Kotak Mahindra Bank Q2FY27 Profit Surges 29% YoY to ₹4,212 Cr; Consolidated PAT at ₹5,645 Cr

Kotak Mahindra Bank Standalone PAT for Q2FY27 at ₹ 4,212 crore, up 29% YoY and 2% QoQ

Consolidated PAT for Q2FY27 at ₹ 5,645 crore, up 26% YoY and 3% QoQ

The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the unaudited standalone and consolidated results for the quarter and half-year ended September 30, 2026, at the Board meeting held in Mumbai, today.

Kotak Mahindra Bank standalone results

• FCNR(B) deposits mobilised: ~₹ 55,344 crore; loans provided ~₹ 16,110 crore through international branches.
• PAT: ₹ 4,212 crore, up 29% YoY from ₹ 3,253 crore, and 2% QoQ from ₹ 4,123 crore.
• Net Interest Income (NII): ₹ 8,459 crore, up 16% YoY and 7% QoQ.
• Net Interest Margin (NIM): 4.31% vs 4.54% YoY; moderation due to FCNR(B) mobilisation.
• Cost of funds: 4.52% vs 4.70% YoY.
• Fees & services: ₹ 2,926 crore, up 21% YoY and 17% QoQ.
• Operating expenses: ₹ 5,271 crore, up 14% YoY. Cost to assets improved to 2.40%.
• Operating profit: ₹ 6,382 crore, up 21% YoY.
• Provisions: ₹ 803 crore, down 15% YoY. Credit cost annualised at 0.35%.
• Net Advances: ₹ 577,295 crore, up 25% YoY.
• Customer Assets: ₹ 626,801 crore, up 23% YoY.
• Deposits: ₹ 651,491 crore, up 23% YoY. CASA ratio at 38.2% (41.8% excluding FCNR(B)).
• Credit to Deposit ratio: 88.6%.
• Slippages: ₹ 1,230 crore, down 24% YoY. GNPA at 1.04%, NNPA at 0.24%.
• ROA: 1.92% annualised. ROE: 11.65% annualised.
• Capital Adequacy Ratio: 21.9%; CET1 ratio 21.4%.
• Customers: 5.1 crore.

Consolidated results at a glance

Consolidated PAT: ₹ 5,645 crore, up 26% YoY and 3% QoQ.

PAT of Bank and key subsidiaries:

PAT (₹ crore)	Q2FY27	Q2FY26	Q1FY27
Kotak Mahindra Bank	4,212	3,253	4,123
Kotak Securities	348	345	533
Kotak Asset Management & Trustee Company	287	258	399
Kotak Mahindra Prime	251	246	354
Kotak Mahindra Life Insurance	198	49	336
Kotak Mahindra Investments	135	120	113
Kotak Alternate Asset Managers	87	104	126
Kotak Mahindra Capital	80	60	89

• Consolidated Customer Assets: ₹ 699,250 crore, up 21% YoY.
• Customer Assets Under Management: ₹ 814,118 crore, up 8% YoY. Domestic MF AUM at ₹ 615,679 crore, up 10% YoY.
• Networth: ₹ 194,706 crore. Book Value per Share ₹ 196, up 16% YoY.
• ROA: 2.10% annualised. ROE: 11.70% annualised.
• Capital Adequacy Ratio: 22.4%; CET1 ratio 22.1%.
• Liquidity Coverage Ratio: 137.4%.

About Kotak Mahindra Group

Established in 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. received banking license from RBI, becoming the first NBFC in India to convert into a bank.

The Group offers services across commercial banking, stock broking, mutual funds, insurance, and investment banking. It has global presence in UK, USA, Gulf Region, Singapore, and Mauritius. As of September 30, 2026, Kotak Mahindra Bank Ltd has 2,327 branches and 2,673 ATMs.
For more information, visit: https://www.kotak.com

Blinkit Faces Maharashtra FDA Action as 18,405 Expired Food Items Are Detected

The Maharashtra Food and Drug Administration (FDA) has suspended the food business licence of Blinkit’s Bhiwandi facility after inspectors allegedly found major lapses in the handling and disposal of expired, damaged and rejected food products. The action follows an inspection that uncovered 18,405 food items worth more than ₹32.71 lakh for which the company could not provide adequate traceability records or proof of destruction.

