External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>We met with Mr Ashok Vaswani - MD CEO of Kotak Mahindra Bank (KMB) to understand the current business trends and risks amidst uncertain macros and the bank’s long-term strategies and growth roadmap.</li><li>During Mr Vaswani’s tenure at KMB (over the last 30 months), the bank has prepared the foundation for strong sustainable growth delivery as it (1) effectively resolved the RBI embargo while simultaneously strengthening its tech infrastructure, (2) reset its unsecured portfolio underwriting, (3) managed a clustered management transition and (4) recalibrated its growth engine. We believe KMB’s concentrated efforts in its identified focus segments (1) Affluent (Solitaire), (2) Contrarian bet on core India through Kotak811, (3) SME segment and (4) Institutions should enable the bank to deliver Advances/Deposits/NII/Earnings CAGR growth of 17/16/15/21% over FY26-28E.</li><li>We continue to maintain our positive outlook on the bank and maintain our BUY recommendation on the stock with an unchanged TP of Rs 500/share (2.2x FY28 ABV core book), implying an upside of 25% from the CMP.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We met with Mr Ashok Vaswani - MD CEO of Kotak Mahindra Bank (KMB) to understand the current business trends and risks amidst uncertain macros and the bank’s long-term strategies and growth roadmap.During Mr Vaswani’s tenure at KMB (over the last 30 months), the bank has prepared the foundation for strong sustainable growth delivery as it (1) effectively resolved the RBI embargo while simultaneously strengthening its tech infrastructure, (2) reset its unsecured portfolio underwriting, (3) managed a clustered management transition and (4) recalibrated its growth engine. We believe KMB’s concentrated efforts in its identified focus segments (1) Affluent (Solitaire), (2) Contrarian bet on core India through Kotak811, (3) SME segment and (4) Institutions should enable the bank to deliver Advances/Deposits/NII/Earnings CAGR growth of 17/16/15/21% over FY26-28E.We continue to maintain our positive outlook on the bank and maintain our BUY recommendation on the stock with an unchanged TP of Rs 500/share (2.2x FY28 ABV core book), implying an upside of 25% from the CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kotak Mahindra Bank Ltd - The Heavy Lifting Is Behind; Ready for Lift-Off!

<ul><li>Unsecured Book Stress Behind; Credit Costs Outlook Stable: In Q4, a sharp decline in slippages and credit costs was the highlight.</li><li>Slippage decline was aided by improved collection efficiency (CE) across CV, MFI, and credit cards.</li><li>The secured book continues to exhibit near-negligible delinquencies. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Unsecured Book Stress Behind; Credit Costs Outlook Stable: In Q4, a sharp decline in slippages and credit costs was the highlight.Slippage decline was aided by improved collection efficiency (CE) across CV, MFI, and credit cards.The secured book continues to exhibit near-negligible delinquencies. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kotak Mahindra Bank Ltd. - Fee Growth and Operating Leverage to Offset Margin Pressure

Thematic (Sector/Industry)

<ul><li>The RBI's special FCNR(B) swap facility closed as scheduled on 31st August 2026, and as per the latest RBI print on 2nd Sep’26, data shows banks having mobilised $127.2 Bn in FCNR(B) deposits.</li><li>Including $5.3 Bn through OFCBs and $3.9 Bn through ECBs, the total foreigncurrency mobilisation stood at $136.4 Bn.</li><li>The FCNR (B) quantum has more than 2x the $52.3 Bn tally as of 13th August, 2026 and far exceeds market expectations. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The RBI's special FCNR(B) swap facility closed as scheduled on 31st August 2026, and as per the latest RBI print on 2nd Sep’26, data shows banks having mobilised $127.2 Bn in FCNR(B) deposits.Including $5.3 Bn through OFCBs and $3.9 Bn through ECBs, the total foreigncurrency mobilisation stood at $136.4 Bn.The FCNR (B) quantum has more than 2x the $52.3 Bn tally as of 13th August, 2026 and far exceeds market expectations. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sector Update - FCNR (B) Deposit Mobilisation Update

<ul><li>Market Performance - Broader Market Continues to Outperform:</li><li>Indian equities entered Sep’26 with a fundamentally stronger earnings backdrop but a less supportive global liquidity and valuation environment.</li><li>Corporate earnings for Q1FY27 have been among the strongest witnessed in the last ten quarters, yet benchmark indices have struggled to sustain momentum and have experienced corrections from recent highs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Market Performance - Broader Market Continues to Outperform:Indian equities entered Sep’26 with a fundamentally stronger earnings backdrop but a less supportive global liquidity and valuation environment.Corporate earnings for Q1FY27 have been among the strongest witnessed in the last ten quarters, yet benchmark indices have struggled to sustain momentum and have experienced corrections from recent highs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Top Picks for the month of September 2026

<ul><li>Unsecured Book Stress Ease; Credit Costs to Continue to Taper: In Q3, KMB witnessed an improvement in asset quality and a decline in credit costs (calc.) from 81bps in Q2 to 66bps in Q3, primarily aided by lower stress in the unsecured book.</li><li>The stress in the MFI and Personal Loans (PL) portfolio has declined QoQ, while that in the credit card portfolio has plateaued.</li><li>The management had pointed out stress build-up in the retail CV, and the portfolio is being monitored continuously. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Unsecured Book Stress Ease; Credit Costs to Continue to Taper: In Q3, KMB witnessed an improvement in asset quality and a decline in credit costs (calc.) from 81bps in Q2 to 66bps in Q3, primarily aided by lower stress in the unsecured book.The stress in the MFI and Personal Loans (PL) portfolio has declined QoQ, while that in the credit card portfolio has plateaued.The management had pointed out stress build-up in the retail CV, and the portfolio is being monitored continuously. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kotak Mahindra Bank Ltd. - Unsecured Stress Ebbs; NIM Improvement Remains Key Monitorable!

India

Kotak Mahindra Bank is an Indian banking and financial services company that offers a comprehensive range of banking products and financial services to corporate and retail customers. These services include personal finance, investment banking, life insurance, wealth management, consumer banking, commercial banking, and treasury operations. The company provides deposit accounts, various loans, credit and debit cards, mutual funds, and insurance plans. Headquartered in Mumbai, India, the company was founded in 1985 as Kotak Mahindra Finance Limited and received its banking license in 2003.

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Kotak Mahindra Bank (KMB IN)

Kotak Mahindra Bank Ltd - The Heavy Lifting Is Behind; Ready for Lift-Off!

We continue to maintain our positive outlook on the bank and maintain our BUY recommendation on the stock with an unchanged TP of Rs 500/share...

Axis Direct

Kotak Mahindra Bank Ltd. - Fee Growth and Operating Leverage to Offset Margin Pressure

Unsecured Book Stress Behind; Credit Costs Outlook Stable: In Q4, a sharp decline in slippages and credit costs was the highlight.

Axis Direct

Sector Update - FCNR (B) Deposit Mobilisation Update

The RBI's special FCNR(B) swap facility closed as scheduled on 31st August 2026, and as per the latest RBI print on 2nd Sep’26, data shows banks...

Axis Direct

Axis Top Picks for the month of September 2026

Indian equities entered Sep’26 with a fundamentally stronger earnings backdrop but a less supportive global liquidity and valuation environment.

Axis Direct

Kotak Mahindra Bank Ltd. - Unsecured Stress Ebbs; NIM Improvement Remains Key Monitorable!

The stress in the MFI and Personal Loans (PL) portfolio has declined QoQ, while that in the credit card portfolio has plateaued.

Axis Direct

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