Motilal Oswal maintains a 'BUY' rating on Kotak Mahindra Bank (KMB) with a target price of INR 2,500. The brokerage highlights KMB's disciplined growth strategy, focusing on retail and SME expansion. While near-term Net Interest Margins (NIMs) may be flat due to rate cut impacts and liquidity deployment, absolute Net Interest Income (NII) is growing. Motilal Oswal projects robust return ratios for KMB by FY27E.