“Reiterated Buy rating on Kotak Mahindra Bank with a target price of Rs 470, implying a 21% upside. The bank delivered a steady quarter, supported by controlled slippages, stable credit costs, and net interest margins. Expects NIM to gradually improve as unsecured and commercial loans increase, with the unsecured portfolio stabilizing and credit costs contained. Corporate lending is picking up, with the bank aiming to outpace system loan growth.”

Motilal Oswal Analysis’s track record (trackable calls only): 18 graded calls · 95% CI 12–51%