What Triggered the FDA Action?

According to Maharashtra FDA officials, an inspection conducted on 21 October at Blinkit's warehouse facility in Bhiwandi, Maharashtra, revealed that the company was unable to provide end-to-end traceability and documentation showing the disposal of approximately 18,405 expired, damaged or rejected food products valued at more than ₹32.71 lakh.

Regulators stated that the absence of proper records raised concerns about whether the inventory had been safely destroyed as required under food safety regulations. As a result, the FDA ordered the immediate suspension of licensed food operations at the premises.

Public Health Concerns at the Centre

The FDA said its primary concern was the possibility that food items classified as unsaleable could potentially re-enter the consumer market. Officials argued that expired or damaged products pose a direct risk to public health if they are diverted back into commercial channels instead of being scientifically destroyed.

The regulator described the situation as a serious compliance failure because businesses handling food products are required to maintain complete records regarding the storage, movement and destruction of non-saleable inventory.

FIR Filed Against Executives and Vendors

The matter has gone beyond regulatory action and entered the criminal investigation stage.

Following the licence suspension, the Maharashtra FDA registered an FIR at Bhiwandi Taluka Police Station against key Blinkit personnel, including a whole-time director, facility managers and several scrap-disposal vendors.

The accused have reportedly been booked under provisions of the Bharatiya Nyaya Sanhita (BNS), 2023, including sections related to cheating and criminal conspiracy, along with Section 59(i) of the Food Safety and Standards Act, 2006. Authorities have alleged a conspiracy involving the possible resale of expired food products for financial gain. These allegations remain under investigation, and the filing of an FIR does not establish guilt.

Why Bhiwandi Matters

The development is significant because Bhiwandi is one of India's largest warehousing and logistics hubs, serving e-commerce companies, retailers and quick-commerce platforms. The region houses large fulfilment centres that support rapid delivery operations across Mumbai and neighbouring markets.

Any disruption in operations at a major warehouse can have implications for inventory management and supply-chain processes, particularly in the fast-growing quick-commerce industry where speed and inventory turnover are critical.

Part of a Wider FDA Crackdown

The action against Blinkit appears to be part of a broader enforcement drive by the Maharashtra FDA under Food and Drug Administration Commissioner Tukaram Mundhe. The regulator has recently intensified inspections of warehouses, dark stores and waste-disposal networks amid concerns that expired or rejected food products may be finding their way back into retail channels.

Authorities have conducted multiple raids targeting suspected diversion networks and have reportedly booked several individuals connected to food companies, disposal agencies and local traders in related investigations.

A Fresh Setback for Blinkit

The latest suspension comes just months after another FDA action involving a Blinkit facility in Mumbai's Malad area, where inspectors reported hygiene and food-safety violations, including the presence of expired products and poor storage conditions.

While the Bhiwandi case centres on inventory traceability and disposal records rather than hygiene issues, both incidents underscore increasing regulatory scrutiny of quick-commerce operators that handle large volumes of food products.

Industry-Wide Implications

The Maharashtra FDA's action signals a tougher regulatory stance toward food inventory management across the e-commerce and quick-commerce ecosystem. The case highlights the growing importance of:

• Maintaining complete traceability of food products.
• Proper destruction of expired and damaged inventory.
• Robust record-keeping and compliance systems.
• Preventing unsaleable food stock from re-entering the market.
• Strengthening oversight of third-party disposal vendors.

As investigations continue, regulators are expected to closely monitor how food businesses manage expired inventory and comply with food safety norms.

