# Axis Bank (AXISBANK.NSE)

Canonical: https://gigainvestors.com/s/AXISBANK.NSE

Analysis as of: 2026-10-16T07:33:23.177Z. Financial observations: FY2016–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 1,288.00 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.56×

Chart: Net income; fiscal year observations.

- FY2017: INR 40B

- FY2018: INR 4.6B

- FY2019: INR 50B

- FY2020: INR 19B

- FY2021: INR 72B

- FY2022: INR 141B

- FY2023: INR 108B

- FY2024: INR 264B

- FY2025: INR 281B

- FY2026: INR 264B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 7.9%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 2.1%

- Cost / income, median: 46.6%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2017: 7.0%

- FY2018: 0.7%

- FY2019: 7.4%

- FY2020: 2.1%

- FY2021: 6.9%

- FY2022: 11.9%

- FY2023: 8.3%

- FY2024: 16.8%

- FY2025: 15.0%

- FY2026: 12.3%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 12.5%

- Book return interval: 10 years

- Starting book value per share: INR 224.76

- Ending book value per share: INR 688.51

Chart: Annual book + dividend return; fiscal year observations.

- FY2017: 7.5%

- FY2018: 8.9%

- FY2019: 4.7%

- FY2020: 21.3%

- FY2021: 9.6%

- FY2022: 10.7%

- FY2023: 9.6%

- FY2024: 20.6%

- FY2025: 19.2%

- FY2026: 14.6%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Unreported buybacks treated as zero; retained-earnings test is conservative

- Diluted shares, 10-year annual growth: 2.7%

- Diluted shares, 5-year annual growth: 0.9%

- Share growth excluding flagged crisis recapitalisations: 2.7%

- Five-year share growth excluding flagged crisis recapitalisations: 0.9%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.18×

- Book value created per share: INR 463.75

- Earnings retained per share after dividends and buybacks: INR 392.32

Chart: Shares (first year = 100); fiscal year observations.

- FY2016: 100

- FY2017: 100

- FY2018: 108

- FY2019: 108

- FY2020: 114

- FY2021: 125

- FY2022: 129

- FY2023: 130

- FY2024: 130

- FY2025: 131

- FY2026: 131

### accounting: pass

- Financial accounting warning count: 0

- Loans, annualized growth: 9.8%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 1

## Holders

## Price story

Up 31% since Oct 2023 · net income -6%

Story as of 2026-10-16T09:59:55.872Z; price observation 2026-10-15.

### Net income · FY2026

net income -6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 40B 

- FY2018: INR 4.6B 

- FY2019: INR 50B 

- FY2020: INR 19B 

- FY2021: INR 72B 

- FY2022: INR 141B 

- FY2023: INR 108B 

- FY2024: INR 264B 

- FY2025: INR 281B 

- FY2026: INR 264B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in private sector bank; annual sales are INR 1.3 trillion.

- Source: https://www.screener.in/company/AXISBANK/consolidated/ (filed 2026-10-16T07:33:23.177Z); FY2026: revenue 1325380000000.

### Why customers stay

It earns 7.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.177Z); 10-year return on tangible equity observations [[2017,0.0701135154310039],[2018,0.007102029373744296],[2019,0.07431934161234181],[2020,0.021461663192031504],[2021,0.06946348244106802],[2022,0.11938847126271553],[2023,0.08335580709040614],[2024,0.16803907707788032],[2025,0.14983843832616764],[2026,0.12270038505180528]]; median 0.07883757435137398. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.177Z); Dividend observations: [[2017,14440000000],[2018,14570000000],[2019,270000000],[2020,3320000000],[2023,3070000000],[2024,3080000000],[2025,3090000000],[2026,3100000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.177Z); Closing price 1288 INR; reporting-to-trading FX 1; FY2026 annual sales per share 424.3627151790791; price multiple 3.0351394077033134. FY2026 cash earnings/share 84.38343509268553. Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2016-11: INR 469.85 per share

- 2016-12: INR 449.95 per share

- 2017-01: INR 466.00 per share

- 2017-02: INR 506.65 per share

- 2017-03: INR 490.80 per share

- 2017-04: INR 509.65 per share

- 2017-05: INR 514.05 per share

- 2017-06: INR 517.35 per share

- 2017-07: INR 519.80 per share

- 2017-08: INR 500.35 per share

- 2017-09: INR 509.15 per share

- 2017-10: INR 523.15 per share

- 2017-11: INR 535.40 per share

- 2017-12: INR 563.95 per share

- 2018-01: INR 593.60 per share

- 2018-02: INR 528.75 per share

- 2018-03: INR 510.50 per share

- 2018-04: INR 517.30 per share

- 2018-05: INR 545.90 per share

- 2018-06: INR 510.80 per share

- 2018-07: INR 550.40 per share

- 2018-08: INR 649.25 per share

- 2018-09: INR 613.25 per share

- 2018-10: INR 582.40 per share

- 2018-11: INR 625.75 per share

- 2018-12: INR 619.90 per share

- 2019-01: INR 722.70 per share

- 2019-02: INR 709.55 per share

- 2019-03: INR 777.25 per share

- 2019-04: INR 766.85 per share

- 2019-05: INR 808.30 per share

- 2019-06: INR 808.55 per share

- 2019-07: INR 674.10 per share

- 2019-08: INR 663.90 per share

- 2019-09: INR 685.00 per share

- 2019-10: INR 736.35 per share

- 2019-11: INR 739.05 per share

- 2019-12: INR 754.10 per share

- 2020-01: INR 729.30 per share

- 2020-02: INR 697.30 per share

- 2020-03: INR 379.00 per share

- 2020-04: INR 444.90 per share

- 2020-05: INR 384.95 per share

- 2020-06: INR 406.65 per share

- 2020-07: INR 431.65 per share

- 2020-08: INR 496.75 per share

- 2020-09: INR 424.65 per share

- 2020-10: INR 492.50 per share

- 2020-11: INR 601.60 per share

- 2020-12: INR 620.45 per share

- 2021-01: INR 662.90 per share

- 2021-02: INR 724.80 per share

- 2021-03: INR 697.45 per share

- 2021-04: INR 714.90 per share

- 2021-05: INR 750.70 per share

- 2021-06: INR 748.30 per share

- 2021-07: INR 708.90 per share

- 2021-08: INR 786.50 per share

- 2021-09: INR 766.55 per share

- 2021-10: INR 742.00 per share

- 2021-11: INR 655.65 per share

- 2021-12: INR 678.55 per share

- 2022-01: INR 773.05 per share

- 2022-02: INR 742.40 per share

- 2022-03: INR 761.15 per share

- 2022-04: INR 728.60 per share

- 2022-05: INR 685.20 per share

- 2022-06: INR 636.80 per share

- 2022-07: INR 724.75 per share

- 2022-08: INR 751.50 per share

- 2022-09: INR 733.20 per share

- 2022-10: INR 906.00 per share

- 2022-11: INR 901.25 per share

- 2022-12: INR 933.75 per share

- 2023-01: INR 871.60 per share

- 2023-02: INR 844.10 per share

- 2023-03: INR 858.50 per share

- 2023-04: INR 860.00 per share

- 2023-05: INR 914.85 per share

- 2023-06: INR 987.45 per share

- 2023-07: INR 953.90 per share

- 2023-08: INR 973.50 per share

- 2023-09: INR 1,036.70 per share

- 2023-10: INR 981.85 per share

- 2023-11: INR 1,074.25 per share

- 2023-12: INR 1,102.30 per share

- 2024-01: INR 1,067.75 per share

- 2024-02: INR 1,075.10 per share

- 2024-03: INR 1,047.20 per share

- 2024-04: INR 1,165.90 per share

- 2024-05: INR 1,162.15 per share

- 2024-06: INR 1,265.25 per share

- 2024-07: INR 1,166.10 per share

- 2024-08: INR 1,175.25 per share

- 2024-09: INR 1,232.20 per share

- 2024-10: INR 1,159.55 per share

- 2024-11: INR 1,136.30 per share

- 2024-12: INR 1,064.70 per share

- 2025-01: INR 986.10 per share

- 2025-02: INR 1,015.55 per share

- 2025-03: INR 1,102.00 per share

- 2025-04: INR 1,185.00 per share

- 2025-05: INR 1,192.20 per share

- 2025-06: INR 1,199.20 per share

- 2025-07: INR 1,068.40 per share

- 2025-08: INR 1,045.20 per share

- 2025-09: INR 1,131.60 per share

