HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 30 Oct 2026 +1.39%
Research updated
Axis Bank Ltd.
NSE: AXISBANKFinancial ServicesBanks - Regional
- Last close
- ₹1,217.00
- Day change
- −₹8.00 (−0.65%)vs
- Market cap
- ₹4.02 lakh crIndian rupees
- Research updated
- 2 reports
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About Axis Bank
Axis Bank Ltd. is a prominent financial institution in India, holding the status of a major private sector bank. Its primary role is to provide a comprehensive suite of banking and financial services, catering to a wide range of customers including individuals, small and medium-sized enterprises, and large corporations. The bank offers services such as retail banking, corporate banking, investment banking, asset management, and treasury operations. Notable for its extensive branch network and a substantial presence in both urban and rural areas, Axis Bank Ltd. plays a critical role in the economic activities across various sectors. With continuous innovations in digital banking, it facilitates convenient access to banking services, thereby promoting financial inclusion. Established in 1993 and headquartered in Mumbai, Axis Bank Ltd. contributes significantly to the financial stability and economic growth in India, serving as a pivotal entity in the country’s banking ecosystem.
- Sector
- Financial Services
- Industry
- Banks - Regional
- Listing
- NSE: AXISBANK
- Chief executive
- Mr. Amitabh Chaudhry
- Employees
- 1,01,337
- Headquarters
- Mumbai, India
- ISIN
- INE238A01034
- Website
- axis.bank.in
Public research · Report of
Business model & financial foundation
Axis Bank (NSE: AXISBANK), Private sector bank: revenue of ₹1,27,032 crore in FY26 (+3.6% on FY25) and net profit of ₹24,457 crore.
- Revenue, FY26 (₹ crore)
- 1,27,032
- standalone
- Revenue growth, FY26
- +3.6%
- on FY25
- Net profit, FY26 (₹ crore)
- 24,457
- to owners
- Return on equity, FY26
- 12.8%
- on average equity
- Market capitalisation (₹ crore)
- 3,78,967
- at the close of 17 Oct 2026
Company profile
Axis Bank is India's third-largest private sector bank by assets, with standalone total assets of INR 20.5 lakh crore at 30 September 2026. It runs retail (about 60% of loans), corporate and SME lending funded by a deposit base of INR 14.5 lakh crore, with 6,414 branches. Subsidiaries span asset management, broking, investment banking, NBFC lending and a stake in Axis Max Life.
| Item | Value |
|---|---|
| Legal name | Axis Bank Limited (formerly UTI Bank Limited) |
| Exchange and ticker | NSE: AXISBANK; BSE: 532215 |
| ISIN | INE238A01034 |
| CIN | L65110GJ1993PLC020769 |
| Sector | Financial Services |
| Industry | Private sector bank |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | M M Nissim & Co. LLP and KKC & Associates LLP (joint statutory auditors) |
| Market capitalisation | ₹3,78,967 crore (17 Oct 2026) |
| Shares outstanding | 310.82 crore shares (FY26) |
| Price | ₹1,290 (close, 17 Oct 2026) |
| 52-week range | ₹1,150 - ₹1,418 (to 17 Oct 2026) |
| Website | https://www.axis.bank.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Axis Capital Limited | 100% | Investment banking and institutional broking |
| Axis Finance Limited | 100% | NBFC: wholesale and retail lending |
| Axis Securities Limited | 100% | Retail broking |
| Axis Asset Management Company Limited | 75% | Mutual fund asset management |
| A.Treds Limited | 67% | Trade receivables discounting platform |
| Axis Trustee Services Limited | 100% | Trusteeship services |
| Freecharge Payment Technologies Private Limited | 100% | Payments |
| Axis Max Life Insurance Limited (associate-level stake) | 19.02% | Life insurance; 16.23% held directly by the bank, 19.02% group-wide |
LIC is the largest single shareholder and classified promoter (7.86% at Sep-26); the bank has no controlling parent.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 7.89% | 7.88% | 7.87% | 7.86% |
| Promoter holding pledged | 0.00% | 0.00% | ||
| Foreign institutions | 41.18% | 40.71% | 39.91% | 38.05% |
| Domestic institutions | 41.26% | 41.98% | 42.69% | 44.54% |
| of which mutual funds | 32.39% | 33.02% | 33.00% | 34.39% |
| Retail | 3.91% | 3.80% | 3.80% | 3.93% |
| Other | 5.76% | 5.64% | 5.72% | 5.61% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Axis Bank (NSE: AXISBANK, BSE 532215) is India's third-largest private bank. It earns net interest income on a standalone loan book of INR 13,73,727 cr at 30 Sep 2026, funded by INR 14,52,066 cr of deposits. It also earns fees from cards, payments, wealth and corporate banking, plus treasury income. Retail Banking is the largest segment by revenue, followed by Corporate/Wholesale and Treasury.
