2 mid-cap banks just hit record profits—yet trade at up to a 46% discount to Kotak

IDFC First Bank and Federal Bank posted strong operational performance in the June 2026 quarter coupled with record net profit in the quarter under review. Both these mid-cap banks trade at a discount to Kotak Mahindra Bank on the preferred valuation matrix – price-to- (standalone) book value. Readers can add Federal Bank and IDFC First Bank to their watch list of stocks for 2026.