Kotak Mahindra Bank Limited (KOTAKBANK)
₹447.40 -0.12% last close, 16 Oct
Q2 FY27 results
📅 Next results: 24 Oct 2026 (board meeting)Kotak Mahindra Bank Limited's board meets on 24 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Kotak Mahindra's net interest income was ₹10,652 Cr (+9.6% year on year, +1.9% on the previous quarter), and net profit ₹5,480 Cr (+22.5% year on year).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Net interest income | ₹10,652 | +9.6% | +1.9% |
| Operating profit | ₹8,274 | +12.2% | — |
| Net profit | ₹5,480 | +22.5% | +1.1% |
| EPS (₹) | 5.51 | +22.5% | +1.1% |
| Gross NPA | 1.18% | — | — |
EPS restated for the ₹5 to ₹1 split of Jan 2026: Q1 FY26 ₹22.49 to ₹4.50.
KOTAKBANK delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 70.48% of the KOTAKBANK shares traded on NSE were taken to delivery, against the stock's own 20-session average of 68.76%. That is close to its usual level. In KOTAKBANK futures, open interest fell 3.32% while the futures price rose 0.10%: short covering (shorts closing out). NSE's short-selling report for 15 Oct lists 39,101 KOTAKBANK shares sold short, 0.12% of that day's volume.
Delivery in the last 5 sessions: 73.0% · 70.5% · 74.9% · 74.5% · 70.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Kotak Mahindra Bank reported strong provisional business numbers for the quarter ended September 30, 2026, with End-of-Period (EOP) net advances rising 24.7% YoY and 12.7% QoQ to ₹5,77,094 crore. Total deposits reached ₹6,51,491 crore, marking a 23.2% YoY and 13.7% QoQ growth. CASA deposits increased 11.3% YoY to ₹2,49,105 crore, lagging overall deposit growth and reducing the CASA ratio. The EOP balances include FCNR(B) deposits of USD 5.78 billion (~₹55,344 crore) under the RBI swap facility and related advances of USD 1.68 billion (~₹16,110 crore).
- EOP Net Advances grew 24.7% YoY (12.7% QoQ) to ₹5,77,094 crore
- Total EOP Deposits increased 23.2% YoY (13.7% QoQ) to ₹6,51,491 crore
- CASA EOP deposits grew 11.3% YoY to ₹2,49,105 crore
- FCNR(B) deposits under RBI swap facility stood at USD 5.78 billion (~₹55,344 crore)
- Advances against FCNR(B) deposits by international branches stood at USD 1.68 billion (~₹16,110 crore)
Kotak Mahindra Bank has received approval from the Reserve Bank of India (RBI) to appoint Anup Kumar Saha as its Managing Director & CEO for a period of three years, starting January 1, 2027. Saha currently serves as the bank's Whole-time Director, overseeing Retail Banking, Data Analytics, and Marketing, with 25 years of prior experience in financial services including roles at Bajaj Finance and ICICI Bank. The appointment comes as the bank operates with a consolidated balance sheet of ₹10.1 trillion and 5,916 branches as of June 30, 2026. The Bank's Board will initiate procedures to formalize the appointment and seek shareholder approval.
- RBI approval received on September 30, 2026, under Section 35B of the Banking Regulation Act, 1949
- Appointment tenure is for a 3-year term commencing January 1, 2027
- Appointee Anup Kumar Saha holds 32 years of overall professional experience, including 25 years in financial services
- Kotak Mahindra Group reported a consolidated balance sheet of ₹10.1 trillion with 5,916 branches as of June 30, 2026
Kotak Mahindra Bank announced the approval of a Scheme of Amalgamation of its wholly-owned subsidiary Kotak Mahindra Investments Limited (KMIL) into another wholly-owned subsidiary, Kotak Alternate Asset Managers Limited (KAAML). As of March 31, 2026, KMIL reported a net worth of Rs 4,156 crore and operational revenue of Rs 1,383 crore, while KAAML had a net worth of Rs 1,481 crore and revenue of Rs 837 crore. KAAML will issue 7 equity shares of face value Rs 10 each for every 6 equity shares of face value Rs 10 held in KMIL. The restructuring aims to eliminate duplicate infrastructure and align with RBI directions, having already transferred KMIL's bankable lending operations directly to the bank as of July 1, 2026.
