Top News

Axis Bank overtakes Kotak Mahindra Bank in market cap
28 Jan 2026

Axis Bank has overtaken Kotak Mahindra Bank in market capitalization, a move last witnessed in April 2024.

The change comes after Axis Bank's shares surged by nearly 5% on January 27, following its Q3FY26 earnings report.

Meanwhile, Kotak Mahindra Bank's shares fell over 4% after its quarterly numbers failed to impress investors.

Axis Bank's market cap surpasses Kotak Mahindra Bank
Market shift

Axis Bank's strong performance helped it overtake Kotak Mahindra Bank in terms of market capitalization.

According to Bloomberg data, Axis Bank was valued at around ₹4.1 lakh crore, slightly higher than Kotak's ₹4 lakh crore valuation.

On January 28, Axis Bank's stock continued its upward trend, rising by some 3.1% to trade at around ₹1,352 on the NSE.

The positive response from analysts and investors was triggered by Axis Bank's standalone net profit of ₹6,490 crore for Q3FY26.

Analysts respond positively to Axis Bank's earnings
Analyst reactions

Analysts from IIFL and Motilal Oswal noted that despite margin pressures across the sector due to higher funding costs, Axis Bank managed to maintain its net interest margin (NIM) at 3.64%.

Citi upgraded Axis Bank to 'Buy' with a target of ₹1,463 citing strong core earnings momentum and improving return ratios.

Bernstein also reiterated an 'Outperform' rating with a target of ₹1,480 for the bank.

Kotak Mahindra Bank's performance and market valuation
Performance review

Kotak Mahindra Bank reported a 5% YoY rise in NII to ₹7,565 crore for Q3FY26. However, its standalone net profit grew only 4% to ₹3,446 crore.

Despite healthy margins at 4.54%, higher operating expenses weighed on profitability and investor sentiment.

At current levels, Kotak trades at a price-to-earnings multiple of about 21-22 times Axis Bank's 15-16 times, which some brokerages have questioned amid slower earnings momentum.