HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 30 Oct 2026 +1.39%
Research updated
Kotak Mahindra Bank Ltd.
NSE: KOTAKBANKFinancial ServicesBanks - Regional
- Last close
- ₹461.60
- Day change
- +₹2.60 (+0.57%)vs
- Market cap
- ₹4.28 lakh crIndian rupees
- Research updated
- 2 reports
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About Kotak Mahindra Bank
Kotak Mahindra Bank Ltd. is a prominent private sector bank in India, established to provide comprehensive banking and financial services. It operates in the commercial banking domain, offering a wide range of products such as savings accounts, fixed deposits, personal loans, and credit cards. The bank also serves corporate clients with services in areas like trade finance, cash management, and treasury operations. Kotak Mahindra Bank plays a significant role in retail banking, investment banking, asset management, life insurance, and wealth management. Its influence extends across various sectors, impacting both individual consumers and business entities. With a commitment to technological innovation and digital transformation, Kotak Mahindra Bank Ltd. is a significant player in advancing financial inclusion and economic growth in India. Its expansive branch network and customer-centric services underscore its market significance, making it a cornerstone of the Indian banking landscape.
- Sector
- Financial Services
- Industry
- Banks - Regional
- Listing
- NSE: KOTAKBANK
- Chief executive
- Mr. Ashok Valiram Vaswani
- Employees
- 1,12,000
- Headquarters
- Mumbai, India
- ISIN
- INE237A01036
- Website
- kotak.bank.in
Public research · Report of
Business model & financial foundation
Kotak Mahindra Bank (NSE: KOTAKBANK), Private Sector Bank: revenue of ₹1,07,564 crore in FY26 (+4.4% on FY25) and net profit of ₹19,288 crore.
- Revenue, FY26 (₹ crore)
- 1,07,564
- consolidated
- Revenue growth, FY26
- +4.4%
- on FY25
- Net profit, FY26 (₹ crore)
- 19,288
- to owners
- Return on equity, FY26
- 11.4%
- on average equity
- Market capitalisation (₹ crore)
- 4,16,767
- at the close of 24 Oct 2026
Company profile
Kotak Mahindra Bank is India's fourth-largest private sector bank by assets, converted from Kotak Mahindra Finance in 2003. The bank lends across home loans and LAP, vehicles, personal loans, credit cards, SME and corporate banking, funded by a historically high-CASA deposit base. Through wholly owned subsidiaries it runs one of India's largest broking houses, an asset manager, a life insurer, a car-finance NBFC and an investment bank. Founder Uday Kotak and family hold 25.87% and he is a non-executive director; Ashok Vaswani has been MD & CEO since January 2024.
| Item | Value |
|---|---|
| Legal name | Kotak Mahindra Bank Limited (formerly Kotak Mahindra Finance Limited) |
| Exchange and ticker | NSE: KOTAKBANK; BSE: 500247 |
| ISIN | INE237A01036 |
| CIN | L65110MH1985PLC038137 |
| Sector | Financial Services |
| Industry | Private Sector Bank |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells and M M Nissim & Co LLP (joint statutory auditors) (since 2025) |
| Market capitalisation | ₹4,16,767 crore (24 Oct 2026) |
| Shares outstanding | 994.65 crore shares (FY26) |
| Price | ₹430.5 (close, 24 Oct 2026) |
| 52-week range | ₹345.5 - ₹453.1 (to 24 Oct 2026) |
| Website | https://www.kotak.bank.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Kotak Securities Limited | 100% | Retail and institutional stock broking, distribution |
| Kotak Mahindra Prime Limited | 100% | Car and vehicle finance NBFC |
| Kotak Mahindra Life Insurance Company Limited | 100% | Life insurance |
| Kotak Mahindra Asset Management Company Limited | 100% | Mutual fund asset management (with Kotak Mahindra Trustee Co.) |
| Kotak Mahindra Investments Limited | 100% | NBFC: corporate and real estate lending |
| Kotak Mahindra Capital Company Limited | 100% | Investment banking |
