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Private-sector bank Historical case study · data as of 03 Jul 2026 · published 06 Oct 2026 (95 days later)

Kotak Mahindra Bank — 100-point case study

How Kotak Mahindra Bank looked on 50 technical and 50 fundamental measures on 03 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: KOTAKBANK · BSE: 500247
Close on 03 Jul 2026	₹396.75
Market cap then	₹3,94,682 crore
Valuation	P/E 20.5× · P/B 2.18×
Momentum	RSI (14) 52 · 1-year return -6.7%
Next 3 months	+5.4% vs Nifty 50 -7.6% (to 01 Oct 2026)

Scorecard

Technical — 50 points

10 bullish · 30 neutral · 0 caution · 9 bearish — the picture was mixed.

Fundamental — 50 points

14 bullish · 31 neutral · 0 caution · 4 bearish — the picture leaned positive.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Data note: Kotak Mahindra Bank split its shares 1:5 (face value ₹5 → ₹1), record date 14 Jan 2026. All prices shown are split-adjusted. Bank-specific metrics are standalone figures from the bank's results releases and press coverage.

Technical analysis — 50 points

Calculated by code from daily prices up to 03 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope +0.21%/day	Bullish	Over the last 20 sessions the regression line of closing prices was rising about 0.21% a day — a short-term uptrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return +12.3%	Neutral	The 100-session trend line was down (-0.05%/day) and the stock was +12.3% over three months, so the medium-term picture was neutral. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return -6.7%	Neutral	Compared with a year earlier the price was -6.7%. Little net progress over twelve months. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 390.52 / 30W 399.49	Neutral	On the weekly chart the stock showed a weekly close tangled between the 10-week and 30-week averages. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 411.00→413.80; lows 363.00→372.20	Bullish	The two most recent swing points showed higher swing highs and higher swing lows — classic uptrend structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	19.1	Neutral	ADX at 19.1 signals a weak or absent trend (below 20) — range-bound conditions. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 25.8 / –DI 21.9	Bullish	+DI was above –DI: upward price pressure outweighed downward pressure. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	397.21 (-0.1%)	Bearish	Close of 396.75 was 0.1% below the 20-day SMA — the short-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	387.25 (+2.5%)	Bullish	Close of 396.75 was 2.5% above the 50-day SMA — the medium-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	406.23 (-2.3%)	Bearish	Close of 396.75 was 2.3% below the 200-day SMA — the long-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 398.95 / 21E 396.45	Bullish	The 9-day EMA was above the 21-day EMA; the last crossover happened on 10 Jun 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bearish	The 50-day average was 4.7% below the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	+2.9% in 20 sessions	Bullish	The 50-day average rose 2.9% over the past month — rising. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	397 / 387 / 390 / 406	Neutral	The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range. Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	398.70 (-0.5%)	Bearish	Anchored to the start of July, the volume-weighted average price was 398.70; the close was below it — buyers that month were on average under water. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	51.8	Neutral	RSI at 51.8 was in the neutral 45–55 zone. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	none	Neutral	Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD 3.53 / signal 4.54	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	0.16 → -1.01	Bearish	The histogram fell over the last five sessions, meaning momentum was weakening. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	3.53	Bullish	MACD above zero means the 12-day EMA was above the 26-day EMA — a positive momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 40.8 / %D 43.4	Bearish	Slow stochastic at 40.8 was mid-range with %K below %D. Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-71.3	Neutral	%R of -71.3 put the close in the middle of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	4	Neutral	CCI at 4 was within the normal ±100 band. Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-1.5%	Neutral	Price changed -1.5% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.49 (bands 378.03–416.40)	Neutral	%B of 0.49 — inside the bands, lower half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 9.7% (66th pct of 6M)	Neutral	Band width was at the 66th percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹8.23 (2.1% of price)	Neutral	A typical day's range was about ₹8.23, or 2.1% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	20.1% vs 1Y 21.5%	Neutral	Annualised 30-day volatility was 20.1%, close to the one-year level of 21.5%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	380.55–412.89	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	1.07	Neutral	A beta of 1.07 means the stock tended to move roughly in line with the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.94× / 5-day 1.43×	Neutral	The final session traded 0.94× its 20-day average volume and the last five sessions averaged 1.43× — heavier than usual participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 0.92	Neutral	Average volume on up days was 0.92× that on down days — balanced. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV falling	Bearish	OBV fell over the month while price rose — volume diverged from price. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	rising (20d)	Bullish	The A/D line rose, meaning closes tended to be in the upper part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	0.00	Neutral	CMF at +0.00 indicated roughly balanced money flow. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	47.7	Neutral	MFI, a volume-weighted RSI, was 47.7. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹619 cr/day	Neutral	About ₹619 crore changed hands per day on average over 20 sessions — highly liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	393.68 / 368.56 / 355.25	Neutral	Nearest support (prior swing lows) sat at 393.68, 0.8% below the close, then 368.56, 355.25. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	410.00 / 436.03	Neutral	Nearest resistance (prior swing highs) sat at 410.00, 3.3% above the close, then 436.03. How to read: Information only.
