Axis Bank
Axis Bank
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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
AI Analysis — Bull vs Bear
Axis Bank has a market capitalisation of about Rs 3,71,693 Cr and trades at a P/E of 13.2x and a P/B of 1.67x. Profit grew at a 30% CAGR over 5 years and 35% over 3 years, but TTM profit growth is flat at 0% and TTM sales growth has slowed to 6%. Return on equity was 13% last year, below the 3-year average of 16%, and the stock has returned 6% CAGR over both 1 and 3 years.
- Profit grew at a 30% CAGR over the last 5 years (29.6% per the data) and 35% over the last 3 years. This shows strong earnings recovery and growth over the medium term.
- Revenue grew at a 15% CAGR over 3 years and 16% over 5 years, ahead of the 10-year sales CAGR of 12%. This points to faster balance-sheet and business growth in recent years.
- The stock trades at a P/E of 13.2x and a P/B of 1.67x. These are modest multiples for a large private-sector bank with a 3-year average ROE of 16%.
- ROE has moved up over time. The 10-year average is 11%, the 5-year average is 14% and the 3-year average is 16%, which suggests profitability has structurally improved from earlier periods.
- Working capital days fell from 49.4 to 24.6, roughly halving. This indicates more efficient use of funds.
- With a market capitalisation of about Rs 3,71,693 Cr, Axis Bank is one of India's largest private banks. That scale supports its deposit franchise, distribution reach and access to capital.
- Promoter holding is 7.87%, which reflects a widely held, institutionally owned structure. For some investors this means a professionally managed bank without a dominant controlling shareholder.
- TTM profit growth is 0%, a sharp drop from the 30% 5-year and 35% 3-year CAGRs. This signals that earnings momentum has stalled recently.
- TTM sales growth has slowed to 6%, against 15% over 3 years and 16% over 5 years. This points to slower loan growth or margin pressure.
- ROE was 13% last year, below the 3-year average of 16%. This shows profitability has weakened from its recent peak.
- Stock returns have lagged the business: 6% CAGR over both 1 and 3 years, 9% over 5 years and 8% over 10 years, despite a 35% 3-year profit CAGR. The market has been reluctant to re-rate the stock.
- Other income of Rs 29,292 Cr forms a meaningful part of earnings. Fee, treasury and other non-interest income can be more volatile than core net interest income.
- Contingent liabilities total Rs 31,22,124 Cr, a multiple of the market cap. These mainly reflect derivative notionals, guarantees and letters of credit, which are normal for banks, but they still represent off-balance-sheet exposure.
- Dividend yield is 0.08%, which offers little income support to shareholders.
- Promoter holding is only 7.87%, so there is no anchor promoter to provide capital support or strategic backing in stress scenarios.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- FCNR(B) inflows to dilute NIMs Sep 7
CEO Amitabh Chaudhry said NIMs may wobble for the next 1-2 quarters as large FCNR(B) inflows are deployed, with margin gains expected only in the medium term. That makes the Oct 17 Q2 FY27 margin print a near-term risk.
- 18% ROE called aspirational Sep 4
Chaudhry acknowledged that an 18% ROE is hard to sustain, citing the retail cycle, higher credit costs and rate cuts squeezing NIMs. He said the 'unfinished agenda' covers deposits, premiumisation and consistency.
- Record surplus liquidity pressures yields Sep 5
System surplus liquidity hit a record ₹10.3 lakh crore as of Sep 3, forcing RBI to absorb liquidity. Excess funds weigh on deployment yields across banks.
- Apple Pay economics, edge may fade Sep 18
Apple is reportedly negotiating 0.15-0.20% per transaction in India, which could keep Axis's net interchange income flat unless volumes rise about 25%. HDFC Bank and ICICI Bank are also in talks, which threatens the first-mover lead.
- ECL transition capital impact Sep 7
The sector shift to expected credit loss provisioning will hit net worth. The CEO expects Axis's hit to stay limited thanks to countercyclical and unused COVID-era buffers.
- Stock drifting lower Sep 28
Shares closed at ₹1,240.90 per a Sep 20 report. Large-trade signals then flagged trades at ₹1,194 on Sep 24 and ₹1,211 on Sep 28, roughly 2-4% below that level.