- Share swap ratio set at 7 equity shares of KAAML for every 6 equity shares held in KMIL
- KMIL reported net worth of Rs 4,156 crore and revenue of Rs 1,383 crore for FY26
- KAAML reported net worth of Rs 1,481 crore and revenue of Rs 837 crore for FY26
- KMIL had already ceased new loan sanctions from April 1, 2026, and transferred its bankable loan book to the parent bank on July 1, 2026
Kotak Mahindra Bank Limited has informed the exchanges regarding its upcoming schedule for institutional investor interactions. Representatives will participate virtually in Citi’s 2026 India Financials Investor Forum on September 21, 2026. Additionally, the bank will attend the J. P. Morgan India Conference 2026 in-person in Mumbai on September 22, 2026. This is a routine regulatory intimation under Regulation 30 of SEBI LODR.
- Virtual participation in Citi’s 2026 India Financials Investor Forum on September 21, 2026
- Physical participation at J. P. Morgan India Conference, 2026 in Mumbai on September 22, 2026
- Filing submitted under Regulation 30 of SEBI (LODR) Regulations, 2015
Kotak Mahindra Bank has notified the stock exchanges regarding scheduled meetings with institutional investors. Representatives will attend Citi's 2026 India Financials Investor Forum virtually on September 21, 2026. Following this, the bank will participate in the J.P. Morgan India Conference 2026 physically in Mumbai on September 22, 2026. This announcement is purely procedural under SEBI Listing Regulations, with no material commercial or financial transactions disclosed.
- Virtual participation in Citi's 2026 India Financials Investor Forum on September 21, 2026
- Physical participation in J.P. Morgan India Conference 2026 in Mumbai on September 22, 2026
- Filing submitted under Regulation 30 of SEBI Listing Regulations
Kotak Mahindra Bank announced that Mr. Manish Kothari, Group President and Head – Commercial Bank (Senior Management Personnel), has tendered his resignation effective September 30, 2026, after 31 years with the institution. He is stepping down to pursue opportunities outside the bank, possibly an entrepreneurial venture. The bank stated it has initiated a planned transition, integrating the Commercial Bank portfolio into its Retail and Institutional business segments. Given Kotak's large base (TTM revenue of Rs 1,11,296 Cr and Net Worth of Rs 1,35,199 Cr), operational continuity will depend on the smooth absorption of this division.
- Manish Kothari resigns as Group President and Head – Commercial Bank, effective close of day September 30, 2026
- Departure concludes a 31-year tenure at Kotak Mahindra Bank
- The Commercial Bank portfolio is being integrated into the Retail and Institutional business segments
- Transition planning has been underway over the last few months alongside Whole-Time Directors
Kotak Mahindra Bank announced the resignation of Mr. Manish Kothari, Group President and Head of Commercial Bank, effective September 30, 2026, ending a 31-year tenure at the bank. The bank stated it has initiated a planned transition, integrating the Commercial Bank portfolio into its existing Retail and Institutional business segments. Kothari stepped down to pursue entrepreneurial interests after working with whole-time directors over recent months to ensure a handover.
- Manish Kothari, Group President and Head – Commercial Bank, resigns effective close of day September 30, 2026
- Departure concludes a 31-year tenure at Kotak Mahindra Bank
- Commercial Bank portfolio to be integrated directly into Retail and Institutional business segments
Kotak Mahindra Bank's Nomination and Remuneration Committee approved the grant of 7,14,080 stock options on September 07, 2026. The grant is made under the Kotak Mahindra Equity Option Scheme, 2023 (Series 13), where each option is convertible into one equity share of face value Re. 1. The options will vest equally at 25% per annum across four tranches from September 2027 through May 2030, with an exercise window of twelve months from each vesting date.
- 7,14,080 employee stock options granted under ESOP Scheme 2023 – Series 13
- Each option confers the right to receive 1 equity share of Re. 1 face value
- Options vest in four equal tranches of 25% each on September 10, 2027, May 18, 2028, May 18, 2029, and May 18, 2030
- Exercise period is 12 months from each respective vesting date
Kotak Mahindra Bank has released the pricing supplement for its US$ 650 million senior notes due in 2031. The 5-year notes carry an annual coupon of 5.478% and are issued under Regulation S of the U.S. Securities Act. The issuance is part of the bank's larger US$ 1 billion Euro Medium Term Note (EMTN) programme. The notes are listed on both India International Exchange (IFSC) and NSE IFSC.
- Pricing supplement uploaded for US$ 650,000,000 senior notes due 2031
- Notes carry a fixed coupon rate of 5.478% per annum
- Issued under Regulation S as part of US$ 1 billion EMTN programme
- Listed on India International Exchange (IFSC) Limited and NSE IFSC Limited
Kotak Mahindra Bank has allotted US$ 650 million (5-year tenure) senior notes carrying a fixed coupon of 5.478% per annum. The notes are issued under its US$ 1 billion Euro Medium Term Note (EMTN) programme and are rated 'BBB-' by S&P Global Ratings. The proceeds will be utilized to diversify the bank's funding sources and for general corporate purposes. The notes will be listed on India International Exchange (IFSC) and NSE IFSC.
