Scope

As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI

NSE: AXISBANK· BankingCore · Aug 26Large cap

Axis Bank

The improving ROE story

Last close: ₹1,212.10; 29 Sept 2026 · reference
1D · 1M: +0.2% · −4.2%; price-only
Weight: 6.0%; 31 Jul 2026 · Aug rank 2
Thesis review: 8 Sep 2026; Why We Own, p28

Coverage owner: Research (per book); latest results Q Jun-26Screener ↗Tijori ↗NSE ↗

Analysis · lender rules · FY21–FY26

What the numbers say

data to 30 Jun 2026

Growth

5.0

Profitability

2.8

Balance sheet

3.8

Cash conversion

n/a

Valuation

3.5

Total Income1,62,212 cr FY26

Net Profit26,385 cr FY26

NIM · Tijori basis3.2% FY26

ROA1.5% FY26

Total income CAGR 3y

15.3%

PPOP CAGR 3y

28.7%

Net profit CAGR 3y

34.6%

NIM · Tijori basis

3.18%

FY26 · NII ÷ avg total assets; the bank's reported NIM (on interest-earning assets) is under Operating metrics

Gross NPA

1.24%

FY26

CASA

39.6%

FY26

ROA

1.47%

FY26 · net profit ÷ total assets

ROE

13.3%

FY26 · net profit ÷ year-end equity

Credit / deposit

96%

FY26

P/B

1.69x

FY26 year-end price ÷ book

Promoter holding

7.9%

FII 43.0% · DII 42.7%

Growth. Net profit compounded 34.6% a year over FY23–FY26 (total income 15.3%, pre-provision profit 28.7%). · Tijori P&L, annual
Credit cost. Provisions absorbed 42% of pre-provision profit in FY26. · Tijori P&L
Asset quality. Gross NPA 1.24% in FY26, down from 1.47% two years earlier. · Tijori ratios sheet
Returns. ROE 13.3% and ROA 1.47% in FY26, on a 3.18% net interest margin. · Tijori ratios sheet
Valuation. Trades at 1.69x book for a 13.3% ROE (13.7x earnings). · Tijori valuation ratios
Latest quarter. Q Jun-26: total income 7.0% YoY, net profit 22.2% YoY. · Tijori quarterly

Forensic flags · Tijori

Accounting & Shareholding

Pledge: Promoters have not pledged a significant portion of their holding
Contingent Liabilities: Company has significant contigent liabilities which can be risky
Other Income: Other income component is making ratios of the company look optically better
Promoter Holding: Promoter has not sold any shares in the last 90 days
Retail Holding: Retail has been selling the stock which is usually a good time to buy

Price & Performance

Cost Of Borrowing: Cost of borrowing of the company seems to be trending down
Cost to Income Ratio: Operational cost of company is trending down
ROE: Net profit margin is responsible for roe increase over last 10 years
Share price: Share price has increased over last 10 years due to earnings
Current vs Historic Valuation: Company is trading at a discount to 3yr historic valuations
Net Interest Margin: Net interest margin of the company is trending down
Net NPA: Npa's of the company is currently under control
Sales Growth: Sales of the company has grown at a good pace
Margin Stability: Margins of the company are volatile
Balance Sheet - Strength: The companies balance sheet is weak, but was strong historically

Rules over the stated numbers only — CAGRs need positive start and end values, margins use the company's own OPM line, cash conversion is cumulative operating cash flow over cumulative profit for the last three fiscal years. Scores are 0–5 rule outputs, not a recommendation. Source: Tijori Finance normalised statements; Buoyant's own estimates are shown separately below and never blended in.

Cross-check

Same metric, every source · Axis Bank

Where the app shows the same metric in more than one place, this table lists each figure with its period and definition. No two sources disagree on the same period and definition; every difference below is a period or definition difference.