Conclusion

The suspension of Blinkit's Bhiwandi food licence marks one of the most significant enforcement actions taken by the Maharashtra FDA against a quick-commerce operator in recent months. With 18,405 food items worth ₹32.71 lakh at the centre of the case, and an FIR now lodged against company personnel and vendors, the investigation could become a defining test of inventory traceability and food-safety compliance standards within India's rapidly expanding quick-commerce sector.

PhysicsWallah Joins Nasscom to Deliver Credit‑Recognised Tech Skilling Nationwide

The collaboration offers credit-recognised courses, ecosystem certifications, and learner incentives under FutureSkills Prime, a flagship digital skilling initiative by Nasscom and MeitY

Education company PhysicsWallah (PW) has partnered with Nasscom, seeking to align its technology upskilling programs with recognised industry frameworks. The collaboration will leverage the FutureSkills Prime platform, a digital skilling ecosystem created under the aegis of the Ministry of Electronics and Information Technology (MeitY) and Nasscom, to provide learners with standardised, outcome-based tech skills alongside national credit recognition.

Under this partnership, technology-related courses offered through PW's upskilling arms, PW Skills and Earners, will be mapped to National Occupational Standards (NOS) and listed on the FutureSkills Prime portal. Being NOS-aligned enables PW Skills to offer eligible credit-worthy programs under the applicable qualification and credit framework. Eligible learners completing these programs will have access to an assessment-based certification pathway through FutureSkills Prime, earning an official Nasscom certification alongside their PW completion certificate.

Furthermore, eligible students will have the opportunity to receive government learner incentives of up to ₹5,000 or 50% of the course fee, whichever is lower, subject to applicable scheme rules and assessment verification.

Satish Sharma, Chief Marketing Officer (CMO) at PhysicsWallah (PW), said, "Today's tech landscape is evolving rapidly, and students need more than just degrees. They need practical skills that translate directly into careers. By partnering with Nasscom and aligning with the Nasscom-MeitY’s FutureSkills Prime platform, we are bringing Government-backed, industry-recognised upskilling directly to our learners. Through this initiative, students gain both academic credit and job-ready confidence.”

Dr. Abhilasha Gaur, CEO, SSC Nasscom, said,
“India’s digital talent ambitions depend on building a strong, industry-aligned skilling ecosystem that connects education with opportunities. Our collaboration with PhysicsWallah is another step towards bridging the gap between learning and industry requirements, making future-ready digital skills more accessible to learners across the country. Through FutureSkills Prime, we remain committed to strengthening India’s talent competitiveness and advancing the vision of a Digital Talent Nation.”

By aligning with NOS and offering credit-worthy learning pathways, the PW & Nasscom collaboration offers higher education institutions a seamless framework to integrate industry-aligned technology skills directly into their academic offerings.

About PhysicsWallah (PW)

PhysicsWallah Limited (PW), an education platform, was founded in 2020 by Alakh Pandey and Prateek Maheshwari. Headquartered in Noida, Uttar Pradesh, PW aims to facilitate education through online, offline, and hybrid platforms. Initially launched as a YouTube channel in 2014, PW now offers education to students through its native app, tech enabled offline and hybrid centres, and YouTube channels. PW offerings span various educational segments, including:

• Test preparation
• Skilling vertical (PW Skills and Earners)
• Coaching for higher education
• Facilitating education abroad
• Programs available in multiple vernacular languages

PhysicsWallah Limited was listed on the National Stock Exchange of India Limited (NSE) and BSE Limited (Bombay Stock Exchange) on November 18, 2025.

About FutureSkills Prime

A joint initiative of the Ministry of Electronics and Information Technology (MeitY), Government of India, and Nasscom, FutureSkills Prime is a flagship national digital skilling initiative advancing India’s vision of becoming a Digital Talent Nation. It democratises access to learning in emerging technologies, enabling learners to acquire future-ready skills and stay relevant in a rapidly evolving digital economy.

By bridging the gap between academia and industry through industry-aligned courses, learning pathways and Nasscom-backed certifications aligned with National Occupational Standards (NOS) and the National Skills Qualifications Framework (NSQF), FutureSkills Prime is strengthening India’s digital talent ecosystem and global competitiveness.

