# Kotak Bank share price today (Kotak Mahindra Bank Ltd, NSE: KOTAKBANK) > Kotak Bank share price today: ₹464.65 at the NSE close on 3 November 2026, up 10.5% in a year. Kotak Mahindra Bank (NSE: KOTAKBANK) is worth ₹4,61,828 crore, trades at a P/BV of 2.4 and has closed between ₹358.00 and ₹464.65 over the past 52 weeks. > Kotak Mahindra Bank Ltd's results are improving, while its P/BV is near the low end of its own history over 11 years, higher than only 5% of past readings. KOTAKBANK · Banks - Private · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/kotak-mahindra-bank-ltd Sector Alpha also publishes a daily newsletter that explains one Indian stock at a time: https://newsletter.sectoralpha.in/?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms ## Key numbers - Business trend: Getting better, from the last 12 quarters - Price: ₹464.65 (+10.5% in a year) - P/BV: 2.4× (lower than 95% of the last 11 years) - Revenue (Sep 2026): ₹19,856 Cr (+15.4% on a year ago) - Profit (Sep 2026): ₹5,645 Cr (+26.3% on a year ago) - Net margin: 28.4% (+2.4 points on a year ago) - ROE: 11%, FY26 - Gross NPA (bad loans): 1.45% (+0.07 points on a year ago) The main question: foreign institutions moved −8.7 percentage points over 8 quarters while the business went the other way. ## What is the Kotak Bank share price today? Kotak Mahindra Bank Ltd's share price was ₹464.65 at the close on 3 November 2026. It has been rising for 6 weeks. That is 14.1% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹358 and ₹465, and at that close it was at the high of that range. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 11 weeks in a row. Over the last 11 years the share price moved +262% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Kotak Bank this quarter? Three changes stood out: foreign funds (FIIs) cut their stake for 6 quarters in a row, indian funds and insurers (DIIs) raised their stake for 13 quarters in a row and revenue up on a year earlier for 12 quarters in a row (every quarter we can compare). 1. Foreign funds (FIIs) cut their stake for 6 quarters in a row From 32.7% to 24.7% of the company by the September 2026 quarter. 2. Indian funds and insurers (DIIs) raised their stake for 13 quarters in a row From 19.6% to 38.5% of the company by the September 2026 quarter. 3. Revenue up on a year earlier for 12 quarters in a row (every quarter we can compare) In the September 2026 quarter revenue was ₹19,856 crore, +15.4% on a year earlier. Why: The bank made more from loans after paying depositors, and it earned more from fees and other income that is not interest. From the earnings call on 24 Oct 2026. ## What are Kotak Bank's latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), Kotak Bank reported total income of ₹19,856 crore, up 15.4% from ₹17,199 crore a year earlier, and a profit of ₹5,645 crore, up 26.3% from ₹4,468 crore. ### Kotak Bank results: July to September 2026 against a year earlier | Measure | July to September 2026 | July to September 2025 | Change | | --- | --- | --- | --- | | Total income | ₹19,856 crore | ₹17,199 crore | +15.4% | | Profit | ₹5,645 crore | ₹4,468 crore | +26.3% | | Earnings per share | ₹5.67 | ₹4.49 | +26.3% | | Net margin | 28.4% | 26.0% | +2.4 points | The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Kotak Bank's management discussed these results on a call held on 24 October 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 September 2026). Income and profit in ₹ crore.) ## What is the Kotak Bank share price history? Kotak Bank closed at ₹464.65 on 3 November 2026, up 10.5% from ₹420.44 a year earlier (31 October 2025) and up 12.9% over five years. Its highest weekly close since March 2016 was ₹464.65 on 3 November 2026. ### Kotak Bank share price: then and now | When | Close | Change to 3 Nov 2026 | | --- | --- | --- | | 1 week ago · 23 Oct 2026 | ₹430.50 | +7.9% | | 1 month ago · 1 Oct 2026 | ₹418.35 | +11.1% | | 6 months ago · 30 Apr 2026 | ₹383.30 | +21.2% | | 1 year ago · 31 Oct 2025 | ₹420.44 | +10.5% | | 3 years ago · 3 Nov 2023 | ₹346.65 | +34.0% | | 5 years ago · 4 Nov 2021 | ₹411.40 | +12.9% | | 10 years ago · 4 Nov 2016 | ₹159.93 | +190.5% | | Earliest and lowest weekly close in our records · 11 Mar 2016 | ₹128.53 | +261.5% | | Highest weekly close since March 2016, also the 52-week high · 3 Nov 2026 | ₹464.65 | 0.0% | | 52-week low (weekly close) · 2 Apr 2026 | ₹358.00 | +29.8% | Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (562 weekly closes from 11 March 2016 to 3 November 2026.) ## What is the latest news on Kotak Bank? 3 Nov 2026: Kotak Bank closed at ₹464.65, up 7.9% on the week and up 11.1% on the month. 24 Oct 2026: Kotak Bank held its results call for July to September 2026. Management guided: Advances growth aimed at 1.5-2x nominal GDP. ### Earlier - Results for July to September 2026: Total income up 15.4% and profit up 26.3% on a year earlier. - 17 Jul 2026: ex-date for a dividend of ₹0.65 a share. - 14 Jan 2026: Share split: face value cut from ₹5 to ₹1 a share (ex-date). ## What dividend does Kotak Bank pay? Kotak Bank paid ₹0.65 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 0.14% at the ₹464.65 close on 3 November 2026. The last was a dividend of ₹0.65 a share, ex-date 17 July 2026. ### Kotak Bank dividends since 1 April 2021 | Ex-date | Dividend per share | Type | Record date | | --- | --- | --- | --- | | 17 Jul 2026 | ₹0.65 | Dividend | same day | | 18 Jul 2025 | ₹2.50 | Dividend | same day | | 19 Jul 2024 | ₹2 | Dividend | same day | | 4 Aug 2023 | ₹1.50 | Dividend | same day | | 11 Aug 2022 | ₹1.10 | Dividend | 12 Aug 