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Kotak Mahindra Bank Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹391.98Undervalued by 10.11%vs CMP ₹356.00

P/E (18.8) × ROE (15.4%) × BV (₹169.00) × DY (0.14%)

₹255.98Overvalued by 28.10%vs CMP ₹356.00
MoS: -39.1% (Negative)Confidence: 56/100 (Moderate)Models: 1 Under, 6 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹427.9825%Under (+20.2%)
Graham NumberEarnings₹268.0818%Over (-24.7%)
Earnings PowerEarnings₹153.4415%Over (-56.9%)
DCFCash Flow₹303.8915%Over (-14.6%)
Net Asset ValueAssets₹168.828%Over (-52.6%)
EV/EBITDAEnterprise₹9.4610%Over (-97.3%)
Earnings YieldEarnings₹189.008%Over (-46.9%)
Consensus (7 models)₹255.98100%Overvalued
Key Drivers: Wide model spread (₹9–₹428) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 9.2%

*Investments are subject to market risks

Analyst Summary

Kotak Mahindra Bank Ltd operates in the Finance - Banks - Private Sector segment, current market price is ₹356.00, market cap is 3,54,144 Cr.. At a glance, stock P/E is 18.8, ROE is 15.4 %, ROCE is 8.17 %, book value is 169, dividend yield is 0.14 %. The latest intrinsic value estimate is ₹255.98, around 28.1% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹65,669 Cr versus the prior period change of 16.8%, while latest net profit is about ₹22,126 Cr with a prior-period change of 21.5%. The 52-week range shown on this page is 460/352, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisKotak Mahindra Bank Ltd. is a Public Limited Listed company incorporated on 21/11/1985 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN)…

This summary is generated from the stock page data available for Kotak Mahindra Bank Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

54
Kotak Mahindra Bank Ltd scores 54/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health67/100 · Strong
ROCE 8.2% AverageROE 15.4% GoodD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -3.29% (6mo) SellingDII holding up 3.75% MF buyingPromoter holding at 25.9% Stable
Earnings Quality50/100 · Moderate
Quarterly Momentum40/100 · Moderate
Profit (4Q): -17% YoY Declining
Industry Rank60/100 · Moderate
P/E 18.8 vs industry 15.0 In-lineROCE 8.2% vs industry 6.8% AverageROE 15.4% vs industry 11.8% Above peers

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:13 am

Market Cap 3,54,144 Cr.
Current Price 356
Intrinsic Value₹255.98
High / Low 460/352
Stock P/E18.8
Book Value 169
Dividend Yield0.14 %
ROCE8.17 %
ROE15.4 %
Face Value 1.00
PEG Ratio2.05

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Kotak Mahindra Bank Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Kotak Mahindra Bank Ltd 3,54,144 Cr. 356 460/35218.8 1690.14 %8.17 %15.4 % 1.00
Axis Bank Ltd 3,70,836 Cr. 1,193 1,418/1,03214.1 6620.08 %7.11 %16.3 % 2.00
Federal Bank Ltd 65,944 Cr. 268 302/18316.1 1470.45 %7.03 %12.9 % 2.00
IndusInd Bank Ltd 61,210 Cr. 786 969/618 8300.00 %6.49 %4.15 % 10.0
Yes Bank Ltd 56,201 Cr. 17.9 24.3/16.117.7 16.00.00 %6.36 %5.46 % 2.00
Industry Average135,761.26 Cr305.6715.04214.170.61%6.84%11.80%6.30