Aligned with the vision of Viksit Bharat, it aims to harness digital skills as a catalyst for innovation, inclusive growth and a self-reliant India.

Global Recognition:

• Ranked third among 47 digital skilling initiatives in the European Commission’s 2024 Pact for Skills report
• Selected for WorldSkills Skills CoLab 2026
• Recognised through the BRICS Gender Inclusive Learning & Empowerment initiative

Know more: futureskillsprime.in

Jio Platforms IPO: India’s Digital Giant Draws Massive Investor Interest

The much-anticipated initial public offering (IPO) of Jio Platforms, the digital and telecommunications arm of Reliance Industries, has emerged as one of the biggest public market events in India.

With strong participation from institutional and retail investors alike, the issue has reaffirmed market confidence in the country's largest telecom and digital services company.

A Landmark IPO for India's Technology Sector

Jio Platforms launched its IPO with an issue size of approximately ₹30,213 crore, making it one of the largest public offerings ever seen in the Indian capital market.

The IPO consists entirely of a fresh issue of shares, allowing the company to raise funds directly for future expansion and strategic initiatives.

The company fixed the price band between ₹1,065 and ₹1,119 per share, with a minimum application size of 12 shares.

At the upper end of the price band, retail investors were required to invest ₹13,428 for a single lot.

Strong Demand from Day One

Investor enthusiasm became evident almost immediately after the IPO opened for subscription.

The issue achieved full subscription on the very first day of bidding, a remarkable feat considering its large size.

Demand was driven primarily by institutional investors, reflecting confidence in the company's long-term growth prospects and leadership position in India's digital ecosystem.

By the end of Day 1, the IPO was subscribed more than three times overall, while the Qualified Institutional Buyer (QIB) portion registered subscription levels close to nine times.

Retail participation also gained momentum as the issue progressed.

Final Subscription Numbers

According to the latest subscription data available on the final day of bidding, the IPO achieved an overall subscription of approximately 6.5 times.

The category-wise demand demonstrated broad-based participation across investor classes:

• Overall Subscription: 6.51x
• QIB Category: 13.88x
• Non-Institutional Investors (NII): 8.42x
• Retail Investors: 1.97x
• Employee Quota: 2.40x
• Shareholder Quota: 5.37x

The figures highlight particularly strong institutional demand, often considered a positive sign for long-term valuation and post-listing performance.

Why Investors Are Interested

Over the past decade, Jio Platforms has transformed India's digital landscape through affordable mobile connectivity, widespread 4G adoption and a growing portfolio of digital services.

The business today spans telecommunications, broadband, enterprise services, digital platforms and technology solutions, making it one of India's most influential digital infrastructure companies.

The IPO arrives at a time when investors are increasingly looking for exposure to high-growth technology and digital economy businesses.

Jio Platforms' extensive subscriber base and strategic importance within the broader Reliance Industries ecosystem have helped strengthen investor sentiment.

Key Dates Investors Should Know

The public issue opened on 21 October 2026 and closed on 23 October 2026.

The tentative schedule indicates:

• IPO Opening: 21 October 2026
• IPO Closing: 23 October 2026
• Basis of Allotment: 26 October 2026
• Expected Listing: 28 October 2026 on NSE and BSE

Market Significance

The successful subscription of the IPO underscores the continued appetite among investors for companies operating at the intersection of technology, digital services and telecommunications.

It also reflects confidence in India's digital growth story, where increasing internet penetration, data consumption and technology adoption continue to create opportunities for industry leaders.

For the broader market, the IPO represents another milestone in the evolution of India's capital markets, showcasing the ability of domestic and global investors to absorb and support large-scale offerings.

Outlook

While listing performance will ultimately depend on market conditions and investor sentiment at the time of debut, the strong subscription figures indicate robust demand for Jio Platforms shares.

