Kotak Mahindra Bank remains focused on profitable, calibrated growth, with retail, SME, agri, and tractor portfolios supporting balance-sheet expansion, while commercial vehicle and unsecured exposures remain well managed.
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Motilal Oswal Report
Motilal Oswal has reaffirmed its Buy rating on Kotak Mahindra Bank Ltd. with a target price of Rs 2,500, indicating a 14% upside from the current market price of Rs 2,203.
The brokerage cites disciplined growth, robust asset quality, and strong digital execution as key drivers for sustained profitability.
Valuation and view
Kotak Mahindra Bank witnessed near-term NIM volatility and elevated credit costs earlier in FY26; however, operating performance is expected to normalize as funding-cost repricing plays out and unsecured stress subsides.
The bank remains focused on profitable, calibrated growth, with retail, SME, agri, and tractor portfolios supporting balance-sheet expansion, while commercial vehicle and unsecured exposures remain well managed.
Subsidiaries continue to provide structural earnings diversification, supporting consolidated profitability over the medium term.
Disciplined execution, strong liability franchise, and capital strength underpin confidence in sustainable RoA of ~2%+.
The brokerage thus estimates Kotak Mahindra Bank to deliver robust return ratios, with RoA/RoE at 2%/12.7% by FY27E.
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