Kotak Mahindra Bank reported a 29% year-on-year (YoY) increase in standalone net profit to ₹4,212 crore for the quarter ended 30 September 2026 (Q2 FY27), supported by higher net interest income, strong fee growth and lower credit costs. Consolidated profit rose 26% to ₹5,645 crore, while gross and net non-performing asset (NPA) ratios improved.
However, the Kotak Mahindra Bank Q2 FY27 results also showed pressure on lending margins. Net interest margin (NIM) declined to 4.31%, largely due to substantial foreign-currency deposit mobilisation. Despite this, loan growth remained healthy, operating efficiency improved and the bank maintained a strong capital position.
This Kotak Mahindra Bank Q2 FY27 Results Analysis examines earnings, NIM, loan and deposit growth, asset quality, subsidiary performance, market reaction and the key factors investors should monitor.
Table of Contents
- Kotak Mahindra Bank Q2 FY27 Results Highlights
- Standalone and Consolidated Profit Growth
- Net Interest Income and NIM Pressure
- Fee Income and Operating Efficiency
- Loan Growth and Balance Sheet Performance
- Deposit Growth and CASA Ratio
- Asset Quality and Credit Costs
- Capital Adequacy, Liquidity and Return Ratios
- Subsidiary Performance and Consolidated Business
- Kotak Mahindra Bank Share Price Reaction
- Key Positives and Risks for Investors
- What Should Investors Monitor Next?
- Kotak Mahindra Bank Q2 FY27 Results: Conclusion
Kotak Mahindra Bank's Q2 FY27 earnings reflected healthy growth in core banking income, improved asset quality and stronger operating profitability. However, interest margins contracted despite a rise in net interest income.
The table below compares the bank's key standalone financial indicators with the corresponding quarter of the previous financial year.
| Key metric |
Q2 FY27 |
Q2 FY26 |
| Standalone net profit |
₹4,212 crore |
₹3,253 crore |
| Net interest income (NII) |
₹8,459 crore |
₹7,311 crore |
| Net interest margin (NIM) |
4.31% |
4.54% |
| Fees and services income |
₹2,926 crore |
₹2,415 crore |
| Operating profit |
₹6,382 crore |
₹5,268 crore |
| Provisions |
₹803 crore |
₹947 crore |
| Gross NPA ratio |
1.04% |
1.39% |
| Net NPA ratio |
0.24% |
0.32% |
Source: Kotak Mahindra Bank's Q2 FY27 press release and unaudited standalone financial results.
Key year-on-year movements:
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Net profit increased 29%, supported by higher income and lower provisions.
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NII grew 16%, reflecting growth in interest-earning business.
-
Operating profit rose 21%, indicating improvement in pre-provision earnings.
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Fee income increased 21%, strengthening non-interest revenue.
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NIM declined 23 basis points, mainly due to FCNR(B) deposit mobilisation.
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Gross and net NPA ratios improved by 35 and 8 basis points, respectively.
The quarter's central takeaway is that earnings growth and asset quality improved even as margins came under pressure.
The Kotak Mahindra Bank Q2 FY27 net profit increased significantly on both a standalone and consolidated basis, supported by higher core income and lower year-on-year provisions.
Standalone net profit rises 29%
Kotak Mahindra Bank reported standalone profit after tax (PAT) of ₹4,211.97 crore, compared with ₹3,253.33 crore in Q2 FY26, representing growth of 29.48%.
On a sequential basis, profit increased 2.16% from ₹4,122.96 crore in Q1 FY27.
Three factors supported the improvement:
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Higher interest income: NII increased approximately 16% YoY to ₹8,459 crore as the lending business expanded.
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Strong fee growth: Fees and services income rose 21% to ₹2,926 crore, providing additional earnings support.
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Lower provisions: Provisions declined 15% YoY to ₹803 crore, reducing the impact of credit-related charges on profitability.
Operating profit also increased 21% YoY to ₹6,382 crore.
This indicates that the improvement in earnings was supported by operating performance as well as lower provisions.
However, sequential profit growth was more moderate at 2%, suggesting that the pace of earnings expansion was slower than the annual comparison.
Consolidated net profit increases 26%
At the group level, Kotak Mahindra Bank reported consolidated PAT, including its share of profits from associates, of ₹5,645 crore in Q2 FY27, compared with ₹4,468 crore in Q2 FY26.
