Axis Bank Ltd: Intrinsic Value & Share Price Analysis

Q: What is the intrinsic value of Axis Bank Ltd and is it undervalued?

Axis Bank Ltd: the stored intrinsic value estimate is ₹973.36, compared with a stored share price of ₹1,222.00. The model value is 20.3% below that quote. The model classifies this as overvalued; it is an estimate dependent on the inputs and assumptions, not a price target or a buy/sell recommendation. The estimate uses the available valuation models and weights shown in the Intrinsic Value panel, including earnings, cash-flow and asset-based approaches where data permits. It is not a P/E-only calculation.

Fair Value

₹1,023.08Overvalued by 16.28%vs CMP ₹1,222.00

P/E (13.7) × ROE (13.1%) × BV (₹712.00) × DY (0.08%)

₹982.19Overvalued by 19.62%vs CMP ₹1,222.00

MoS: -24.4% (Negative)Confidence: 43/100 (Low)Models: 1 Under, 2 Fair, 4 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹1,155.88	26%	Fair (-5.4%)
Graham Number	Earnings	₹1,164.58	19%	Fair (-4.7%)
Earnings Power	Earnings	₹646.96	13%	Over (-47.1%)
DCF	Cash Flow	₹1,587.00	16%	Under (+29.9%)
Net Asset Value	Assets	₹690.43	8%	Over (-43.5%)
EV/EBITDA	Enterprise	₹56.61	10%	Over (-95.4%)
Earnings Yield	Earnings	₹846.60	8%	Over (-30.7%)
Consensus (7 models)		₹982.19	100%	Overvalued

Key Drivers: Wide model spread (₹57–₹1,587) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 13.0%

*Investments are subject to market risks

Analysis summary

Data coverage: Price-data record updated 25 September 2026, 8:09 pm +05:30. Annual results through Mar 2025; quarterly results through Dec 2025; cash flow through Mar 2026. Each section can have a different reporting period. The share price is not live.

Valuation in context

Operating performance

Revenue for Mar 2025 was ₹127,374.00 Cr, versus ₹112,759.00 Cr in Mar 2024 (13.0% year on year). Net profit for Mar 2025 was ₹28,191.00 Cr, versus ₹26,492.00 Cr in Mar 2024 (6.4% year on year). These are the latest annual periods stored on this page; check the quarterly table separately for more recent developments.

Cash generation

For the same Mar 2025 period, operating cash flow was ₹44,384.00 Cr against net profit of ₹28,191.00 Cr. Cash flow covered 1.57 times reported profit. Cash generation supports the reported profit for this period; check whether this continues over several years. For financial businesses, lending and investment movements can dominate operating cash flow; also examine asset quality, capital adequacy and the business mix.

How to use the valuation and peer comparisons

The Intrinsic Value panel combines the available model estimates using the displayed weights. Earnings, cash-flow, dividend and asset-based methods can give very different answers. The displayed 12% cost of equity and 4% terminal growth assumptions apply where relevant; historical EPS growth is not a promise of future growth. Use the individual values and their spread to judge sensitivity.

The peer group follows the stored industry classification and may include different business models. Compare reporting periods, leverage and recurring earnings before interpreting a valuation gap. For banks and other financial businesses, capital adequacy and asset quality can be more informative than industrial-company cash-flow ratios.

Sources: Company data source. Check the company filings linked by the source for the reporting basis and exceptional items.

Automatically generated interpretation of the stored financial data, not a separately researched analyst opinion. Missing data is not evidence of poor performance. New filings become available here after the existing data refresh process captures them.

Investment Snapshot

Axis Bank Ltd scores 59/100 (Average)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health60/100 · Moderate

ROCE 6.2% WeakROE 13.1% GoodDebt/equity Not availableInterest Coverage Not availableProfitable 5/5 available years Reported history

Smart Money30/100 · Weak

FII holding down -1.98% (6mo) SellingPromoter holding at 7.9% Stable

Earnings Quality75/100 · Strong

CFO/NP ratio: 0.93x Cash-backed earnings

Quarterly Momentum40/100 · Moderate

Profit (4Q): -7% YoY Declining

Industry Rank75/100 · Strong

P/E 13.7 vs industry 20.3 Lower P/EROCE 6.2% vs industry 6.4% AverageROE 13.1% vs industry 10.0% Above peers

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores use stored reporting periods and are screening indicators, not investment recommendations. Missing health ratios are excluded. Broad industry groups and financial-sector accounting can limit comparability.

Share Price and Basic Stock Data

Last Updated: September 25, 2026, 8:09 pm

Market Cap	3,80,594 Cr.
Current Price	1,222
Intrinsic Value	₹973.36
High / Low	1,418/1,125
Stock P/E	13.7
Book Value	712
Dividend Yield	0.08 %
ROCE	6.24 %
ROE	13.1 %
Face Value	2.00
PEG Ratio	1.06

Understand these figures: how to read the P/E ratio, ROE versus earnings per share, and calculate intrinsic value.

