“Maintained Accumulate rating on Kotak Mahindra Bank with a target price of Rs 455, an upside of 17%. Q1FY27 profit after tax was in line with expectations, with treasury losses offset by lower credit costs and stable RoA at 2.1%. The target valuation of 1.7x FY28E core price-to-book reflects a strong liability franchise and expected 15% loan growth. Despite RoE remaining below peers, the current valuation of 1.3x FY28E core P/B is attractive.”