Kotak Mahindra Bank vs Axis Bank
Axis Bank trades below its peers' median P/E (28% below), Kotak Mahindra Bank above it (39% above).
Kotak Mahindra Bank earns the higher return on assets: 1.9% against 1.4%.
Kotak Mahindra Bank grew revenue faster over three years: 16.6% a year against 15.3% a year.
Kotak Mahindra Bank fires fewer of our forensic red flags: 0 of 14 judged against 2 of 14 judged.
The latest change on file is Kotak Mahindra Bank's, on 24 Oct 2026: Q2 FY2027 results filed.
Kotak Mahindra Bank trades at a P/E of 22.26: 8th of 10 among its peers (peer median 16.0).
Kotak Mahindra Bank: the full company page →Axis Bank trades at a P/E of 13.64: 3rd of 10 among its peers (peer median 19.0).
Axis Bank: the full company page →Kotak Mahindra Bank and Axis Bank, figure by figure
| Figure | Kotak Mahindra Bank | Axis Bank | Leads |
|---|---|---|---|
| Market cap | ₹4,77,996 Cr | ₹4,09,431 Cr | Kotak Mahindra Bank, larger |
| P/E | 22.26 | 13.64 | Axis Bank, cheaper |
| P/B | 2.60 | 1.77 | Axis Bank, cheaper |
| Dividend yield | 0.1% | 0.1% | Level |
| Return on assets | 1.9% | 1.4% | Kotak Mahindra Bank, higher |
| Net interest margin | 4.7% | 3.6% | Kotak Mahindra Bank, higher |
| Cost to income | 47.0% | 47.9% | Kotak Mahindra Bank, leaner |
| Gross NPA | 1.0% | 1.2% | Kotak Mahindra Bank, lower |
| Net NPA | 0.2% | 0.3% | Kotak Mahindra Bank, lower |
| Loan growth | 16.2% | 18.5% | Axis Bank, faster |
| Revenue growth, 3 years | 16.6% a year | 15.3% a year | Kotak Mahindra Bank, faster |
| EPS growth, 3 years | 8.9% a year | 34.2% a year | Axis Bank, faster |
| 1-year return | +14.8% | +8.0% | Kotak Mahindra Bank, higher |
| 5-year return | +2.6% a year | +10.4% a year | Axis Bank, higher |
| Our valuation view | Dear, low confidence (held for review) | Fair, high confidence | Axis Bank, cheaper view |
| Risk level | CLEAN | WATCH | Kotak Mahindra Bank, lower |
| Forensic red flags | 0 red of 14 judged | 2 red of 14 judged | Kotak Mahindra Bank, fewer |
The leading figure is in green: the lower for P/E, P/B, cost to income, NPAs, risk and red flags, the higher for the rest. P/E and P/B on the latest price; growth rates are yearly averages; returns are price only. Our valuation view and the red flags are explained on each company's page.
Which is bigger, Kotak Mahindra Bank or Axis Bank?
Kotak Mahindra Bank is the bigger company by market value: ₹4,77,996 Cr against ₹4,09,431 Cr for Axis Bank, about 1.2 times as large.
Kotak Mahindra Bank market cap is ₹4,77,996 crore (large cap), making it the 11th largest listed company on the NSE.
Axis Bank market cap is ₹4,09,431 crore (large cap), making it the 17th largest listed company on the NSE.
Which is cheaper on valuation, Kotak Mahindra Bank or Axis Bank?
Axis Bank is the cheaper of the two on P/E: 13.64 against 22.26 for Kotak Mahindra Bank.
On price to book, Axis Bank is also the cheaper: 1.77 against 2.60.
Against their own peers' median P/E, Kotak Mahindra Bank trades 39% above its own (16.0) and Axis Bank trades 28% below its own (19.0).
Our valuation view: dear on Kotak Mahindra Bank (low confidence) and fair on Axis Bank (high confidence). The view weighs the multiples against each company's peers and its own history.
Which is more profitable, Kotak Mahindra Bank or Axis Bank?
Kotak Mahindra Bank is the more profitable on return on assets: 1.9% against 1.4% for Axis Bank.
Net interest margin: Kotak Mahindra Bank 4.7%, Axis Bank 3.6%.
Cost to income: Kotak Mahindra Bank 47.0%, Axis Bank 47.9%.
Which grew faster, Kotak Mahindra Bank or Axis Bank?
Kotak Mahindra Bank grew faster over the last three years: revenue up 16.6% a year against 15.3% a year for Axis Bank.
EPS growth, 3 years: Axis Bank 34.2% a year, Kotak Mahindra Bank 8.9% a year.
Loan growth: Axis Bank 18.5%, Kotak Mahindra Bank 16.2%.
Which has cleaner accounts, Kotak Mahindra Bank or Axis Bank?
Kotak Mahindra Bank has the cleaner accounts on our forensic checks: 0 red flags of 14 judged against 2 of 14 judged for Axis Bank.
Kotak Mahindra Bank: risk level CLEAN, 14 of 22 lender flags judged.
Axis Bank: risk level WATCH, 14 of 22 lender flags judged.
A red flag is a figure out of line with what clean accounts show, not a finding of wrongdoing.
What these figures tell you
More comparisons
What this page rests on
Every figure is the one Kotak Mahindra Bank's and Axis Bank's own pages print, from their filings with the exchanges and our arithmetic on them; each company is set against its own peer set. A side-by-side reading of the figures on both company pages, not a recommendation to buy, sell or hold either share. Which figure matters more depends on what you are looking for.