All Competitor Stocks of Kotak Mahindra Bank Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue11,01111,98212,86913,71714,49515,15615,83716,42716,63316,77217,24817,19917,507
Interest 3,8024,2304,8345,5365,9856,2126,8057,1397,1707,1607,5277,3337,384
Expenses 9,34510,54810,30310,13612,48414,92012,26313,09410,59613,66413,12311,60613,933
Financing Profit-2,136-2,796-2,269-1,955-3,975-5,976-3,231-3,806-1,133-4,051-3,402-1,740-3,811
Financing Margin %-19%-23%-18%-14%-27%-39%-20%-23%-7%-24%-20%-10%-22%
Other Income 7,3608,7857,8557,8439,58812,75113,04210,4537,31310,4029,4567,70310,344
Depreciation 0000000000000
Profit before tax 5,2245,9895,5865,8885,6146,7759,8116,6476,1806,3516,0535,9636,533
Tax % 24%24%26%25%25%23%25%25%25%23%27%25%25%
Net Profit 3,9954,5664,1504,4614,2655,3377,4485,0444,7014,9334,4724,4684,924
EPS in Rs 4.024.604.184.494.295.377.495.074.734.964.504.494.95
Gross NPA %1.91%1.76%1.75%1.69%1.68%1.38%1.39%1.48%1.51%1.45%
Net NPA %0.48%0.41%0.43%0.39%0.36%0.36%0.38%0.45%0.44%0.36%

Last Updated: February 5, 2026, 6:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 7:16 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue11,98613,31920,40222,32425,13129,83133,47432,82033,74142,15156,23765,66968,726
Interest 6,3126,96611,12311,45812,46715,18715,90112,96711,55414,41122,56728,27529,404
Expenses 7,0539,71811,54114,83216,80519,75822,57829,81230,69933,48547,05248,89152,326
Financing Profit-1,379-3,366-2,263-3,965-4,141-5,114-5,005-9,958-8,512-5,746-13,382-11,496-13,004
Financing Margin %-12%-25%-11%-18%-16%-17%-15%-30%-25%-14%-24%-18%-19%
Other Income 5,2828,1527,63111,66013,68216,14816,89223,58824,94125,99138,03741,42637,905
Depreciation 2082373453623834584654614805997929410
Profit before tax 3,6954,5505,0247,3329,15810,57611,42213,16815,94819,64623,86328,98924,901
Tax % 32%33%32%32%33%33%25%25%25%25%25%24%
Net Profit 2,5273,1053,5245,0196,2587,2048,5939,99012,08914,92518,21322,12618,798
EPS in Rs 3.203.943.775.376.517.558.9810.0812.1815.0318.3222.2618.90
Dividend Payout % 2%2%3%2%2%2%0%2%2%2%2%2%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)22.87%13.49%42.42%24.69%15.12%19.28%16.26%21.01%23.46%22.03%21.48%
Change in YoY Net Profit Growth (%)0.00%-9.38%28.93%-17.74%-9.57%4.16%-3.02%4.75%2.45%-1.43%-0.55%

Kotak Mahindra Bank Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:17%
5 Years:14%
3 Years:25%
TTM:13%
Compounded Profit Growth
10 Years:22%
5 Years:21%
3 Years:22%
TTM:3%
Stock Price CAGR
10 Years:12%
5 Years:7%
3 Years:1%
1 Year:10%
Return on Equity
10 Years:14%
5 Years:14%
3 Years:15%
Last Year:15%

Last Updated: September 5, 2025, 9:15 am

Balance Sheet

Last Updated: December 10, 2025, 2:58 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 385386917920953954957991992993994994994
Reserves 18,69921,77032,44737,57249,53556,82765,68083,34895,673110,821128,978156,495166,941
Deposits56,93072,843135,949155,540191,236224,824260,400278,871310,087361,273445,269494,707524,500
Borrowing29,00731,41543,73049,69058,60466,93966,07748,23955,66057,53475,10697,62282,700
Other Liabilities 17,17622,04927,76132,46537,39245,62650,05967,40584,08689,809117,321129,955137,817
Total Liabilities 122,197148,464240,804276,188337,720395,171443,173478,854546,498620,430767,667879,774912,952
Fixed Assets 1,2641,3851,7611,7592,5432,6972,6752,5542,7233,0753,5103,7592,838
CWIP 0000000000000
Investments 38,79145,58970,27468,46290,977103,487111,197156,946164,529195,338246,446284,255284,843
Other Assets 82,142101,490168,769205,967244,201288,987329,301319,355379,245422,017517,711591,761625,271
Total Assets 122,197148,464240,804276,188337,720395,171443,173478,854546,498620,430767,667879,774912,952

