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Sharekhan's research report on Axis Bank

Adjusted for a one-time provision reversal of Rs. 801 crore, earnings remained subdued in Q4 (flat y-o-y) driven on a modest 2% y-o-y rise in PPOP. Credit cost (net of recoveries) stood at 50 bps (annualised as a % of avg loans) versus 80 bps q-o-q & 32 bps y-o-y. Loan /deposit growth lagged peers and system growth y-o-y but deposit growth surged q-o-q by 7% due to higher seasonal flows. Asset quality improved following seasonality in Q4. Bank guided that asset quality in credit card segment has largely stabilised while personal loans will take few more quarters. Bank has tightened asset classification, which could marginally impact credit cost in FY26E. Yet, the bank eyes better outcomes in FY26E on improved system liquidity.

Outlook

We maintain a Buy rating with a revised PT of Rs. 1,400. Stock trades at 1.6x/1.4x its FY2026E/FY2027E core BV estimates.

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Axis Bank - 28042025 - khan

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