2022 | | 11 Aug 2021 | ₹0.90 | Dividend | 12 Aug 2021 | Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record Yes. Kotak Mahindra Bank Ltd paid out 3% of its profit as dividends in FY26, and it paid a dividend in 12 of its last 13 reported years. (From the NSE corporate-actions record, read 4 November 2026.) ## What did Kotak Bank management say on the latest results call? On the call for July to September 2026, held on 24 October 2026, Kotak Bank's management guided: Advances growth aimed at 1.5-2x nominal GDP. > “I I don't like unsecured to be your acquisition tool. That's that's never works.” > Anup, on the call for July to September 2026 ### What management guided - Remaining FCNR(B) liquidity to fund customer-asset growth over the next few quarters. - Q3 NIM to reflect the full-quarter FCNR(B) effect, offset progressively by customer-asset deployment and repo transmission. - Technology spending expected to remain around 13% of total opex. - One-time ECL transition impact below 2% of net worth. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/177-24-Oct-2026.pdf). (From the call for July to September 2026, 24 October 2026.) ## What is the future of Kotak Bank? What is changing in the business? One change in Kotak Bank's own numbers looks lasting: more business from existing customers. Also showing up, but too early to call lasting: costs spread over more sales and market share gains. More business from existing customers looks lasting Corporate-banking fees rose 27% year on year in April to June 2026 and are 20% of bank fees; Bank fee income rose 11%. What could be flattering it: Fees riding a capital-market boom, or subsidiary profits lifted by mark-to-market gains and fund-exit gains rather than more products per customer. Next check: Bank fee income grows at least 10% year on year in July to September 2026 without help from named mark-to-market or exit gains. Quarter by quarter, 4 quarters July to September 2025 No cross-sales figures given; the call focused on deposits, loans and credit cost. Consolidated other income ₹7,703 crore vs ₹10,453 crore a year earlier (this line mixes fees, insurance premiums and subsidiary income). ✓ fact October to December 2025 Cross-sales named as a medium-term driver; subsidiaries 30% of consolidated profit, ₹1,453 crore, up 11%. Other income ₹10,344 crore vs ₹7,313 crore a year earlier. ✓ fact From our notes of the call for October to December 2025: SME digitization driving productivity gains and cross-sales; wholesale banking flow-based business expansion. January to March 2026 private-banking relationships ₹10.8 lakh crore across 66,000 families. ✓ fact April to June 2026 Corporate-banking fees +27%; cross-sales added about 85 basis points to corporate return on equity this quarter; Other income ₹11,714 crore vs ₹9,456 crore. ✓ fact From our notes of the call for April to June 2026: Corporate banking fee income up 27% on a year earlier contributing 20% of bank total. Costs spread over more sales too early to call Costs are growing slower than the balance sheet. Cost to total assets fell 27 basis points in FY26 to 2.75% and was 2.66% in April to June 2026 against 2.83% a year earlier. Management credits automation and digitisation, and says the balance sheet grew without matching headcount. Why it may last: Automation is a structural lever, but the measured gain is in cost per asset, not yet in cost per rupee of income; the Deutsche Bank integration and card acquisition spending could lift costs again. A falling cost-to-income ratio over the next two quarters would decide it. Next check: Bank operating profit before provisions grows faster than net interest income plus fees in July to September 2026, with cost to assets at or below 2.66%. Quarter by quarter, 4 quarters July to September 2025 Operating expenses flat year on year and down 3% quarter on quarter, helped by a one-time retirement-cost gain of under ₹100 crore. (The data's operating expenses line includes provisions and insurance costs, so it cannot isolate running costs: ₹11,606 crore vs ₹13,094 crore a year earlier.) ✓ fact From our notes of the call for July to September 2025: We have kept our cost growth in control, despite continuing to spend on technology. October to December 2025 Cost-to-income 47.4% excluding a ₹96 crore one-off labour-code charge; other operating spend up 5% quarter on quarter on festive marketing and acquisition costs; cost-to-assets goal 2.5-2.6%. ✓ fact From our notes of the call for October to December 2025: Cost-to-assets goal at 2.5-2.6% range (reduced from above 3% last year to 2.5-2.7% current range) January to March 2026 Full-year cost to assets 2.75%, down 27 basis points; staff cost flat quarter on quarter despite labour-code and pension changes. Profit before tax ₹7,443 crore vs ₹6,351 crore a year earlier. ✓ fact From our notes of the call for January to March 2026: Cost-to-assets improved 27 basis points FY26 to 2.75% driven by fixed cost reduction via automation and digitization. April to June 2026 Cost to assets 2.66% vs 2.83%. But bank operating profit (before provisions) rose 10% while net interest income rose 9% and fees 11%, so costs grew about as fast as income this quarter. Consolidated net interest income (revenue minus interest expense) ₹10,652 crore vs ₹9,721 crore (+9.6%). ✓ fact From our notes of the call for April to June 2026: Cost to total assets improved 17 basis points on a year earlier from 2.83% to 2.66%. Market share gains too early to call Kotak Securities is taking share: overall market share 12% a year ago, 13.5% at FY26 and 13.8% in April to June 