The company's scale, brand strength, subscriber reach and strategic position within India's digital economy make it one of the most closely watched listings in recent years.

As the allotment process approaches and markets await the listing date, the IPO has already established itself as a landmark event for India's telecommunications and technology sectors, reinforcing the growing importance of digital businesses in the country's investment landscape.

Vikram Solar Set to Produce First Made-in-India TOPCon Cells from Gangaikondan in December 2026

Vikram Solar Readies 9 GW TOPCon Cell Plant at Gangaikondan: First Made-in-India Cells in December 2026

One of India's largest single-site solar cell facilities, co-located with Vikram Solar's module plant at Gangaikondan, takes the company from module maker to integrated manufacturer, with wafers next

Vikram Solar Limited, one of India's leading solar PV manufacturers, today announced that its 9-GW N-type TOPCon solar cell manufacturing facility at SIPCOT Industrial Park, Gangaikondan, Tirunelveli district, Tamil Nadu, is on schedule to produce its first cells in December 2026. The full 9 GW will be commissioned in phases thereafter.

India has built world-class module capacity in record time, yet the cell inside most Indian modules is still imported. Cells are the largest component of a module's bill of materials and the stage where efficiency, reliability and cost are decided. Gangaikondan addresses that dependence directly: at full capacity, it will supply high-efficiency TOPCon cells for the majority of Vikram Solar's module production. It will enable modules made in India from cell to frame for the country's utility-scale, rooftop, PM Surya Ghar and PM-KUSUM programs where domestic content requirements apply, as well as for global customers diversifying their supply chains. The company intends to seek ALMM List-II enlistment for cells produced at Gangaikondan in due course.

The cell plant is the second of three phases in Vikram Solar's integration roadmap at Gangaikondan. The first, the 6 GW module plant, was inaugurated by the Hon'ble Chief Minister of Tamil Nadu in August 2026; and the third being a 9 GW ingot and wafer facility, that is board-approved and targeted for FY29. Within the cell phase, capacity is planned to expand to 12 GW.

On completion, Gangaikondan will be one of the few sites in India where ingots, wafers, cells and modules are made together. The campus will provide more than 2000 direct & indirect employment. The facility is being developed through the company's wholly owned subsidiary, VSL Green Power Private Limited, on its nearly 200-acre integrated campus, where co-location shortens supply cycles, tightens quality control and lowers logistics cost.

Gyanesh Chaudhary, Chairman & Managing Director, Vikram Solar, said: “Indian module makers, including us, have built their businesses around imported cells. Gangaikondan ends that for Vikram Solar. Cells are where the value, the technology and the risk in a module sit, and in December we start making them here. It is the most important step in our integration journey, and not the last: our roadmap runs from wafer to module, on Indian soil.”

Gangaikondan at a glance

• Location: SIPCOT Industrial Park, Gangaikondan, Tirunelveli district, Tamil Nadu; nearly 200-acre integrated campus
• Cell capacity: 9 GW N-type TOPCon; first cells December 2026; full 9 GW commissioned in phases thereafter; planned expansion to 12 GW
• Module plant on site: 6 GW, inaugurated August 2026
• Next phase: 9 GW ingot and wafer facility, board-approved, targeted FY29
• Employment: 2000 direct and indirect employment on campus
• Developing entity: VSL Green Power Private Limited, a wholly owned subsidiary of Vikram Solar Limited

About Vikram Solar Limited:

Vikram Solar Limited is one of the leading Indian solar module manufacturers, specializing in efficient photovoltaic (PV) module manufacturing, with an international presence across 39 countries. Headquartered in Kolkata, West Bengal, it is one of the largest PV module manufacturers in India. Vikram Solar is a 9th time ‘Top Performer’ in PVEL’s PV Module Reliability scorecard and has been included in the Tier 1 solar PV modules manufacturer list of Bloomberg NEF for 10 consecutive quarters. Vikram Solar Limited has established a pan-India presence through an extensive distributor network of 119 authorized distributors and more than 750+ dealers.