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Axis Bank Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Axis Bank Ltd	3,80,594 Cr.	1,222	1,418/1,125	13.7	712	0.08 %	6.24 %	13.1 %	2.00
Kotak Mahindra Bank Ltd	4,01,588 Cr.	404	453/345	20.0	182	0.16 %	6.98 %	11.4 %	1.00
Federal Bank Ltd	79,739 Cr.	322	372/189	17.0	162	0.37 %	6.39 %	11.6 %	2.00
IDFC First Bank Ltd	72,259 Cr.	83.8	89.6/58.1	31.4	56.2	0.30 %	5.98 %	3.76 %	10.0
IndusInd Bank Ltd	71,020 Cr.	912	1,078/711	56.7	840	0.16 %	5.69 %	1.44 %	10.0
Industry Average	147,505.35 Cr	342.53		20.26	225.50	0.56%	6.43%	10.01%	6.30

All Competitor Stocks of Axis Bank Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Revenue	22,843	24,630	26,246	27,418	28,865	30,231	31,159	31,601	32,162	32,452	32,348	32,310	33,709
Interest	11,094	12,580	13,972	14,749	15,943	16,727	17,261	17,615	18,040	18,121	18,239	17,971	18,785
Expenses	8,577	8,101	9,731	10,059	10,506	11,124	11,892	12,412	11,913	11,943	13,983	14,302	12,743
Financing Profit	3,171	3,948	2,543	2,609	2,416	2,379	2,006	1,575	2,210	2,389	127	36	2,181
Financing Margin %	14%	16%	10%	10%	8%	8%	6%	5%	7%	7%	0%	0%	6%
Other Income	5,148	-7,101	5,648	5,705	6,272	7,606	6,637	7,603	6,797	7,506	8,053	7,460	7,189
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before tax	8,319	-3,153	8,192	8,314	8,688	9,985	8,643	9,177	9,007	9,895	8,180	7,496	9,371
Tax %	25%	70%	26%	25%	25%	24%	25%	19%	25%	24%	23%	26%	25%
Net Profit	6,215	-5,334	6,113	6,230	6,520	7,630	6,467	7,436	6,779	7,509	6,279	5,567	7,060
EPS in Rs	20.12	-17.43	19.78	20.13	21.05	24.62	20.83	23.93	21.78	24.13	20.13	17.82	22.58
Gross NPA %
Net NPA %

Last Updated: February 6, 2026, 2:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 23, 2026, 12:34 pm

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	30,736	35,727	41,409	45,175	46,614	56,044	63,716	64,397	68,846	87,448	112,759	127,374	130,820
Interest	18,703	21,341	24,344	26,789	27,604	33,883	37,996	34,627	34,923	43,389	61,391	71,036	73,116
Expenses	9,944	11,521	13,869	24,327	29,717	28,020	35,976	32,621	31,216	30,641	40,036	46,395	52,970
Financing Profit	2,089	2,865	3,196	-5,941	-10,706	-5,860	-10,256	-2,851	2,707	13,418	11,333	9,943	4,733
Financing Margin %	7%	8%	8%	-13%	-23%	-10%	-16%	-4%	4%	15%	10%	8%	4%
Other Income	7,766	8,838	9,955	12,422	11,863	14,189	16,342	13,577	17,268	18,349	25,230	28,543	30,208
Depreciation	375	420	461	527	591	737	806	976	1,046	13,146	1,385	1,763	0
Profit before tax	9,479	11,283	12,690	5,954	566	7,592	5,280	9,750	18,929	18,621	35,178	36,722	34,941
Tax %	33%	34%	34%	33%	18%	34%	64%	26%	25%	42%	25%	23%
Net Profit	6,311	7,450	8,358	3,967	464	5,047	1,879	7,252	14,207	10,919	26,492	28,191	26,415
EPS in Rs	26.86	31.42	35.04	16.51	1.78	19.59	6.57	23.49	45.99	35.16	85.49	90.58	84.66
Dividend Payout %	15%	15%	14%	30%	0%	5%	0%	0%	2%	3%	1%	1%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	18.05%	12.19%	-52.54%	-88.30%	987.72%	-62.77%	285.95%	95.90%	-23.14%	142.62%	6.41%
Change in YoY Net Profit Growth (%)	0.00%	-5.86%	-64.72%	-35.77%	1076.02%	-1050.49%	348.72%	-190.05%	-119.05%	165.77%	-136.21%

Axis Bank Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	14%
5 Years:	15%
3 Years:	23%
TTM:	9%

