Axis Bank logo

Axis Bank

AXISBANK NSE

Key Fundamentals

LargecapPrivate BankBanks
Market Cap
3.9L Cr
Volatility
Moderate
P/E Ratio
13.94
EBITDA
₹34,186 Cr
Return on Equity
12.28%
Debt to Equity
0
Book Value
₹711.81
EPS
₹86.46
52W High
₹1,418.3
52W Low
₹1,055.1

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company has delivered good profit growth of 29.6% CAGR over last 5 years
  • Company's working capital requirements have reduced from 49.4 days to 24.6 days

Weaknesses

5
  • Company has low interest coverage ratio.
  • Promoter holding is low: 7.87%
  • Contingent liabilities of Rs.31,22,124 Cr.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.29,292 Cr.

Growth Rate

Revenue Growth
4.04% lower than 3Y
Net Income Growth
-5.76% lower than 3Y
Cash Flow Change
-119% lower than 3Y
ROE
-17.91% lower than 3Y
ROCE
-15.85% lower than 3Y
EBITDA Margin (Avg.)
-5% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Axis Bank Ltd trades at a market cap of ~Rs.3,85,005 Cr with a PE of 14x and PB of 1.77x. The bank has delivered strong 29.6% profit CAGR over five years, though TTM profit growth has flattened to 0% and ROE has moderated from a 3-year average of 16% to 13% in the last year.

Bull Case 8
  • Strong 5-year compounded profit growth of 30% CAGR indicates a sustained earnings recovery cycle from earlier asset quality challenges
  • PE of 14x is reasonable for a large private bank with Rs.3,85,005 Cr market cap, suggesting the stock is not priced for perfection
  • 3-year ROE of 16% demonstrates the bank's ability to generate healthy returns on equity over a medium-term horizon
  • Working capital days reduced sharply from 49.4 days to 24.6 days, reflecting improved operational efficiency and better fund deployment
  • 5-year compounded sales growth of 16% shows consistent top-line expansion across interest and non-interest income streams
  • PB ratio of 1.77x is moderate for a large-cap private sector bank, implying the market is not assigning an excessive premium to book value
  • 10-year compounded sales growth of 12% and profit growth of 12% demonstrate long-term scalability of the franchise
  • Stock CAGR of 15% over 1 year has outperformed the longer-term 10-year CAGR of 8%, suggesting recent re-rating momentum
Bear Case 8
  • TTM profit growth has stagnated at 0%, a sharp deceleration from the 3-year CAGR of 35%, raising questions about near-term earnings trajectory
  • Contingent liabilities of Rs.31,22,124 Cr are extremely large relative to the Rs.3,85,005 Cr market cap, posing a tail risk if even a fraction crystallizes
  • Promoter holding is low at just 7.87%, which limits promoter alignment with minority shareholders and could raise governance concerns
  • Low interest coverage ratio suggests the bank's earnings may be under pressure relative to its debt servicing obligations
  • ROE declined from the 3-year average of 16% to 13% in the last year, indicating possible margin compression or rising credit costs
  • Other income of Rs.29,292 Cr forms a significant component of earnings, and if this includes one-off or non-recurring items, core operating profitability may be overstated
  • TTM sales growth of only 6% versus the 5-year CAGR of 16% signals a meaningful slowdown in revenue momentum
  • Potential capitalization of interest cost could be inflating reported profits, masking the true cost structure of the bank

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 3
  • NIM pressure from FCNR(B) deployment Sep 07

    CEO Chaudhry warned FCNR(B) inflows may cause NIMs to wobble over next 1-2 quarters due to short-term dilution, though medium-term accretion is expected as low-cost liquidity replaces expensive deposits.

  • 18% ROE remains aspirational Sep 04

    Despite achieving 18% ROE for nearly seven quarters, CEO Chaudhry acknowledges it remains an aspirational target as retail cycle pressures, higher credit costs, and rate cuts weigh on NIMs.