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 9,0682,3025,02513,222-10,3921,82246,6194,8818,308-1,24215,68516,916
Cash from Investing Activity + -1,130-4,467-2,353-5,289-5,475-3,323-13,068-11,172-10,903-10,381-8,919-25,226
Cash from Financing Activity + -5,8142,4262,0246,05514,6798,365-735-10,0727,5431,88315,51522,165
Net Cash Flow 2,1252604,69613,989-1,1886,86432,815-16,3634,949-9,74022,28113,855
Free Cash Flow 8,6352,0344,71412,840-10,7581,33146,2064,5817,675-2,20314,59315,768
CFO/OP 208%103%76%205%-89%52%454%270%396%41%236%139%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-49.00-63.00-124.00-141.00-175.00-205.00-238.00-249.00-280.00-328.00-398.00-446.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
ROE % 14%15%12%14%14%13%14%13%13%14%15%15%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 25.95%25.94%25.92%25.91%25.90%25.89%25.88%25.88%25.88%25.88%25.87%25.87%
FIIs 39.42%41.54%40.97%39.74%37.59%33.16%33.39%32.48%32.65%32.34%29.75%29.36%
DIIs 21.31%19.57%20.00%21.38%23.40%27.69%27.88%28.79%29.13%29.61%32.02%32.88%
Public 13.30%12.92%13.11%12.98%13.11%13.26%12.84%12.83%12.34%12.18%12.35%11.90%
No. of Shareholders 5,82,7335,60,8256,35,2996,34,6986,81,3017,82,6807,39,7557,46,6027,05,6166,90,1256,91,4136,79,096

