Kotak Mahindra Bank jumps 3.7% after strong Q2 loan, deposit data
The stock opened at ₹422, touched a high of ₹434.40 and has seen traded volumes of 153.20 lakh shares worth ₹658.94 crore so far in the session
Shares of Kotak Mahindra Bank rose sharply on Tuesday morning, trading at ₹431.30 on the NSE by 10.40 AM, up ₹15.30 or 3.68 per cent from Monday’s close of ₹416. The stock opened at ₹422, touched a high of ₹434.40 and has seen traded volumes of 153.20 lakh shares worth ₹658.94 crore so far in the session. Deliverable quantity stands at 57.14 per cent, suggesting a meaningful portion of buying is positional.
The move comes a day after the bank filed its provisional deposits and advances data for the September 2026 quarter with BSE and NSE. Net advances at end of period stood at ₹5,77,094 crore, up 24.7 per cent year-on-year and 12.7 per cent quarter-on-quarter. Total deposits grew 23.2 per cent YoY and 13.7 per cent QoQ to ₹6,51,491 crore. The numbers were boosted by FCNR(B) deposits of $5.78 billion (approximately ₹55,344 crore) mobilised under the RBI’s swap facility, and corresponding advances of $1.68 billion (~₹16,110 crore) from the bank’s international branches.
Analysts at Citi maintained a Buy rating with a target price of ₹465, noting advances growth came in well ahead of their estimate of 20.9 per cent YoY. Stripping out FCNR(B)-linked exposure, they pegged core loan growth at 21.6 per cent YoY, still a beat, driven by corporate banking, SME, LAP and MFI segments. They flagged that the average CASA ratio eased roughly 140 basis points QoQ to 37.4 per cent, reflecting an expanded term deposit base on the back of FCNR inflows.
Goldman Sachs raised its target price on the stock to ₹540 from ₹509, retaining a Buy call. The brokerage cited improved leadership clarity, strong liquidity at the bottom of the rate cycle and potential acceleration in unsecured loan growth. Goldman projects earnings per share to grow at a 19 per cent CAGR over FY26–FY29, calling current valuations at 15x FY28 P/E attractive.
The stock’s 52-week high is ₹453.20, hit on October 20, 2025, and the 52-week low is ₹345.50 from April 2, 2026. The current market capitalisation stands at approximately ₹4.29 lakh crore.