# Kotak Mahindra Bank (KOTAKBANK.NSE)

Canonical: https://gigainvestors.com/s/KOTAKBANK.NSE

Analysis as of: 2026-10-16T07:33:24.004Z. Financial observations: FY2016–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

A wonderful business

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 447.95 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.08×

Chart: Net income; fiscal year observations.

- FY2017: INR 49B

- FY2018: INR 62B

- FY2019: INR 72B

- FY2020: INR 86B

- FY2021: INR 100B

- FY2022: INR 121B

- FY2023: INR 149B

- FY2024: INR 182B

- FY2025: INR 221B

- FY2026: INR 193B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 12.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 11.8%

- Cost / income, median: 62.3%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2017: 12.8%

- FY2018: 12.3%

- FY2019: 12.5%

- FY2020: 12.9%

- FY2021: 11.8%

- FY2022: 12.5%

- FY2023: 13.3%

- FY2024: 14.0%

- FY2025: 14.0%

- FY2026: 10.6%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 17.8%

- Book return interval: 10 years

- Starting book value per share: INR 36.36

- Ending book value per share: INR 182.18

Chart: Annual book + dividend return; fiscal year observations.

- FY2017: 15.4%

- FY2018: 27.0%

- FY2019: 14.6%

- FY2020: 14.9%

- FY2021: 23.1%

- FY2022: 14.2%

- FY2023: 15.9%

- FY2024: 16.5%

- FY2025: 21.7%

- FY2026: 15.3%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Unreported buybacks treated as zero; retained-earnings test is conservative

- Diluted shares, 10-year annual growth: 0.8%

- Diluted shares, 5-year annual growth: 0.1%

- Share growth excluding flagged crisis recapitalisations: 0.8%

- Five-year share growth excluding flagged crisis recapitalisations: 0.1%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.19×

- Book value created per share: INR 145.82

- Earnings retained per share after dividends and buybacks: INR 122.43

Chart: Shares (first year = 100); fiscal year observations.

- FY2016: 100

- FY2017: 100

- FY2018: 104

- FY2019: 104

- FY2020: 105

- FY2021: 108

- FY2022: 108

- FY2023: 109

- FY2024: 109

- FY2025: 108

- FY2026: 108

### accounting: pass

- Financial accounting warning count: 0

- Loans, annualized growth: -14.9%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 0

## Holders

## Price story

Up 29% since Oct 2023 · net income -12.8%

Story as of 2026-10-16T09:59:55.993Z; price observation 2026-10-15.

### Net income · FY2026

net income -12.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 49B 

- FY2018: INR 62B 

- FY2019: INR 72B 

- FY2020: INR 86B 

- FY2021: INR 100B 

- FY2022: INR 121B 

- FY2023: INR 149B 

- FY2024: INR 182B 

- FY2025: INR 221B 

- FY2026: INR 193B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in private sector bank; annual sales are INR 697.8 billion.

- Source: https://www.screener.in/company/KOTAKBANK/consolidated/ (filed 2026-10-16T07:33:24.004Z); FY2026: revenue 697810000000.

### Why customers stay

It earns 12.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.004Z); 10-year return on tangible equity observations [[2017,0.12833835602203056],[2018,0.12282126445888132],[2019,0.12467766220729998],[2020,0.1289523838107958],[2021,0.11845053889659587],[2022,0.1250607769099467],[2023,0.13348060171356002],[2024,0.14013018188532914],[2025,0.14049235184679565],[2026,0.10643064460949311]]; median 0.12669956646598862. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.004Z); Dividend observations: [[2017,1110000000],[2018,1380000000],[2019,1930000000],[2020,2330000000],[2021,400000000],[2022,2190000000],[2023,2590000000],[2024,3370000000],[2025,3980000000],[2026,4970000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 6.4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.004Z); Closing price 447.95 INR; reporting-to-trading FX 1; FY2026 annual sales per share 70.15002021982579; price multiple 6.385600440260464. FY2026 cash earnings/share 19.39. Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2016-11: INR 151.09 per share

