Guidance ledger · Q4 FY26

Axis Bank Ltd AXISBANK

4 revisions on record · 1 lowered · 1 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

↓ lowered Net interest margin trajectory Q1 FY26 → Q4 FY26

~~3.80% reported, 17 bps QOQ decline; through-cycle 3.80% maintained over 15-18 month duration~~ → 3.62% reported; through-cycle 3.80% stance maintained across full repo transmission of 125 bps

“We have not shifted away from our stance that we expect to deliver 3.8% NIM through cycle”

↔ widened Provisioning posture Q1 FY26 → Q4 FY26

~~Q1FY26: 'end of policy corrections at Axis Bank unless regulation changes today' - intended terminus~~ → Q4FY26: INR 2,001cr voluntary buffer for West Asia / geopolitical stress - pre-emptive callable provision

“the Bank created an additional one-time provision of ₹2,001 crores during the quarter”

↑ raised ROE aspiration Q3 FY26 → Q4 FY26

~~Q3FY26: implicit reference to 300 bps over market growth aspirational anchor~~ → Q4FY26: 18% aspirational ROE at bank level explicitly published; ROE Q4FY26 actuals at 15.15%

“The aspirational ROE was 18% at the bank level”

→ narrowed Growth quantification framework Q1 FY26 → Q3 FY26

~~Q1FY26: 'We are not guiding for growth' - explicit refusal~~ → Q3FY26: 'we will grow our asset book through cycles at about 300 basis points better than the industry' (hardened through-cycle benchmark)

“we will grow our asset book through cycles at about 300 basis points better than the industry”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.