Kotak Mahindra Bank share price climbed over 4% in early trade on Tuesday after brokerages remained positive on the lender's strong second-quarter business update, with Goldman Sachs raising its target price and Citi retaining its bullish view. Kotak Mahindra Bank shares gained as much as 4.31% to Rs 434.25 apiece on the BSE.
The gains came after the bank reported a sharp acceleration in loan and deposit growth for the July-September quarter, prompting brokerages to turn more positive on Kotak Mahindra.
The private sector lender reported a 24.7% year-on-year (YoY) rise in net advances to Rs 5.77 lakh crore as of September 30, 2026. Average net advances increased 22.1% YoY and 10.5% QoQ to Rs 5.47 lakh crore.
Total deposits at the end of September rose 23.2% YoY and 13.7% QoQ to Rs 6.51 lakh crore. Average deposits grew 18.8% YoY and 8.5% QoQ to Rs 6.06 lakh crore.
Goldman Sachs maintained its 'Buy' rating on Kotak Mahindra Bank and raised its target price to Rs 540 from Rs 509.
The brokerage highlighted a sharp acceleration in organic loan growth, which reached 19% year-on-year. Deposits grew 23% year-on-year and 14% sequentially, supporting its confidence in the bank's balance-sheet momentum.
Goldman Sachs also raised its earnings estimates, factoring in stronger-than-expected loan growth, higher FCNR(B) deposit inflows, and higher-than-expected RBI rate hikes.
Also Read: Goldman Sachs Lifts Kotak Mahindra Bank Target Price; Citi Backs Strong Q2 Loan Growth
Citi Sees Broad-Based Loan Growth
Citi retained its 'Buy' rating with a target price of Rs 465, highlighting the bank's 24.7% year-on-year (YoY) increase in advances.
The growth was supported by continued strength across corporate banking, SME, loan against property, and microfinance segments. Citi also highlighted FCNR(B) deposit mobilisation and described the balance-sheet momentum as a marked step-up.
Kotak Mahindra Bank's net advances rose to Rs 5.77 lakh crore, while total deposits increased 23.2% year-on-year to Rs 6.51 lakh crore. CASA deposits rose 11.3% year-on-year to Rs 2.49 lakh crore.
The bank had also mobilised $5.78 billion in FCNR(B) deposits through the RBI's swap window as of Sept. 30.
Kotak Mahindra Bank Share Price Performance
Kotak Mahindra Bank share price has gained 13% in three months, and has risen 20% in six months. Over the past one year, the stock has remained flat.
At 10:25 AM, Kotak Mahindra Bank share price was trading 3.34% higher at Rs 430.20 apiece on the BSE.
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