2026; cash-market share 10.4% from 9.8% and derivatives 15.9% from 15.3% quarter on quarter, with broking profit ₹533 crore (+14%). In lending, tractor share held at 10.9% while trailing industry growth. Why it may last: Share can stick, but the profit it earns rises and falls with stock-market trading volumes, which management says are currently subdued by foreign outflows. Next check: Kotak Securities overall share stays at or above 13.8% and its profit grows year on year in July to September 2026. Quarter by quarter, 4 quarters July to September 2025 No market-share figures in the summary. Consolidated net profit ₹4,468 crore. ✓ fact October to December 2025 Kotak Securities overall share 13.5%; tractor disbursements described as in line with industry. ✓ fact From our notes of the call for October to December 2025: Market share gains in capital markets and alternate assets. January to March 2026 Broking share 13.5% from 12% a year earlier; Neo trading launched on the 811 app. Tractor disbursements trailed a 35% industry rise but share stayed 10.9%. ✓ fact From our notes of the call for January to March 2026: Kotak Securities rebranded retail as Neo (13.5% overall market share, up from 12% on a year earlier) April to June 2026 Overall broking share 13.8%; cash 10.4% from 9.8%, derivatives 15.9% from 15.3%; broking profit +14% to ₹533 crore. ✓ fact From our notes of the call for April to June 2026: Cash market share improved to 10.4% from 9.8% sequentially, derivative market share up to 15.9% from 15.3%. We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Checked against results and calls up to April to June 2026, 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.) ## What could change the Kotak Bank story? What are the risks? Commercial vehicle and tractor slippages keep rising so that credit cost goes back above 60 basis points. ### Each change stops working if - Credit cost normalisation: Commercial vehicle and tractor slippages keep rising so that credit cost goes back above 60 basis points. - Loan growth above the system, organic plus Deutsche Bank: Customer-asset growth drops below 14% on a year earlier or the Deutsche Bank deal fails to close by Sept 2027. - Cost-to-assets coming down: Cost to assets rises back above 2.75% as integration and card acquisition spending land. - Subsidiary earnings (broking, AMC, insurance, lending): Capital-market volumes fall for two quarters and subsidiary profit drops below 20% of the consolidated total. ### The main risks - Net interest margin drifting lower, no guidance: Margin fell 36 basis points in FY26 to 4.6% and management guides a further, slower decline in FY27 while refusing to give a number. ✓ fact - Vehicle and tractor stress plus expected-credit-loss accounting: Credit cost rose to 46 basis points in April to June 2026 on commercial vehicle and tractor loans; ECL adds 12-15 basis points once implemented. ✓ fact - Guidance credibility: Margin, card, microfinance and construction-equipment guidance missed across the last four calls; credit-cost guidance mostly held. ⚠ estimate - Surplus capital keeps ROE low: Equity is 18.1% of assets and ROE 11%; the Deutsche Bank deal (281 Cr) uses little of the surplus. ⚠ estimate (Our read after the latest results, written 10 October 2026.) ## What to watch in Kotak Bank's next results? When Kotak Bank reports October to December 2026, these are the 6 checks that show whether the story is still on course. First: Bank fee income grows at least 10% year on year in July to September 2026 without help from named mark-to-market or exit gains. | What to check | Why | | --- | --- | | Bank fee income grows at least 10% year on year in July to September 2026 without help from named mark-to-market or exit gains. | More business from existing customers | | Bank operating profit before provisions grows faster than net interest income plus fees in July to September 2026, with cost to assets at or below 2.66%. | Costs spread over more sales | | Kotak Securities overall share stays at or above 13.8% and its profit grows year on year in July to September 2026. | Market share gains | | Q3 margin print to show how full-quarter FCNR(B) costs interact with customer-asset deployment and repo transmission. | From the call | | Check whether phased FCNR(B) deployment begins appearing in customer-asset growth and lending mix. | From the call | | Q3 regulatory clarification should resolve the recurring ECL cost estimate and transition treatment. | From the call | ## Which stock lists is Kotak Bank on? Kotak Bank is on 6 of our India lists: Multibagger study list, Momentum stocks, Breakout stocks, Nifty 50 companies, 52 week high & low and Bank stocks. - [Multibagger study list Study stage: early](https://www.sectoralpha.in/multibagger-stocks-india) - [Momentum stocks Market cap cr: 455960.93999133445](https://www.sectoralpha.in/momentum-stocks-india) - [Breakout stocks Breakout date: 9 October 2026](https://www.sectoralpha.in/breakout-stocks-india) - [Nifty 50 companies Weight in the Nifty 50 (%): 2.93](https://www.sectoralpha.in/nifty-50-stocks-list) - [52 week high & low 52-week position: At 52-week high](https://www.sectoralpha.in/52-week-high-stocks-india) - [Bank stocks Market value (₹ crore): 455960.93999133445](https://www.sectoralpha.in/sectors/bank-stocks-india) ## Is Kotak Bank profitable? Kotak Mahindra Bank Ltd earned ₹5,645 Cr of net profit in the Sep 2026 quarter, +26.3% on the same quarter a year earlier. That is the 4th quarter in a row of profit growth. Full-year FY26 profit was ₹19,288 Cr. Over 10 years profit has grown 18.5% a year on average. That is 28.4% of the quarter's revenue. The same quarter a year earlier earned ₹4,468 Cr. For the full year, FY26 profit was ₹19,288 Cr (−12.8% on the year before). Why profit moved: revenue changed +15.4% on a year earlier and the margin moved +2.4 percentage points. Most of the change came from keeping more of each sale. On average over the last four quarters, profit changed +15.9% and revenue +8.3%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. FY27-Q1. revenue ₹18,355 Cr and profit ₹5,480 Cr as reported. FY27-Q2. revenue ₹19,856 Cr and profit ₹5,645 Cr as reported. Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters. ## How much revenue does Kotak Bank make, and is it growing? Kotak Mahindra Bank Ltd reported ₹19,856 Cr of income in the Sep 2026 quarter, +15.4% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 10 years it has grown 13.1% a year on average. The last full year, FY26, came in at ₹69,781 Cr. Why this happened. Loans are growing within the stated band of 1.5-2x nominal GDP. SME (24% of advances) and mid-corporate lead. The Deutsche Bank purchase at 281 Cr brings 150,000 affluent and SME customers, 29,000 Cr of advances and 16,000 Cr of deposits; management expects it to lift ROE but gives no number. The last four reported quarters add to ₹73,545 Cr. FY26 revenue was ₹69,781 Cr, +6.3% on the year before. Recent pace: the last four quarters grew +8.3% on average, against 13.1% a year over the longer run, so this year is growing slower than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +8.4%, against +9.0% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +15.6%, against −1.4% a year (accelerating). FY27-Q1. revenue ₹18,355 Cr and profit ₹5,480 Cr as reported. FY27-Q2. revenue ₹19,856 Cr and profit ₹5,645 Cr as reported. Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters. ## How much does Kotak Bank keep from what it earns? Kotak Mahindra Bank Ltd's net margin was 28.4% in the Sep 2026 quarter, 2.4 percentage points higher than the same quarter a year ago. Across 13 years it has been between 17.3% and 35.8%. The latest quarter is within that range. Why this happened. Automation lets the balance sheet grow without matching headcount, so operating profit grew 10% against 9% net interest income growth. The goal band is 2.5-2.6%, so roughly 6-16 bps of further improvement is on offer, worth a few percent of profit if reached. Why: the net margin move is clear, but the cost details behind it are not in our data, so we show the move without guessing the reason. FY27-Q1. revenue ₹18,355 Cr and profit ₹5,480 Cr as reported. FY27-Q2. revenue ₹19,856 Cr and profit ₹5,645 Cr as reported. Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters. ## How many of Kotak Bank's loans have gone bad? Kotak Mahindra Bank Ltd's gross NPA, the share of loans that have stopped being repaid, is 1.45% in Mar 2025, up from 1.38% a year ago. After the money already set aside for bad loans, 0.36% is left (net NPA). Across the 6 quarters on file it has been between 1.38% and 1.68%. Why this happened. Bad-debt cost was the main reason profit recovered. It fell each quarter through FY26 as microfinance, card and personal-loan collections improved, and slippages dropped from 1,605 Cr in Q3 to 1,018 Cr in Q4 FY26. Q1 FY27 ticked up to 46 bps on commercial vehicle and tractor stress. Most of this lever is already in the numbers: the remaining benefit is small, and expected-credit-loss accounting will add 12-15 bps once it starts. Falling bad loans mean the loan book is healing; rising ones mean new damage. The bad-loan figures stop at Mar 2025, and our data does not yet carry gross and net NPA for the quarters after it, although results up to Sep 2026 are in. They are shown as filed, not estimated. In short: a lender's profit growth is only as good as its loans, and this loan book is not yet clearly improving. Quarterly detail on money set aside for bad loans is not in our data yet, so this shows the levels and the trend, not the cost of the clean-up. Why bad loans moved: recoveries, write-offs and new bad loans all play a part. That split is not in our data, so the page shows the trend without the breakdown. ## How fast is Kotak Bank's loan book growing? Kotak Mahindra Bank Ltd's revenue was ₹69,781 Cr in FY26, +6.3% on the year before, so the loan book is growing. The latest quarter was +15.4% on a year earlier. The net margin on that income is 28.4%, +2.4 percentage points on a year ago. Interest income stands in for the size of the loan book; changes in interest rates can move it a few points in any year. In short: a lender grows well when its loan book grows, its margin stays steady and its loans stay clean. Gross NPA is the loan-quality figure this page uses. ## What is Kotak Bank's P/BV ratio, and how does it compare with its own history? Kotak Mahindra Bank Ltd's P/BV is 2.4×, near the low end of its own history: it has been lower only 5% of the time. Its usual P/BV (the middle reading) is 4.0×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is low: this lender earns about 11% a year on its equity. A lender that earns less on its net worth is valued lower for each rupee of it, and that gap usually closes only if returns improve. Why the multiple is where it is: over the past year book value grew while the price moved +10.5%. Price and book value moved together, so the multiple stayed in its range. Where the price move came from: over 5 years the price moved +2.5% a year; about +16.3% a year came from book-value growth and about −13.8 percentage points from the multiple (the market paying less); over 10 years the price moved +11.3% a year; about +17.3% a year came from book-value growth and about −6.0 percentage points from the multiple (the market paying less). The split is approximate (price return minus book-value growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is low against its own past, so the book value trend underneath matters more than the multiple. ## What growth does the Kotak Bank share price assume? Worked out from its price on 11 October 2026, Kotak Mahindra Bank Ltd's share price assumed profit growth of about 15.4% a year. Over the past 10 years its profit actually grew 18.5% a year. Today its P/BV is 2.4×, lower than 95% of its own last 11 years. This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 3 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Kotak Bank business getting better or worse? Kotak Mahindra Bank Ltd's business is getting better. Profit growth hit its low 3 quarters ago at −15.9% and has recovered to +15.6%, with ROE steady at 11.0%. This is based on 12 quarters of 4 measures. Why it matters: a lasting rise from a low is what this page is built to show. ## What is the Kotak Bank story, and has it been checked? Kotak Mahindra Bank Ltd's story is not scored yet against the checks our research set on 10 October 2026. Our read, 10 October 2026. From the numbers. From the price. Price stage 2, week 6, above its 200-day line, relative strength rising. From the research. Where they disagree. What is proven. What is not proven yet. What would change our mind. The test written in advance. Measured by: the thesis as written as stated by the next result. The test written in advance. Vehicle and tractor stress plus expected-credit-loss accounting. Measured by: Vehicle and tractor stress plus expected-credit-loss accounting Credit cost above 55 bps in Q2 FY27 before ECL starts. by the next result. The test written in advance. Guidance credibility. Measured by: Guidance credibility Another quarter where a specific numeric guide is missed without explanation. by the next result. What the company does. Quarterly profit has risen three quarters running as credit cost fell from 93 to 46 basis points; margin has been flat after the rate cuts. What the surface reading misses. The surface reading is: Profit up 22.5% in a year looks like a fresh earnings acceleration. The research reads it further: The year-ago quarter (Jun 2025) was the worst point of the credit-cost cycle: the bank was charging 93 basis points of its loans to bad-debt cost then, versus 46 now. A large part of the jump is lower bad-debt cost plus a mark-to-market swing at the subsidiaries, not faster lending income: net interest income rose only 9% and the margin did not widen. What the surface reading misses. The surface reading is: Profit fell about 13% in FY26, a shrinking earnings base. Management says FY26 profit was flat with FY25 once that divestment gain is removed. The real FY26 story is a flat year caused by 100 basis points of policy-rate cuts squeezing the margin and bad-debt cost running high in the first half. Lever 16 · Asset quality: building. Credit cost fell from 93 bps (Q1 FY26) to 39 bps (Q4 FY26) and 46 bps (Q1 FY27), near the 40-45 bps pre-COVID norm. What proves it keeps working: Credit cost normalisation. It stops working if Commercial vehicle and tractor slippages keep rising so that credit cost goes back above 60 bps. Sources: our stock research file (10 October 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Kotak Bank management deliver what it promised? What Kotak Mahindra Bank Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Deposit Growth Strategy Commentary Shift · 18 July 2026. In the Jan 2026 call, management highlighted strong momentum in current account growth and expressed confidence in their granular deposit strategy. However, in the Jul 2026 call, they acknowledged a moderation in deposit growth and a decline in current account growth due to weaker capital market activity, while maintaining the same strategy narrative without addressing why the earlier growth momentum could not be sustained. Credit Cost Trajectory Discrepancy · 18 July 2026. Management stated in Jan 2026 that credit costs would continue their gradual decline into Q4 FY26 and Q1 FY27, with unsecured credit cost issues behind them. Yet in the Jul 2026 call, the credit cost guidance shifted to a future increase of 12-15 basis points due to ECL implementation, and credit costs ticked up to 46 basis points from 39 basis points sequentially, with management highlighting new stress in the CV/Tractor segment rather than the unsecured improvement that was supposed to drive the decline. Capital Allocation and Inorganic Growth Philosophy Expansion · 18 July 2026. The Jul 2026 call announced a specific Deutsche Bank acquisition and broadly stated that inorganic opportunities form an integral part of strategy, signaling a potentially more aggressive approach to M&A than the very cautious, bandwidth-conscious framework described just six months prior, without reconciling the shift. Microfinance Recovery Delayed · 24 January 2026. Management explicitly guided in the October 2025 call that the microfinance industry and disbursements would pick up starting from Q3. However, in the January 2026 call, they reported that the segment actually degrew quarter-on-quarter in Q3, pushing the recovery timeline out to the current quarter. Earlier call (Oct 2025): “We expect that the trend should start to reverse and the industry should gradually pick up from Q3 of this financial year... anticipate that this positive trend will continue through the second half of this financial year.” Later call (Jan 2026): “Microfinance has started degrowing quarter-on-quarter. Our retail microcredit book remained flat. We expect disbursements to gradually improve from this quarter.” Every quote above is taken word for word from the company’s own earnings calls. ## What is Kotak Bank management's track record? Bad-loan-cost guidance largely delivered, while margins and cards disappointed. The annual report acknowledges the technology embargo and recent credit stress; capital stayed strong, but earlier full-downturn conduct is not established. ### Regulatory and governance record Recent Supreme Court affirmation of Essel-related fund-manager/executive conduct penalties is the named fail item; staff ED proceedings are a separate allegation. 