| Kotak Alternate Asset Managers Limited | 100% | Alternative assets (AIF) management |
| BSS Sonata Microcredit | 100% | Microfinance (BSS Microfinance and Sonata merged Oct 2025) |
| Kotak Mahindra (International) Limited and overseas subsidiaries | 100% | International broking, asset management and advisory (Mauritius, UK, USA, Singapore, UAE) |
| Zurich Kotak General Insurance (associate) | 30% | General insurance; 70% sold to Zurich June 2024 |
| Phoenix ARC (associate) | 49.9% | Asset reconstruction |
Infina Finance: 30.99% sold 24 Mar 2026, the remaining 19% is no longer an associate.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 25.87% | 25.87% | 25.87% | 25.87% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 29.36% | 26.40% | 25.21% | 24.65% |
| Domestic institutions | 32.88% | 36.18% | 37.71% | 38.54% |
| of which mutual funds | 21.18% | 23.57% | 24.50% | 25.20% |
| Retail | 4.43% | 4.34% | 4.36% | 4.18% |
| Other | 7.46% | 7.21% | 6.85% | 6.77% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Kotak Mahindra Bank (NSE: KOTAKBANK) is a universal bank with wholly owned subsidiaries in broking (Kotak Securities), car finance (Kotak Prime), life insurance, asset management, NBFC lending (KMIL) and investment banking. The bank earns a spread on 577,295 cr of standalone net advances (Q2FY27), funded by 651,491 cr of deposits. The subsidiaries contributed 1,433 cr of the 5,645 cr consolidated PAT in Q2FY27 (bank 4,212 cr). The loan book is mostly secured: home loans and LAP 157,217 cr, SME 138,700 cr, corporate 139,786 cr, CV/CE 47,038 cr. Unsecured retail (personal loans, cards, MFI) is 8.1% of advances, down from 11.3% in Q2FY25. About 63% of loans are linked to external benchmarks, so the margin moves with the repo rate before deposit costs follow. Promoter Uday Kotak's group owns 25.87% with no pledge.
| Peer | Why the dossier compares them |
|---|---|
| HDFC Bank (HDFCBANK) | Largest private bank; same retail-plus-wholesale franchise and deposit competitor |
| ICICI Bank (ICICIBANK) | Large private bank with listed insurance/AMC/broking subsidiaries, closest franchise-quality comparison |
| Axis Bank (AXISBANK) | Large private bank of similar market cap and loan mix |
| IndusInd Bank (INDUSINDBK) | Private bank with vehicle finance and MFI exposure similar to Kotak's retail commercial book |
| Federal Bank (FEDERALBNK) | Mid-size private bank competing for deposits and retail loans |
| IDFC First Bank (IDFCFIRSTB) | Retail-led private bank competing in unsecured and credit cards |
| AU Small Finance Bank (AUBANK) | High-growth retail lender; vehicle and SME overlap |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total income (interest earned plus other income) | 94,274 | 1,03,076 | 1,07,564 | ||
| Other operating costs (vendor classification) * | 14,457 | 14,828 | 23,883 | 20,883 | 21,351 |
| Profit before tax | 11,932 | 19,646 | 23,863 | 28,989 | 25,993 |
| Tax expense | 4,016 | 4,866 | 5,887 | 7,043 | 6,812 |
| Profit after tax | 8,073 | 14,925 | 17,977 | 21,946 | 19,181 |
| Diluted EPS (₹) | 91.45 | 111.3 | 19.39 | ||
| Interest earned | 56,237 | 65,669 | 69,781 | ||
| Interest expended | 22,567 | 28,275 | 29,620 | ||
| Net interest income | 33,669 | 37,394 | 40,161 | ||
| Other income (fees, commissions, treasury and the rest) | 38,037 | 37,407 | 37,782 | ||
| Employee cost | 10,347 | 11,964 | 12,964 | ||
| Operating expenses | 45,871 | 45,757 | 48,418 | ||
| Operating profit before provisions | 25,836 | 29,045 | 29,525 | ||
| Provisions (other than tax) and contingencies | 1,972 | 3,859 | 3,900 | ||
| Exceptional items (a charge is negative) | 0.00 | 3,803 | 367.8 | ||
| Share of associates | 236.4 | 180.3 | 107.3 | ||
| Profit attributable to owners | 18,213 | 22,126 | 19,288 | ||
| Basic EPS (₹) | 91.45 | 111.3 | 19.40 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity (capital plus reserves and surplus) | 97,165 | 1,12,314 | 1,29,892 | 1,57,395 | 1,81,113 |
