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Created: 2025-07-18 07:04:58 UTC
📊 Axis Bank Ltd | Broker Report | 𝘉𝘜𝘠 𝘊𝘢𝘭𝘭 🟢
🏢 𝘉𝘶𝘺 𝘈𝘹𝘪𝘴 𝘉𝘢𝘯𝘬; 𝘵𝘢𝘳𝘨𝘦𝘵 𝘰𝘧 𝘙𝘴 1375: 𝘗𝘳𝘢𝘣𝘩𝘶𝘥𝘢𝘴 𝘓𝘪𝘭𝘭𝘢𝘥𝘩𝘦𝘳 📈 𝘙𝘦𝘤𝘰𝘮𝘮𝘦𝘯𝘥𝘢𝘵𝘪𝘰𝘯: BUY 🏛️ 𝘉𝘳𝘰𝘬𝘦𝘳𝘢𝘨𝘦: Prabhudas Lilladher
Axis Bank: Brokerage Report Highlights
Key Points:
- Brokerage Firm: Prabhudas Lilladher
- Recommendation: BUY
- CMP: ₹1,161 | TP: ₹1,375
First XXX characters: Axis Bank's Q1FY26 results saw a miss on core PAT due to lower NIM and fees. Asset quality declined due to higher slippages. Brokerage maintains BUY rating with a reduced target price of ₹1,375. Loan growth was positive, but retail needs to improve. 📉
𝗥𝗮𝘁𝗶𝗼𝗻𝗮𝗹𝗲: ▪ Core PAT missed estimates due to lower Net Interest Margin (NIM) and fees. ▪ Asset quality deteriorated due to increased slippages. ▪ Loan growth was positive, with corporate and SME segments leading. ▪ Retail loan growth slowed down.
𝗞𝗲𝘆 𝗠𝗲𝘁𝗿𝗶𝗰𝘀: ▪ 𝗡𝗜𝗜: Grew by XXX% YoY, but missed estimates. ▪ 𝗡𝗜𝗠: XXXX% (missed estimates). ▪ 𝗟𝗼𝗮𝗻 𝗚𝗿𝗼𝘄𝘁𝗵: XXX% YoY. ▪ 𝗗𝗲𝗽𝗼𝘀𝗶𝘁 𝗚𝗿𝗼𝘄𝘁𝗵: XXX% YoY. ▪ 𝗚𝗡𝗣𝗔: Worsened to 1.57%. ▪ 𝗣𝗿𝗼𝘃𝗶𝘀𝗶𝗼𝗻𝘀: Increased to ₹39.5bn.
𝗘𝘀𝘁𝗶𝗺𝗮𝘁𝗲𝘀 𝗮𝗻𝗱 𝗖𝗵𝗮𝗻𝗴𝗲𝘀: ▪ FY26E Core PAT lowered by 5.1%. ▪ FY27E Core PAT lowered by 2.6%. ▪ Target Price reduced to ₹1,375 from ₹1,500.
𝗕𝗿𝗼𝗸𝗲𝗿𝗮𝗴𝗲 𝗩𝗶𝗲𝘄: ▪ Maintains a BUY rating.
𝗤𝟭𝗙𝗬𝟮𝟲 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀: ▪ Interest income was slightly below estimates. ▪ Operating expenses were largely in line. ▪ Core PPoP was below estimates. ▪ PAT was below estimates.
𝗔𝘀𝘀𝗲𝘁 𝗤𝘂𝗮𝗹𝗶𝘁𝘆: ▪ More stringent recognition criteria impacted asset quality. ▪ Expects asset quality to normalize in FY27.
𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗚𝘂𝗶𝗱𝗮𝗻𝗰𝗲: ▪ Bank expects to outpace industry credit growth by 300bps in FY26. ▪ Retail segment needs to see strong growth.
🔗 𝘙𝘦𝘢𝘥 𝘍𝘶𝘭𝘭 𝘙𝘦𝘱𝘰𝘳𝘵:
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