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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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**Related Topics**
[$axisbankns](/topic/$axisbankns)

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