The standalone bank produced INR 24,457 cr of FY26 PAT against INR 26,385 cr consolidated, so subsidiaries add about INR 1,928 cr. Those subsidiaries are Axis AMC (75%), Axis Finance, Axis Securities and Axis Capital (100% each), plus a 19.02% group stake in Axis Max Life. The bank controls its pricing and underwriting. It does not control the repo rate or system deposit competition, and those set its margin.
| Segment | revenue, FY26 (₹ crore) | Share | result after provisions before tax, FY26 (₹ crore) | Share | assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Treasury | 30,410 | 19.9% | 5,037 | 17.0% | 6,19,568 | 32.8% |
| Corporate / Wholesale Banking | 49,329 | 32.2% | 11,206 | 37.9% | 5,71,029 | 30.3% |
| Retail Banking (includes digital and other retail) | 1,45,094 | 94.7% | 8,607 | 29.1% | 6,86,599 | 36.4% |
| Other Banking Business | 4,908 | 3.2% | 4,640 | 15.7% | 1,084 | 0.1% |
| Unallocated | 63.6 | 0.0% | 63.6 | 0.2% | 8,570 | 0.5% |
| Inter-segment revenue elimination (negative) | -76,642 | -50.0% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| HDFC Bank (HDFCBANK) | Largest private bank; same wholesale-retail universal model and deposit franchise |
| ICICI Bank (ICICIBANK) | Closest operating comparator: large private universal bank with similar loan mix and subsidiaries |
| Kotak Mahindra Bank (KOTAKBANK) | Large private bank, high-capital comparator with subsidiaries |
| State Bank of India (SBIN) | Largest lender; sets system deposit and loan pricing |
| IndusInd Bank (INDUSINDBK) | Mid-size private bank with overlapping vehicle and cards exposure |
| Federal Bank (FEDERALBNK) |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue = interest earned | 1,09,369 | 1,22,677 | 1,27,032 |
| Interest earned | 1,09,369 | 1,22,677 | 1,27,032 |
| Interest/discount on advances/bills | 87,107 | 97,200 | 99,508 |
| Interest expended | 59,474 | 68,329 | 70,984 |
| Net interest income | 49,894 | 54,348 | 56,048 |
| Other income (non-interest) | 22,442 | 25,257 | 26,131 |
| NII plus other income | 72,336 | 79,605 | 82,179 |
| Payments to and provisions for employees | 10,933 | 12,193 | 12,266 |
| Other operating expenses including depreciation | 24,280 | 25,307 | 27,096 |
| Total operating expenses including depreciation | 35,213 | 37,500 | 39,362 |
| Depreciation (already in operating cost) | 1,334 | 1,699 | 1,809 |
| Pre-provision operating profit | 37,123 | 42,105 | 42,817 |
| Provisions excluding income tax | 4,063 | 7,758 | 13,263 |
| Profit before tax | 33,060 | 34,347 | 29,554 |
| Income tax expense (PBT minus PAT) | 8,199 | 7,973 | 5,097 |
| Standalone net profit | 24,861 | 26,373 | 24,457 |
| Standalone profit to bank owners (= PAT) | 24,861 | 26,373 | 24,457 |
| Diluted EPS (₹) | 80.10 | 84.77 | 78.31 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net advances at year end | 9,65,068 | 10,40,811 | 12,33,570 |
| Deposits at year end | 10,68,641 | 11,72,952 | 13,35,834 |
| Investments at year end | 3,31,527 | 3,96,142 | 4,45,033 |
| Capital plus reserves and surplus | 1,50,235 | 1,78,617 | 2,04,194 |
| Total assets | 14,77,209 | 16,09,930 | 18,86,850 |
| Paid-up capital | 617.3 | 619.5 | 621.6 |
| Reserves and surplus | 1,49,618 | 1,77,997 | 2,03,573 |
| ESOP/ESU outstanding (outside reserves) | 826.6 | 1,108 | 1,342 |