This represents approximately 26% YoY growth.
Excluding the share of profits from associates, consolidated PAT stood at ₹5,634 crore, an increase of 26.72% YoY.
The consolidated performance reflects contributions from the bank and its financial-services subsidiaries, including securities broking, asset management, insurance and financing businesses.
For investors, the distinction between standalone and consolidated profit is important. Standalone earnings indicate the performance of the core banking business, while consolidated results capture the broader group's profitability.
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To assess how Kotak Mahindra Bank's earnings growth and declining NIM relate to its market valuation, check the Kotak Mahindra Bank share price, historical charts and key valuation ratios.
One of the most important developments in the Kotak Mahindra Bank Q2 results was the difference between strong net interest income growth and declining net interest margins.
Net interest income grows 16%
Net interest income, which represents the difference between interest earned and interest paid, increased 15.71% YoY to ₹8,458.97 crore.
NII was ₹7,311 crore in Q2 FY26 and ₹7,928 crore in Q1 FY27.
This means interest income grew approximately 7% sequentially, supported by loan growth and balance-sheet expansion.
Higher NII helped the bank maintain earnings growth despite margin compression.
Why did Kotak Mahindra Bank's NIM decline?
Kotak Mahindra Bank's net interest margin fell to 4.31% in Q2 FY27, compared with 4.54% in Q2 FY26 and 4.53% in Q1 FY27.
The decline was 23 basis points YoY and 22 basis points QoQ.
The bank attributed the moderation largely to its mobilisation of Foreign Currency Non-Resident (Bank), or FCNR(B), deposits.
During the quarter:
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FCNR(B) deposits mobilised totalled approximately ₹55,344 crore.
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Loans provided through international branches amounted to approximately ₹16,110 crore.
The substantial deposit mobilisation increased the bank's foreign-currency funding base.
However, when funding is raised faster than it can be deployed into income-generating assets, the resulting funding and deployment mix can weigh on reported NIM.
This helps explain why the bank reported higher NII but lower NIM during the same quarter.
Cost of funds trend
The bank's cost of funds also provides context for margin performance.
| Period |
Cost of funds |
| Q2 FY26 |
4.70% |
| Q1 FY27 |
4.46% |
| Q2 FY27 |
4.52% |
Cost of funds improved by 18 basis points YoY but increased by 6 basis points sequentially.
This indicates that funding costs were lower than a year earlier, although the recent change in funding mix affected quarterly margins.
Investor implication: NIM recovery will depend partly on how effectively Kotak deploys the mobilised funds, manages deposit costs and maintains lending spreads. Margin performance remains a key indicator for the coming quarters.
Kotak Mahindra Bank's non-interest income performance was another positive feature of Q2 FY27.
Fee income growth and controlled operating expenses helped support overall profitability.
Fees and services income increased 21%
Fees and services income rose to ₹2,926 crore from ₹2,415 crore in Q2 FY26, representing 21% YoY growth.
Sequentially, fee income increased 17% from ₹2,500 crore in Q1 FY27.
Fee income is important for banks because it provides revenue beyond the difference between lending rates and deposit costs.
Stronger fee income can therefore support profitability when net interest margins are under pressure.
Operating profit rises 21%
Operating profit increased to ₹6,382 crore in Q2 FY27 from ₹5,268 crore in Q2 FY26.
This represents 21% YoY growth and approximately 4% sequential growth from ₹6,131 crore in Q1 FY27.
Operating expenses rose 14% YoY to ₹5,271 crore.
Since operating profit grew faster than expenses, the bank demonstrated positive operating leverage during the quarter.
Cost-to-assets ratio improves
Kotak's cost-to-assets ratio declined to 2.40% in Q2 FY27 from 2.67% in Q2 FY26 and 2.66% in Q1 FY27.
The improvement suggests better expense efficiency relative to the bank's asset base.
For investors, the combination of higher fee income, improving operating profit and lower cost-to-assets is encouraging because it demonstrates earnings growth beyond loan expansion alone.
However, sustaining operating leverage will depend on future income growth and expense control.
Kotak Mahindra Bank recorded strong balance-sheet expansion in Q2 FY27, with reported advances growing faster than the previous year's level.
However, the headline numbers also reflect FCNR(B)-related lending and an acquired loan portfolio.
Net advances grow 25% YoY
Net advances increased to ₹5,77,295 crore as of 30 September 2026, compared with ₹4,62,688 crore a year earlier.
This represents 25% YoY growth.
However, excluding loans against FCNR(B) deposits and the loan portfolio acquired from Kotak Mahindra Investments Limited (KMIL), advances grew 19% YoY.
The adjusted figure is particularly relevant because it provides a clearer picture of growth excluding these specific contributions.
While headline loan growth remained strong, the difference between 25% reported growth and 19% adjusted growth indicates that not all the expansion came from the underlying loan portfolio on a comparable basis.
Customer assets increased 23%
Customer assets reached ₹6,26,801 crore as of 30 September 2026, representing 23% YoY growth.
Customer assets include advances, certain interbank participation and bill rediscounting exposures, and credit substitutes.
This broader measure reflects the bank's expansion across lending and related credit exposures.
Credit-deposit ratio reaches 88.6%
Kotak Mahindra Bank's credit-deposit ratio stood at 88.6% in September 2026, compared with 87.5% a year earlier.
The ratio measures the proportion of deposits deployed as loans.
A higher ratio indicates greater utilisation of the deposit base for lending.
However, it also means that sustained advances growth will require continued deposit mobilisation or other funding sources.
For investors, the important question is whether the bank can maintain healthy lending growth without increasing funding costs or putting additional pressure on margins.
Deposit growth was strong during Q2 FY27, but the composition of deposits deserves closer attention.
The large FCNR(B) mobilisation boosted reported deposit growth while also changing the bank's deposit mix.
Total deposits increase 23%
Kotak Mahindra Bank's total period-end deposits increased to ₹6,51,491 crore, representing 23% YoY growth.
However, excluding FCNR(B) deposits, the bank reported deposit growth of 13% YoY.
This distinction matters because the adjusted growth rate provides a clearer view of the underlying domestic deposit franchise.
Average total deposits increased 19% YoY to ₹6,06,234 crore.
The following table shows the movement across major average deposit categories.
| Deposit category |
Q2 FY27 average/YoY growth |
| Current deposits |
₹82,026 crore / +17% |
| Fixed-rate savings deposits |
₹1,29,731 crore / +14% |
| Term deposits |
₹3,79,765 crore / +22% |
| Total average deposits |
₹6,06,234 crore / +19% |
The 22% rise in average term deposits indicates that this category contributed significantly to deposit growth.
CASA ratio declines to 38.2%
Kotak Mahindra Bank's current account and savings account (CASA) ratio declined to 38.2% as of 30 September 2026 from 42.3% a year earlier.
This represents a decline of 4.1 percentage points.
CASA deposits are generally an important source of relatively low-cost funding for banks.
A lower CASA ratio can increase reliance on term deposits and other funding sources, potentially affecting overall funding costs.
However, the bank reported that its CASA ratio, excluding FCNR(B) deposits, was 41.8%.
This suggests that the decline in the headline ratio was substantially influenced by the change in deposit composition rather than a similarly large deterioration in the underlying CASA franchise.
Investor implication: The quality of deposit growth matters as much as its pace. Investors should track both reported deposit growth and growth excluding FCNR(B), alongside CASA and funding costs.
Improving asset quality was one of the strongest aspects of Kotak Mahindra Bank's Q2 FY27 results.
The bank reported lower gross and net NPA ratios, fewer fresh slippages and reduced annualised credit costs.
Gross and net NPA ratios improve
Both gross and net NPA ratios declined compared with the previous quarter and the corresponding quarter last year.
Kotak Mahindra Bank Asset Quality: September 2026
| Asset-quality metric |
September 2026 |
| Gross NPA ratio |
1.04% |
| Net NPA ratio |
0.24% |
| Provision coverage ratio |
78% |
Kotak Mahindra Bank Asset Quality: Earlier Comparison
The following table presents the asset-quality ratios for June 2026 and September 2025.
| Asset-quality metric |
Earlier Comparison |
| Gross NPA ratio |
June 2026: 1.18%;
September 2025: 1.39% |
| Net NPA ratio |
June 2026: 0.27%;
September 2025: 0.32% |
| Provision coverage ratio |
September 2025: 77% |
Gross NPA improved by 35 basis points YoY and 14 basis points QoQ.
Net NPA improved by 8 basis points YoY and 3 basis points QoQ.
In absolute terms:
-
Gross NPAs declined to ₹6,080.97 crore from ₹6,479.58 crore a year earlier.
-
Net NPAs fell to ₹1,366.94 crore from ₹1,490.98 crore.
The reduction in NPA balances, despite loan book growth, indicates an improvement in reported asset quality.
Slippages decline 24%
Fresh slippages fell to ₹1,230 crore in Q2 FY27 from ₹1,629 crore in Q2 FY26.
This represents a 24% YoY reduction.
Slippages refer to loans that newly become non-performing during a period.
Lower slippages indicate reduced fresh stress entering the NPA category.
Credit cost declines to 0.35%
Kotak's annualised credit cost stood at 0.35% in Q2 FY27, compared with 0.79% in Q2 FY26 and 0.46% in Q1 FY27.
This indicates lower annualised credit costs on both a yearly and sequential basis.
Provisions also declined 15% YoY to ₹803 crore from ₹947 crore.
However, provisions increased approximately 20% sequentially from ₹668 crore in Q1 FY27.
This distinction is important. Although overall credit metrics improved, sequential provisions still increased.
For investors, lower slippages, improving NPA ratios and reduced credit costs suggest stronger asset-quality discipline.
The sustainability of these trends will depend on future loan performance and provisioning requirements.
Kotak Mahindra Bank maintained a strong capital position during Q2 FY27, providing capacity to support future business expansion.
Capital adequacy remains strong
The bank reported a standalone Basel III capital adequacy ratio of 21.9% as of 30 September 2026.
Its Common Equity Tier 1 (CET1) capital ratio stood at 21.4%.
CET1 represents a bank's core capital available to absorb unexpected losses.
A strong CET1 ratio provides an important buffer against financial stress and supports the bank's ability to expand its risk-weighted assets.
The capital position also reduces the immediate dependence on fresh equity funding for supporting growth.
Return ratios and liquidity position
Kotak Mahindra Bank reported the following annualised profitability ratios for Q2 FY27:
| Return metric |
Standalone / Consolidated |
| Return on assets (ROA) |
1.92% / 2.10% |
| Return on equity (ROE) |
11.65% / 11.70% |
The consolidated average liquidity coverage ratio (LCR) stood at 137.4%, above the applicable regulatory minimum.
A healthy LCR indicates that the group maintained a substantial stock of high-quality liquid assets relative to its expected short-term cash outflows.
Net worth and book value growth
Consolidated net worth stood at ₹1,94,706 crore as of 30 September 2026.
Book value per share increased 16% YoY to ₹196.
The book value calculation reflects the subdivision of one equity share with a face value of ₹5 into five equity shares of ₹1 each, effective 14 January 2026.
For investors, book value growth is relevant when assessing the bank's valuation alongside return on equity, profitability and asset quality.
A strong capital position supports financial stability, although the level of return generated on that capital remains an important measure of shareholder efficiency.
Kotak Mahindra Bank's diversified financial-services businesses continued to contribute to consolidated earnings during Q2 FY27.
However, performance varied across subsidiaries, particularly on a sequential basis.
Kotak Group subsidiary profit comparison
The following table compares the profit after tax of the bank and its major subsidiaries.
All amounts are in ₹ crore.
Kotak Group Q2 FY27 Subsidiary Profit
| Entity |
Q2 FY27 PAT |
| Kotak Mahindra Bank |
4,212 |
| Kotak Securities |
348 |
| Kotak Asset Management & Trustee Co. |
287 |
| Kotak Mahindra Prime |
251 |
| Kotak Mahindra Life Insurance |
198 |
| Kotak Mahindra Investments |
135 |
| Kotak Alternate Asset Managers |
87 |
| Kotak Mahindra Capital |
80 |
Kotak Group Subsidiary Profit: Comparative Periods
The following table presents subsidiary profits for Q2 FY26 and Q1 FY27 for comparison.
| Entity |
Q2 FY26 / Q1 FY27 PAT |
| Kotak Mahindra Bank |
3,253 / 4,123 |
| Kotak Securities |
345 / 533 |
| Kotak Asset Management & Trustee Co. |
258 / 399 |
| Kotak Mahindra Prime |
246 / 354 |
| Kotak Mahindra Life Insurance |
49 / 336 |
| Kotak Mahindra Investments |
120 / 113 |
| Kotak Alternate Asset Managers |
104 / 126 |
| Kotak Mahindra Capital |
60 / 89 |
Source: Kotak Mahindra Bank Q2 FY27 consolidated results and subsidiary disclosures. All amounts are in ₹ crore. Comparative figures are shown in the order Q2 FY26 / Q1 FY27.
Life insurance records strong annual profit growth
Kotak Mahindra Life Insurance recorded one of the largest year-on-year improvements among the group's major subsidiaries.
Profit rose to ₹198 crore from ₹49 crore in Q2 FY26.
However, it declined from ₹336 crore in Q1 FY27, indicating considerable sequential variation.
Other subsidiaries also delivered mixed performances:
-
Kotak Securities: PAT increased marginally YoY to ₹348 crore but declined from ₹533 crore in Q1 FY27.
-
Kotak Asset Management: PAT rose to ₹287 crore from ₹258 crore YoY but declined sequentially from ₹399 crore.
-
Kotak Mahindra Prime: PAT increased slightly YoY to ₹251 crore but fell from ₹354 crore in the preceding quarter.
-
Kotak Mahindra Investments: PAT increased to ₹135 crore from ₹120 crore YoY and ₹113 crore QoQ.
-
Kotak Alternate Asset Managers: PAT declined to ₹87 crore from ₹104 crore YoY and ₹126 crore QoQ.
-
Kotak Mahindra Capital: PAT increased to ₹80 crore from ₹60 crore YoY but declined from ₹89 crore QoQ.
These movements indicate that the group's non-banking businesses can experience fluctuations in quarterly profitability.
Assets under management increase
Consolidated customer assets under management (AUM) increased 8% YoY to ₹8,14,118 crore.
Domestic mutual fund AUM rose 10% YoY to ₹6,15,679 crore.
The increase indicates continued growth in the group's asset management activities.
For investors, the diversified business model provides additional sources of earnings beyond traditional banking.
However, businesses linked to capital markets and insurance may show greater quarterly profit volatility.
Kotak Mahindra Bank shares reacted positively to the Q2 FY27 earnings announcement.
On 26 October 2026, the stock rose approximately 3.6% during early trading and emerged among the Nifty 50's leading gainers.
The positive reaction followed the bank's strong profit growth, lower credit costs, improving asset quality and healthy operating performance.
What did brokerages say?
Brokerages including JPMorgan, Motilal Oswal and JM Financial expressed positive views on Kotak Mahindra Bank following the results, with upward revisions to target prices.
The key supporting factors included:
-
Healthy loan and net interest income growth.
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Improving asset quality and lower credit costs.
-
Strong capital adequacy.
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Growth in fee income and operating profitability.
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Potential benefits from more effective liquidity deployment.
However, margin pressure remained an important concern.
Brokerage ratings and target prices reflect analysts' expectations and should not be treated as guaranteed future returns.
The early share-price increase also does not establish how the stock will perform over a longer period.
The Kotak Mahindra Bank Q2 FY27 Results Analysis presents a combination of strengthening earnings fundamentals and funding-related challenges.
Key positives
-
Strong profit growth: Standalone PAT increased 29% YoY to ₹4,212 crore, while consolidated PAT rose 26% to ₹5,645 crore.
-
Healthy core income: NII increased 16% YoY, supported by expanding advances.
-
Higher non-interest income: Fees and services grew 21%, supporting earnings diversification.
-
Improving operating efficiency: Operating profit rose 21%, and cost-to-assets improved to 2.40%.
-
Better asset quality: Gross NPA fell to 1.04%, net NPA to 0.24%, and annualised credit cost to 0.35%.
-
Strong capital position: Standalone capital adequacy stood at 21.9%, with CET1 at 21.4%.
These indicators suggest that the bank maintained earnings growth and credit quality despite pressure on reported margins.
Key risks and concerns
Despite the stronger financial performance, several factors require monitoring.
1. Pressure on net interest margins
NIM declined to 4.31% from 4.54% YoY, largely due to FCNR(B) deposit mobilisation.
Persistent margin compression could limit profitability even if loan growth remains strong.
2. Deposit growth composition
Reported deposit growth stood at 23%, but growth excluding FCNR(B) deposits was 13%.
The CASA ratio also declined to 38.2%, highlighting the importance of maintaining a stable, relatively low-cost deposit base.
3. Elevated credit-deposit ratio
The credit-deposit ratio increased to 88.6%.
Continued lending growth will require sufficient deposit mobilisation or alternative funding without materially weakening margins.
4. Sequential increase in provisions
Provisions rose to ₹803 crore from ₹668 crore in Q1 FY27.
Although they remained below the previous year's level, future provisioning trends will be important for earnings stability.
5. Volatility in subsidiary earnings
Several non-banking subsidiaries reported lower profits sequentially.
This highlights the sensitivity of parts of the group's earnings to capital-market activity and business conditions.
6. Unaudited quarterly results
The September-quarter and half-year financial results were unaudited and subject to limited review rather than a full statutory audit.
Investors should consider this when assessing the reported figures.
Following the Kotak Mahindra Bank Q2 FY27 earnings announcement, the December 2026 quarter will provide additional evidence about the sustainability of growth and profitability.
The following indicators deserve particular attention.
| Key indicator |
What investors should monitor |
| Net interest margin |
Whether NIM stabilises after falling to 4.31% |
| Deposit growth |
Whether deposits excluding FCNR(B) continue growing |
| CASA ratio |
Whether the underlying low-cost deposit mix remains stable |
| Loan growth |
Whether adjusted advances growth remains healthy |
| Credit costs |
Whether low slippages and improving NPA ratios continue |
| Operating efficiency |
Whether fee growth and cost control remain supportive |
| Subsidiary earnings |
Whether quarterly profitability becomes more consistent |
Two developments will be especially important.
First, investors should monitor how Kotak deploys the large FCNR(B) deposit pool into income-generating assets without taking on disproportionate risk.
Second, the bank will need to balance loan growth with sustainable deposit mobilisation while maintaining asset quality.
The next quarterly results will help determine whether the earnings improvement can continue alongside more stable margins.
Kotak Mahindra Bank delivered a strong Q2 FY27 performance, with standalone profit rising 29% to ₹4,212 crore and consolidated profit increasing 26% to ₹5,645 crore. Higher net interest income, 21% fee growth, improving NPAs and lower credit costs supported profitability.
The principal concern remains the decline in NIM to 4.31%, alongside a lower reported CASA ratio and the significant contribution of FCNR(B) deposits to balance-sheet growth.
For investors, the quarter demonstrates healthy earnings generation and improving asset quality, but the sustainability of these trends depends on margin stabilisation, organic deposit growth and continued credit discipline.
Future returns will also depend on the stock's valuation relative to the bank's earnings growth, book value and return ratios. These factors should be assessed together rather than relying on a single strong quarter.
Frequently Asked Questions
1. What was Kotak Mahindra Bank's Q2 FY27 net profit?
Kotak Mahindra Bank reported standalone net profit of ₹4,212 crore in Q2 FY27, up 29% YoY from ₹3,253 crore. Consolidated net profit, including the share of profits from associates, increased 26% YoY to ₹5,645 crore. The growth was supported by higher NII, strong fee income and lower year-on-year provisions.
2. Why did Kotak Mahindra Bank's NIM fall in Q2 FY27?
Kotak Mahindra Bank's NIM declined to 4.31% in Q2 FY27 from 4.54% in Q2 FY26 and 4.53% in Q1 FY27. The decline was largely attributed to the mobilisation of approximately ₹55,344 crore in FCNR(B) deposits, which affected the bank's funding and asset-deployment mix.
3. How did Kotak Mahindra Bank's asset quality perform in Q2 FY27?
Kotak Mahindra Bank's gross NPA ratio improved to 1.04% from 1.39% a year earlier, while net NPA declined to 0.24% from 0.32%. Fresh slippages fell 24% YoY to ₹1,230 crore, and annualised credit cost declined to 0.35%, indicating improved asset quality.
4. How much did Kotak Mahindra Bank's loans and deposits grow in Q2 FY27?
Kotak Mahindra Bank's net advances increased 25% YoY to ₹5,77,295 crore, while deposits grew 23% to ₹6,51,491 crore. Excluding FCNR(B)-related loans and the acquired KMIL portfolio, advances grew 19%. Deposit growth excluding FCNR(B) stood at 13%.
5. What should investors watch after Kotak Mahindra Bank's Q2 FY27 results?
Investors should monitor the NIM trend, deposit growth excluding FCNR(B), CASA ratio, adjusted advances growth, slippages and credit costs in the coming quarters. The bank's ability to deploy surplus liquidity while maintaining margins and asset quality will be important for assessing the sustainability of earnings growth.