AXISBANK
Large CapAxis Bank Limited
Financial Services
Axis Bank is a leading Indian private sector bank focused on building a resilient, all-weather franchise. It emphasizes strengthening its balance sheet, customer focus, improving efficiency, and increasing activity intensity across segments without diluting risk standards, guided by its GPS strategy.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust needs verification, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 20/100Rev +5% YoY · PAT +2% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹34,171 Cr | +5.3% | +1.4% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹7,642 Cr | +1.8% | +8.2% |
| PAT margin | 22.4% | -78 bps | +142 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Axis Bank reports strong Q4FY26 advances and deposit growth, improved asset quality, and operational efficiency. However, NIMs declined YoY, and a significant one-time provision was made for standard assets due to macroeconomic uncertainties.
Management claims strong all-round growth in advances (19% YoY) and deposits (14% YoY), coupled with improved asset quality (GNPA 1.23%, NNPA 0.37%). Operational efficiency gains are evident in declining cost-to-assets and workforce reduction despite branch expansion. However, NIMs declined YoY, and the bank proactively created a substantial one-time provision for standard assets, signaling caution amidst global uncertainties.
Loan Book by Segment (March 2026)
Latest issuer-disclosed distribution across 3 reported categories.
Wholesale Banking
Evolved to an ecosystem-led approach, driving diversified, high-quality growth in strong-cycle segments like power (renewables), commercial real estate, data centers, NBFCs (PSL driven), and manufacturing.
SME Franchise
Continues strong growth with a diversified, granular portfolio and improved yields through data-driven credit decisions, simplified products, and digitized operations.
Retail Disbursements
Disbursement growth remains strong and risk-calibrated, centered on credit-tested customers, strengthened underwriting, and balanced scaling across proprietary and partner-led channels.
Premiumisation (Burgundy)
Key driver of premiumisation, with assets under management up 14% YoY. Burgundy Private named 'India’s Best for Next‑Gen' for the third year in a row.
Branch Network Expansion
Added 166 new branches in Q4FY26 and 400 new branches during FY26.
Indian Economic Resilience
Indian economy has shown resilience amid global uncertainty, providing a stable operating environment.
Strong Retail Disbursement Momentum
Retail disbursements grew 24% YoY and 19% QoQ, indicating robust demand and execution in this segment.
Technology-led Efficiency Gains
Total workforce declined 3% YoY, driven by technology-led efficiency gains at both employee and branch levels, contributing to lower cost-to-assets.
Global Macroeconomic Uncertainty
Complex and uncertain global macroeconomic backdrop with elevated geopolitical tensions, including tariff issues and the West Asia conflict.
Disruption to Global Supply Chains
Geopolitical tensions continue to disrupt global supply chains, influence capital flows, and add volatility to markets worldwide.
Trading Losses
Trading profit and miscellaneous income were negative due to MTM losses on investments in government securities, bonds & debentures, shares etc.
Geopolitical Impact on Asset Quality
Ongoing uncertainties, particularly the West Asia crisis, could impact specific loan pools, necessitating a one-time provision of ₹2,001 crores for standard assets.
Loan Mix Recalibration
Retail and CBG advances comprised 67% of total advances, declining 471 bps YoY. Management aims for 70% Retail/SME and 30% Wholesale mix.
Deposit Pricing Pressure
Tightness in the sector's deposit taking and year-end uptick in bulk deposit rates could lead to potential for deposit rates to rise.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are crucial for financial services. YoY reflects underlying business growth and asset quality trends over a full cycle, while QoQ highlights sequential momentum in disbursements, deposit mobilization, and immediate asset quality shifts.
Total Advances Growth
Total advances grew 6% QoQ and 19% YoY. Wholesale grew 38% YoY, SME 24% YoY, and Retail 8% YoY.
Total Deposits Growth
Total deposits grew 6% QoQ and 14% YoY (MEB basis). Term deposits grew 5% QoQ and 16% YoY. CASA deposits increased 7% QoQ (MEB basis).
Net Interest Margin (NIM)
NIM for Q4FY26 was 3.62%. FY26 NIM was 3.69%, declining 29 bps YoY after factoring 125 bps pass-through of repo rate cut.
Cost of Deposits
Cost of deposits declined by 46 bps YoY and 4 bps QoQ, underscoring funding strategy strength.
Disciplined Growth & Watchfulness
Firmly focused on disciplined execution, balancing growth with watchfulness, while continuing to build momentum in chosen areas of focus.
NIM Target Reiteration
Maintains through-cycle stance of NIMs at 3.80%, expected to be achieved 15-18 months from transmission of last rate cut.
No Equity Capital Needed
Reiterates that the bank does not need equity capital for either growth or protection, but may opportunistically evaluate issuing Tier-2 and AT-1 instruments.
AI Bottom-Line Impact
Expects AI to drive meaningful bottom-line impact over the next 18-24 months, focusing on embedding AI responsibly and securely.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Interest Margin (NIM) | 3.62% (Q4FY26) | Progress towards the stated through-cycle NIM target of 3.80% over the next 15-18 months. |
| Loan Mix (Retail/SME vs. Wholesale) | Retail 55%, Corporate 33%, CBG 12% | Recalibration of the portfolio proportionality towards the stated target of 70% Retail/SME and 30% Wholesale over the planning horizon of 3 years. |
| Impact of Geopolitical Events on Asset Quality | ₹2,001 crores one-time standard asset provision | Utilization of the specific provision created for identified loan pools in the event of slippages related to the West Asia crisis in FY27. |
| AI Initiatives Impact | ISO 42001 certified, 'Best GenAI Use Case in Retail Banking' award | Tangible evidence of meaningful bottom-line impact from AI initiatives over the next 18-24 months. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
49Neutrallabel neutral
Technical chart
AXISBANKdaily · 5Y+5.7%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 55. Wait for confirmation.
- SMA20 falling (~3.5% over last month) — short-term momentum negative.
- RSI(14) at 55 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 9% off 52W high · 12% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 53.8%.
- Growth contributes 20/25 to the score.
- Valuation contributes 17/30 to the score.
Main drags
- Altman Z is 1.6, in distress territory.
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Balance sheet is weaker at 3/15; verify the latest quarterly trend.
Bank valuation: P/B adjusted for ROE and asset quality
Banks are balance-sheet businesses, so book value quality matters more than simple earnings multiples.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 19th percentile of the scored universe and 35th percentile within Financial Services. Main check: cash conversion is weak at 52/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-8637 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 35th pctile, median 62 · Large: 12th pctile, median 74
190 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-8637 Cr.
- ▸Altman Z is 1.59.
- ▸Promoter holding is only 8.1%.
- ▸ROCE is low at 6.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 14.90
- P/B
- 1.85
- EV/EBITDA
- —
- Market Cap
- 394123.00Cr
Profitability
- ROE
- 13.20%
- ROCE
- 6.24%
- ROA
- 1.36%
- Dividend Y
- 0.08%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 30.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 35.00%
Balance Sheet
- Debt/Equity
- 0.21
- Interest Coverage
- —
- Altman Z
- 1.59
- Book Value
- 687.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- -8637.00 Cr
- EPS TTM
- 84.89
Shareholding
- Promoter Hold
- 8.14%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 60%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.