Axis Bank Share Price: 9.1% CAGR in 3 Years as the Private Lender Compares With ICICI Bank and SBI

Axis Bank previous close Rs 1,336.40. 3-year CAGR 9.1%. Up 1.3x since 10 Nov 2023. ROE 13.04%. Market cap Rs 4,16,999 crore.

The Axis Bank share price has delivered a steady return over three years, and the stock trades at a P/E that is only slightly above the bank industry level. Axis Bank, headquartered in Mumbai, is one of the largest private sector banks in India and has strength in corporate banking, retail lending and credit cards.

This article compares that run with ICICI Bank and State Bank of India. We calculate the three-year CAGR for all three and set the results beside market cap, valuation and return on equity, using prices adjusted for corporate actions. Banks are best read on price to book and ROE, so those two numbers get extra attention.

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How Much Has the Axis Bank Share Price Returned in 3 Years?

The Axis Bank stock closed at Rs 1,029.20 on 10 November 2023 and at Rs 1,336.40 on 11 November 2026. Rs 1 lakh invested three years ago would have grown to about Rs 1.30 lakh, which is a CAGR of 9.1%. This is a price return and leaves out dividends.

CAGR condenses a bumpy three-year ride into one yearly number, which is why it is the fairest way to compare companies of different sizes. A stock such as Axis Bank can look spectacular on a chart and still have earned a modest yearly return, so the compounded figure keeps the comparison honest.

The Axis Bank share price has also followed healthy credit growth in the economy, a wider retail loan book and the bank's expanding fee income from cards and wealth products.

Axis Bank vs ICICI Bank and State Bank of India: 3-Year CAGR Compared

The table ranks the companies by three-year CAGR. Prices on 10 November 2023 are adjusted for splits and bonuses, and the latest figures are the previous close on 11 November 2026.

Company	Close on 10 Nov 2023	Previous close (11 Nov 2026)	Price multiple	3-year CAGR
State Bank of India	Rs 579.50	Rs 1,061.20	1.8x	22.3%
ICICI Bank	Rs 938.60	Rs 1,571.60	1.7x	18.7%
Axis Bank	Rs 1,029.20	Rs 1,336.40	1.3x	9.1%

The Axis Bank stock ranks third of the three at 9.1%. The companies ahead are State Bank of India (22.3%) and ICICI Bank (18.7%). SBI leads the group, followed by ICICI Bank and then Axis Bank. Axis Bank is the smallest of the three by market cap, and its P/E sits between SBI and ICICI Bank.

Look at the Axis Bank share price alongside the peers as a snapshot of the last three years. It describes what happened, and valuation and earnings will decide what happens next.

Valuation and Quality Compared

Company	Market cap	P/E	Industry P/E	ROE	P/B
ICICI Bank	Rs 11,27,447 crore	17.94	12.66	15.39%	2.94
State Bank of India	Rs 9,78,646 crore	10.41	12.66	13.36%	1.54
Axis Bank	Rs 4,16,999 crore	13.88	12.66	13.04%	1.82

By market cap, ICICI Bank is the largest of the group at Rs 11,27,447 crore, while the Axis Bank stock stands at Rs 4,16,999 crore, about 37% of that size. On earnings, Axis Bank shares trade at a P/E of 13.88 against an industry P/E of 12.66, a premium of about 10%, which signals that the market expects faster earnings growth. Peer multiples are ICICI Bank at 17.94 and State Bank of India at 10.41.

Return on equity is 13.04% for the Axis Bank stock, which ranks third among the three, and the price to book ratio stands at 1.82. Trailing EPS is Rs 96.45. Banks are valued on price to book and return on equity rather than on debt, so these two numbers show how the market prices each lender against the profit it earns on shareholders' capital.

What Is Driving the Axis Bank Stock?

Axis Bank earns most of its income from interest on loans to corporates, small businesses and retail customers. It also earns fees from credit cards, payments and wealth distribution and owns subsidiaries in asset management and broking.

The bank has built a large base of salary and savings accounts and added to its retail franchise through the acquisition of Citibank's Indian consumer business. These steps widened its fee income and its customer base.

