“Initiated a Buy rating on Kotak Mahindra Bank with a target price of ₹509, implying a 31% upside. This call is underpinned by the expectation of a cyclical earnings recovery across the banking sector, driven by factors such as healthy loan growth, improving liquidity, and recovering net interest margins.”

Goldman Sachs Analysis’s track record: 3 graded calls · 95% CI 21–94%