40	Monthly pivot points (for next month)	P 398.33 \| R1 403.42 \| S1 391.67	Neutral	Classic pivots from July's high/low/close gave a pivot of 398.33; the close was below it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 369 \| 38.2% 384 \| 50.0% 396 \| 61.8% 407	Neutral	Measuring the 6-month fall from 445.60 to 345.50, the close was nearest the 50.0% retracement at 395.55. How to read: Information only.
42	52-week high / low	H 453.20 / L 345.50	Neutral	The close was 12.5% below the 52-week high and 14.8% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	1 open; latest gap-down 29 Jun at 407.20	Neutral	There was 1 unfilled gap(s). The latest, a gap-down on 29 Jun 2026, left an open level at 407.20 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	broad sideways range	Neutral	Rule-based pattern scan: broad sideways range. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 372.70–413.80	Neutral	The close was inside the prior 20-day range of 372.70–413.80. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Ordinary red candle	Neutral	On 03 Jul the candle opened 400.00, ranged 394.55–401.45 and closed 396.75: Ordinary red candle. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 370.32–382.23; Tenkan 401.85 / Kijun 393.00	Bullish	Price was above the cloud and the Tenkan line was above the Kijun line — a bullish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M +0.4% / 3M +3.6%	Bullish	The stock outperformed the Nifty 50 by 3.6 points over three months and outperformed by 0.4 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty Bank	3M -3.0%	Bearish	Against its sector index (Nifty Bank) the stock was 3.0 points behind over three months. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	10 bullish · 9 bearish · 30 neutral · 0 caution	Neutral	Across the 49 readings the technical picture was mixed. Levels that mattered: support 393.68, resistance 410.00. This is a description of the chart on 03 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 03 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 03 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	20.5×	Neutral	At ₹396.75 the market valued the company at about ₹3,94,682 crore, or 20.5× the ₹19,287 crore profit of the four quarters to Mar 2026. That is a moderate multiple. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	2.18×	Neutral	Market cap was 2.18× the Mar 2026 book value (equity + reserves) of ₹1,81,226 crore. For a bank, P/B is the main valuation yardstick. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Revenue (interest earned)	5.66×	Neutral	Market cap was 5.66× trailing-12-month revenue (mainly interest earned) of ₹69,781 crore. How to read: Information only.
4	Profit / Book (earnings power)	10.6%	Neutral	Trailing profit was 10.6% of book value — the return the bank was generating on the equity investors were paying 2.18× for. How to read: Information only.
5	Earnings yield	4.9%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹4.9 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	2.29	Bearish	P/E of 20.5 divided by 3-year profit growth of 8.9% a year gives a PEG of 2.29. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	0.63%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹2.5 a share, a 0.63% yield on the ₹396.75 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹3,94,682 cr	Neutral	At about ₹3.95 lakh crore the company was a large-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹281.91 vs ₹396.75	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹281.91; the price was 41% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+6.3%	Neutral	Revenue (interest earned) for FY26 was ₹69,781 crore, +6.3% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+6.3%	Neutral	The Jan–Mar 2026 quarter brought ₹17,827 crore of revenue, +6.3% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	-12.8%	Bearish	FY26 net profit was ₹19,288 crore, -12.8% on FY25's ₹22,126 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+9.9%	Neutral	Quarterly profit was ₹5,423 crore versus ₹4,933 crore a year earlier (+9.9%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	18.3%	Bullish	Revenue compounded at 18.3% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	8.9%	Neutral	Net profit compounded at 8.9% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	16.3%	Bullish	Over five years (FY21–FY26) revenue compounded at 16.3% a year. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	-12.9%	Bearish	Reported EPS went from ₹22.26 to ₹19.39 (-12.9%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Net interest margin (Q4 FY26)	4.67%	Bullish	NIM — the spread between what the bank earns on loans and pays on deposits — was 4.67% in Jan–Mar 2026 (as reported). Above ~3.5% is strong for an Indian bank. Bullish 3.5% or more · Bearish below 3.0% · Neutral 3.0–3.5%.
19	Net interest income growth (Q4 FY26)	+8.0%	Neutral	Core interest income after interest expense was ₹7,876 crore, +8.0% year on year (standalone, as reported). Bullish above 10% · Bearish below 5% · Neutral 5–10%.
20	Net profit margin FY26	27.6%	Neutral	₹27.6 of every ₹100 of interest-led revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	11.4%	Neutral	FY26 profit was 11.4% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	Leverage (assets ÷ equity)	5.5×	Neutral	Total assets were 5.5× equity — normal for banks, which fund most assets with deposits. How to read: Information only — banks normally run high leverage.
23	Return on assets FY26	1.92%	Bullish	Net profit was 1.92% of total assets. For banks, ROA above 1% is considered healthy. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	26%	Neutral	The company paid about 26% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Q4 FY26 standalone profit (reported)	₹4,027 cr (+13.0%)	Bullish	The bank's own (standalone) Jan–Mar 2026 profit as reported was ₹4,027 crore, +13.0% year on year. Bullish above 12% year on year · Bearish below 0% · Neutral 0–12%.

