Archive · 2 Oct 2026
Jefferies Sees 10% Upside After Kotak CEO Appointment
The Reserve Bank of India has approved Anup Kumar Saha as the next leader of Kotak Mahindra Bank.
He will become managing director and CEO on 1 January 2027.
His appointment will last for three years.
Ashok Vaswani will continue leading the bank until his current term ends on 31 December 2026.
Kotak’s shares have risen about 9% since Vaswani began his tenure.
Jefferies believes the shares could rise another 10%.
The brokerage likes Saha because he has led retail businesses at Bajaj Finance and ICICI Bank.
It also expects stronger deposits, income growth and efficiency to help the bank’s earnings.
The Reserve Bank of India approved Anup Kumar Saha as Kotak Mahindra Bank’s MD and CEO from 1 January 2027.
Saha will serve a three-year term, succeeding Ashok Vaswani after Vaswani’s tenure ends on 31 December 2026.
Kotak Mahindra Bank shares rose from ₹381.62 on 29 December 2023 to ₹417 before the successor announcement, a 9% increase.
Jefferies maintained a Buy rating and forecast approximately 10% further upside for the shares.
Jefferies cited Saha’s retail-banking experience and potential improvements in deposits, net interest income and operating efficiency.
- Who
- Anup Kumar Saha was approved as Kotak Mahindra Bank’s next Managing Director and CEO, succeeding Ashok Vaswani.
- What
- The Reserve Bank of India approved Saha’s appointment for a three-year term.
- When
- Saha’s term begins on 1 January 2027; Vaswani’s current tenure ends on 31 December 2026.
- Where
- The appointment concerns Kotak Mahindra Bank in India.
- Why
- Jefferies views Saha’s retail-banking experience and possible improvements in deposits, net interest income and operating efficiency as positive for the bank.
Cautious View
Jefferies’ Positive View
Recent share performance
Cautious View
Kotak Mahindra Bank shares delivered only about a 9% return during Ashok Vaswani’s tenure, indicating limited performance over the period cited.
Jefferies’ Positive View
Jefferies argues that the market had already anticipated the leadership change, with the shares rising about 10% over two months while the Nifty Bank declined 4%.
Impact of the leadership change
Cautious View
Investors may remain cautious because Vaswani will continue leading the bank until the end of 2026 and the incoming CEO’s tenure has not yet begun.
Jefferies’ Positive View
Jefferies considers Saha’s appointment positive because of his experience leading retail businesses at Bajaj Finance and ICICI Bank, and says a timely team reorganization could help.
Future earnings
Cautious View
The article’s reported share return shows that stronger performance has not yet been reflected over Vaswani’s tenure.
Jefferies’ Positive View
Jefferies expects growth in retail deposits and net interest income, along with operating efficiencies, to support future earnings.
- Incoming CEO
- Anup Kumar Saha
- Current CEO
- Ashok Vaswani
- Term
- Three years beginning 1 January 2027
- Share performance
- Shares rose from ₹381.62 on 29 December 2023 to ₹417 before the successor announcement
- Return during Vaswani’s tenure
- Approximately 9%, according to the article
- Jefferies view
- Buy rating with approximately 10% upside
- Regulator
- Reserve Bank of India