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Private Indian bank and financial-services group spanning retail banking, insurance, asset management and broking.
Private Indian bank and financial-services group spanning retail banking, insurance, asset management and broking.
Earns mainly from the gap between loan and deposit rates, with fee income from its asset-management, insurance and broking subsidiaries. Founder Uday Kotak and family remain its biggest shareholders. It grew by converting from a finance company into a bank in 2003 and by buying ING Vysya in 2015, which added branches.
In one line: India's PNC Financial Services with an asset-management arm.
Moat: narrow (brand, scale, distribution). Well-regarded conservative underwriting and a diversified financial-services franchise across banking and asset management.
Headquarters: Mumbai, India · Founded: 1985 · Employees: 112,000
Size Kotak Mahindra Bank (KOTAKBANK.NS) is an India Financials company (Major Banks) with a market value of $50.5B, the 12th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹480.00 on 6 Nov 2026.
Performance Over six months the shares gained 26.5%, against +7.3% for the median peer and 0.0% for the India market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 12.4% over the last twelve months (peer median -3.8%); the operating margin is 34.0% (peer median 40.4%).
Valuation It trades at 2.45× book value against a peer median of 1.58× (3rd most expensive of 21).
Price implies The share price implies a return on equity of about 29.5%; Kotak Mahindra Bank delivers 11.8%, so the price asks more than the business earns today.
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹1.15T | ₹1.11T | ₹1.07T | ₹896B | ₹695B |
| Revenue growth | — | +4% | +19% | +29% | — |
| Net income | ₹215B | ₹193B | ₹221B | ₹182B | ₹149B |
| Free cash flow | n/a | ₹364B | ₹263B | ₹377B | ₹239B |
| Capital expenditure | n/a | ₹10.6B | ₹12.1B | ₹11.3B | ₹9.87B |
| Total debt | ₹1.23T | ₹1.04T | ₹1.05T | ₹851B | ₹599B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Kotak Mahindra Bank KOTAKBANK.NS | $50.5B | +27% | +12% | 12% | 2.45× | 29.5% |
| HDFC Bank HDFCBANK.NS | $129B | -1% | +5% | 14% | 2.00× | 24.8% |
| ICICI Bank ICICIBANK.NS | $119B | +23% | +8% | 16% | 2.89× | 36.7% |
| Axis Bank AXISBANK.NS | $43.6B | +2% | +7% | 14% | 1.78× | 25.1% |
| IndusInd Bank INDUSINDBK.NS | $7.48B | -4% | -2% | 5% | 1.04× | 17.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | KOTAKBANK.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.1% | +0.5% | highest of 21 |
| 6-month return | +26.5% | +7.3% | highest of 21 |
| Return on equity | 11.8% | 13.7% | 8th lowest of 21 |
| Price / book | 2.45× | 1.58× | 3rd most expensive of 21 |
| Trailing P/E | 22.2× | 12.3× | most expensive of 21 |
| ROE the price implies | 29.5% | 12.2% | 2nd most demanding of 21 |
| ROE delivered | 11.8% | 13.9% | 7th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Kotak Mahindra Bank KOTAKBANK.NS | India | $50.5B | +27% | +12% | 12% | 2.45× | 29.5% | 11.8% |
| DNB Bank DNB.OL | Norway | $50.0B | +16% | -8% | 15% | 1.76× | 11.2% | 15.1% |
| Societe Generale GLE.PA | France | $52.0B | -5% | +9% | 9% | 0.78× | 10.0% | 9.5% |
| United Overseas Bank U11.SI | Singapore | $47.6B | 0% | -10% | 10% | 1.23× | 9.2% | 9.8% |
| Swedbank SWED-A.ST | Sweden | $46.0B | +25% | -5% | 14% | 2.09× | 13.2% | 14.3% |
| Axis Bank AXISBANK.NS | India | $43.6B | +2% | +7% | 14% | 1.78× | 25.1% | 13.9% |
| National Bank of Canada NA.TO | Canada | $59.3B | +4% | +8% | 14% | 2.62× | 20.1% | 14.3% |
| Skandinaviska Enskilda Banken SEB-A.ST | Sweden | $42.9B | +20% | -8% | 14% | 1.80× | 9.5% | 13.5% |
| Danske Bank A/S DANSKE.CO | Denmark | $42.4B | +11% | +8% | 14% | 1.68× | 6.1% | 14.1% |
| Standard Chartered STAN.L | United Kingdom | $60.9B | +14% | -10% | 13% | 1.37× | 16.9% | 12.8% |
| Nordea Bank Abp NDA-FI.HE | Finland | $62.3B | +6% | +3% | 15% | 1.77× | 14.6% | 14.9% |
| NatWest NWG.L | United Kingdom | $62.3B | +4% | +3% | 16% | 1.21× | 15.8% | 15.9% |
| Boc Hong Kong 2388.HK | Hong Kong | $67.4B | +13% | -8% | 12% | 1.47× | 8.1% | 11.8% |
| PKO Bank Polski PKO.WA | Poland | $36.5B | +18% | -2% | 20% | 2.56× | 31.9% | 20.1% |
| China CITIC Bank 601998.SS | China | $71.5B | +9% | -6% | 9% | 0.67× | 2.5% | n/a |
| Lloyds Banking LLOY.L | United Kingdom | $73.7B | +2% | -2% | 14% | 1.37× | 17.2% | 14.3% |
| Ping An Bank 000001.SZ | China | $34.4B | +3% | -9% | 9% | 0.48× | 3.6% | 9.0% |
| Svenska Handelsbanken SHB-A.ST | Sweden | $32.6B | +23% | -14% | 12% | 1.68× | 9.0% | 12.2% |
| Huntington Bancshares HBAN | United States | $31.2B | -3% | +24% | 9% | 1.06× | 10.2% | 9.1% |
| BPER Banca BPE.MI | Italy | $30.4B | +2% | +15% | 15% | 1.49× | 18.6% | 14.9% |
| ANZ ANZ.AX | Australia | $84.2B | +17% | -5% | 8% | 1.71× | 14.4% | 8.3% |