Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 6 Oct
Source: Bse
Axis Bank Limited (AXISBANK)
Large CapFinancial Services stocks · Large cap · NSE
Axis Bank Limited is the third-largest private sector bank in India, offering a comprehensive suite of retail, corporate, and commercial banking services, along with wealth management and digital financial solutions.
Data qualityFresh enough for analysisQuote updated 22 Oct, 05:50 pm ISTDetails
Quote22 Oct, 05:50 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result17 Oct, 12:52 pm IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
35Bearishfull bear SMA stack · SMA20 -1.2% / mo · MACD −
Stock trend: 26
Sector RS: 49
Sector 3M: -5.1% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
AXISBANKD candles · FIT view-6.0%Latest close ₹1212.00 on 2026-10-22
Bar
+0.4%
RSI
42
MACD hist
-2.63
52W pos
23%
2026-10-22O ₹1207.20H ₹1216.10L ₹1200.30C ₹1212.00Vol 1.0Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
AXISBANKNifty Financial ServicesNifty 500
- AXISBANK
- -2.1%
- Nifty 500
- -6.2%
- Nifty Financial Services
- -5.8%
- Vs Nifty 500
- +4.1 pp
Chart stats
22 Oct 2026- From 52W high
- -14.5%
- 52W range position
- 23%
- ATR (14)
- 2.3%
- Volume vs 20D
- 1.40x
- Avg traded value
- ₹934 Cr
- 20D price channel
- ₹1,175 - ₹1,293.8
₹1,418.3
₹1,150.3 - ₹1,418.3
₹28.3
Latest completed session
20-session average
29.9% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST44
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good70
Revenue +41.4% · PAT +37.4% YoY
Technical
Bearish35
Price trend and sector-relative-strength timing.
Valuation
Legacy model+50.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence61
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Good · 70/100Rev +41% YoY · PAT +37% YoY · +29% QoQ
Filed 17 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹45,674.4 Cr | +41.4% | +28.5% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹7,649.7 Cr | +37.4% | -0.3% |
| PAT margin | 16.8% | -48 bps | -483 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 12.80
- P/B
- 1.67
- EV/EBITDA
- —
- Market Cap
- 384874.00Cr
Profitability
- ROE
- 13.10%
- ROCE
- 6.24%
- ROA
- 1.42%
- 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
- 0.22
- Interest Coverage
- —
- Altman Z
- 1.55
- Book Value
- 738.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- -8637.00 Cr
- EPS TTM
- 96.32
Shareholding
- Promoter Hold
- 7.86%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 32%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 45.7k+28.5% vs prev
Net Profit
₹ CrLatest: 7,650-0.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 42.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~1.2% over last month) — short-term momentum negative.
- RSI(14) at 42 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 15% off 52W high · 5% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
59
RS percentile
Stage 4 Downtrend
1M return
-2.5%
3M return
-2.1%
6M return
-11.3%
1Y return
-2.1%
RS 1D
+2
RS 20D
+9
Sector rank
#10
Industry rank
#8
Stage evidence
- Price is 5.0% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -0.6%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
263 observations
22 Oct 2026Value 112.19+0.82%
RS vs Nifty 500112
Valuation & peers
U-Score 44 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 44 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · WATCHLISTValuation17/30
Growth20/25
Quality2/20
Balance Sheet1/15
Cash Flow3/10
Piotroski
4/9 (+1)
Penalties
0
Raw sum
44
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
44/100 · legacy band WATCHLIST
Positive drivers
- Fair-value margin of safety is positive at 50.7%.
- Growth contributes 20/25 to the score.
- Valuation contributes 17/30 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.
Sector valuation model
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.
Primary lens
Price/book and ROE/ROA, not trailing PE alone.
Secondary checks
Capital adequacy, credit cost, NPA trend, deposit franchise.
Main risk check
Low P/B can be a trap if asset quality or credit cost is worsening.
PE
12.8
PB
1.7
EV/EBITDA
—
ROE
13.1%
ROCE
6.2%
FCF Yield
—
Debt/Equity
0.2
MoS
+50.7%
Score movement
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.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
44
Previous: 44
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+50.7%
Previous: +50.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
22 Oct 2026
v4.3-runtime-valuation
40
40
40
40
40
40
40
40
40
44
44
44
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹1,264.67
+4.2% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹2,456.16
+50.7% MoS
PEG
0.40
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
KOTAKBANK
Large
Kotak Mahindra Bank Limited
Banking
match 165
26
21.8
11.4%
+16%
OVERVALUED
INDUSINDBK
Large
IndusInd Bank Limited
Banking
match 157
10
50.0
1.4%
-2086%
OVERVALUED
J&KBANK
Large
The Jammu & Kashmir Bank Limited
Banking
match 157
64
6.6
15.4%
+75%
UNDERVALUED
FEDERALBNK
Mid
The Federal Bank Limited
Banking
match 153
36
17.7
11.6%
+29%
WATCHLIST
IDBI
Small
IDBI Bank Limited
Banking
match 153
65
9.7
14.1%
+64%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-22T01:41:16.166Z
Management commentary snapshot
Axis Bank delivers robust Q2FY27 performance with 23% YoY advances growth and 38% YoY jump in PAT, underpinned by strong NII and stable asset quality.