- Apple Pay India launch partner Sep 30
Apple Pay launched in India on Sep 30, 2026 with Axis Bank as its first and only bank partner, covering Visa and Mastercard credit cards. Axis has 16.23 million active cards as of August, while HDFC Bank and ICICI Bank have not yet finalised terms.
- FCNR(B) lifts deposit share Sep 7
Axis is among the top raisers of FCNR(B) deposits, pushing its share of these inflows well above its roughly 5% domestic deposit share. The CEO said the funds will support credit growth and replace costly deposits over the next couple of quarters, and that NIMs have bottomed.
- Axis Max Life stake to 30% Sep 7
Axis plans to raise its Axis Max Life stake from 20% to up to 30% and merge the holding company to enable the insurer's listing. This needs RBI approval and could unlock value.
- 3.8% NIM, Citi deal delivering Sep 4
The CEO sees 3.8% NIMs as achievable in the medium-to-long term. He said the Citi acquisition delivered as planned, including an unexpected ₹2,000-2,300 crore tax benefit.
- AI-led operating leverage Sep 10
Axis opened about 400 branches in FY26 while net headcount fell 3% and cost-to-assets improved by 18 bps. The bank expects AI-led personalisation to be part of its business within four quarters.
- Scapia co-branded travel card Sep 4
Axis launched a lifetime-free Scapia card on Mastercard and RuPay with zero forex markup and up to 20% travel rewards. It strengthens the bank's push among young, digital-first customers.
- Lowest personal loan rate Sep 15
Paisabazaar data shows Axis offering the lowest private-bank personal loan rate at 8.90% onwards, ahead of HSBC at 9.70% and IDFC FIRST at 9.99%.
- Q2 FY27 results on Oct 17 Sep 20
The board meets Oct 17, 2026 to approve results for the quarter ending Sep 30, and the trading window is closed Oct 1-19. The source article mislabels the quarter as Q3 and gives conflicting profit figures, so treat those numbers as unverified.
- Board changes via postal ballot Sep 30
Shareholders vote Oct 7 to Nov 5, 2026 on re-appointing CH SS Mallikarjunarao and Munish Sharda and appointing K. S. Giridhar and Arvind Subramanian. Subramanian, former MD & CEO of Mahindra Lifespace, joined Sep 23 as an additional independent director for 4 years.
- Busy institutional investor meetings Sep 17
Axis held investor meets on Sep 8, 9, 10 (UBS Summit), 17-18 (Jefferies India Forum, Gurgaon) and Sep 22-24 in Hong Kong. Attendees included Morgan Stanley, T. Rowe Price and Millennium.
- Large block trades flagged Sep 28
About 10 lakh shares worth ₹121.10 crore traded at ₹1,211 on Sep 28, and 2 lakh shares worth ₹23.88 crore traded at ₹1,194 on Sep 24. These are unconfirmed real-time signals, not exchange disclosures.
- NRE FD rates revised Sep 5
From Aug 26, NRE FD rates run 6.15-6.50%, and the no-premature-withdrawal Plus variant pays up to 6.70% on deposits of ₹25 crore and above. This supports NRI deposit mobilisation but raises funding cost.
- ESOP allotment of 68,291 shares Sep 17
On Sep 16, Axis allotted 68,291 shares of ₹2 each, taking the total to 3,113,494,427 shares. The dilution is negligible.
- Talent and MSME outreach programs Sep 24
Axis launched a tourism outreach program to engage 5,000+ customers and honour about 1,000 entrepreneurs through its Evolve platform. It also launched ARISE Homecoming (Sep 7) to hire overseas-educated Indian talent.
TL;DR: Axis Bank's franchise is building momentum: it is Apple Pay's sole launch bank in India, FCNR(B) inflows are lifting its deposit share, it plans an Axis Max Life listing, and it is growing branches while cutting headcount. The near-term risk is margins, since management itself flags 1-2 quarters of NIM dilution, calls the 18% ROE aspirational, and faces record system liquidity and ECL transition costs. The stock has eased from about ₹1,241 to the ₹1,194-1,211 range. The Oct 17 Q2 FY27 results will show whether NIMs have truly bottomed and whether the FCNR-funded credit growth story holds up.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 18% | 17% | 7% | 1% | 8% | 2% | 8% | 13% | 9% | 18% | 16% | 13% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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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]
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