ICICI Securities Recommends Buy on Axis Bank, Sets Rs 1435 Target

• ICICI Securities maintains a 'BUY' rating for Axis Bank, trimming the target price to Rs 1435.
• Axis Bank is undergoing a strategic shift, prioritizing loan growth over Net Interest Margin (NIM), as per discussions with its top management.
• This shift may delay NIM recovery but is not expected to materially alter Net Interest Income (NII) growth (FY26E NII trimmed by ~1%).
• ICICI Securities raised FY26E gross slippages due to likely higher technical slippages, hoping for a lesser credit cost impact.
• Valuations at ~1.5x FY27E Adjusted Book Value provide downside cushion, with potential for a swift upswing.

Why It Matters: ICICI Securities recommends 'BUY' on Axis Bank, citing strategic shift towards loan growth, target Rs 1435.