478,854546,498620,430767,667879,8141,003,3531,124,402

Financials of Kotak Mah. Bank

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +2,3025,02513,222-10,3921,82246,6194,8818,418-1,24215,68516,91641,727
Cash from Investing Activity +-4,467-2,353-5,289-5,475-3,323-13,068-11,172-11,018-10,381-8,919-25,226-16,159
Cash from Financing Activity +2,4262,0246,05514,6798,365-735-10,0727,5491,88315,51522,165-2,538
Net Cash Flow2604,69613,989-1,1886,86432,815-16,3634,949-9,74022,28113,85523,029
Free Cash Flow2,0344,71412,840-10,7581,33146,2064,5817,785-2,20314,59315,76840,690

Financials of Kotak Mah. Bank

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %15%12%14%14%13%14%13%13%14%15%15%11%

Guidance history

How Kotak Mah. Bank's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlanned——
Q1 FY27 call →10–20%FlatPlanned——
Q3 FY26 call →10–20%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

71out of 100

Momentum score · price trend

71 out of 100 — Strengthening

Over the past year its share price has done better than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+1.4%62%
Last 6 months+16.6%74%
Last 3 months+14.7%85%
How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Kotak Mah. Bank: 0.4 × 62 + 0.4 × 74 + 0.2 × 85 = 71.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 16 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Kotak Mah. Bank's management said in earlier quarters

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