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Kotak Bank
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In the news
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The Quarter story
The two most recent quarterly results, compared side-by-side.
Kotak Mahindra Bank posts strong profit growth and improving asset quality, while managing AUM volatility and microcredit headwinds.
Consolidated PAT grows from ₹272 Cr in Q1 FY26 to ₹4,123 Cr in Q1 FY27, driven by higher fee income and stable margins.
Customer AUM falls from ₹750,143 Cr in Q1 FY26 to ₹103,156 Cr in Q4 FY26, signaling significant asset outflows.
Net NPA ratio falls from 0.34% in Q1 FY26 to 0.27% in Q1 FY27, reflecting consistent credit cleanup.
BSS Sonata Microcredit PAT deteriorates from -₹22 Cr in Q2 FY26 to -₹73 Cr in Q4 FY26, indicating widening operational losses.
Net advances expand from ₹444,823 Cr in Q1 FY26 to ₹512,249 Cr in Q1 FY27, showing steady loan book growth.
CASA ratio dips from 43.3% in Q4 FY26 to 40.3% in Q1 FY27, reflecting a shift toward higher-cost term deposits.
Fee and services income rises from ₹2,249 Cr in Q1 FY26 to ₹9,981 Cr in Q4 FY26, highlighting strong cross-selling momentum.
IPO and QIP distribution value drops from $8.03B in Q3 FY26 to $0.96B in Q4 FY26, showing volatile deal flow.
Gross written premium surges from ₹2,861 Cr in Q1 FY26 to ₹9,207 Cr in Q4 FY26, demonstrating robust policy sales.
Protection segment ROE declines from 20.4% in Q1 FY26 to 9.6% in Q4 FY26, pointing to margin compression.
Company insights, generated from the most recent coverage.
Kotak's own Q1 FY27 commentary contradicts its capex optimism — construction equipment demand is soft and hinges on raw material availability and government spending, so steel/cement-led capex is a thesis, not yet a booked reality.
Kotak cautions global uncertainty caps the rupee benefit: risk-off sentiment, a stronger dollar or higher global yields pull FPIs from EMs regardless of local hedging rules, so domestic regulation cannot offset a global flow reversal.
Kotak's 'sub-95' USD/INR call is an immediate-reaction view, not a medium-term forecast — once speculative positions unwind, BoP fundamentals take over, so the relief is a one-time re-pricing rather than a trend reversal.