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Axis Bank Limited
(AXISBANK)
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Rating:66Neutral
Price Target:
₹1,391.00
▲(12.40% Upside)
Action:Reiterated
Date:10/19/26
The score is held back primarily by uneven cash-flow quality (multiple negative OCF/FCF years) despite strong revenue and profit trends. Technicals are supportive with price above major moving averages and positive MACD, though near-overbought signals limit upside. Valuation is reasonable (P/E ~14.4) with an added boost from the dividend yield, while the earnings call was broadly positive but flagged margin/fee-growth and slippage-related risks.
Positive Factors
Loan and deposit growth
Strong growth in both advances and deposits indicates broad franchise expansion and improving market share. A larger funding and lending base can support recurring net interest income, deepen customer relationships, and provide a durable platform for future cross-selling.
Negative Factors
Net interest margin pressure
NIM compression directly pressures the bank's largest earnings stream and reflects balance-sheet mix, rate-cut, and FCNRB-related effects. Because management cannot specify when optimization will restore the 3.8% guidance, margin recovery remains an important near-term execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Loan and deposit growth
Strong growth in both advances and deposits indicates broad franchise expansion and improving market share. A larger funding and lending base can support recurring net interest income, deepen customer relationships, and provide a durable platform for future cross-selling.
Read all positive factors
Axis Bank Limited (AXISBANK) vs. iShares MSCI India ETF (INDA)
Market Cap
₹3.78T
Dividend Yield0.08%
Average Volume (3M)407.46K
Price to Earnings (P/E)12.6
Beta (1Y)1.27
Revenue Growth7.44%
EPS Growth14.86%
CountryIN
Employees101,337
SectorGeneral
Sector StrengthN/A
IndustryBanks - Regional
Share Statistics
EPS (TTM)96.37
Shares Outstanding3,113,913,600
10 Day Avg. Volume278,773
30 Day Avg. Volume407,459
Financial Highlights & Ratios
PEG Ratio-2.24
Price to Book (P/B)1.72
Price to Sales (P/S)2.28
P/FCF Ratio-34.13
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹1,523.50Price Target Upside23.11% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)96.98
Revenue Forecast (FY)₹920.39B
Axis Bank Limited Business Overview & Revenue Model
Company Description
Axis Bank Limited, established in 1993 and headquartered in Mumbai, India, delivers a comprehensive suite of financial solutions both domestically and across international markets. Formerly known as UTI Bank Limited until its rebranding in July 20...
How the Company Makes Money
Axis Bank primarily makes money through (1) net interest income, (2) fee and commission income, and (3) other income such as treasury-related gains, within the regulatory framework applicable to Indian banks.
1) Net interest income (interest spre...
Axis Bank Limited Earnings Call Summary
Earnings Call Date:Oct 17, 2026
(Q2-2027)
| Next Earnings Date:Jan 25, 2027
Earnings Call Sentiment Positive
The call was predominantly constructive, with strong loan and deposit growth, significant profit expansion, improving asset quality, robust capital buffers, successful subsidiary performance and continued digital and AI investment. The main challenges were NIM compression from FCNRB and balance-sheet mix effects, relatively weak fee-income growth, higher expenses including one-time items, material gross slippages, and uncertainty around macroeconomic conditions and pending regulatory changes.Positive Updates
Strong Loan Growth and Market-Share Gains
Total advances grew 23% year-on-year and 9% quarter-on-quarter. Excluding loans extended by international branches against FCNRB deposits, advances grew 19% year-on-year and 5% quarter-on-quarter. The bank gained approximately 10 basis points of market share in loans year-on-year.
Negative Updates
Global Macroeconomic and Geopolitical Headwinds
Management highlighted persistent uncertainty from geopolitical tensions and trade-related disruptions, including renewed tensions in West Asia, supply-chain disruption, energy-market volatility, elevated commodity prices, tariff-related disruptions, rising energy and food prices, inflationary pressures and weather-related risks.
Read all updates
Q2-2027 Updates
Positive
Negative
Strong Loan Growth and Market-Share Gains
Total advances grew 23% year-on-year and 9% quarter-on-quarter. Excluding loans extended by international branches against FCNRB deposits, advances grew 19% year-on-year and 5% quarter-on-quarter. The bank gained approximately 10 basis points of market share in loans year-on-year.
Read all positive updates
Company Guidance
Management reiterated its through-the-cycle NIM guidance of 3.8%, said NIM should show an improvement sequentially going forward, and said Q3 and Q4 should show some sort of a benefit from FCNRB optimization, although the time frame is difficult to ascertain; it is working to get back to the above 55% retail mix, while loan growth is guided at 300 basis points higher than the industry average over the medium term. Management expects the cost-to-assets journey to continue, said some further improvement in credit cost can be expected but provided no specific guidance, expects no material impact from ECL transition, and intends to manage LCR within 115% to 120%; the latest repo rate increase should benefit the book stock in Q4, while no specific guidance was given on sequential NII uplift.Axis Bank Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
64
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.71T | 1.62T | 1.56T | 1.38T | 1.06T | 861.20B |
| Gross Profit | 891.58B | 881.37B | 848.91B | 766.03B | 624.16B | 511.98B |
| EBITDA | 371.31B | 341.86B | 384.89B | 365.66B | 317.67B | 199.78B |
| Net Income | 299.50B | 263.85B | 280.55B | 263.86B | 108.18B | 141.19B |
Balance Sheet | ||||||
| Total Assets | 21.15T | 19.46T | 16.57T | 15.18T | 13.44T | 11.96T |
| Cash, Cash Equivalents and Short-Term Investments | 1.34T | 1.09T | 1.03T | 1.38T | 1.39T | 1.54T |
| Total Debt | 3.24T | 2.81T | 2.21T | 2.28T | 1.98T | 1.82T |
| Total Liabilities | 18.83T | 17.30T | 14.69T | 13.61T | 12.14T | 10.77T |
| Stockholders Equity | 2.31T | 2.15T | 1.87T | 1.57T | 1.30T | 1.18T |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -108.47B | 419.38B | -79.40B | 206.85B | 267.28B |
| Operating Cash Flow | 0.00 | -86.37B | 443.84B | -55.55B | 220.75B | 281.37B |
| Investing Cash Flow | 0.00 | -459.17B | -512.15B | -90.88B | -326.94B | -272.32B |
| Financing Cash Flow | 0.00 | 603.58B | -70.00B | 223.41B | 66.41B | 1.71T |
Axis Bank Limited Technical Analysis
Negative
1237.50
Price Trends
1241.27
Negative
1268.10
Negative
1282.39
Negative
Market Momentum
-6.94
Positive
44.37
Neutral
26.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:AXISBANK, the sentiment is Negative. The current price of 1237.5 is below the 20-day moving average (MA) of 1238.17, below the 50-day MA of 1241.27, and below the 200-day MA of 1282.39, indicating a bearish trend. The MACD of -6.94 indicates Positive momentum. The RSI at 44.37 is Neutral, neither overbought nor oversold. The STOCH value of 26.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:AXISBANK.