- 2025-10: INR 1,232.80 per share

- 2025-11: INR 1,279.70 per share

- 2025-12: INR 1,269.40 per share

- 2026-01: INR 1,370.40 per share

- 2026-02: INR 1,383.90 per share

- 2026-03: INR 1,161.30 per share

- 2026-04: INR 1,268.30 per share

- 2026-05: INR 1,286.60 per share

- 2026-06: INR 1,345.70 per share

- 2026-07: INR 1,229.50 per share

- 2026-08: INR 1,300.00 per share

- 2026-09: INR 1,226.00 per share

- 2026-10: INR 1,288.00 per share

## Annual estimated value (INR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.
← Companies

Axis Bank

AXISBANK · NSE

Nifty 50

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price
INR 1,288.00
Quality tests
Fail
Annual history
15 years
Market value
$40B

The business

How it makes money
Why customers stay
Where the cash goes
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 10 years (at least 9 needed).

10y median
INR 90B
Worst year
INR 4.6B
Latest · 2026
INR 264B

Earned a median 7.9% on tangible equity (minimum 12%), and the second-worst year 2.1% (minimum 5%).

10y median
7.9%
Worst year
0.7%
Latest · 2026
12.3%

Book value plus dividends grew 12.5% a year (minimum 7%).

10y median
10.2%
Worst year
4.7%
Latest · 2026
14.6%

Ordinary share growth was 2.7% over the full period and 0.9% over five years (either must be at most 2% a year).

11y median
125
Worst year
131
Latest · 2026
131

0 accounting warnings were found (none allowed).

accounting warnings
0
Passing bar
≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 86.56 INR.

Net incomeINR 264B
281B020172026
FY2017 · Net income: INR 40B; FY2018 · Net income: INR 4.6B; FY2019 · Net income: INR 50B; FY2020 · Net income: INR 19B; FY2021 · Net income: INR 72B; FY2022 · Net income: INR 141B; FY2023 · Net income: INR 108B; FY2024 · Net income: INR 264B; FY2025 · Net income: INR 281B; FY2026 · Net income: INR 264B
Net income
Book / shareINR 688.51
688.51020172026
FY2017 · Book / share: INR 235.48; FY2018 · Book / share: INR 250.63; FY2019 · Book / share: INR 262.25; FY2020 · Book / share: INR 316.84; FY2021 · Book / share: INR 347.38; FY2022 · Book / share: INR 384.54; FY2023 · Book / share: INR 420.37; FY2024 · Book / share: INR 505.89; FY2025 · Book / share: INR 601.85; FY2026 · Book / share: INR 688.51
Book / share
Dividend / shareINR 0.99
6.03020172026
FY2017 · Dividend / share: INR 6.03; FY2018 · Dividend / share: INR 5.69; FY2019 · Dividend / share: INR 0.10; FY2020 · Dividend / share: INR 1.22; FY2021 · Dividend / share: INR 0; FY2022 · Dividend / share: INR 0; FY2023 · Dividend / share: INR 0.99; FY2024 · Dividend / share: INR 0.99; FY2025 · Dividend / share: INR 0.99; FY2026 · Dividend / share: INR 0.99
Dividend / share
Return on tangible equity12.3%
16.8%0.0%20172026
FY2017 · Return on tangible equity: 7.0%; FY2018 · Return on tangible equity: 0.7%; FY2019 · Return on tangible equity: 7.4%; FY2020 · Return on tangible equity: 2.1%; FY2021 · Return on tangible equity: 6.9%; FY2022 · Return on tangible equity: 11.9%; FY2023 · Return on tangible equity: 8.3%; FY2024 · Return on tangible equity: 16.8%; FY2025 · Return on tangible equity: 15.0%; FY2026 · Return on tangible equity: 12.3%
Return on tangible equity
Diluted shares3.1B
3.1B020172026
FY2017 · Diluted shares: 2.4B; FY2018 · Diluted shares: 2.6B; FY2019 · Diluted shares: 2.6B; FY2020 · Diluted shares: 2.7B; FY2021 · Diluted shares: 3.0B; FY2022 · Diluted shares: 3.1B; FY2023 · Diluted shares: 3.1B; FY2024 · Diluted shares: 3.1B; FY2025 · Diluted shares: 3.1B; FY2026 · Diluted shares: 3.1B
Diluted shares
Prices 15 Oct 2026 · FY2026