Financials Kotak Mahindra Bank Limited

Equities

KOTAKBANK

INE237A01028

Banks

Market Closed - Bombay S.E. Other stock markets 05:00:43 2025-12-16 am EST			5-day change	1st Jan Change
2,182.15 ^INR	+0.08%		+2.37%	+22.16%

Dec. 15	Kotak Mahindra Bank sets one year MCLR at 8.40% - website	RE
Dec. 12	Fairfax Financial Holdings Limited Reportedly Leads Race to Acquire Majority Stake in IDBI Bank from Govt, LIC	CI

Projected Income Statement: Kotak Mahindra Bank Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	207,988	231,723	286,350	362,663	397,603	425,982	496,847	579,470
Change	-	11.41%	23.57%	26.65%	9.63%	7.14%	16.64%	16.63%
EBITDA	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT ¹	122,147	120,509	148,480	195,874	210,066	226,485	269,485	319,788
Change	-	-1.34%	23.21%	31.92%	7.25%	7.82%	18.99%	18.67%
Interest Paid	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	93,030	113,613	143,910	180,137	215,841	188,284	230,722	275,999
Change	-	22.13%	26.67%	25.17%	19.82%	-12.77%	22.54%	19.62%
Net income ¹	69,648	85,727	109,393	137,816	164,501	141,796	173,439	207,762
Change	-	23.09%	27.61%	25.98%	19.36%	-13.8%	22.32%	19.79%
Announcement Date	5/3/21	5/4/22	4/29/23	5/4/24	5/3/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	53,652	53,412	57,923	55,247	58,332	56,980	63,477	59,408	70,536	77,529	82,888	89,170	86,112	88,505	98,876	97,714	97,038	98,190	104,660	103,393	98,999	105,600	114,400
Change	-	-0.45%	8.45%	-4.62%	5.58%	-2.32%	11.4%	-6.41%	18.73%	9.91%	6.91%	7.58%	-3.43%	2.78%	11.72%	-1.18%	-0.69%	1.19%	6.59%	-1.21%	-4.25%	6.67%	8.33%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	32,975	30,833	34,075	31,211	31,202	27,010	33,399	27,833	35,675	38,498	46,474	49,496	46,101	45,662	54,616	52,541	50,992	51,810	54,722	55,637	52,683	56,500	61,100
Change	-	-6.49%	10.51%	-8.41%	-0.03%	-13.43%	23.65%	-16.67%	28.18%	7.91%	20.72%	6.5%	-6.86%	-0.95%	19.61%	-3.8%	-2.95%	1.6%	5.62%	1.67%	-5.31%	7.25%	8.14%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	29,289	24,843	22,281	21,863	26,962	28,327	36,461	27,597	34,305	37,010	44,998	45,853	42,436	39,871	51,978	81,955	44,389	43,869	45,628	43,559	43,208	47,600	52,200
Change	-	-15.18%	-10.31%	-1.88%	23.32%	5.07%	28.71%	-24.31%	24.31%	7.89%	21.58%	1.9%	-7.45%	-6.04%	30.37%	57.67%	-45.84%	-1.17%	4.01%	-4.53%	-0.81%	10.16%	9.66%
Net income ¹	21,845	18,535	16,824	16,419	20,320	21,314	27,674	20,712	25,807	27,919	34,956	34,523	31,910	30,050	41,333	62,498	33,437	33,048	35,517	32,817	32,533	35,900	39,400
Change	-	-15.15%	-9.23%	-2.4%	23.76%	4.89%	29.84%	-25.16%	24.6%	8.18%	25.21%	-1.24%	-7.57%	-5.83%	37.55%	51.21%	-46.5%	-1.16%	7.47%	-7.6%	-0.86%	10.35%	9.75%
Announcement Date	10/26/20	1/25/21	5/3/21	7/26/21	10/26/21	1/28/22	5/4/22	7/23/22	10/22/22	1/21/23	4/29/23	7/22/23	10/21/23	1/20/24	5/4/24	7/20/24	10/19/24	1/18/25	5/3/25	7/26/25	10/25/25	-	-

¹INR in Million

Estimates

Forecast Balance Sheet: Kotak Mahindra Bank Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Announcement Date	5/3/21	5/4/22	4/29/23	5/4/24	5/3/25	-	-	-

Estimates

Cash Flow Forecast: Kotak Mahindra Bank Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025
CAPEX ¹	4,526	3,686	6,698	9,868	11,267	12,128
Change	-	-18.57%	81.71%	47.33%	14.18%	7.65%
Free Cash Flow (FCF) ¹	-	-	-	-	-	-
Change	-	-	-	-	-	-
Announcement Date	5/25/20	7/29/21	7/27/22	7/14/23	7/12/24	7/9/25

¹INR in Million

Estimates

Forecast Financial Ratios: Kotak Mahindra Bank Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	-	-	-	-	-	-	-	-	-
EBIT Margin (%)	-	58.73%	52.01%	51.85%	54.01%	52.83%	53.17%	54.24%	55.19%
EBT Margin (%)	-	44.73%	49.03%	50.26%	49.67%	54.29%	44.2%	46.44%	47.63%
Net margin (%)	-	33.49%	37%	38.2%	38%	41.37%	33.29%	34.91%	35.85%
FCF margin (%)	-	-	-	-	-	-	-	-	-
FCF / Net Income (%)	-	-	-	-	-	-	-	-	-
Profitability
ROA	-	1.85%	2.13%	2.47%	2.61%	2.65%	1.93%	2.08%	2.16%
ROE	-	12.35%	12.59%	14.03%	18.36%	15.39%	11.49%	12.61%	13.3%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	-	-	-	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	-	-	-	-	-	-	-	-
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
Dividend per Share ¹	-	0.9	1.1	1.5	2	2.5	2.408	2.803	3.275
Change	-	-	22.22%	36.36%	33.33%	25%	-3.69%	16.43%	16.8%
Book Value Per Share ¹	-	323.7	365.2	420.4	486.5	589.7	656.2	740.8	841.6
Change	-	-	12.85%	15.11%	15.72%	21.2%	11.28%	12.89%	13.61%
EPS ¹	-	35.14	43.01	54.87	69.15	82.74	71.43	87.19	104.2
Change	-	-	22.4%	27.57%	26.03%	19.65%	-13.67%	22.06%	19.51%
Nbr of stocks (in thousands)	-	1,981,836	1,984,662	1,986,557	1,987,929	1,988,232	1,988,753	1,988,753	1,988,753
Announcement Date	-	5/3/21	5/4/22	4/29/23	5/4/24	5/3/25	-	-	-