Axis Bank Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | ₹10.01T | 16.95 | ― | 0.85% | 7.92% | 9.82% | |
75 Outperform | ₹8.87T | 10.30 | ― | 1.80% | 6.56% | 4.93% | |
71 Outperform | ₹10.68T | 13.32 | ― | 2.24% | 4.59% | 10.08% | |
69 Neutral | ₹4.59T | 21.38 | ― | 0.14% | 12.39% | 17.49% | |
66 Neutral | ₹3.78T | 12.63 | ― | 0.08% | 7.44% | 14.86% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
45 Neutral | ₹654.48B | 21.75 | ― | 0.18% | -2.29% | ― |
* General Sector Average
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Axis Bank Limited Corporate Events
Axis Bank posts earnings call recording for September 2026 quarter
Oct 17, 2026
Axis Bank Limited has notified stock exchanges that it conducted an earnings call with analysts and investors on October 17, 2026, to discuss its unaudited standalone and consolidated financial results for the quarter and half year ended September...
Axis Bank marginally increases share capital through ESOP-linked allotment
Oct 6, 2026
Axis Bank Limited has issued 83,304 new equity shares with a face value of Rs. 2 each following the exercise of employee stock options and restricted stock units under its ESOP and RSU schemes. As a result, the bank’s paid-up share capital h...
Axis Bank launches postal ballot to approve board appointments and re-appointments
Sep 30, 2026
Axis Bank has initiated a postal ballot process to seek shareholder approval for key board changes, including the re-appointment of CH SS Mallikarjunarao as an independent director, the re-appointment and remuneration of executive director Munish ...
Axis Bank Highlights Investor Engagement at BofA Asia Pacific Conference
Sep 23, 2026
Axis Bank informed stock exchanges that it participated in the BofA Asia Pacific Conference held in Hong Kong on September 23, 2026, where it met with a range of global analysts and institutional investors. The bank noted that an investor presenta...
Axis Bank Marginally Increases Share Capital Through ESOP Allotment
Sep 22, 2026
Axis Bank Limited is a major private sector bank in India, providing a full suite of retail and corporate banking products, from deposits and loans to payment services and treasury solutions. Its shares are actively traded on domestic exchanges su...
Axis Bank details institutional investor meet at Jefferies India forum
Sep 18, 2026
Axis Bank Limited has disclosed that it held an analyst and institutional investor meeting on September 18, 2026, in Gurgaon, as part of the Jefferies 5th India Forum, in compliance with SEBI’s listing regulations. The bank has also made the...
Axis Bank Marginally Increases Equity Capital via ESOP Allotment
Sep 8, 2026
Axis Bank has marginally expanded its equity base by allotting 180,899 new shares with a face value of Rs. 2 each following the exercise of employee stock options and restricted stock units. The paid-up share capital has risen from Rs. 6,226,490,4...
Axis Bank Hosts Mumbai Meet With Global Institutional Investors
Sep 8, 2026
Axis Bank Limited has disclosed that it conducted a group meeting with select analysts and institutional investors in Mumbai on September 8, 2026, in compliance with Indian listing disclosure norms. The bank has also made the related presentation ...
Axis Bank engages global investors at Goldman Sachs Asia Leaders Conference 2026
Sep 1, 2026
Axis Bank has disclosed that it participated in the Goldman Sachs Asia Leaders Conference 2026 in Hong Kong, where it met with a range of prominent institutional investors and asset managers. In line with Indian listing regulations, the bank has a...
Axis Bank Raises U.S.$300 Million via Senior Notes Under GMTN Programme
Aug 21, 2026
Axis Bank has raised U.S.$300 million through the successful allotment of 5.179% senior notes under its U.S.$5 billion Global Medium Term Note programme, in line with applicable laws and regulatory requirements. The notes will be listed on the Glo...
Axis Bank Lists US$300 Million Senior Notes on IFSC Exchanges
Aug 21, 2026
Axis Bank has received final listing approval from the Global Securities Market of India INX and the Debt Securities Market of NSE IFSC for U.S.$300 million 5.179% senior notes issued under its U.S.$5 billion global medium-term note programme. The...
Axis Bank Publishes Q1 FY27 Earnings Call Transcript
Jul 24, 2026
Axis Bank has released the transcript of its July 18, 2026 earnings call discussing unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The bank has made the document available on its website in line with d...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.