| Borrowings | 75,106 | 97,622 | 95,394 | ||
| Cash and balances with the RBI and other banks | 58,239 | 47,470 | 65,206 | 79,062 | 1,02,091 |
| Trade payables * | 902.9 | 1,556 | 3,032 | 3,665 | 3,528 |
| Fixed assets | 2,563 | 2,811 | 2,853 | ||
| Total assets | 7,67,667 | 8,79,774 | 10,03,353 | ||
| Advances | 4,30,352 | 4,86,166 | 5,65,768 | ||
| Deposits | 4,45,269 | 4,94,707 | 5,66,940 | ||
| Investments | 2,46,446 | 2,84,255 | 2,90,633 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 15,685 | 16,916 | 41,727 | ||
| Free cash flow (vendor definition) * | 7,639 | -2,229 | 14,558 | 15,703 | 40,669 |
| Dividends paid (an outflow is negative) | -219.0 | -258.9 | -336.6 | -397.6 | -497.1 |
| Capital expenditure (an outflow is negative) | -1,127 | -1,213 | -1,058 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding (paid-up capital over face value) | 198.79 | 198.82 | 994.65 | ||
| Gross NPAs (the bank's standalone figure) | 5,275 | 6,134 | 6,018 | ||
| Net NPAs (the bank's standalone figure) | 1,271 | 1,343 | 1,263 | ||
| Gross NPA ratio, % (the bank's standalone figure) | 1.4% | 1.4% | 1.2% | ||
| Net NPA ratio, % (the bank's standalone figure) | 0.3% | 0.3% | |||
| CET1 ratio, % (the bank's standalone figure) | 20.6% | 21.1% | 21.3% | ||
| Additional tier 1 ratio, % (the bank's standalone figure) | 1.3% | 0.0% | 1.1% |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Total income (interest earned plus other income) | 23,946 | 27,174 | 26,704 | 24,901 | 27,851 | 28,108 | 30,069 | 29,427 |
| Interest earned | 16,633 | 16,772 | 17,248 | 17,199 | 17,507 | 17,827 | 18,355 | 19,856 |
| Interest expended | 7,171 | 7,160 | 7,529 | 7,333 | 7,384 | 7,376 | 7,703 | 8,681 |
| Net interest income | 9,462 | 9,612 | 9,719 | 9,866 | 10,122 | 10,451 | 10,652 | 11,175 |
| Other income (fees, commissions, treasury and the rest) | 7,313 | 10,402 | 9,456 | 7,703 | 10,344 | 10,280 | 11,714 | 9,571 |
| Employee cost | 2,959 | 3,236 | 3,110 | 3,080 | 3,435 | 3,339 | 3,300 | 3,369 |
| Operating expenses | 9,541 | 12,523 | 11,800 | 10,552 | 12,993 | 13,071 | 14,092 | 12,396 |
| Operating profit before provisions | 7,234 | 7,491 | 7,375 | 7,017 | 7,473 | 7,661 | 8,274 | 8,351 |
| Provisions (other than tax) and contingencies | 1,054 | 1,140 | 1,321 | 1,054 | 939.6 | 585.2 | 764.8 | 820.4 |
| Exceptional items (a charge is negative) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 367.8 | 0.00 | 0.00 |
| Profit before tax | 6,180 | 6,351 | 6,053 | 5,963 | 6,533 | 7,443 | 7,509 | 7,530 |
| Tax expense | 1,540 | 1,442 | 1,624 | 1,517 | 1,629 | 2,042 | 2,022 | 1,896 |
| Profit after tax | 4,640 | 4,909 | 4,429 | 4,446 | 4,904 | 5,402 | 5,487 | 5,634 |
| Share of associates | 61.4 | 23.8 | 43.1 | 22.3 | 20.3 | 21.6 | -6.60 | 11.3 |
| Profit attributable to owners | 4,701 | 4,933 | 4,472 | 4,468 | 4,924 | 5,423 | 5,480 | 5,645 |
| Basic EPS (₹) | 23.64 | 24.81 | 22.49 | 22.47 | 4.95 | 5.45 | 5.51 | 5.68 |
| Diluted EPS (₹) | 23.64 | 24.81 | 22.49 | 22.47 | 4.95 | 5.45 | 5.51 | 5.67 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 9.3% | 4.4% | |||
| Net margin | 19.3% | 21.5% | 17.9% | ||
| Return on equity | 15.0% | 15.4% | 11.4% | ||
| Return on assets | 2.4% | 2.7% | 2.0% | ||
| Dividend payout | 1.8% | 1.8% | 2.6% | ||
| EPS, diluted (₹) | 91.45 | 111.3 | 19.39 | ||
| Book value per share (₹) | 653.4 | 791.6 | 182.1 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 24 Oct 2026); market data at the close of 24 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Kotak Mahindra Bank includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Kotak Mahindra Bank
- Research reportLatest
- Research report
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 24 Oct 2026; page updated 2 Nov 2026.
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