  • Record liquidity surplus challenges Sep 05

    Banking sector faces record surplus liquidity of ₹10.3 lakh crore as of September 3, forcing RBI to step up absorption operations and creating margin management challenges for deposit-heavy strategies.

Positives 7
  • Mid-corporate book targeting ₹1L crore Aug 25

    Axis Bank aims to grow mid-corporate funded book from ₹80,000 crore to ₹1 lakh crore in 3-4 quarters, targeting 25-30% annual growth with ~2% ROA and negligible credit costs.

  • Credit growth 300bps above industry Aug 25

    Bank expects credit growth to expand 300bps faster than industry average in FY27, with Q1 net profit of ₹7,114 crore vs ₹5,806 crore YoY and 19% domestic loan growth.

  • SEBI drops Max Life probe Aug 25

    SEBI disposed of proceedings against Axis Bank and subsidiaries regarding Max Life share transactions spanning FY10-FY22, imposing no penalty or direction.

  • Axis Max Life listing in 12-18 months Sep 07

    Bank evaluating stake increase in Axis Max Life from 20% to 30% to facilitate listing, while Axis Finance with ₹50,000 crore+ assets is also being prepared for eventual listing.

  • FCNR(B) deposits boost market share Sep 07

    Axis Bank ranks among top raisers of FCNR(B) funds, pushing deposit market share well above its ~5% domestic share, with funds to be deployed for credit growth over the next couple of quarters.

  • AI-driven cost efficiency gains Sep 10

    Bank opened ~400 branches in FY26 while reducing net headcount by 3%, with cost-to-assets ratio improving 18bps. AI-led personalisation expected within four quarters.

  • Citigroup NRI deposit partnership Aug 24

    Citigroup partnered with Axis Bank to facilitate leveraged NRI investments in foreign-currency deposits via standby letters of credit, potentially multiplying dollar inflows into India's banking system.

Neutral 8
  • Multiple investor meets scheduled Sep 11

    Axis Bank held or scheduled investor meetings on Sep 8, 9, 10 (UBS Summit), Sep 17-18, and Aug 26 with institutions including Morgan Stanley, T. Rowe Price, and Goldman Sachs.

  • New CFO Rajeev Mantri from Sep 28 Aug 25

    Board appointed 49-year-old Rajeev Mantri as CFO effective September 28, 2026, bringing nearly three decades of experience across Citibank, Standard Chartered, and Mashreq.

  • Scapia co-branded travel credit card Sep 04

    Launched lifetime-free Scapia Axis Bank Credit Card on Mastercard and RuPay networks offering up to 20% travel rewards, zero forex markup, and unlimited domestic lounge access.

  • ESOP share allotments Sep 02

    Bank allotted 1.62 lakh shares on Sep 1 and 1.77 lakh shares on Aug 25 under ESOP/RSU schemes, with paid-up capital rising to ₹6,226.49 crore.

  • $600M AT1 notes redemption Aug 24

    Axis Bank to fully redeem $600 million 4.10% AT1 notes on September 8, 2026, with RBI approval obtained in July. Capital position to remain above regulatory minimums.

  • UPI limit and travel features launched Sep 01

    Introduced industry-first UPI Limit Management allowing personalised transaction limits across P2P and merchant payments, plus digital International Travel Declaration for credit card users.

  • $300M senior notes listed on IFSC Aug 22

    Received final listing approval for $300 million senior notes at 5.179% coupon under its $5 billion Global Medium Term Note programme on IFSC exchanges.

  • ARISE Homecoming talent programme Sep 07

    Launched hiring initiative targeting ~12.54 lakh Indian students enrolled in overseas institutions, offering roles across business, technology, strategy, and wealth management functions.