Metric	Source	Period	Definition	Value	Verdict
Net interest margin	Tijori ratio table	FY26	NII ÷ average total assets (Tijori)	3.18%	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	FY26	NII ÷ average total assets (Tijori)	3.18%
	Tijori quarterly table	Q Jun-26	as reported by the bank (NII ÷ interest-earning assets)	3.46%
	Tijori operating metrics	Q 2026-06	as reported by the bank (NII ÷ interest-earning assets)	3.46%
Return on assets	Tijori ratio table	FY26	net profit ÷ total assets, year-end (Tijori)	1.47%	Different basis Figures differ because they measure different periods or definitions; each is labelled.
Return on assets	House model (one-pager)	FY26	net profit ÷ average assets, standalone	1.40%
Gross NPA	Tijori ratio table	FY26	as reported	1.24%	Different basis Figures differ because they measure different periods or definitions; each is labelled.
Gross NPA	Tijori quarterly table	Q Jun-26	as reported	1.28%
CASA ratio	Tijori ratio table	FY26	CASA ÷ deposits (Tijori)	39.58%	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	FY26	CASA ÷ deposits (Tijori)	39.58%
	Tijori quarterly table	Q Jun-26	as reported (bank's own CASA definition)	38.00%
Return on equity	Tijori ratio table	FY26	net profit ÷ year-end equity (Tijori)	13.26%	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	TTM	trailing 12 months (Tijori)	13.26%
	House model (one-pager)	FY26	net profit ÷ average equity, standalone	12.70%
Net profit	Tijori P&L	FY26	consolidated, annual	₹26,385 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori P&L	TTM Jun-26	trailing 12 months	₹27,890 cr
	Tijori screener	TTM	trailing 12 months	₹27,890 cr
	House model (one-pager)	FY26	standalone, annual	₹24,457 cr
	Tijori quarterly table	Q Jun-26	single quarter	₹7,632 cr
EPS	Tijori ratio table	FY26	consolidated, annual	₹84.89	Different basis Figures differ because they measure different periods or definitions; each is labelled.
EPS	House model (one-pager)	FY26	standalone, annual	₹78.6
P/E	Tijori screener	TTM at 2026-09-28	price ÷ trailing EPS	13.90x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori ratio table	FY26 year-end	year-end price ÷ that year's EPS	13.69x
	House model (one-pager)	FY27E	FY27E / FY28E P/E (our EPS)	12.70x
P/B	Tijori screener	at 2026-09-28	price ÷ book value per share	1.73x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
P/B	Tijori ratio table	FY26 year-end	year-end price ÷ book value	1.69x
Market cap	BSE master	2026-09-28	BSE full market cap	₹3,87,630 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	latest Tijori refresh	price × shares	₹3,86,851 cr
	House one-pager	31-Jul-26	₹ lakh crore as printed	₹3,82,000 cr
Promoter holding	Tijori screener	latest filing	% of shares	7.87%	One source

Tolerance for a conflict: 1.5% on the same period and definition (3% for market cap, which moves with the price date). Tijori's ratio table uses its own definitions; the quarterly table and operating metrics carry the company's reported figures; the house model is standalone and dated.

Trend

Total income and net profit, FY

₹ crore. Actuals only; the last column is a TTM where labelled. Estimates are shown separately below with an "E" and never blended into this series.

Buoyant estimates

Model table from the research book

Buoyant estimates
₹ crore / %	FY24	FY25	FY26	FY27E	FY28E
Net interest income (₹ cr)	49,894	54,348	56,048	62,064	73,474
Pre-provision profit (₹ cr)	37,123	42,105	42,817	49,391	60,548
Net profit (₹ cr)	24,861	26,373	24,457	30,956	37,599
EPS (₹)	80.6	85.2	78.6	99.6	121.0
Book value / share (₹)	490	581	661	758	875
ROA (%)	1.78	1.71	1.40	1.53	1.61
ROE (%)	18.0	15.9	12.7	14.0	14.8
Gross NPA (%)	1.43	1.28	1.23	n.a.	n.a.
Credit cost (%)	0.45	0.77	1.17	0.65	0.72
CET1 (%)	13.7	14.7	14.4	14.3	14.3

Standalone. FY27E–FY28E Buoyant Capital estimates (Sep-2026 bank model). Gross NPA and CET1 not forecast beyond the model's capital schedule. Estimate columns (E) are in green italics.