- Allotted US$ 650,000,000 senior unsecured notes maturing on August 24, 2031.
- Fixed interest coupon of 5.478% per annum, payable semi-annually on February 24 and August 24.
- Issued under the bank's established US$ 1 billion Euro Medium Term Note (EMTN) programme.
- Instrument assigned an investment-grade rating of BBB- by S&P Global Ratings.
- Dual listing on India International Exchange (IFSC) Limited and NSE IFSC Limited.
Kotak Mahindra Bank announced that ESG Risk Assessments and Insights Limited has reviewed and assigned an overall Environmental, Social, and Governance (ESG) rating of '70' (Excellent) to the bank for FY 2025-26. The evaluation was conducted based on publicly available information. This is a routine ESG disclosure under Regulation 30 with no direct impact on the bank's balance sheet or financial operations.
- Assigned an overall ESG rating score of '70' ('Excellent') for FY 2025-26
- Rating conducted and assigned by ESG Risk Assessments and Insights Limited
- Evaluation based on publicly available disclosures and data
- Communication formally received by the Company Secretary on August 21, 2026, at 5:00 p.m. IST
Kotak Mahindra Bank Limited has disclosed that its representatives will attend the Morgan Stanley India Financials Investor Group Trip virtually on August 27, 2026. This filing is submitted in compliance with Regulation 30 of the SEBI Listing Regulations. Such scheduled investor interactions are part of routine investor relations activities and carry no direct financial or operational changes.
- Virtual investor meeting scheduled for August 27, 2026
- Participating in the Morgan Stanley India Financials Investor Group Trip
- Complies with SEBI Listing Obligations and Disclosure Requirements Regulation 30
Kotak Mahindra Bank announced that S&P Global Ratings has assigned an investment-grade rating of 'BBB' to its proposed USD 650 million Senior Notes carrying a coupon of 5.478%. The issuance is part of the bank's USD 1 billion Euro Medium Term Note (EMTN) Programme established on August 14, 2026. The funds will support the bank's foreign currency liability profile and overseas funding requirements. The rating aligns with the sovereign rating ceiling for Indian financial institutions.
- S&P Global Ratings assigned a 'BBB' rating to Kotak Mahindra Bank's proposed Senior Notes
- Tranche size is USD 650 million with a fixed coupon rate of 5.478%
- Issued under the bank's USD 1 billion Euro Medium Term Note (EMTN) Programme set up on August 14, 2026
- Intimation submitted under Regulations 30 and 51 of SEBI LODR on August 20, 2026
Kotak Mahindra Bank announced that CRISIL ESG Ratings & Analytics Ltd. has reviewed and assigned an overall ESG rating of 'CRISIL ESG 72 - Leader' to the Bank for Fiscal 2026. The assessment was conducted using publicly available disclosures. The notification was received by the Bank on August 20, 2026, at 10:51 a.m. IST. This represents an informational sustainability assessment with no direct impact on financial performance or credit profile.
- CRISIL ESG Ratings & Analytics assigned an overall rating of 'CRISIL ESG 72 - Leader' for Fiscal 2026
- Evaluation based on publicly available bank information
- Intimation received by the Bank on August 20, 2026 at 10:51 a.m. IST
Kotak Mahindra Bank Limited has allotted 2,85,255 equity shares of face value Re. 1/- each pursuant to the exercise of options under its 2015 and 2023 ESOP schemes. Following this allotment on August 19, 2026, the bank's paid-up share capital increased from 9,94,73,70,773 shares to 9,94,76,56,028 shares. The dilution resulting from this allotment is negligible at less than 0.003% of the total share base.
- Allotment of 2,85,255 equity shares of face value Re. 1/- each under ESOP schemes
- Paid-up share capital expanded from 9,94,73,70,773 to 9,94,76,56,028 equity shares
- Allotment includes 1,28,710 shares under Scheme Series 2023/03 and 1,08,065 shares under Scheme Series 2015/34
- Further includes 45,340 shares under Series 2015/40 and 3,140 shares under Series 2023/07
Financial Performance
Revenue Growth by Segment
Consolidated PAT for H1 FY26 showed varied performance: Asset Management grew 54% YoY to INR 836 Cr, while Bank & Other Lending fell 6% to INR 7,272 Cr, Capital Markets fell 5% to INR 960 Cr, and Insurance fell 27% to INR 376 Cr.
Geographic Revenue Split
The bank is expanding its rural footprint, with 68% of the 4 lakh savings accounts opened digitally being located in rural and semi-rural areas.