Followers of the Axis Bank share price usually track loan growth, net interest margin, the share of low-cost deposits and asset quality.

How the Established Players Stack Up

ICICI Bank is a Mumbai-based private sector bank with a large retail loan book and a strong digital presence. It compounded at 18.7% a year, on a market cap of Rs 11,27,447 crore and an ROE of 15.39%.

State Bank of India is the largest public sector bank in India by assets, deposits and branches. It compounded at 22.3% a year, on a market cap of Rs 9,78,646 crore and an ROE of 13.36%.

What Should Investors Track Next?

Three things are worth watching on the Axis Bank share price. First, the pace of loan growth. Second, movement in net interest margin as interest rates change. Third, asset quality across retail and business loans.

At a P/E of 14 and a price to book of 1.82, the stock trades slightly above the industry P/E of 13. Results can move with the credit cycle, so follow quarterly numbers closely.

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How to Compare Bank Stocks Yourself

You can repeat this exercise for any pair of stocks, including the Axis Bank stock against its peers. Note the adjusted closing price on the base date, take the latest close, divide one by the other, raise the result to the power of one third and subtract one. Then place the CAGR next to market cap, P/E against the industry P/E, ROE and debt to equity. Benchmark the result against the Nifty 50 as well, so you know whether the stock beat the broader market.

A stock that scores well on growth but weakly on quality, or the reverse, deserves closer study before it enters a portfolio. When tracking the Axis Bank share price, the same four checks give a more complete picture than price alone.

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A Private Lender Priced Close to the Industry Multiple

The Axis Bank share price compounded at 9.1% a year over three years, behind ICICI Bank at 18.7% and SBI at 22.3%. Its ROE of 13.04% is close to SBI and its P/E of 13.88 sits between the two.

ICICI Bank brings the highest ROE and the largest market cap, while SBI brings the faster return and the lowest P/E. The choice depends on which banking model you prefer.

Frequently Asked Questions

What is the Axis Bank share price today?

Ans. Axis Bank closed at Rs 1,336.40 on 11 November 2026, according to NSE data. It has a market cap of Rs 4,16,999 crore and a P/E of 13.88. Check live quotes before acting, as prices change every trading day.

What is the 3-year CAGR of the Axis Bank stock?

Ans. Axis Bank delivered a price CAGR of 9.1% over three years, moving from Rs 1,029.20 on 10 November 2023 to Rs 1,336.40 on 11 November 2026. The figure excludes dividends and uses adjusted closing prices.

Is Axis Bank better than ICICI Bank?

Ans. ICICI Bank delivered a higher three-year CAGR at 18.7% than Axis Bank at 9.1%. ICICI Bank is much larger by market cap at Rs 11,27,447 crore against Rs 4,16,999 crore and has a higher ROE at 15.39% against 13.04%, while Axis Bank trades at a lower P/E of 13.88 against 17.94. The better choice depends on your view of each bank.

What does Axis Bank do?

Ans. Axis Bank is a Mumbai-headquartered private sector bank with strength in corporate banking, retail lending, credit cards and wealth services.

What is the return on equity of the Axis Bank stock?

Ans. The return on equity of the Axis Bank stock is 13.04% and its price to book ratio is 1.82. For a lender, ROE and the price to book ratio are the two numbers that show how well the bank turns shareholder capital into profit and how much the market pays for it. Always check the latest results for current figures.

Is Axis Bank expensive compared with the industry?

Ans. Axis Bank trades at a P/E of 13.88 against an industry P/E of 12.66. A higher multiple reflects expectations of faster growth, which the company must deliver through earnings.

Which bank stock gave the highest return in 3 years?

Ans. Among the companies compared here, State Bank of India delivered the highest three-year CAGR at 22.3%, followed by ICICI Bank at 18.7%. Past returns do not guarantee future performance.

How do I calculate CAGR for a stock?

Ans. Divide the latest price by the starting price, raise the result to the power of one divided by the number of years, and subtract one. Multiply by 100 for a percentage. Use split and bonus adjusted prices for accurate results.