Consolidated where reported · standalone not separately available in this source

Income statement (annual)
₹ crore unless %	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	TTM Jun-26
Total Income	58,477	70,232	80,058	77,974	86,114	1,05,797	1,37,989	1,55,917	1,62,212	1,65,024
Interest Earned	46,614	56,044	63,716	64,397	68,846	87,448	1,12,759	1,27,374	1,32,538	1,35,732
Interest/Discount on advances/Bills	34,910	42,323	49,323	48,604	51,013	66,729	90,314	1,01,582	1,04,658	1,07,029
Other Income	11,863	14,189	16,342	13,577	17,268	18,349	25,230	28,543	29,674	29,292
Interest Expended	27,604	33,883	37,996	34,627	34,923	43,389	61,391	71,036	74,075	76,051
Operating_expenses	14,788	16,720	18,066	19,175	24,824	40,870	37,243	39,992	42,226	42,777
PPOP	16,085	19,629	23,996	24,172	26,367	21,539	39,356	44,889	45,911	46,195
Provisions and Contingencies	15,621	14,582	22,117	16,920	12,203	10,686	12,933	16,777	19,417	11,920
Net Profit	456	5,039	1,853	7,196	14,119	10,818	26,386	28,055	26,385	27,890
Number of shares(Crs)	257	257	282	306	307	308	309	310	311	—
Dividend Payout Ratio(%)	0.00	5.10	0.00	0.00	2.17	2.84	1.17	1.10	1.18	—

Consolidated where the company reports consolidated; Tijori Finance normalisation of company filings. Fiscal years end 31 March; "TTM" columns are trailing twelve months to the stated quarter. Quarterly growth is year-on-year (same quarter, prior year). Quarterly balance-sheet and cash-flow data are not disclosed and are not implied. Bank preset: NII, PPOP, provisions, NIM, GNPA, CASA, ROA/ROE; P/B. Industrial leverage ratios suppressed.

Operating metrics

Sector metrics with history

AUM - Mutual Funds

3,80,550.62Crs 2026-06

% of AUM in equity fund

56.83% 2026-06

5 Yr AUM CAGR - Mutual Funds

12.51% 2026-03

Gross NPA

1.28% 2026-06

CASA Ratio

38.00% 2026-06

Capital to Risks Assets Ratio (CRAR)

16.67% 2026-06

Ratios

Sector-appropriate ratios

Ratio	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Gross NPA (%)	5.04	6.77	5.26	4.86	3.54	2.57	1.98	1.47	1.33	1.24
CASA Ratio (%)	51.22	53.49	44.18	41.01	45.44	44.98	47.13	42.97	40.75	39.58
Net Interest Margin (%)	3.28	2.94	2.96	3.08	3.26	3.05	3.48	3.55	3.56	3.18
Return On Assets (%)	0.69	0.07	0.67	0.22	0.75	1.29	0.85	1.85	1.77	1.47
Credit Deposit Ratio (%)	91.85	98.72	91.99	90.78	89.61	88.33	91.81	93.65	92.34	96.15
ROE (%)	7.22	0.77	7.65	2.44	7.64	12.78	8.77	18.51	16.43	13.26
EPS	16.51	1.78	19.59	6.57	23.49	45.99	35.16	85.49	90.58	84.89
P/E	29.74	287.00	39.61	57.76	29.70	16.54	24.41	12.26	12.17	13.69
Price to Book Value	2.08	2.04	2.94	1.24	2.06	1.98	2.04	2.07	1.83	1.69
Book Value	56,380.00	64,207.00	67,803.00	86,340.00	1,03,594.00	1,18,261.00	1,29,782.00	1,57,024.00	1,87,235.00	2,15,035.00

Bank preset: NII, PPOP, provisions, NIM, GNPA, CASA, ROA/ROE; P/B. Industrial leverage ratios suppressed. Suppressed for this preset: EV/EBITDA, Net Debt, Interest Coverage, Debt to Equity, Operating Profit Margin, Working Capital, Cash Conversion, Inventory, Receivable, Payable.