These 3 private banks outgrew Kotak Mahindra in Q1—but still trade much cheaper

Mid-cap banks grew their loan book faster than their larger peer, Kotak Mahindra Bank, in the June 2026 quarter, although on a much smaller base. Mid-cap banks also have a strong focus on high-margin gold loans, SME loans and retail loans and it has helped them to broadly deal with the ‘soft’ interest rate environment. Valuations of mid-cap private banks are also much lower than Kotak Mahindra Bank.