- 2016-12: INR 143.94 per share

- 2017-01: INR 154.83 per share

- 2017-02: INR 160.42 per share

- 2017-03: INR 174.44 per share

- 2017-04: INR 180.39 per share

- 2017-05: INR 193.21 per share

- 2017-06: INR 191.15 per share

- 2017-07: INR 204.33 per share

- 2017-08: INR 195.20 per share

- 2017-09: INR 200.45 per share

- 2017-10: INR 205.01 per share

- 2017-11: INR 200.06 per share

- 2017-12: INR 202.04 per share

- 2018-01: INR 221.79 per share

- 2018-02: INR 218.11 per share

- 2018-03: INR 209.56 per share

- 2018-04: INR 242.22 per share

- 2018-05: INR 266.92 per share

- 2018-06: INR 268.59 per share

- 2018-07: INR 261.37 per share

- 2018-08: INR 257.45 per share

- 2018-09: INR 228.32 per share

- 2018-10: INR 223.83 per share

- 2018-11: INR 246.79 per share

- 2018-12: INR 251.30 per share

- 2019-01: INR 251.15 per share

- 2019-02: INR 242.62 per share

- 2019-03: INR 266.90 per share

- 2019-04: INR 277.31 per share

- 2019-05: INR 304.43 per share

- 2019-06: INR 295.42 per share

- 2019-07: INR 303.91 per share

- 2019-08: INR 286.29 per share

- 2019-09: INR 328.89 per share

- 2019-10: INR 314.90 per share

- 2019-11: INR 323.04 per share

- 2019-12: INR 336.87 per share

- 2020-01: INR 338.35 per share

- 2020-02: INR 324.07 per share

- 2020-03: INR 259.21 per share

- 2020-04: INR 271.44 per share

- 2020-05: INR 244.80 per share

- 2020-06: INR 272.09 per share

- 2020-07: INR 273.15 per share

- 2020-08: INR 280.27 per share

- 2020-09: INR 253.64 per share

- 2020-10: INR 309.48 per share

- 2020-11: INR 381.42 per share

- 2020-12: INR 399.12 per share

- 2021-01: INR 342.59 per share

- 2021-02: INR 356.07 per share

- 2021-03: INR 350.60 per share

- 2021-04: INR 349.76 per share

- 2021-05: INR 361.54 per share

- 2021-06: INR 341.17 per share

- 2021-07: INR 330.96 per share

- 2021-08: INR 350.74 per share

- 2021-09: INR 401.10 per share

- 2021-10: INR 406.23 per share

- 2021-11: INR 392.38 per share

- 2021-12: INR 359.22 per share

- 2022-01: INR 371.45 per share

- 2022-02: INR 368.55 per share

- 2022-03: INR 350.77 per share

- 2022-04: INR 358.15 per share

- 2022-05: INR 369.37 per share

- 2022-06: INR 332.22 per share

- 2022-07: INR 362.07 per share

- 2022-08: INR 383.09 per share

- 2022-09: INR 363.84 per share

- 2022-10: INR 380.39 per share

- 2022-11: INR 389.41 per share

- 2022-12: INR 365.45 per share

- 2023-01: INR 346.20 per share

- 2023-02: INR 345.85 per share

- 2023-03: INR 346.57 per share

- 2023-04: INR 387.61 per share

- 2023-05: INR 402.87 per share

- 2023-06: INR 369.31 per share

- 2023-07: INR 371.31 per share

- 2023-08: INR 351.75 per share

- 2023-09: INR 347.14 per share

- 2023-10: INR 347.88 per share

- 2023-11: INR 351.09 per share

- 2023-12: INR 381.62 per share

- 2024-01: INR 365.05 per share

- 2024-02: INR 337.89 per share

- 2024-03: INR 357.10 per share

- 2024-04: INR 324.79 per share

- 2024-05: INR 336.08 per share

- 2024-06: INR 360.50 per share

- 2024-07: INR 361.58 per share

- 2024-08: INR 356.16 per share

- 2024-09: INR 370.79 per share

- 2024-10: INR 346.22 per share

- 2024-11: INR 353.05 per share

- 2024-12: INR 357.21 per share

- 2025-01: INR 380.26 per share

- 2025-02: INR 380.59 per share

- 2025-03: INR 434.24 per share

- 2025-04: INR 441.62 per share

- 2025-05: INR 414.94 per share

- 2025-06: INR 432.70 per share

- 2025-07: INR 395.72 per share

- 2025-08: INR 392.06 per share

- 2025-09: INR 398.54 per share

- 2025-10: INR 420.44 per share

- 2025-11: INR 424.88 per share

- 2025-12: INR 440.22 per share

- 2026-01: INR 408.00 per share

- 2026-02: INR 415.20 per share

- 2026-03: INR 353.40 per share

- 2026-04: INR 383.30 per share

- 2026-05: INR 384.20 per share

- 2026-06: INR 392.25 per share

- 2026-07: INR 390.30 per share

- 2026-08: INR 419.40 per share

- 2026-09: INR 417.00 per share

- 2026-10: INR 447.95 per share

## Annual estimated value (INR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations