Guidance ledger · Q3 FY26

Kotak Mahindra Bank Ltd KOTAKBANK

3 revisions on record · 1 lowered · 0 raised — the strikethrough is what management used to say

directional guidance only · held across quarters

Holding view → · latest concall · The pulse

↓ lowered Bank credit cost trajectory Q4 FY25 → Q3 FY26

~~60 bps for FY25, expected elevated for next 2 quarters~~ → 63 bps in Q3FY26, gradually moderating

“Credit costs are down sequentially from 93 basis points in Q1 to 79 basis points in Q2 and now 63 basis points”

→ narrowed NIM trajectory Q1 FY26 → Q3 FY26

~~Expected to stabilize over the year (Q1FY26 framing)~~ → Moderate increase in Q4 with full effect from Q1FY27

“assuming no further rate cuts in February, I think we will see a moderate increase in Q4 NIM”

↔ widened Unsecured retail mix aspiration Q1 FY26 → Q2 FY26

~~Mid-teens aspiration over a period of time~~ → 3-stage open-ended process (positive growth -> double-digit -> higher)

“aspirationally, we would like our retail unsecured book to be at 15%, always in”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.