Profitability Margins
Consolidated PAT for Q2 FY26 was INR 4,468 Cr. Standalone RoA for FY25 stood at 2.3%, while Net Interest Margin (NIM) moderated to 4.4% from 4.8% YoY due to higher funding costs.
EBITDA Margin
Operating profit stood at 3.8% of Average Total Assets (ATA) in FY25. Consolidated PAT for H1 FY26 was INR 8,940 Cr, a 6% YoY decline excluding one-time divestment gains.
Capital Expenditure
The bank continues to invest heavily in technology and digital platforms, maintaining flat operating expenses YoY at the consolidated level despite these investments.
Credit Rating & Borrowing
The bank maintains a CRISIL AAA/Stable rating. Cost of funds was competitive at 5.09% as of March 31, 2025.
Operational Drivers
Raw Materials
For banking operations, the primary 'raw materials' are deposits and capital. CASA (Current Account Savings Account) deposits represent 43% of total deposits.
Import Sources
Not applicable as a financial institution; sourcing is domestic through a network of 2,148 branches across India.
Capacity Expansion
Current physical capacity includes 2,148 branches. Digital capacity is scaling through the '811' platform and 'fyn' portal for SMEs.
Raw Material Costs
Cost of funds stood at 5.09% in FY25. Interest expenses are the primary cost, impacted by the industry-wide challenge of low-cost deposit mobilization.
Manufacturing Efficiency
Provisioning coverage ratio was healthy at 75% as of March 31, 2025, ensuring resilience against credit losses.
Logistics & Distribution
Distribution is driven by 2,148 branches and digital platforms like 'fyn' and 'EwayGo' for trade finance.
Strategic Growth
Expected Growth Rate
13%
Growth Strategy
Growth is driven by the 'One Kotak' approach, focusing on SME book expansion (16% YoY growth to INR 1.09 lakh Cr) and digital scaling via the 'fyn' portal and 'EwayGo' platform which integrates with the GST network.
Products & Services
Savings accounts, home loans, LAP, personal loans, credit cards, CV/CE finance, agri finance, life insurance policies, and mutual fund units.
Brand Portfolio
Kotak811, Solitaire, fyn, EwayGo, Kotak Prime, Kotak Securities, Kotak Mahindra Life Insurance.
New Products/Services
The 'EwayGo' platform for trade finance and 'fyn' unified portal for corporate/SME clients are expected to drive transaction banking fees.
Market Expansion
Focusing on rural and semi-rural segments, where 68% of new digital accounts are currently being sourced.
Market Share & Ranking
Ranked #1 in equity capital markets for the third consecutive year; overall capital market market share increased to 13.1% from 11.6% YoY.
Strategic Alliances
Zurich Insurance Company Ltd acquired a stake in the general insurance business, now renamed Zurich Kotak General Insurance (ZKGI).
External Factors
Industry Trends
The industry is shifting toward digital-first banking and automated trade finance; Kotak is positioning itself with 'zero-touch' trade finance via EwayGo.
Competitive Landscape
Competes with major Indian commercial banks; maintains a Tier-1 broker status in institutional equities.
Competitive Moat
Moat is built on a diversified financial conglomerate model ('One Kotak') and superior capitalization (CAR of 22.8%), allowing for risk-adjusted growth.
Macro Economic Sensitivity
Sensitive to interest rate volatility which impacted NIM (down to 4.4%) and capital market volumes which lowered subsidiary profits in Q2 FY26.
Consumer Behavior
Increasing adoption of digital banking journeys and automated trade data population among SME customers.
Geopolitical Risks
Geopolitical uncertainties led to net outflows from the equity segment, muting custody balances in Q2 FY26.
Regulatory & Governance
Industry Regulations
Subject to RBI capital adequacy norms (maintaining 22.8% vs 15% sensitivity threshold) and IRDAI solvency requirements (2.33x maintained vs 1.5x required).
Taxation Policy Impact
Impacted by GST regulation changes effective September 22, 2025, which specifically reduced insurance subsidiary profits by INR 165 Cr.
Risk Analysis
Key Uncertainties
Ability to manage asset quality while growing in unsecured segments and the recovery of the microfinance sector following peak stress in Q1 FY26.
Geographic Concentration Risk
The bank is diversified across India but is specifically monitoring rural stress in the microfinance and agri segments.
Third Party Dependencies
Dependency on the GST network for the EwayGo platform's automated trade data population.
Technology Obsolescence Risk
Mitigated by continuous investment in digital platforms like 'fyn' and '811' to prevent legacy system drag.
Credit & Counterparty Risk
Gross NPAs are low at 1.5%, with SMA 2 (exposure > INR 5 Cr) at a minimal INR 116 Cr as of March 2025.
