Axis Bank Q3 Results Review — Soft Quarter, Attractive Risk-Reward; Anand Rathi Maintains 'Buy' On The Stock

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Anand Rathi Report

Despite consolidation in its balance sheet, Axis Bank Ltd.’s core pre-provision operating profit grew 14% YoY, 5.5% QoQ. The focus on granularization and an agile management would drive ~15% operating profit growth over FY25-27. The steep price fall makes the risk-reward in a quality franchisee attractive.

At our target price, the stock would trade at 1.6 times price/book value on the FY27e book (1.8 times FY26eBV earlier), with subsidiaries valued at Rs 57/share.

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