Axis Bank Ltd — Q4 FY26
Axis Bank reported Q4 FY26 PAT of ₹7,711 crore, flat YoY, impacted by a one-time standard asset provision of ₹2,001 crore and a tax benefit of ₹2,193 crore.
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Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
79%Questions answered1Evaded / deflected12Questions audited
Answered
High priority
NIM day count, repo rate pass-through, TD repricing, and corporate growth opportunity.
Asked by Chinten, Autonomous
Answered all three sub-questions with specific references to slide data and methodology.
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Question
Uh can I start with NI and NIMS. Uh you know could you remind us if there is any day count convention benefit in your NIMS? Secondly if the full 25 bps rate cut from December has been passed on your EBLR book. And thirdly, if there's any residual TD repricing left on your book.
Amitab (CFO)
There is no day count representation... The repo linked book is 61%. So that would have gotten repriced and the full repricing effect would be in the yields for the current quarter... On the same slide we've given you tenner wise breakup on MCLR and other EBLR.
Answered
High priority
Corporate growth at 34% YoY: opportunity and ROA impact.
Asked by Chinten, Autonomous
Provided specific metrics on RAROC and credit quality, and explained growth sectors.
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Question
At 34% year on year, you're growing your corporate book meaningfully faster than your peers. What opportunity do you see that others may not be seeing? And also could you show us how this has benefited your ROA or is that still left in the future?
Punit (CEO) and Vijay (Wholesale Banking)
We monitor all of our businesses on risk adjusted return on capital. There has been no dilution in risk-adjusted return on capital in the current fiscal... 91% of this book is rated A minus and above... We selectively grow and we are not chasing growth here.
Answered
High priority
When will NIM reach 3.8% through-cycle guidance?
Asked by Rkin Sha, IFL Capital
Reiterated timeline of 15-18 months from last rate cut transmission.
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Question
With the sharp rise in wholesale deposit rates, do you think it warrants a focus moving back to margins? When do we reach this 3.8% through the cycle NIM guidance?
Punit (CEO) and Amitab (CFO)
We have not shifted away from our stands that we expect to deliver 3.8% through the cycle... we've said we will get to through cycle 380 15 to 18 months from transmission of last rate cut.
Partial answer
Medium priority
Net technical slippages near zero: loan yield uplift and recoveries?
Asked by Rkin Sha, IFL Capital
Provided slippage numbers but did not quantify yield uplift or recovery timing.
no yield uplift quantificationno recovery timeline
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Question
Net technical slippage is now clearly inching closer to zero. Wanted to get a sense on what could be the loan yield uplift from the absence of interest reversals due to technical slippages next year and also is there a possibility of any recoveries?
Amitab (CFO)
Gross slippages are down to 1240 crores. Net slippages were 1861 crores. They're down to 218 crores. In percentage terms, the net slippage is now 0.07%... We continue to believe that there should not be an economic loss on this portfolio.
Answered
Medium priority
PSL compliance including PSLC purchases and AFS reserves.
Asked by Rkin Sha, IFL Capital
Clearly stated PSLC inclusion and provided AFS reserve figure.
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Question
PSL full compliance has been achieved. Is it including PSLC purchases or organic? And could you quantify the absolute amount of AFS reserves as of March end?
Amitab (CFO)
PSL compliance at headline and subsegment level counts PSLC purchased... we are not organically compliant... AFS reserve on a gross basis at 31st March 2026 is 254 crores. It's a negative number.
Answered
High priority
NI growth vs loan growth: timing and sustainability.
Asked by Kunal Sha, City Group
Explained the bridge between loan growth and NI, and confirmed growth was not period-end.
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Question
NI growth appears relatively weak at one odd percent. Would it be fair to assume larger part of growth came towards end of quarter? Should we still expect NI to outpace loan growth?
Amitab (CFO)
Business does get booked through the quarter. Quarter 4 is the strongest quarter... There is a gap between me growth and average balance growth... The book has continued to hold up. So it was not a period end bump up.
Partial answer
Medium priority
Retail growth step-up and fee income outlook.
Asked by Kunal Sha, City Group
Provided qualitative optimism but no numeric guidance on retail growth or fee income.
no specific growth guidanceno fee income quantification
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Question
We had seen almost four odd percent growth. You indicated disbursement growth has been quite strong. Should we see step up into double digit retail growth next year? And on fee income, how should we look at it going forward?
Munish (Retail Banking)
It's not a quarterful phenomena. We've shown you last quarter also we saw a decent acceleration in our dispersal numbers... We hope to continue to maintain this momentum in the retail asset growth... We also continue to hope to see acceleration in the fee lines as well.
Answered
High priority
Need to calibrate corporate loan growth for ROA/ROE?
Asked by Abhishek Muraka, HSBC
Explained RAROC health, leverage constraints, and ongoing recalibration.
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Question
Do you see a need to calibrate your corporate loan growth from a RAROC or ROA perspective? Does the 60% retail 15% SME 25% corporate mix matter?
Amitab (CFO) and Munish (Retail Banking)
RAROCs continue to remain healthy for the wholesale business... We will need to manage that leverage ratio... we will look to recalibrate the book back... The calibration is ongoing.
Answered
Medium priority
Clarification on one-time opex items: 126 cr cost and 282 cr reversal?
Asked by Abhishek Muraka, HSBC
Clarified the nature of the provision and cumulative impact.
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Question
Can you please clarify what I got is there's a 126 cr onetime cost and a 282 cr reversal was it or it was a cost?
Amitab (CFO)
In the current quarter, we've provided 429 crores. It is not on account of what we reversed. It is basically rate movement for employee benefits... the cumulative impact of that was roughly about 408 crores.
Partial answer
Medium priority
Segment-level ROE and aspirational bank-level ROE.
Asked by MB Mahesh, Kotak Securities
Provided bank-level aspirational ROE but declined segment-level numbers.
no segment-level ROE given
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Question
If you were to triangulate and see what the ROE looks like, is it meaningfully lower than a number like 15% or are you targeting for a different number?
Amitab (CFO)
The aspirational ROE was 18%. At the bank level... retail ROE is marginally higher than wholesale ROE. So we don't really want to put a number at a segment level.
Evasive
High priority
Credit cost outlook for FY27 and risk filter stance.
Asked by MB Mahesh, Kotak Securities
Refused to give credit cost guidance and cited West Asia uncertainty.
no guidance givendeferred to external uncertainty
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Question
How do you look at FY27 credit cost? And have you reverted to earlier risk filters or still comfortable with tighter stance?
Punit (CEO)
Punit is not going to give you a guidance... If we ignore West Asia, you know where the trend line is going... The growth that we've delivered on disbursement is without loosening our risk filters.
Answered
High priority
Buffer provision usage and deposit rate outlook.
Asked by Maruk Ajana, Tara Capital
Clearly explained provision utilization mechanism and deposit rate outlook.
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Question
You created a buffer provision this quarter. Does that mean if situation gets worse you will draw down on these provisions this year? And is there potential for deposit rates to rise?
Amitab (CFO) and Neeraj (Treasury)
Yes, we will draw down on these provisions in the event we see an impact on the P&L in FY27... On deposit pricing, banks reduced retail pricing by 10-15 bps... I don't see any further cuts happening.