D. Asset quality & capital

#	Point	Reading	Tag	Commentary
26	Gross NPA (Q4 FY26)	1.20%	Bullish	Gross non-performing assets were 1.20% of loans — low by Indian standards. Bullish below 2% · Bearish above 4% · Neutral 2–4%.
27	Net NPA (Q4 FY26)	0.25%	Bullish	After provisions, net NPAs were 0.25% of loans. Bullish below 0.6% · Bearish above 1.5% · Neutral 0.6–1.5%.
28	CASA ratio	43.3%	Bullish	Low-cost current and savings deposits made up 43.3% of deposits — a higher CASA means cheaper funding. Bullish above 40% · Bearish below 30% · Neutral 30–40%.
29	Capital adequacy (CRAR)	22.40%	Bullish	Capital adequacy was 22.40%, comfortably above the RBI minimum of 11.5% (incl. buffer). Bullish above 16% · Bearish below 13% · Neutral 13–16%. RBI minimum incl. buffer is 11.5%.
30	Loan (advances) growth	+16.0%	Bullish	Advances grew +16.0% year on year (as reported). Bullish above 14% · Bearish below 8% · Neutral 8–14%.
31	Deposit growth	+15.0%	Bullish	Deposits grew +15.0% year on year (as reported). Bullish above 12% · Bearish below 7% · Neutral 7–12%.
32	Deposit base (consolidated)	₹5.67 lakh cr	Neutral	Consolidated deposits were ₹5,66,940 crore at Mar 2026, +14.6% on a year earlier. How to read: Information only.
33	Book value growth	+15.1%	Bullish	Equity grew +15.1% to ₹1,81,226 crore — banks need book growth to support loan growth. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹41,727 cr	Neutral	Operating cash flow was ₹41,727 crore. For banks this swings with deposit and loan flows, so it says little about profitability. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Investing cash flow FY26	₹-16,159 cr	Neutral	Investing flows for banks mostly reflect securities and fixed-asset purchases. How to read: Information only — for banks these swing with deposit and loan flows.
36	Financing cash flow FY26	₹-2,538 cr	Neutral	Financing flows reflect borrowings raised/repaid and dividends paid. How to read: Information only — for banks these swing with deposit and loan flows.
37	Net cash flow FY26	₹23,029 cr	Neutral	Overall cash and balances changed by ₹23,029 crore in FY26. How to read: Information only — for banks these swing with deposit and loan flows.
38	Investment book growth	+2.2%	Neutral	The investment portfolio (mostly government securities) moved +2.2% to ₹2,90,633 crore. How to read: Information only.
39	Loan growth minus deposit growth	+1.0 pts	Neutral	Loans grew 16.0% and deposits 15.0%. Deposit growth kept pace with lending — funding was not a constraint. How to read: Caution when loans grew more than 4 points faster than deposits (funding pressure). Neutral otherwise.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	3%	Neutral	The company paid out about 3% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	2% / 2% / 3%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.1%	Neutral	Paid-up equity capital changed +0.1% (₹994 cr → ₹995 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	25.87% (-0.01 pts YoY)	Neutral	Promoters owned 25.87% at Mar 2026 versus 25.88% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	26.40% (-6.25 pts YoY)	Bearish	FIIs held 26.40% at Mar 2026, down from 32.65% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	36.19% (+7.06 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 36.19%, up from 29.13%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	7.8 lakh (+10.7% YoY)	Neutral	The shareholder count moved from 7.1 lakh to 7.8 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	6/8	Neutral	Passed: positive profit, ROA ≥ 1%, gross NPA < 3%, net NPA < 1%, CRAR ≥ 14%, no meaningful dilution (<3%). Failed: profit grew, ROE ≥ 12%. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	0 strength(s) · 6 weakness(es)	Neutral	No strengths flagged. Weaknesses: Company has low interest coverage ratio; Company has a low return on equity of 13.7% over last 3 years; Contingent liabilities of Rs.10,54,268 Cr; Earnings include an other income of Rs.40,409 Cr; Dividend payout has been low at 2.59% of profits over last 3 years; Working capital days have increased from 97.7 days to 145 days. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	14 bullish · 4 bearish · 31 neutral · 0 caution	Bullish	On the numbers published by 03 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 20.5×, P/B 2.18×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 03 Apr 2026 – 03 Jul 2026 that an investor could have known on the snapshot date.

