InCred Equities - Kotak Mahindra Bank

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	282,078	312,915	365,294	425,145
Total Non-Interest Income (Rsm)	115,525	128,978	148,574	171,599
Operating Revenue (Rsm)	397,603	441,892	513,868	596,744
Total Provision Charges (Rsm)	(29,424)	(33,730)	(37,533)	(43,903)
Net Profit (Rsm)	137,199	143,986	168,443	194,744
Core EPS (Rs)	13.80	14.48	16.94	19.59
Core EPS Growth	0%	5%	17%	16%
FD Core P/E (x)	150.23	143.15	122.37	105.84
DPS (Rs)	2.50	2.19	2.56	2.96
Dividend Yield	0.12%	0.11%	0.12%	0.14%
BVPS (Rs)	117.9	131.9	148.4	167.5
P/BV (x)	17.58	15.72	13.97	12.38
ROE	12.8%	11.6%	12.1%	12.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	282,078	312,915	365,294	425,145
Total Non-Interest Income	115,525	128,978	148,574	171,599
Operating Revenue	397,603	441,892	513,868	596,744
Total Non-Interest Expenses	(187,537)	(215,668)	(251,144)	(292,488)
Pre-provision Operating Profit	210,066	226,225	262,724	304,256
Total Provision Charges	(29,424)	(33,730)	(37,533)	(43,903)
Operating Profit After Provisions	180,642	192,495	225,191	260,353
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	180,642	192,495	225,191	260,353
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	180,642	192,495	225,191	260,353
Exceptional Items
Pre-tax Profit	180,642	192,495	225,191	260,353
Taxation	(43,443)	(48,509)	(56,748)	(65,609)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	137,199	143,986	168,443	194,744
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	137,199	143,986	168,443	194,744

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	84.7%	85.9%	86.6%	87.4%
Avg Liquid Assets/Avg Assets	97.3%	97.2%	97.2%	97.1%
Avg Liquid Assets/Avg IEAs	110.4%	111.0%	111.3%	111.7%
Net Cust Loans/Assets
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans
Asset Risk Weighting
Provision Charge/Avg Cust Loans	0.73%	0.73%	0.69%	0.69%
Provision Charge/Avg Assets	0.45%	0.45%	0.44%	0.45%
Total Write Offs/Average Assets

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Gross Loans	4,269,092	4,993,657	5,841,197	6,832,585
Liquid Assets & Invst. (Current)	1,819,075	1,972,737	2,139,676	2,316,073
Other Int. Earning Assets
Total Gross Int. Earning Assets	6,088,167	6,966,394	7,980,873	9,148,658
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	6,088,167	6,966,394	7,980,873	9,148,658
Intangible Assets
Other Non-Interest Earning Assets	166,695	196,700	232,106	273,886
Total Non-Interest Earning Assets	190,284	222,648	260,649	305,282
Cash And Marketable Securities	657,792	776,476	917,451	1,085,053
Long-term Investments
Total Assets	6,936,242	7,965,518	9,158,973	10,538,992
Customer Interest-Bearing Liabilities	4,990,552	5,789,040	6,715,286	7,789,732
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	5,474,979	6,321,910	7,301,443	8,434,505
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	288,864	332,194	382,023	439,326
Total Liabilities	5,763,843	6,654,104	7,683,466	8,873,831
Shareholders Equity	1,172,399	1,311,415	1,475,507	1,665,161
Minority Interests
Total Equity	1,172,399	1,311,415	1,475,507	1,665,161

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	8.5%	10.9%	16.7%	16.4%
Operating Profit Growth	7.2%	7.7%	16.1%	15.8%
Pretax Profit Growth	0%	7%	17%	16%
Net Interest To Total Income	70.9%	70.8%	71.1%	71.2%
Cost Of Funds	4.80%	4.91%	4.82%	4.82%
Return On Interest Earning Assets	9.3%	9.2%	9.3%	9.4%
Net Interest Spread	4.46%	4.32%	4.46%	4.57%
Net Interest Margin (Avg Deposits)	5.95%	5.81%	5.84%	5.86%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	14%	15%	14%	14%
Interest Return On Average Assets	4.36%	4.20%	4.27%	4.32%
Effective Tax Rate	24.0%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio	3.6%	3.0%	3.0%	3.0%
Return On Average Assets	2.12%	1.93%	1.97%	1.98%

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