Axis Bank Limited (AXISBANK)
Large CapFinancial Services stocks · Large cap · NSE
Axis Bank Limited is a private sector bank in India, focusing on building a future-ready franchise through digital and AI-led transformation, ecosystem partnerships, and strengthening its safe banking proposition. It offers a wide range of financial products and services across retail, corporate, and commercial banking segments.
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.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
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 30 Jun 2026
Good · 55/100Rev +10% YoY · PAT +22% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹35,542 Cr | +9.9% | +4.0% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹7,670 Cr | +22.1% | +0.4% |
| PAT margin | 21.6% | +217 bps | -78 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q1FY27 PAT up 23% YoY, driven by positive operating jaws and stable asset quality. Deposits grew 18% YoY, advances 19% YoY, with market share gains. Core operating profit rose 10% YoY, NIM at 3.46%. GNPA improved to 1.28%.
Axis Bank delivered robust Q1FY27 results with strong growth in deposits and advances, stable asset quality, and improved profitability. Strategic investments in digital, AI, and ecosystem partnerships are positioning the bank for future growth, while subsidiaries also show healthy performance.
Net Advances by Segment (June 30, 2026)
Latest issuer-disclosed distribution across 3 reported categories.
Digital & AI-led Transformation
Investments in digital, AI-led transformation, and ecosystem partnerships. Axis became the first leading Bank to introduce Aadhaar Face Authentication as a self-service journey.
Small Business Banking (SBB), SME, Mid-Corporate (MC) Growth
SBB+SME+MC at ₹3,061 bn (24% of total loans), up 911 bps in last 5 years, grew 24% YOY.
Wealth Management Business
Burgundy AUM grew 20% YOY and 11% QOQ to ₹7,53,819 crores. Burgundy Private AUM increased 16% YOY and 12% QOQ.
Payments and Digital Banking Leadership
Market leading position in UPI Payer PSP (~38% share) and Merchant Acquiring (~22.1% share). Axis Mobile app is top-rated with ~16 mn MAU.
Domestic Branch Network Expansion
Overall distribution network stands at 6,295 domestic branches and extension counters as of June 30, 2026, up from 5,879 YOY.
Business Correspondent Banking Outlets (BCBOs)
315 BCBOs situated across 3,352 centers as at June 30, 2026, compared to 235 BCBOs YOY.
ATM and Cash Recycler Network
12,564 ATMs and cash recyclers spread across the country as of June 30, 2026.
Virtual Relationship Managers
Axis Virtual Centre has 1,700 Virtual Relationship Managers as of June 30, 2026.
Strong Subsidiary Performance
Domestic subsidiaries delivered steady performance with Q1FY27 PAT of ₹546 crores, up 21% YOY, with a return on investment of ~41%.
Digital Adoption and Innovation
98% share of digital transactions in total financial transactions by individual customers. 48% YOY growth in total UPI transaction value.
Granular Fee Income Growth
Granular fees constituted 90% of total fees. Corporate & Commercial banking fees grew 18% YOY and 16% QOQ.
Macroeconomic and Geopolitical Uncertainties
Bank proactively strengthened its balance sheet by voluntarily enhancing its prudent provisioning framework for standard assets based on evolving and unpredictable macroeconomic and geopolitical uncertainties.
Credit Card Spends Market Share
Credit card spends market share at ~11.3% in 2M Q1FY27, down from 11.8% in Q1FY26.
Other Income Decline
Other Income for Q1FY27 stood at ₹6,735 crores, down 7% YOY, primarily due to a 62% YOY decline in trading income.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
Financial services performance is best assessed by both YoY to account for seasonality and long-term trends, and QoQ to gauge sequential momentum, utilization, and project execution, especially for loan growth and asset quality.
Net Interest Income (NII)
NII for Q1FY27 stood at ₹14,646 crores, up 8% YOY.
Net Interest Margin (NIM)
NIM for Q1FY27 stood at 3.46%.
Total Deposits Growth (MEB)
Total deposits grew 18% YOY and 3% QOQ on month-end basis to ₹13,72,936 crores.
Total Advances Growth
Advances grew 19% YOY and 2% QOQ to ₹12,61,557 crores.
Focus on Trust, Innovation, and Resilience
MD & CEO Amitabh Chaudhry: 'Our focus remains on building a franchise that combines trust, innovation and resilience at scale.'
Investments for Enduring Value
MD & CEO Amitabh Chaudhry: 'We continued to invest across these priorities - strengthening digital security, deploying AI to simplify customer journeys, expanding growth platforms and supporting ecosystems.'
AI-led, Customer-centric Bank
AXIOM: Building an AI-led, customer-centric bank, driven by a platform approach with reusable capabilities.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Interest Margin (NIM) | 3.46% | Sustained NIM stability or expansion, especially given the cost of funds trend and advances mix. |
| Asset Quality (GNPA/NNPA) | GNPA 1.28%, NNPA 0.39% | Continued improvement or stability in asset quality metrics, particularly net slippage ratio and credit cost. |
| Digital Adoption & AI Impact | 98% digital transactions, ~16 mn MAU for Axis Mobile, ~34 Mn AI-assisted doc reading. | Further growth in digital transaction volumes, MAU, and tangible benefits from AI initiatives like fraud prevention and operational efficiency. |
| SBB+SME+MC Loan Book Contribution | 24% of total loans, up 911 bps in 5 years. | Continued outperformance of these focus segments relative to overall loan growth and their contribution to the total loan book. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
48NeutralSMA20 -1.1% / mo · MACD +
Technical chart
AXISBANKdaily · 1Y · AUTO-5.6%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 55.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 falling (~1.1% over last month) — short-term momentum negative.
- RSI(14) at 55 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 10% off 52W high · 21% 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.
Relative Strength & Trend Stage
- Price is within 1.4% of the 30-week proxy.
- The 30-week proxy changed -0.6% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 40 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 40 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
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 48.7%.
- Growth contributes 20/25 to the score.
- Valuation contributes 13/30 to the score.
Main drags
- Altman Z is 1.6, in distress territory.
- Balance sheet is weaker at 1/15; verify the latest quarterly trend.
- Quality is weaker at 2/20; 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
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 28th percentile of the scored universe and 46th percentile within Financial Services. Main check: cash conversion is weak at 52/100.
Healthy 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: 46th pctile, median 62 · Large: 17th pctile, median 73
198 documents have extracted text, 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.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-8637 Cr.
- ▸Altman Z is 1.60.
- ▸Promoter holding is only 7.9%.
- ▸ROCE is low at 6.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 14.30
- P/B
- 1.79
- EV/EBITDA
- —
- Market Cap
- 396316.00Cr
Profitability
- ROE
- 13.10%
- ROCE
- 6.24%
- ROA
- 1.44%
- 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
- 1.60
- Book Value
- 712.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- -8637.00 Cr
- EPS TTM
- 89.40
Shareholding
- Promoter Hold
- 7.87%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 61%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable names in Financial Services, ranked by similarity
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.