02 May 2026 Kotak Mahindra Bank reports Q4 FY26 results; standalone profit up 13% — Board approved Q4 FY26 results: standalone PAT Rs 4,027 cr (+13% YoY), NII Rs 7,876 cr (+8%), NIM 4.67%, GNPA 1.20%, NNPA 0.25%, CRAR 22.4%; dividend of Rs 0.65 per share recommended. Consolidated PAT Rs 5,423 cr. source
04 May 2026 Kotak Bank shares fall after Q4 results as FY26 profit declines — Stock fell up to about 5% intraday on the first trading day after results; full-year standalone FY26 profit of Rs 14,008 cr was below FY25's Rs 16,450 cr despite quarterly growth. source
08 May 2026 RBI approves Kotak's acquisition of up to 9.99% in City Union Bank — RBI letter dated 6 May 2026 allowed Kotak Mahindra Bank to hold up to 9.99% of City Union Bank; City Union disclosed it on 7 May. source
08 May 2026 RBI nod for Kotak to take up to 9.99% in J&K Bank, AU SFB and Federal Bank — RBI granted Kotak approval to build aggregate holdings of up to 9.99% in Jammu and Kashmir Bank, with similar approvals the same week for AU Small Finance Bank and Federal Bank. source
28 Jun 2026 MD & CEO Ashok Vaswani to step down at end of term in December 2026 — Vaswani told the board he will not seek reappointment after his term ends on 31 December 2026, citing personal reasons; the board began a succession process. source

What happened next (03 Jul 2026 → 01 Oct 2026)

Price went from ₹396.75 to ₹418.35 by 01 Oct 2026 (+5.4%) while the Nifty 50 moved -7.6% — outperforming by 13.1 points.
Highest ₹435.60 on 01 Oct 2026; lowest ₹368.40 on 09 Jul 2026.
S1 393.68: broken on a closing basis on 06 Jul 2026.
S2 368.56: held on a closing basis.
R1 410.00: cleared on a closing basis on 26 Aug 2026.
R2 436.03: not cleared on a closing basis.
200-day SMA: price was below it at the snapshot and crossed above on 21 Aug 2026.
Apr–Jun 2026 results (reported 18 Jul 2026): standalone profit ₹4,123 crore (+26.0% YoY), NIM 4.53%, gross NPA 1.18%, net NPA 0.27%.

Later news

18 Jul 2026 Kotak Mahindra Bank Q1 FY27 standalone profit rises 26% — Standalone PAT Rs 4,123 cr (+26% YoY) on lower provisions; NII Rs 7,928 cr (+9%), NIM 4.53% vs 4.65%, CASA 40.3%, GNPA 1.18%, NNPA 0.27%, CRAR 22.8%. Advances +15%, deposits +12%. Consolidated PAT Rs 5,480 cr. source
14 Sep 2026 Group President Manish Kothari resigns from Kotak Mahindra Bank — Kothari, head of the Commercial Bank, resigned effective 30 September 2026 after about three decades; his portfolio is being merged into the retail and institutional segments. source
16 Sep 2026 Kotak to meet analysts at Citi and J.P. Morgan investor conferences — Bank scheduled participation in Citi's India Financials Investor Forum (21 Sep, virtual) and the J.P. Morgan India Conference in Mumbai (22 Sep). source
01 Oct 2026 RBI approves Anup Kumar Saha as next MD & CEO of Kotak Mahindra Bank — RBI approved Saha, a former Bajaj Finance MD & CEO who joined Kotak in January 2026, as MD & CEO for three years from 1 January 2027, succeeding Ashok Vaswani; shareholder approval pending. source

Educational summary. On 03 Jul 2026 the technical picture was mixed and the fundamental picture leaned positive. Over the next three months the stock moved +5.4% against -7.6% for the Nifty 50. A mixed chart gave no clear message, and the outcome shows why mixed readings are hard to act on. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Kotak Mahindra Bank today.

Method designed by Pawan Kumar Sharma, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 06 Oct 2026); index — Nifty 50, Nifty Bank via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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