Kotak Mahindra Bank Limited (KOTAKBANK.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+79.7%

₹825.24

vs ₹459.30 price

Levered DCF

₹452.05

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.59

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	18.22×	19.28×	19.58×	23.12×	28.87×	34.68×	28.96×	35.62×
P/B	1.94×	2.71×	2.74×	3.06×	3.58×	4.07×	3.69×	4.38×
P/S	3.26×	4.08×	3.86×	5.19×	6.05×	6.21×	5.03×	5.68×
EV / EBITDA	12.75×	15.04×	14.84×	18.73×	28.24×	34.37×	27.63×	38.37×
Gross margin	68.9%	73.0%	75.5%	78.3%	79.9%	76.7%	67.7%	66.2%
Operating margin	24.2%	27.7%	25.9%	29.6%	28.0%	23.8%	17.5%	23.7%
Net margin	17.9%	21.2%	19.7%	22.5%	21.0%	18.0%	17.5%	16.0%
Current ratio	138.74×	0.16×	0.39×	15.97×	52.44×	103.02×	33.35×	159.96×
Debt / equity	0.53×	0.66×	0.58×	0.53×	0.57×	0.56×	1×	1.14×
Interest coverage	0.88×	1.03×	1.06×	1.36×	1.39×	1.02×	0.54×	0.7×
Dividend yield	0.1%	0.1%	0.1%	0.1%	0.1%	0.0%	0.1%	0.1%
Payout ratio	2.6%	1.8%	1.8%	1.7%	1.8%	0.4%	2.7%	2.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.6%	14.0%	14.0%	13.3%	12.4%	11.8%	12.8%	12.4%
Return on invested capital	1.9%	5.7%	3.2%	55.6%	58.1%	25.6%	10.1%	1.8%
Return on assets	1.9%	2.5%	2.4%	2.4%	2.2%	2.1%	1.9%	1.8%
Free cash flow yield	10.3%	3.7%	4.1%	-0.6%	2.2%	1.3%	18.6%	0.5%
Earnings yield	5.5%	5.2%	5.1%	4.3%	3.5%	2.9%	3.5%	2.8%
Enterprise value	₹3.4T	₹4.5T	₹3.7T	₹3.8T	₹3.5T	₹3.6T	₹2.5T	₹2.9T
Net debt / EBITDA	-0.25×	0.79×	0.4×	1.73×	0.22×	1.07×	0.34×	4.67×
Cash conversion cycle (days)	-12	-21	-1,272	-1,480	-1,766	45	-6,040	57