The core investment thesis remains intact. Axis Bank continues to deliver strong momentum across deposits (21% YoY) and advances (23% YoY). Asset quality metrics are improving further with GNPA down 30 bps YoY to 1.16%, and capital adequacy remains solid with a CET-1 ratio of 14.61%.
Current business mix
Net Advances by Segment
Latest issuer-disclosed distribution across 3 reported categories.
Retail54.0%
Corporate34.0%
SME12.0%
Growth engines
Retail Disbursements and Loan Growth
PositiveRetail loans grew 16% YoY to ₹7,39,905 crores, with retail disbursements up 22% YoY.
SME and Mid-Corporate Segment Expansion
PositiveSME loans grew 25% YoY and Corporate loans grew 34% YoY, driven by a 29% YoY increase in Mid-Corporate loans.
Wealth Management (Burgundy)
PositiveBurgundy AUM grew 27% YoY and 9% QoQ to ₹8,19,868 crores.
Subsidiaries Performance
PositiveKey domestic subsidiaries delivered H1FY27 PAT of ₹1,210 crores, up 29% YoY.
Capacity and execution
Branch Network Expansion
PositiveDomestic branch network and extension counters expanded to 6,414 branches as of September 30, 2026, compared to 5,976 a year ago.
Tailwinds
Digital Payments Leadership
PositiveMaintained market-leading position in UPI Payer PSP with ~38% market share by volume and lowest technical declines.
Operating Efficiencies
PositiveCost-to-assets ratio improved to 2.14%, declining 24 bps YoY and 6 bps QoQ.
Headwinds
Cost of Funds and Margin Pressure
Under PressureOverall NIM moderated to 3.36% from 3.73% in Q2FY26 due to changes in funding mix and cost pressures.
Risk radar
CASA Ratio Moderation
Under ObservationCASA deposits as a percentage of total deposits stood at 36% compared to 40% as of September 30, 2025.
Management accountability
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.
Analyst reading lens
Compare BOTH
Both YoY and QoQ comparisons are necessary to track structural business scaling and sequential momentum in credit growth, deposit inflows, and margin dynamics.
Sector KPIs management disclosed
AUM / Advances Growth
PositiveTotal net advances grew 23% YoY and 9% QoQ to ₹13,73,727 crores as of September 30, 2026.
Deposits Growth
PositiveTotal deposits grew 21% YoY and 6% QoQ on a period-end basis to reach ₹14,52,066 crores.
Net Interest Margin (NIM)
StableNIM for Q2FY27 stood at 3.36%, or 3.47% excluding the FCNR (B) impact.
Gross Non-Performing Assets (GNPA)
PositiveGNPA ratio stood at 1.16%, down 30 bps YoY and 12 bps QoQ.
Management forward view
Focus on All-Weather Franchise
ExemplifiedManagement emphasizes building an all-weather franchise through investments in digital trust, payments innovation, AI capabilities, and talent.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Gross NPA Ratio | 1.16% | Sustained asset quality control and slippage trends |
| CASA Ratio | 36.0% | Trajectory of low-cost deposit mobilization |
| Capital Adequacy (CET-1) | 14.61% | Capital consumption versus internal accretion |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
61Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 32nd percentile of the scored universe and 49th percentile within Financial Services. Main check: cash conversion is weak at 52/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 22 Oct 2026
management-trust-v1
207 docs text-extracted · 31 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
32nd percentile
overall median 67 · Financial Services: 49th pctile, median 62 · Large: 17th pctile, median 73
Evidence depth
Financial-only
207 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
66
acceptable · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
55
watch · leverage and solvency
Discipline
56
watch · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-8637 Cr.
- ▸Altman Z is 1.55.
- ▸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.
Continue researching Axis Bank Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 29 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 22 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 16 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 8 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 18 Aug
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 18 Aug - S&P Global Ratings assigned BBB to Axis Bank's $300 million senior notes under GMTN programme.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 11 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 20 Jul
Source: Bse
Investor presentation
Announcement under Regulation 30 (LODR)-Investor Presentation 18 Jul
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.