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 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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result17 Oct, 12:52 pm IST
Score21 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
33Bearishfull bear SMA stack · SMA20 -1.1% / mo · MACD −
Stock trend: 26
Sector RS: 45
Sector 3M: -5.7% 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-8.6%Latest close ₹1210.00 on 2026-10-21
Bar
-2.5%
RSI
41
MACD hist
-0.19
52W pos
22%
2026-10-21O ₹1241.00H ₹1243.50L ₹1206.70C ₹1210.00Vol 52.8L 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
- -3.8%
- Nifty 500
- -6.5%
- Nifty Financial Services
- -6.9%
- Vs Nifty 500
- +2.7 pp
Chart stats
21 Oct 2026- From 52W high
- -14.7%
- 52W range position
- 22%
- ATR (14)
- 2.4%
- Volume vs 20D
- 0.74x
- Avg traded value
- ₹890 Cr
- 20D price channel
- ₹1,175 - ₹1,293.8
₹1,418.3
₹1,150.3 - ₹1,418.3
₹29.2
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
Bearish33
Price trend and sector-relative-strength timing.
Valuation
Legacy model+50.8%
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 20/10/2026
Revenue
₹ CrLatest: 3.0-90.0% vs prev
Net Profit
₹ CrLatest: 26.5k-5.8% vs prev
Return on Equity
%Latest: 12.3-18.0% vs prev
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 41.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~1.1% over last month) — short-term momentum negative.
- RSI(14) at 41 — 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
57
RS percentile
Stage 4 Downtrend
1M return
-3.2%
3M return
-3.8%
6M return
-11.7%
1Y return
-3.1%
RS 1D
0
RS 20D
+4
Sector rank
#10
Industry rank
#8
Stage evidence
- Price is 5.1% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -0.7%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 111.28-1.19%
RS vs Nifty 500111
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 50.8%.
- Growth contributes 20/25 to the score.
- Valuation contributes 17/30 to the score.
Main drags
- Altman Z is 1.6, in distress territory.
- 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
+50.8%
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: 21 Oct 2026
v4.3-runtime-valuation
Final score
44
Previous: 44
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+50.8%
Previous: +49.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
40
40
40
40
40
40
40
40
40
40
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
+4.3% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹2,456.16
+50.8% 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%
+15%
OVERVALUED
INDUSINDBK
Large
IndusInd Bank Limited
Banking
match 157
10
51.2
1.4%
-2121%
OVERVALUED
J&KBANK
Large
The Jammu & Kashmir Bank Limited
Banking
match 157
64
6.6
15.4%
+74%
UNDERVALUED
FEDERALBNK
Mid
The Federal Bank Limited
Banking
match 153
36
17.7
11.6%
+28%
WATCHLIST
ICICIBANK
Large
ICICI Bank Limited
Banking
match 153
46
17.1
15.9%
+31%
FAIR VALUE
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 2026-07-19T00:40:50.822Z
Management commentary snapshot
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.
Current business mix
Net Advances by Segment (June 30, 2026)
Latest issuer-disclosed distribution across 3 reported categories.
Retail54.0%
Corporate34.0%
SME12.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
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 21 Oct 2026
management-trust-v1
204 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
204 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.