Kotak Mahindra Bank Model Update

Research evidence excerpt

J P M O R G A N

Asia Pacific Equity Research

20 August 2026

Kotak Mahindra Bank

Overweight

KTKM.NS, KMB IN

Price (19 Aug 26):Rs390.25

Model Update

Price Target (Sep-27):Rs468.00

We are updating our model to reflect FY26 metrics from KMB’s annual report.

Please see the key changes below.

India Financials

Anuj Singla AC

(91-22) 6157-3590

J.P. Morgan India Private Limited, J.P. Morgan

Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

There are no material revisions to our FY27-29 PAT estimates.

Our FY27/28/29 ROE estimates are 11.5%/12.6%/13.3%, respectively.

We keep our Sep-27 PT unchanged at Rs468.

Harsh Wardhan Modi

We remain OW on KMB.

(65) 6882-2450

J.P. Morgan Securities Singapore Private Limited/

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

Shivansh Puri, CFA

(91-22) 6157-5077

J.P. Morgan India Private Limited, J.P. Morgan

Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

Rachit Agrawal

(91-22) 6157-3260

J.P. Morgan India Private Limited

Style Exposure

Table 1: KMB: Key changes

Rs mn

Net Interest Income

Non-Interest Income

PPOP

Pre-Tax

Reported Net Profits

Loan gr y/y

NIM

Credit costs

FY27E

334,429

129,119

252,230

220,925

166,799

16.0%

4.16%

0.58%

New estimate

FY28E

391,637

147,116

305,246

269,932

203,799

17.5%

4.21%

0.56%

FY29E

459,415

167,404

365,292

323,702

244,395

18.0%

4.23%

0.56%

FY27E

334,407

129,119

252,208

220,903

166,782

16.0%

4.16%

0.58%

Old estimate

FY28E

391,641

147,116

305,251

269,937

203,802

17.5%

4.22%

0.56%

FY29E

459,475

167,404

365,352

323,762

244,440

18.0%

4.24%

0.56%

FY27E

0.0%

0 bps

-1 bps

0 bps

Change

FY28E

0.0%

0 bps

-1 bps

0 bps

Source: J.P. Morgan estimates.

Sources for: Style Exposure – J.P. Morgan Global Markets Strategy; all other tables are company data and J.P. Morgan estimates.