0% Promoter shares pledged Sources: - [kotak.bank.in](https://www.kotak.bank.in/content/dam/Kotak/investor-relation/Financial-Result/Annual-Reports/FY-2026/kotak-mahindra-bank/Kotak-Mahindra-Bank-Limited-FY26.pdf) - [api.sci.gov.in](https://api.sci.gov.in/supremecourt/2026/24050/24050_2026_7_1506_72002_Judgement_13-Jul-2026.pdf) - [trendlyne.com](https://trendlyne.com/equity/share-holding/758/KOTAKBANK/latest/kotak-mahindra-bank-ltd) (Checked 14 October 2026.) ## How much does Kotak Bank earn on its equity and assets? Kotak Mahindra Bank Ltd earned a return on equity of 11% in FY26. That is its lowest yearly reading on file. On its assets, every ₹100 earned about ₹2.11, before the effect of borrowing. For a lender the balance sheet is the business, so the return on equity and on assets have to be read together. That return is below the level a bank needs to grow its net worth quickly, which helps explain why its multiple is where it is. Why: the ROE chart shows the move, but the deposit-cost and bad-loan details behind it are not in our data. ## Does Kotak Bank have too much debt? For a bank, borrowing is the raw material of the business, not a warning sign: it borrows money in order to lend it out. Its safety is read through its returns and its loans. Its safety is read from the bad-loan figures and the return on equity instead. For a manufacturer, debt is a claim on its profits. For a lender it is the stock it trades in, so the usual debt-to-equity test would mislead and is not used here. ## What is the Kotak Bank shareholding pattern? Domestic institutions raised their stake in Kotak Mahindra Bank Ltd by 10.7 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 38.5% of the company. Foreign institutions moved −8.7 points over the same period, to 24.6%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: +10.7 points over 8 quarters, to 38.5%; Foreign institutions: −8.7 points over 8 quarters, to 24.6%; Promoters: +0.0 points over 8 quarters, to 25.9%. Why the owners changed: foreign institutions moved −8.7 points and domestic institutions +10.7 points over 8 quarters, while promoters stayed about the same. One group of institutions took over shares from the other; it is not a change of mind by the people running the company. ## How far is Kotak Bank from balance-sheet trouble? For Kotak Mahindra Bank Ltd, the Z-score is not used, because it was built for manufacturers, not lenders. For a lender, safety is read from its capital and bad-loan figures instead. ## How does Kotak Bank rank in its industry? 51.9 out of 100, rank 10 of 18 in Banks - Private, with 93% of the evidence available. Kotak Mahindra Bank Ltd scores 51.9 out of 100 against the 18 companies it is compared with in Banks - Private, ranking 10. Relative strength against the index is 19.3%, and revenue and profit growth are weak. The four parts add up to the total exactly: 11.3 + 15.9 + 7.3 + 17.4 = 51.9. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if ROA turns down or gross NPA rises while the share price lags its sector. ## Which companies is Kotak Bank compared with? Kotak Bank ranks 10 of 18 Banks - Private companies on the 4-Factor Sector Score, with 51.9 out of 100. 1. [Karur Vysya Bank Ltd](https://www.sectoralpha.in/stocks/karur-vysya-bank-ltd) KARURVYSYA · leader · Most evidence points up · 100% evidence 77.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.1/35 · Income 15.4% · Profit 40.6% · 100% evidence Capital efficiency 23.3/25 · ROA 2% · ROE 19.1% · GNPA 0.7% · 100% evidence Valuation 9.4/20 · P/BV 2.24× · P/BV÷ROE 0.12 · 100% evidence Relative strength 18.0/20 · Lead over its industry 15% · Lead over NIFTY 500 24.7% · 1 year 46.5% · 100% evidence · 12 of 12 weeks ahead Exact sum: 27.1 + 23.3 + 9.4 + 18 = 77.8 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Tamilnad Mercantile Bank Ltd](https://www.sectoralpha.in/stocks/tamilnad-mercantile-bank-ltd) TMB · losing its lead · Most evidence points up · 100% evidence 74.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.9/35 · Income 18.8% · Profit 30% · 100% evidence Capital efficiency 22.7/25 · ROA 2.1% · ROE 14% · GNPA 0.6% · 100% evidence Valuation 12.7/20 · P/BV 1.18× · P/BV÷ROE 0.08 · 100% evidence Relative strength 12.8/20 · Lead over its industry 11.2% · Lead over NIFTY 500 19.7% · 1 year 60.5% · 100% evidence · 11 of 12 weeks ahead Exact sum: 25.9 + 22.7 + 12.7 + 12.8 = 74.1 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. [South Indian Bank Ltd](https://www.sectoralpha.in/stocks/south-indian-bank-ltd) SOUTHBANK · breaking out · Most evidence points up · 93% evidence 65.