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ICICI Securities Report
Kotak Mahindra Bank Ltd. shares are likely to remain in focus after the lender announced that MD and CEO Ashok Vaswani will not seek reappointment after his term ends in December 2026, citing personal reasons.
Following the development, ICICI Securities has maintained its ‘Buy' rating on the stock with an unchanged target price of Rs 480, implying an upside of around 17% from current levels, backed by attractive valuations and sector tailwinds.
View and Valuation
In the brokerage's view, Kotak Mahindra Bank has strong internal bench; though, an external candidature cannot be ruled out. The bank now also does not have a deputy MD position, as earlier. Positively, in a rare move, Kotak Mahindra Bank had laterally hired Mr. Anup Saha, ex-Bajaj Finance, as Executive Director in Jan'26.
Also, it elevated long-serving Mr. Paritosh Kashyap, as Executive Director, in May'25. These, in a way, could be construed indicative of succession planning.
While Street would have liked the return of veteran leaders such as Mr. Uday Kotak and Mr. Dipak Gupta in executive roles, which the brokerage believes is unlikely. Other veterans – Ms. Shanti Ekambaram (ex-DMD) retired in Oct'25, while Mr. Manian (ex-Joint MD) joined Federal Bank, as MD&CEO, in Sep'24.
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