Shareholding Pattern Chart

No. of Shareholders

Kotak Mahindra Bank Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Parag Parikh Flexi Cap Fund 123,107,960 3.75 5022.824,621,5922026-02-23 03:58:52400%
HDFC Flexi Cap Fund 91,000,000 3.81 3712.818,200,0002026-02-23 03:58:52400%
SBI Equity Hybrid Fund 70,000,000 3.52 285614,000,0002026-02-23 03:58:52400%
HDFC Large Cap Fund 51,013,703 5.25 2081.368,153,0102026-02-23 03:58:52525.7%
SBI Large Cap Fund 46,000,000 3.42 1876.89,200,0002026-02-23 03:29:49400%
SBI Focused Fund 45,000,000 4.27 18369,000,0002026-02-23 03:58:52400%
HDFC Balanced Advantage Fund 38,118,960 1.46 1555.258,515,7922026-02-23 03:58:52347.63%
HDFC Focused Fund 37,772,860 5.85 1541.135,871,2762026-02-23 03:58:52543.35%
SBI ELSS Tax Saver Fund 32,750,000 4.19 1336.2N/AN/AN/A
SBI Contra Fund 32,028,840 2.68 1306.786,405,7682026-02-23 03:27:32400%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
Face Value5.005.005.005.005.00
Basic EPS (Rs.) 111.2991.4574.9660.7650.53
Diluted EPS (Rs.) 111.2991.4574.9460.7350.49
Cash EPS (Rs.) 115.1194.4177.4262.5452.29
Book Value[Excl.RevalReserv]/Share (Rs.) 792.11653.81562.86487.06425.56
Book Value[Incl.RevalReserv]/Share (Rs.) 792.11653.81562.86487.06425.56
Operating Revenue / Share (Rs.)330.29282.89212.18170.01165.60
Net Profit / Share (Rs.) 110.3890.4374.4060.1249.97
Net Profit After MI / Share (Rs.)111.2991.6275.1360.9150.41
Net Profit Margin (%) 33.4131.9635.0635.3630.17
Net Profit After MI And SOA Nargin (%)33.6932.3835.4035.8330.43
Operating Profit Margin (%)27.9125.0627.5025.1222.58
Return On Assets (%) 2.512.372.402.212.08
Return On Equity / Networth (%)14.0414.0113.3412.5011.84
Net Interest Margin (X)4.254.384.474.054.14
Cost To Income (%)58.2263.9762.6164.7962.53
Interest Income / Total Assets (%)7.467.326.796.176.85
Non-Interest Income / Total Assets (%)4.684.954.184.635.01
Operating Profit / Total Assets (%)-2.19-2.61-1.80-2.44-2.94
Operating Expenses / Total Assets (%)5.205.975.425.635.72
Interest Expenses / Total Assets (%)3.212.932.322.112.70
Enterprise Value (Rs.Cr.)982284.02839090.53743190.93697934.59662196.27
EV Per Net Sales (X)14.9614.9217.6320.6920.18
Price To Book Value (X)2.742.733.083.604.12
Price To Sales (X)6.576.318.1710.3210.59
Retention Ratios (%) 98.2098.1598.26100.00100.00
Earnings Yield (X)0.050.050.040.030.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Kotak Mahindra Bank Ltd. is a Public Limited Listed company incorporated on 21/11/1985 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L65110MH1985PLC038137 and registration number is 038137. Currently Company is involved in the business activities of Monetary intermediation of commercial banks, saving banks. postal savings bank and discount houses. Company's Total Operating Revenue is Rs. 52919.73 Cr. and Equity Capital is Rs. 994.11 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Finance - Banks - Private Sector27 BKC, C-27, G-Block, Bandra Kurla Complex, Mumbai Maharashtra 400051Contact not found
Management
NamePosition Held
Mr. C S RajanPart Time Chairman & Non-Exe. Ind. Director
Mr. Ashok VaswaniManaging Director & CEO
Ms. Shanti EkambaramDeputy Managing Director
Mr. Amit DesaiNon Executive Director
Mr. Jaideep HansrajWhole Time Executive Director
Mr. Uday KotakNon Executive Director
Ms. Ashu SuyashIndependent Director
Mr. Uday ShankarIndependent Director
Dr. Ashok GulatiIndependent Director
Mr. Ketaki BhagwatiIndependent Director
Mr. Eli LeenaarsIndependent Director

FAQ

What is the intrinsic value of Kotak Mahindra Bank Ltd and is it undervalued?

As of 21 April 2026, Kotak Mahindra Bank Ltd's intrinsic value is ₹255.98, which is 28.10% lower than the current market price of ₹356.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (15.4 %), book value (₹169), dividend yield (0.14 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Kotak Mahindra Bank Ltd?

Kotak Mahindra Bank Ltd is trading at ₹356.00 as of 21 April 2026, with a FY2026-2027 high of ₹460 and low of ₹352. The stock is currently near its 52-week low. Market cap stands at ₹3,54,144 Cr..

How does Kotak Mahindra Bank Ltd's P/E ratio compare to its industry?

Kotak Mahindra Bank Ltd has a P/E ratio of 18.8, which is above the industry average of 15.04. The premium over industry average may reflect growth expectations or speculative interest.

Is Kotak Mahindra Bank Ltd financially healthy?

Key indicators for Kotak Mahindra Bank Ltd: ROCE of 8.17 % is on the lower side compared to the industry average of 6.84%; ROE of 15.4 % shows strong shareholder returns. Dividend yield is 0.14 %.

Is Kotak Mahindra Bank Ltd profitable and how is the profit trend?

Kotak Mahindra Bank Ltd reported a net profit of ₹22,126 Cr in Mar 2025 on revenue of ₹65,669 Cr. Compared to ₹12,089 Cr in Mar 2022, the net profit shows an improving trend.

Does Kotak Mahindra Bank Ltd pay dividends?

Kotak Mahindra Bank Ltd has a dividend yield of 0.14 % at the current price of ₹356.00. The company pays dividends, though the yield is modest.

Last Updated: April 2, 2026, 3:13 am
Author: Getaka|Social: XLinkedIn
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Kotak Mahindra Bank Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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