ABSTRACT
In October 2019, Jimit Gupta and Swati Mohapatra were in the middle of their week-long executive education programme at one of the leading business schools in Mumbai – India's financial capital. On the third day of the programme, the instructor gave them the assignment to value Kotak Mahindra Bank Limited (KMBL), India's top private sector bank. While they had learned and had done some exercises to value a simple manufacturing firm, valuing a bank was a new challenge. They tried to fit in the standard discounted cash flow (DCF) valuation template they were provided with to value KMBL but found it challenging to apply.
