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Profit toh badha, par Margins ne dikhaya pressure!
Dekho, Kotak Mahindra Bank ne Q4 FY26 ke liye jo numbers diye hain, woh mile-jule hain. Bank ne standalone net profit mein 13% ka zabardast jump dikhaya hai, jo ab ₹4,027 crore tak pahunch gaya hai. Iske peeche ka main reason hai Net Interest Income (NII) mein 8% ka izafa, jo ₹7,876 crore ho gaya. Loan advances bhi 16% tez hue hain, aur ab woh ₹4.96 lakh crore par hain. Deposits bhi 15% badhkar ₹5.72 lakh crore ho gaye hain. Asset quality bhi sudhri hai, GNPA 1.42% se kam hokar 1.20% ho gaya.
Par Margins Ka Kya?
Lekin yahan ek 'but' hai. Bank ke Net Interest Margins (NIMs) thode compress ho gaye hain, jo pehle 4.97% the, ab woh 4.67% par aa gaye hain Q4 FY25 ke muqable. Poore saal ke liye bhi NIMs 4.60% rahe FY26 mein, jo FY25 ke 4.96% se kam hain. Is wajah se, kuch analysts ke mutabik, pre-provision operating profit (PPOP) unke estimates se 4.1% kam raha. Isi wajah se share price bhi 12% tak gira hai pichhle ek saal mein, aur ab ₹383.30 ke aas-paas hai.
Competition aur Challenges
Market mein competition bahut tez hai, HDFC Bank, ICICI Bank, Axis Bank sab takkar de rahe hain. Is competition mein lending rates aur deposit costs manage karna mushkil ho raha hai, jisse margins par pressure aata hai. Pichhle results mein bhi jab provisions badhe the toh stock gira tha, waise hi kuch haalat abhi bhi dikh rahi hai, investors profit pressure ko lekar sensitive hain.
Analysts Kya Keh Rahe Hain?
Nirmal Bang ne 'Buy' rating ke saath target ₹454 diya hai, matlab 18% ka upside ho sakta hai. Lekin unhone bhi PPOP miss note kiya hai. Brokerage firm MOFSL ne bhi 'Buy' rating aur ₹2,400 ka target diya hai, RBI ban hatne ke baad digital growth ko lekar positive hain. Management expect kar raha hai ki margins ek range mein rahenge, shayad thode aur niche ja sakte hain.
FY26 ke liye consolidated Net Profit ₹19,288 crore raha, jo pichhle saal se 13% kam hai (kyunki pichhle saal ek bada exceptional gain tha). Lekin underlying business stable hai. Bank ₹0.65 per share ka dividend bhi de rahi hai. RBI dwara unsecured credit card issue karne par laga ban February 2025 mein hat gaya hai, jisse retail lending ko boost mil sakta hai.