Axis Bank Limited (AXISBANK.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-82.7%

₹214.21

vs ₹1,239.50 price

Levered DCF

₹114.25

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.33

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	14.03×	11.97×	12.3×	24.39×	16.53×	28.83×	55.49×	39.04×
P/B	1.72×	1.79×	2.07×	2.03×	1.97×	2×	1.19×	2.9×
P/S	2.28×	2.15×	2.35×	2.49×	2.71×	2.66×	1.31×	2.89×
EV / EBITDA	15.83×	11.79×	11.34×	10.17×	13.07×	21.56×	16.79×	29.7×
Gross margin	54.3%	54.4%	55.5%	59.0%	59.4%	55.6%	51.5%	50.2%
Operating margin	19.9%	23.6%	25.5%	17.6%	22.0%	12.5%	6.7%	11.2%
Net margin	16.3%	18.0%	19.1%	10.2%	16.4%	9.2%	2.4%	7.4%
Current ratio	0.08×	0.09×	0.16×	0.18×	0.24×	0.2×	0.26×	0.22×
Debt / equity	1.3×	1.18×	1.45×	1.53×	1.54×	1.3×	1.66×	2.17×
Interest coverage	0.44×	0.52×	0.57×	0.43×	0.54×	0.28×	0.14×	0.22×
Dividend yield	0.1%	0.1%	0.1%	0.1%	0.0%	0.0%	0.3%	0.0%
Payout ratio	1.2%	1.1%	1.2%	2.8%	0.0%	0.0%	17.9%	0.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.3%	15.0%	16.8%	8.3%	11.9%	6.9%	2.1%	7.4%
Return on invested capital	4.3%	5.8%	5.9%	2.8%	3.8%	2.4%	0.7%	2.0%
Return on assets	1.4%	1.7%	1.7%	0.8%	1.2%	0.7%	0.2%	0.6%
Free cash flow yield	-2.9%	12.5%	-2.4%	7.8%	11.5%	5.6%	28.5%	18.4%
Earnings yield	7.1%	8.4%	8.1%	4.1%	6.0%	3.5%	1.8%	2.6%
Enterprise value	₹5.4T	₹4.5T	₹4.1T	₹3.2T	₹2.6T	₹2.3T	₹1T	₹2.5T
Net debt / EBITDA	5.01×	3.07×	2.47×	1.86×	1.39×	2.22×	-0.12×	6.09×
Cash conversion cycle (days)	0	53	53	65	138	102	69	70