“Maintained Add rating on Kotak Mahindra Bank with a target price of Rs 415, implying a 6.4% upside. The bank benefits from steady asset quality and the acquisition of Deutsche Bank's India consumer banking business. However, sluggish loan growth is likely to keep profitability improvement gradual. The stock's current standalone valuation of around 1.4x FY28E BVPS is considered reasonable.”

JM Financial Analysis’s track record: 4 graded calls · 95% CI 5–70%