Compounded Profit Growth
10 Years:	14%
5 Years:	72%
3 Years:	26%
TTM:	4%

Stock Price CAGR
10 Years:	9%
5 Years:	18%
3 Years:	12%
1 Year:	-11%

Return on Equity
10 Years:	11%
5 Years:	13%
3 Years:	15%
Last Year:	16%

Last Updated: September 5, 2025, 12:10 am

Balance Sheet

Last Updated: August 28, 2026, 5:59 am

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	474	477	479	513	514	564	613	614	615	617	619	622
Reserves	44,475	53,082	55,901	63,694	67,288	85,776	102,981	117,647	129,166	156,406	186,616	214,414
Deposits	322,244	358,302	414,983	455,658	550,746	642,157	698,303	820,914	945,825	1,067,102	1,170,921	1,333,791
Borrowing	84,394	113,848	112,455	155,767	161,250	155,180	152,249	199,778	206,214	228,200	220,687	280,511
Other Liabilities	15,656	20,678	27,644	28,071	34,248	44,194	46,859	56,576	62,598	65,913	78,119	116,713
Total Liabilities	467,243	546,387	611,462	703,703	814,046	927,872	1,001,005	1,195,529	1,344,418	1,518,239	1,656,963	1,946,050
Fixed Assets	2,447	3,358	3,518	3,697	3,842	3,912	4,501	4,753	5,000	5,860	6,661	6,776
CWIP	105	216	292	352	288	483	118	215	142	267	121	269
Investments	118,527	131,399	129,018	153,037	174,056	155,282	225,336	274,608	288,095	332,354	396,685	446,422
Other Assets	346,164	411,414	478,633	546,618	635,860	768,196	771,050	915,952	1,051,181	1,179,758	1,253,496	1,492,583
Total Assets	467,243	546,387	611,462	703,703	814,046	927,872	1,001,005	1,195,529	1,344,418	1,518,239	1,656,963	1,946,050

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	-15,162	-34,495	32,209	-38,390	37,125	30,416	12,633	28,137	22,075	-5,555	44,384	-8,637
Cash from Investing Activity +	-7,972	9,211	-12,458	-10,007	-18,674	-9,485	-54,288	-27,112	-32,351	-9,001	-51,178	-45,068
Cash from Financing Activity +	31,045	22,495	-2,487	41,342	5,643	8,865	7,279	47,894	6,641	22,341	-7,000	60,358
Net Cash Flow	7,910	-2,789	17,263	-7,055	24,094	29,795	-34,375	48,919	-3,636	7,785	-13,794	6,653
Free Cash Flow	-15,691	-35,970	31,441	-39,233	36,300	29,339	11,708	26,736	20,697	-7,931	41,951	-10,797
CFO/OP	-63%	-109%	180%	-208%	144%	121%	46%	87%	51%	2%	65%	-2%

Free Cash Flow

Free cash flow reported in the stored cash-flow statement (₹ Cr)
Period	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Free Cash Flow	-15,691.00	-35,970.00	31,441.00	-39,233.00	36,300.00	29,339.00	11,708.00	26,736.00	20,697.00	-7,931.00	41,951.00	-10,797.00

This table and the chart use the Free Cash Flow row from the same stored cash-flow statement. Free cash flow generally measures operating cash flow after capital expenditure; check the source definition and reporting basis. It is not operating profit minus borrowings.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
ROE %	18%	18%	17%	7%	1%	8%	2%	8%	13%	9%	18%	16%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	8.22%	8.20%	8.22%	8.31%	8.29%	8.23%	8.18%	8.17%	8.16%	8.15%	8.14%	7.87%
FIIs	53.00%	54.68%	53.84%	53.43%	51.78%	47.32%	43.94%	43.81%	41.89%	42.58%	42.04%	39.91%
DIIs	29.03%	28.83%	30.12%	31.63%	33.21%	37.48%	40.87%	41.22%	42.87%	42.65%	43.35%	42.69%
Public	9.76%	8.27%	7.81%	6.63%	6.71%	6.97%	6.99%	6.80%	7.06%	6.61%	6.44%	9.52%
No. of Shareholders	7,85,601	7,85,502	7,86,166	7,69,651	8,28,629	8,99,949	9,35,453	8,85,725	9,18,780	8,63,758	8,54,844	8,36,818