TL;DR: Axis Bank is executing well on growth, targeting ₹1 lakh crore mid-corporate book with 25-30% annual growth, credit expansion 300bps above industry, and Q1 profit up 23% YoY to ₹7,114 crore. AI investments are driving operational efficiency with headcount down 3% despite 400 new branches. Key risks are near-term NIM pressure from FCNR(B) fund deployment and the acknowledgment that 18% ROE remains aspirational amid rate cuts. The trend is constructive with multiple catalysts ahead including potential Axis Max Life listing in 12-18 months and AI-led personalisation rollout within four quarters.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
26,246
27,418
28,865
30,231
31,159
31,601
32,162
32,452
32,348
32,310
33,709
34,171
35,542
Expenses
9,731
10,059
10,506
11,124
11,892
12,412
11,913
11,943
13,983
14,302
12,743
14,816
12,837
Financing Profit
2,543
2,609
2,416
2,379
2,006
1,575
2,210
2,389
127
36
2,181
275
2,490
Fin. Margin %
10%
10%
8%
8%
6%
5%
7%
7%
0%
0%
6%
1%
7%
Other Income
5,648
5,705
6,272
7,606
6,637
7,603
6,797
7,506
8,053
7,460
7,189
6,972
7,671
Interest
13,972
14,749
15,943
16,727
17,261
17,615
18,040
18,121
18,239
17,971
18,785
19,080
20,215
Depreciation
0
0
0
0
0
0
0
0
0
0
0
0
0
PBT
8,192
8,314
8,688
9,985
8,643
9,177
9,007
9,895
8,180
7,496
9,371
7,247
10,161
Tax %
26%
25%
25%
24%
25%
19%
25%
24%
23%
26%
25%
-5%
25%
Net Profit
6,113
6,230
6,520
7,630
6,467
7,436
6,779
7,509
6,279
5,567
7,060
7,642
7,670
EPS in Rs
19.78
20.13
21.05
24.62
20.83
23.93
21.78
24.13
20.13
17.82
22.58
24.46
24.54
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
35,727
41,409
45,175
46,614
56,044
63,716
64,397
68,846
87,448
1,12,759
1,27,374
1,32,538
1,35,732
Expenses
11,521
13,869
24,327
29,717
28,020
35,976
32,621
31,216
30,644
40,036
46,395
53,954
54,698
Financing Profit
2,865
3,196
-5,941
-10,706
-5,860
-10,256
-2,851
2,707
13,416
11,333
9,943
4,509
4,983
Fin. Margin %
8%
8%
-13%
-23%
-10%
-16%
-4%
4%
15%
10%
8%
3%
4%
Other Income
8,838
9,955
12,422
11,863
14,189
16,342
13,577
17,268
18,349
25,230
28,543
29,674
29,292
Interest
21,341
24,344
26,789
27,604
33,883
37,996
34,627
34,923
43,389
61,391
71,036
74,075
76,051
Depreciation
420
461
527
591
737
806
976
1,046
13,143
1,385
1,763
1,889
0
PBT
11,283
12,690
5,954
566
7,592
5,280
9,750
18,929
18,621
35,178
36,722
32,293
34,275
Tax %
34%
34%
33%
18%
34%
64%
26%
25%
42%
25%
23%
18%
—
Net Profit
7,450
8,358
3,967
464
5,047
1,879
7,252
14,207
10,919
26,492
28,191
26,548
27,939
EPS in Rs
31.42
35.04
16.51
1.78
19.59
6.57
23.49
45.99
35.16
85.49
90.58
84.89
89.4
Div. Payout %
15%
14%
30%
0%
5%
0%
0%
2%
3%
1%
1%
1%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
474
477
479
513
514
564
613
614
615
617
619
622
Reserves
44,475
53,082
55,901
63,694
67,288
85,776
1,02,981
1,17,647
1,29,166
1,56,406
1,86,616
2,14,414
Borrowing
84,394
1,13,848
1,12,455
1,55,767
1,61,250
1,55,180
1,52,249
1,99,778
2,06,214
2,28,200
2,20,687
2,80,511
Deposits
3,22,244
3,58,302
4,14,983
4,55,658
5,50,746
6,42,157
6,98,303
8,20,914
9,45,825
10,67,102
11,70,921
13,33,791
Other Liabilities
15,656
20,678
27,644
28,071
34,248
44,194
46,859
56,576
62,598
65,913
78,119
1,16,713
Total Liabilities
4,67,243
5,46,387
6,11,462
7,03,703
8,14,046
9,27,872
10,01,005
11,95,529
13,44,418
15,18,239
16,56,963
19,46,050
Fixed Assets
2,447
3,358
3,518
3,697
3,842
3,912
4,501
4,753
5,000
5,860
6,661
6,776
CWIP
105
216
292
352
288
483
118
215
142
267
121
269
Investments
1,18,527
1,31,399
1,29,018
1,53,037
1,74,056
1,55,282
2,25,336
2,74,608
2,88,095
3,32,354
3,96,685
4,46,422
Other Assets
3,46,164
4,11,414
4,78,633
5,46,618
6,35,860
7,68,196
7,71,050
9,15,952
10,51,181
11,79,758
12,53,496
14,92,583
Total Assets
4,67,243
5,46,387
6,11,462
7,03,703
8,14,046
9,27,872
10,01,005
11,95,529
13,44,418
15,18,239
16,56,963
19,46,050
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-15,162
-34,495
32,209
-38,390
37,125
30,416
12,633
28,137
22,075
-5,555
44,384
-8,637
Investing
-7,972
9,211
-12,458
-10,007
-18,674
-9,485
-54,288
-27,112
-32,351
-9,001
-51,178
-45,068
Financing
31,045
22,495
-2,487
41,342
5,643
8,865
7,279
47,894
6,641
22,341
-7,000
60,358
Net Cash Flow
7,910
-2,789
17,263
-7,055
24,094
29,795
-34,375
48,919
-3,636
7,785
-13,794
6,653
Free Cash Flow
-15,691
-35,970
31,441
-39,233
36,300
29,339
11,708
26,736
20,697
-7,931
41,951
-10,797
CFO/OP
-63
-109
180
-208
144
121
46
87
51
2
65
-2
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %
18%
17%
7%
1%
8%
2%
8%
13%
9%
18%
16%
13%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others1.48%FIIs43.00%Public4.96%Promot.7.87%DIIs42.69%As ofJun 2026