| Borrowings: bank funding | 1,96,812 | 1,84,147 | 2,35,271 |
| Cash and balances with RBI | 86,077 | 73,638 | 78,627 |
| Banks and money at call | 28,377 | 26,094 | 26,275 |
| Cash equivalents (Schedules6+7) | 1,14,454 | 99,732 | 1,04,903 |
| Industrial net debt not applicable | n.a. | n.a. | n.a. |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Cash from operating activities | 6,461 | 49,412 | -1,330 |
| Cash purchase of fixed assets (outflow negative) | -2,295 | -2,328 | -2,118 |
| Cash dividends paid (outflow negative) | -308.0 | -309.1 | -310.1 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Issued ordinary shares at fiscal year end | 308.66 | 309.74 | 310.82 |
| Diluted weighted-average shares (EPS denominator) | 310.40 | 311.10 | 312.32 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Standalone interest earned (bank revenue) | 30,954 | 31,243 | 31,064 | 30,970 | 32,274 | 32,724 | 33,986 | 36,419 |
| Standalone interest income | 30,954 | 31,243 | 31,064 | 30,970 | 32,274 | 32,724 | 33,986 | 36,419 |
| Standalone interest expended | 17,348 | 17,432 | 17,504 | 17,226 | 17,988 | 18,267 | 19,340 | 21,047 |
| Standalone net interest income | 13,606 | 13,811 | 13,560 | 13,745 | 14,287 | 14,457 | 14,646 | 15,371 |
| Standalone non-interest income | 5,972 | 6,780 | 7,258 | 6,625 | 6,226 | 6,023 | 6,735 | 6,531 |
| Standalone net operating income (NII plus other income) | 19,578 | 20,590 | 20,818 | 20,369 | 20,512 | 20,480 | 21,382 | 21,902 |
| Standalone employees cost | 2,985 | 2,962 | 3,262 | 3,118 | 2,772 | 3,115 | 3,058 | 3,314 |
| Standalone other operating expenses | 6,060 | 6,876 | 6,041 | 6,839 | 6,865 | 7,352 | 6,664 | 7,504 |
| Standalone total operating expenses | 9,044 | 9,838 | 9,303 | 9,957 | 9,637 | 10,466 | 9,722 | 10,819 |
| Standalone pre-provision operating profit | 10,534 | 10,752 | 11,515 | 10,413 | 10,876 | 10,013 | 11,659 | 11,083 |
| Standalone net provisions and contingencies excluding tax | 2,156 | 1,359 | 3,948 | 3,547 | 2,246 | 3,522 | 2,223 | 1,694 |
| Standalone profit before tax | 8,378 | 9,393 | 7,568 | 6,865 | 8,630 | 6,491 | 9,437 | 9,389 |
| Standalone tax expense (negative is credit) | 2,074 | 2,276 | 1,761 | 1,776 | 2,140 | -580.1 | 2,323 | 2,386 |
| Standalone profit after tax | 6,304 | 7,118 | 5,806 | 5,090 | 6,490 | 7,071 | 7,114 | 7,003 |
| Standalone profit attributable to owners (equals PAT) | 6,304 | 7,118 | 5,806 | 5,090 | 6,490 | 7,071 | 7,114 | 7,003 |
| Standalone diluted EPS quarterly not annualized (₹) | 20.25 | 22.87 | 18.64 | 16.32 | 20.80 | 22.63 | 22.75 | 22.38 |
| Bank EBITDA not applicable | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
Standalone, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue growth | 12.2% | 3.6% | |
| Net margin | 22.7% | 21.5% | 19.3% |
| Return on equity | 16.5% | 16.0% | 12.8% |
| Return on assets | 1.7% | 1.7% | 1.4% |
| Dividend payout | 1.2% | 1.2% | 1.3% |
| EPS, diluted (₹) | 80.10 | 84.77 | 78.31 |
| Book value per share (₹) | 486.7 | 576.7 | 657.0 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Axis Bank includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Axis Bank
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 2 Nov 2026.
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