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.0/35 · Income 10.4% · Profit 16.7% · 100% evidence Capital efficiency 13.3/25 · ROA 1.1% · ROE 13.5% · GNPA n/a · 72% evidence Valuation 12.9/20 · P/BV 1.2× · P/BV÷ROE 0.09 · 100% evidence Relative strength 19.8/20 · Lead over its industry 25% · Lead over NIFTY 500 35.6% · 1 year 51.5% · 100% evidence · 10 of 12 weeks ahead Exact sum: 19 + 13.3 + 12.9 + 19.8 = 65 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [City Union Bank Ltd](https://www.sectoralpha.in/stocks/city-union-bank-ltd) CUB · leader · Evidence leans up · 100% evidence 62.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.7/35 · Income 22.6% · Profit 23.3% · 100% evidence Capital efficiency 16.8/25 · ROA 1.4% · ROE 13.2% · GNPA 1.4% · 100% evidence Valuation 11.1/20 · P/BV 1.89× · P/BV÷ROE 0.14 · 100% evidence Relative strength 12.9/20 · Lead over its industry -0.7% · Lead over NIFTY 500 8.2% · 1 year 24.9% · 100% evidence · 11 of 12 weeks ahead Exact sum: 21.7 + 16.8 + 11.1 + 12.9 = 62.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Karnataka Bank Ltd](https://www.sectoralpha.in/stocks/karnataka-bank-ltd) KTKBANK · leader · Evidence leans up · 100% evidence 62.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.9/35 · Income 4.7% · Profit 35.4% · 100% evidence Capital efficiency 11.7/25 · ROA 1.1% · ROE 10.4% · GNPA 2.3% · 100% evidence Valuation 14.0/20 · P/BV 0.81× · P/BV÷ROE 0.08 · 100% evidence Relative strength 15.8/20 · Lead over its industry 14.9% · Lead over NIFTY 500 23.3% · 1 year 67.3% · 100% evidence · 12 of 12 weeks ahead Exact sum: 20.9 + 11.7 + 14 + 15.8 = 62.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Dhanlaxmi Bank Ltd](https://www.sectoralpha.in/stocks/dhanlaxmi-bank-ltd) DHANBANK · turning · Evidence leans up · 100% evidence 60.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.9/35 · Income 23.1% · Profit 67.9% · 100% evidence Capital efficiency 7.3/25 · ROA 0.5% · ROE 7.2% · GNPA 1.8% · 100% evidence Valuation 7.8/20 · P/BV 0.8× · P/BV÷ROE 0.11 · 100% evidence Relative strength 14.8/20 · Lead over its industry 5.2% · Lead over NIFTY 500 13.8% · 1 year 18.1% · 100% evidence · 3 of 12 weeks ahead Exact sum: 30.9 + 7.3 + 7.8 + 14.8 = 60.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [DCB Bank Ltd](https://www.sectoralpha.in/stocks/dcb-bank-ltd) DCBBANK · breaking out · Evidence leans up · 100% evidence 60.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.5/35 · Income 10.7% · Profit 25.6% · 100% evidence Capital efficiency 11.1/25 · ROA 0.9% · ROE 12% · GNPA 2.3% · 100% evidence Valuation 16.9/20 · P/BV 0.9× · P/BV÷ROE 0.07 · 100% evidence Relative strength 11.0/20 · Lead over its industry -0.9% · Lead over NIFTY 500 7.8% · 1 year 21.9% · 100% evidence · 11 of 12 weeks ahead Exact sum: 21.5 + 11.1 + 16.9 + 11 = 60.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [ICICI Bank Ltd](https://www.sectoralpha.in/stocks/icici-bank-ltd) ICICIBANK · turning · Evidence leans up · 79% evidence 53.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 11.2/35 · Income 7% · Profit 10.3% · 62% evidence Capital efficiency 19.8/25 · ROA 2.1% · ROE 15.9% · GNPA n/a · 68% evidence Valuation 9.2/20 · P/BV 2.59× · P/BV÷ROE 0.16 · 100% evidence Relative strength 13.4/20 · Lead over its industry -0.8% · Lead over NIFTY 500 8.3% · 1 year 3.9% · 100% evidence · 6 of 12 weeks ahead Exact sum: 11.2 + 19.8 + 9.2 + 13.4 = 53.6 · What this means: Relative strength against the index is 8.3%, and revenue and profit growth are weak. 9. [IDFC First Bank Ltd](https://www.sectoralpha.in/stocks/idfc-first-bank-ltd) IDFCFIRSTB · quiet · Evidence leans up · 73% evidence 52.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.4/35 · Income 14.6% · Profit 100% · 86% evidence Capital efficiency 9.5/25 · ROA 1.1% · ROE 3.8% · GNPA n/a · 72% evidence Valuation 3.7/20 · P/BV 1.26× · P/BV÷ROE 0.34 · 100% evidence Relative strength 8.8/20 · Lead over its industry n/a · Lead over NIFTY 500 -2.9% · 1 year -12.1% · 25% evidence · 8 of 12 weeks ahead Exact sum: 30.4 + 9.5 + 3.7 + 8.8 = 52.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. Kotak Mahindra Bank Ltd this page KOTAKBANK · breaking out · Evidence leans up · 93% evidence 51.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 11.3/35 · Income 8.4% · Profit 15.6% · 100% evidence Capital efficiency 15.9/25 · ROA 1.9% · ROE 11.4% · GNPA n/a · 72% evidence Valuation 7.3/20 · P/BV 2.36× · P/BV÷ROE 0.21 · 100% evidence Relative strength 17.4/20 · Lead over its industry 9.1% · Lead over NIFTY 500 19.3% · 1 year 9.8% · 100% evidence · 9 of 12 weeks ahead Exact sum: 11.3 + 15.9 + 7.3 + 17.4 = 51.9 · What this means: Relative strength against the index is 19.3%, and revenue and profit growth are weak. 11. [Axis Bank Ltd](https://www.sectoralpha.in/stocks/axis-bank-ltd) AXISBANK · turning · Evidence leans up · 93% evidence 51.5 out of 100 Growth Capital Valuation Relative 12. [Federal Bank Ltd](https://www.sectoralpha.in/stocks/federal-bank-ltd) FEDERALBNK · turning · Evidence leans up · 84% evidence 51.3 out of 100 Growth Capital Valuation Relative 13. [HDFC Bank Ltd](https://www.sectoralpha.in/stocks/hdfc-bank-ltd) HDFCBANK · turning · Evidence leans down · 84% evidence 47.0 out of 100 Growth Capital Valuation Relative 14. [RBL Bank Ltd](https://www.sectoralpha.in/stocks/rbl-bank-ltd) RBLBANK · losing its lead · Evidence leans down · 88% evidence 42.9 out of 100 Growth Capital Valuation Relative 15. [Bandhan Bank Ltd](https://www.sectoralpha.in/stocks/bandhan-bank-ltd) BANDHANBNK · quiet · Evidence leans down · 100% evidence 40.1 out of 100 Growth Capital Valuation Relative 16. [Jammu and Kashmir Bank Ltd](https://www.sectoralpha.in/stocks/jammu-and-kashmir-bank-ltd) J&KBANK · quiet · Evidence leans down · 88% evidence 39.2 out of 100 Growth Capital Valuation Relative 17. [Yes Bank Ltd](https://www.sectoralpha.in/stocks/yes-bank-ltd) YESBANK · quiet · Evidence leans down · 100% evidence 38.5 out of 100 Growth Capital Valuation Relative 18. [IndusInd Bank Ltd](https://www.sectoralpha.in/stocks/indusind-bank-ltd) INDUSINDBK · quiet · Most evidence points down · 89% evidence 28.7 out of 100 Growth Capital Valuation Relative Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. Financial companies use P/BV÷ROE and asset quality; PEG, industrial OPM and ROCE are excluded. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Banks - Private](https://www.sectoralpha.in/sectors/banks-private), all 18 compared on one page. ## Which companies are close to Kotak Bank in size? Kotak Bank is the 3rd largest of 18 Banks - Private companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: HDFC Bank and ICICI Bank. Just below it: Axis Bank, Federal Bank, IndusInd Bank and IDFC First Bank. ### Banks - Private companies close in size 1. [HDFC Bank Ltd](https://www.sectoralpha.in/stocks/hdfc-bank-ltd) ₹10,68,834 crore 2. [ICICI Bank Ltd](https://www.sectoralpha.in/stocks/icici-bank-ltd) ₹10,03,901 crore 3. Kotak Mahindra Bank Ltd ₹4,59,194 crore 4. [Axis Bank Ltd](https://www.sectoralpha.in/stocks/axis-bank-ltd) ₹3,78,983 crore 5. [Federal Bank Ltd](https://www.sectoralpha.in/stocks/federal-bank-ltd) ₹84,008 crore 6. [IndusInd Bank Ltd](https://www.sectoralpha.in/stocks/indusind-bank-ltd) ₹65,292 crore 7. [IDFC First Bank Ltd](https://www.sectoralpha.in/stocks/idfc-first-bank-ltd) ₹62,099 crore [All 18 Banks - Private companies, largest first](https://www.sectoralpha.in/sectors/banks-private#all-companies) ### Companies close in size in other industries 1. [Life Insurance Corporation of India](https://www.sectoralpha.in/stocks/life-insurance-corporation-of-india) ₹4,84,811 crore · Finance - Insurance 2. [Infosys Ltd](https://www.sectoralpha.in/stocks/infosys-ltd) ₹4,80,908 crore · IT - Software 3. Kotak Mahindra Bank Ltd ₹4,59,194 crore 4. [National Stock Exchange Of India Ltd](https://www.sectoralpha.in/stocks/national-stock-exchange-of-india-ltd) ₹4,41,070 crore 5. [Hindustan Unilever Ltd](https://www.sectoralpha.in/stocks/hindustan-unilever-ltd) ₹4,38,105 crore · FMCG - Personal Care ## What else do people ask about Kotak Bank? ### What is Kotak Bank's share price today? Kotak Mahindra Bank Ltd's share price is ₹464.65, +10.5% over the past year. The whole company is worth ₹4,61,828 Cr on the market. It is at its highest price of the past 52 weeks (range ₹358 to ₹465), 14.1% above its 200-day average. The price has been rising for 6 weeks (as of 3 November 2026). ### What were Kotak Bank's latest quarterly results? Kotak Mahindra Bank Ltd reported total income of ₹19,856 Cr and net profit of ₹5,645 Cr for the Sep 2026 quarter. Income rose 15.4% and profit rose 26.3% compared with a year earlier. Earnings per share were ₹5.67. Gross NPA stood at 1.45% of the loan book (as of 3 November 2026). ### What is Kotak Bank's market cap? Kotak Mahindra Bank Ltd's market capitalisation is ₹4,61,828 Cr at a share price of ₹464.65. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Kotak Bank performing? Kotak Mahindra Bank Ltd's share price has been rising for 6 weeks. In its latest quarter, income rose 15.4% and profit rose 26.3% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 11 weeks running (as of 3 November 2026). ### Will Kotak Bank's share price go up? This page does not forecast Kotak Mahindra Bank Ltd's share price. What it shows instead: the share price is ₹464.65, and it has been rising for 6 weeks. Its P/BV of 2.4× is higher than 5% of its own last 11 years (as of 3 November 2026). ### Where is Kotak Bank in its business cycle? Kotak Mahindra Bank Ltd's FY26 net margin was 27.6%, against a 13-year range of 17.3% to 35.8%: the middle of its own range, neither a peak nor a low. The latest quarter was 28.4%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Kotak Bank story? The main question: foreign institutions moved −8.7 percentage points over 8 quarters while the business went the other way. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Kotak Bank a stock worth studying right now? What the numbers show: Kotak Mahindra Bank Ltd's results are improving, while its P/BV is near the low end of its own history over 11 years, higher than only 5% of past readings. The main open question: whether the owners’ moves turn back in line with the business. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Kotak Bank share price forecast for 2026? What management itself guided: Advances growth aimed at 1.5-2x nominal GDP. One change in Kotak Bank's own numbers looks lasting: more business from existing customers. Also showing up, but too early to call lasting: costs spread over more sales and market share gains. What would change the story: Commercial vehicle and tractor slippages keep rising so that credit cost goes back above 60 basis points. ### Where does this page get Kotak Bank's management information? From Kotak Bank's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists - Multibagger study list: https://www.sectoralpha.in/multibagger-stocks-india - Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india - Breakout stocks: https://www.sectoralpha.in/breakout-stocks-india - Nifty 50 companies: https://www.sectoralpha.in/nifty-50-stocks-list - 52 week high & low: https://www.sectoralpha.in/52-week-high-stocks-india - Bank stocks: https://www.sectoralpha.in/sectors/bank-stocks-india This is research, not advice. We’re not SEBI-registered.