Documents

Frequently Asked Questions about Axis Bank

What does Axis Bank Ltd do?
Incorporated in December 1993, Axis Bank Limited is a private sector bank.It has the third-largest network of branches among private sector banks and an international presence through branches in DIFC (Dubai) and Singapore along with representative offices in Abu Dhabi, Sharjah, Dha...
Where is Axis Bank Ltd (AXISBANK) listed?
Axis Bank Ltd trades as AXISBANK on the NSE and under code 532215 on the BSE.
Which sector does Axis Bank Ltd belong to?
Axis Bank Ltd is classified under the Banks sector, in the Private Bank industry.
What is the market capitalisation of Axis Bank Ltd?
Axis Bank Ltd has a market capitalisation of ₹3,85,005 Cr, which places it in the Large Cap band.
What is the PE ratio of Axis Bank Ltd?
Axis Bank Ltd trades at a PE ratio of 13.94, on earnings per share of ₹86.46, against a book value of ₹711.81 per share.
What is the 52-week high and low of Axis Bank Ltd?
Over the last 52 weeks Axis Bank Ltd has traded between ₹1,055.1 and ₹1,418.3.
Does Axis Bank Ltd pay dividends?
Axis Bank Ltd has a dividend yield of 0.08%.
What is the Return on Equity (ROE) of Axis Bank Ltd?
Axis Bank Ltd reported a return on equity of 12.28%. Its debt-to-equity ratio is 0.00.

Company Information

Incorporated in December 1993, Axis Bank Limited is a private sector bank.It has the third-largest network of branches among private sector banks and an international presence through branches in DIFC (Dubai) and Singapore along with representative offices in Abu Dhabi, Sharjah, Dhaka and Dubai and an offshore banking unit in GIFT City.[1]

Website axisbank.com
CEO Mr. Amitabh Chaudhry
Employees 1,04,453
Listed 1998-11-16
Face Value ₹ 2
Issued Size 3,10,50,81,431

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