Shareholding Pattern Chart

No. of Shareholders

Axis Bank Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
HDFC Flexi Cap Fund	54,000,000	7.59	7400.16	N/A	N/A	N/A
Parag Parikh Flexi Cap Fund	33,244,875	3.4	4555.88	N/A	N/A	N/A
ICICI Prudential Large Cap Fund	25,789,059	4.61	3534.13	N/A	N/A	N/A
HDFC Balanced Advantage Fund	19,825,582	2.54	2716.9	19,827,457	2026-02-23 04:24:56	-0.01%
ICICI Prudential Multi Asset Fund	16,726,017	2.84	2292.13	17,676,017	2026-02-23 04:24:56	-5.37%
Kotak Flexicap Fund	16,000,000	3.88	2192.64	N/A	N/A	N/A
Nippon India Large Cap Fund	15,615,542	4.27	2139.95	16,989,098	2025-12-14 04:01:34	-8.08%
HDFC Focused Fund	15,000,000	7.81	2055.6	N/A	N/A	N/A
ICICI Prudential Value Fund	14,404,841	3.27	1974.04	20,006,091	2026-02-23 04:24:56	-28%
Nippon India Multi Cap Fund	14,140,351	3.97	1937.79	16,099,895	2025-12-15 04:02:53	-12.17%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
Face Value	2.00	2.00	2.00	2.00	2.00
Basic EPS (Rs.)	90.72	85.62	35.20	46.04	24.19
Diluted EPS (Rs.)	90.18	85.01	35.04	45.91	24.19
Cash EPS (Rs.)	96.47	90.11	78.00	49.56	26.87
Book Value[Excl.RevalReserv]/Share (Rs.)	604.50	508.73	421.80	385.25	338.13
Book Value[Incl.RevalReserv]/Share (Rs.)	604.50	508.73	421.80	385.25	338.13
Operating Revenue / Share (Rs.)	411.24	365.32	284.21	224.27	211.17
Net Profit / Share (Rs.)	90.76	85.61	35.27	46.14	23.67
Net Profit After MI / Share (Rs.)	90.58	85.49	35.16	45.99	23.49
Net Profit Margin (%)	22.07	23.43	12.41	20.57	11.20
Net Profit After MI And SOA Nargin (%)	22.02	23.40	12.37	20.50	11.12
Operating Profit Margin (%)	33.11	34.49	17.29	27.66	15.79
Return On Assets (%)	1.69	1.73	0.80	1.18	0.71
Return On Equity / Networth (%)	14.98	16.80	8.33	11.93	6.94
Net Interest Margin (X)	3.40	3.38	3.27	2.83	2.94
Cost To Income (%)	47.11	48.62	65.68	48.49	41.75
Interest Income / Total Assets (%)	7.68	7.42	6.50	5.75	6.40
Non-Interest Income / Total Assets (%)	1.72	1.66	1.39	1.44	1.59
Operating Profit / Total Assets (%)	-0.02	0.07	-0.58	-0.25	-0.88
Operating Expenses / Total Assets (%)	2.41	2.45	3.06	2.07	1.89
Interest Expenses / Total Assets (%)	4.28	4.04	3.22	2.92	3.45
Enterprise Value (Rs.Cr.)	1659266.20	1532787.50	1350052.72	1160158.34	1021760.03
EV Per Net Sales (X)	13.03	13.59	15.44	16.85	15.79
Price To Book Value (X)	1.82	2.06	2.04	1.97	2.06
Price To Sales (X)	2.68	2.87	3.02	3.39	3.30
Retention Ratios (%)	98.89	98.83	97.16	100.00	100.00
Earnings Yield (X)	0.08	0.08	0.04	0.06	0.03

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Frequently asked questions

What is the intrinsic value of Axis Bank Ltd and is it undervalued?

Axis Bank Ltd: the stored intrinsic value estimate is ₹982.19, compared with a stored share price of ₹1,222.00. The model value is 19.6% below that quote. The model classifies this as overvalued; it is an estimate dependent on the inputs and assumptions, not a price target or a buy/sell recommendation. The estimate uses the available valuation models and weights shown in the Intrinsic Value panel, including earnings, cash-flow and asset-based approaches where data permits. It is not a P/E-only calculation.

What share price and 52-week range are shown for Axis Bank Ltd?

The stored share price is ₹1,222.00. Price-data record updated: 25 September 2026, 8:09 pm +05:30. This is not a live quote. The stored 52-week high / low is 1,418/1,125; this is a rolling range, not a financial-year range.

How have Axis Bank Ltd's revenue and profit changed?

Does Axis Bank Ltd's profit convert into cash?

How should I compare Axis Bank Ltd's P/E with other stocks?

The stored P/E is 13.70. Compare companies with similar business models, growth, leverage and accounting periods. The industry group on this page is broad, and its average can be affected by outliers. A lower P/E alone does not establish undervaluation.

What could change Axis Bank Ltd's intrinsic value estimate?

Changes in sustainable earnings, cash generation, capital needs, debt and share count can change the estimate. The displayed model uses a 12% cost of equity and 4% terminal growth assumption where applicable. Higher discount rates or weaker growth generally reduce discounted values. Compare the individual model values and weights, and verify fresh filings before relying on the result.