Kotak Mahindra Bank delivered strong earnings, driven by higher NII and lower operating expenses, partially offset by a decline in other income and increased credit costs.
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Motilal Oswal Report
Kotak Mahindra Bank Ltd. delivered a healthy operating performance amid challenging macro conditions, thus showcasing its resilience and strategic foresight. The anticipated reversal of the ban on card issuance and the revival of customer onboarding via its advanced online and mobile banking channels are set to act as powerful near-term catalysts.
These developments will not only aid business growth but also be pivotal to maintaining healthy margins and revenue growth led by the recovery in synergistic cross-selling avenues.
We marginally raise our earnings and estimate Kotak Mahindra Bank to deliver FY26E RoA/ RoE of 2.2%/13.5%. After being Neutral on the stock for almost four and a half years when we downgraded Kotak Mahindra Bank at ~Rs 1,900, we are now upgrading our rating to Buy with a target price of Rs 2,100 (premised on 2.2x Sep'26E).
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