Kotak Mahindra Bank Gets Target Price Hike From Systematix On Robust Q3 — Check Rating, Potential Upside

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Systematix Report

Kotak Mahindra Bank Ltd. delivered a steady performance in Q3 FY26, posting a profit of Rs 3,450 crore, up 5.9% QoQ and 4.3% YoY, marginally ahead of estimates. The quarter’s improvement was supported by higher net interest income, stronger non‑interest income, and lower provisioning.

Net interest margins stood at 4.54%, stable sequentially but down 39 basis points YoY. Systematix noted that margins were cushioned by a 16‑bp QoQ decline in cost of funds, aided by CRR cuts, even as the bank absorbed the full impact of a 50‑bp rate cut during the quarter.

Term‑deposit repricing benefits are expected to continue through Q1 FY27, although the December 2025 25‑bp rate cut will weigh on yields in Q4. Management expects a moderate improvement in NIMs in the upcoming quarter.

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D-Street This Week: Q3 Results, Fed Verdict, Economic Survey And More To Drive Markets

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