Key Metrics of Axis Securities Limited
About Axis Securities Limited
Sectors
Company details
- Website
- axisdirect.in
Operational Areas of Axis Securities Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 20 Aug 2026 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹25,000 Cr | View |
| 17 Jun 2026 | ICRA | Reaffirmed | AAA | A1+ | Stable | ₹32,000 Cr | View |
| 22 Aug 2025 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹25,000 Cr | View |
| 29 Aug 2024 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹25,000 Cr | View |
| 27 Mar 2024 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹25,000 Cr | View |
| 14 Jul 2023 | CARE | Reaffirmed | — | A1+ | — | ₹5,000 Cr | View |
| 18 Jul 2022 | CARE | Reaffirmed | — | A1+ | — | ₹10,000 Cr | View |
| 19 Jul 2021 | CARE | Other | — | — | — | — | View |
Credit strengths (CARE, Aug 2026)
+ Strong support from the parent, ABL, and shared brand identity
ASL is a wholly owned subsidiary of ABL, which is the third -largest private sector bank in India. Being a subsidiary of ABL, ASL enjoys the benefit in the form of management support, shared brand identity of the Axis group, operational linkages, access t o established customer base and franchise of the bank. ASL continues to have strong business synergies with ABL, which allows the group to offer full bouquet of financial services to its customers. ASL benefits from widespread presence of ABL a
+ Comfortable capital position
ASL’s tangible net worth (TNW) increased to ₹2,488 crore as on March 31, 2026, from ₹2,053 crore as on March 31, 2025, supported entirely by healthy internal accruals. TNW further increased to ₹2,564 crore as on June 30, 2026. On the borrowings front, fund-based borrowings stood at ₹6,936 crore as on June 30, 2026, resulting in a gearing of 2.71x. The company’s borrowings are largely through CPs, which has increased in the last couple of fiscals primarily to fund its MTF book. The MTF
+ Continued diversification of income profile
ASL derives a significant portion of its income from brokerage operations and interest earned on its MTF book, which accounted for 36% and 35% of total income, respectively, in FY26, compared to 37% and 36%, respectively, in Q1FY27. Despite a marginal decline of ~9% in total income in FY26, primarily due to softer brokerage revenues considering subdued market activity and overall volumes, the company reported a total income of ₹1,51 4 crore and a profit after tax (PAT) of ₹366 crore, which trans
Credit challenges
− Vulnerability of earning to overall market activity levels and competitive pressures
In FY26, the brokerage income formed 36% of the total revenue followed by interest on MTF & delayed payment charges (3 5%) and, balance by other sources including depository operations income, fixed deposit (FD) interest, and interest from foreign institutional (FI) investments, among others. The brokerage income and interest income from MTF lending is directly a functio n of the market performance, which is highly volatile and exposes ASL’s earnings to volatility in stock markets. As ASL expand
− Susceptibility to regulatory changes
Capital market industry witnessed continuous regulatory revisions. To further enhance transparency levels and limit misuse, SEBI introduced a few regulations in the last few years. In October 2024, SEBI introduced multiple measures to curb retail participation, which became effective in a phase -wise manner between November 2024 and April 2025. These measures include reduction in derivatives with weekly expiry, which was highest F&O contributor, increase in lot size and increase in extreme loss
Could lead to an upgrade
Factors that could individually or collectively lead to positive rating action/upgrade: • Not applicable
Could lead to a downgrade
Factors that could individually or collectively lead to negative rating action/downgrade: • Weakening in the credit profile of ABL. • Weakening of parent support or linkage with ABL or significant change in the shareholding of ABL in ASL. • Overall gearing remaining above 5x on a sustained basis .
Agency-reported financials (CARE, 20 Aug 2026)
| Metric | March 31, 2025 | March 31, 2026 | Q1FY27 |
|---|---|---|---|
| Total income | ₹1,658 Cr | ₹1,514 Cr | ₹410 Cr |
| Profit after tax (PAT) | ₹422 Cr | ₹366 Cr | ₹94.00 Cr |
| Tangible net worth | 2,053.00× | 2,488.00× | 2,564.00× |
| Gross loan book (Margin Trading Facility) | 3,955.0% | 4,463.0% | 6,199.0% |
| Cost-to-income (%) | 54.1% | 56.2% | 53.8% |
| Overall gearing* (x) | 2.54× | 2.82× | 3.32× |
| Return on net worth (RONW) (%) | 24.9% | 16.1% | 15.0% |
| Revenue growth (YoY) | — | −8.7% | — |
| PAT margin | 25.5% | 24.2% | 22.9% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Commercial paper | Commercial paper | ₹25,000 Cr | ₹25,000 Cr | 0.0% | A1+ | Reaffirmed | ICRA |
| Non-convertible debentures | Debentures & bonds | ₹0 | ₹4,800 Cr | — | AAA (Stable) | Assigned | ICRA |
| Non-convertible debentures | Debentures & bonds | ₹200 Cr | ₹200 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Long-term/Short-term fund-based Non-fund based bank lines – Others | Non-fund based limits | ₹1,800 Cr | ₹2,000 Cr | 11.1% | AAA / A1+ (Stable) | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE110O14FY2 | Commercial Paper Jun Oct + | Commercial paper | 6.28% | — | — | ₹200 Cr | A1+ | Not stated |
| INE110O14HS0 | Feb Feb | Commercial paper | — | — | — | — | A1+ | Not stated |
| INE110O14HM3 | — | Commercial paper | 7.80% | — | — | ₹100 Cr | A1+ | Not stated |
| INE110O14HP6 | — | Commercial paper | 7.50% | — | — | ₹200 Cr | A1+ | Not stated |
| INE110O14HR2 | — | Commercial paper | 7.50% | — | — | ₹125 Cr | A1+ | Not stated |
| INE110O14IA6 | — | Commercial paper | 6.98% | — | — | ₹250 Cr | A1+ | Not stated |
| INE110O14IE8 | — | Commercial paper | 7.00% | — | — | ₹250 Cr | A1+ | Not stated |
| INE110O14IF5 | — | Commercial paper | 6.80% | — | — | ₹40.0 Cr | A1+ | Not stated |
| INE110O14IG3 | — | Commercial paper | 7.45% | — | — | ₹50.0 Cr | A1+ | Not stated |
| INE110O14IH1 | — | Commercial paper | 7.45% | — | — | ₹100 Cr | A1+ | Not stated |
| INE110O14GF9 | Commercial Paper Aug Nov + | Commercial paper | 6.33% | — | — | ₹100 Cr | A1+ | Not stated |
| INE110O14GE2 | Commercial Paper Aug Nov + | Commercial paper | 6.33% | — | — | ₹100 Cr | A1+ | Not stated |
| INE110O14GD4 | Commercial Paper Aug Nov + | Commercial paper | 6.34% | — | — | ₹100 Cr | A1+ | Not stated |
| INE110O14GC6 | Commercial Paper Aug Jan + | Commercial paper | 6.50% | — | — | ₹200 Cr | A1+ | Not stated |
| INE110O14GB8 | Commercial Paper Jul Oct + | Commercial paper | 6.28% | — | — | ₹225 Cr | A1+ | Not stated |
| INE110O14GA0 | Commercial Paper Jul Oct + | Commercial paper | 6.37% | — | — | ₹200 Cr | A1+ | Not stated |
| INE110O14FZ9 | Commercial Paper Jul Oct + | Commercial paper | 6.37% | — | — | ₹25.0 Cr | A1+ | Not stated |
| INE110O14FX4 | Commercial Paper Jun Dec + | Commercial paper | 6.55% | — | — | ₹25.0 Cr | A1+ | Not stated |
| INE110O14FW6 | Commercial Paper Jun Sep + | Commercial paper | 6.30% | — | — | ₹300 Cr | A1+ | Not stated |
| INE110O14FV8 | Commercial Paper Jun Dec + | Commercial paper | 6.55% | — | — | ₹100 Cr | A1+ | Not stated |
| INE110O14FU0 | Commercial Paper Jun Sep + | Commercial paper | 6.34% | — | — | ₹300 Cr | A1+ | Not stated |
| INE110O14FT2 | Commercial Paper Jun Sep + | Commercial paper | 6.15% | — | — | ₹25.0 Cr | A1+ | Not stated |
| INE110O14FS4 | Commercial Paper Jun Sep + | Commercial paper | 6.51% | — | — | ₹300 Cr | A1+ | Not stated |
| INE110O14FR6 | Commercial Paper Jun Sep + | Commercial paper | 6.51% | — | — | ₹200 Cr | A1+ | Not stated |
| INE110O14FQ8 | Commercial Paper May Aug + | Commercial paper | 6.58% | — | — | ₹150 Cr | A1+ | Not stated |
| INE110O14FP0 | Commercial Paper May Aug + | Commercial paper | 6.55% | — | — | ₹125 Cr | A1+ | Not stated |
| INE110O14EZ2 | Commercial Paper Mar Sep + | Commercial paper | 7.88% | — | — | ₹100 Cr | A1+ | Not stated |
| INE110O14EV1 | Commercial Paper Feb Feb + | Commercial paper | 7.94% | — | — | ₹100 Cr | A1+ | Not stated |
| INE110O14DN0 | Commercial Paper Jul Oct + | Commercial paper | 7.77% | — | — | ₹200 Cr | A1+ | Not stated |
| INE110O14DM2 | Commercial Paper Jul Oct + | Commercial paper | 7.75% | — | — | ₹25.0 Cr | A1+ | Not stated |
| INE110O14DL4 | Commercial Paper Jul Feb + | Commercial paper | 7.95% | — | — | ₹150 Cr | A1+ | Not stated |
| INE110O14DK6 | Commercial Paper Jun Sep + | Commercial paper | 7.81% | — | — | ₹200 Cr | A1+ | Not stated |
| INE110O14DJ8 | Commercial Paper Jun Sep + | Commercial paper | 7.81% | — | — | ₹100 Cr | A1+ | Not stated |
| INE110O14DI0 | Commercial Paper Jun Sep + | Commercial paper | 7.83% | — | — | ₹175 Cr | A1+ | Not stated |
| INE110O14DH2 | Commercial Paper Jun Sep + | Commercial paper | 7.87% | — | — | ₹200 Cr | A1+ | Not stated |
| INE110O14DG4 | Commercial Paper Jun Sep + | Commercial paper | 7.87% | — | — | ₹150 Cr | A1+ | Not stated |
| INE110O14DF6 | Commercial Paper Jun Sep + | Commercial paper | 7.82% | — | — | ₹250 Cr | A1+ | Not stated |
| INE110O14DE9 | Commercial Paper Jun Aug + | Commercial paper | 7.85% | — | — | ₹75.0 Cr | A1+ | Not stated |
| INE110O14DD1 | Commercial Paper Jun Sep + | Commercial paper | 7.85% | — | — | ₹50.0 Cr | A1+ | Not stated |
| INE110O14DC3 | Commercial Paper May Aug + | Commercial paper | 7.85% | — | — | ₹150 Cr | A1+ | Not stated |
CARE ratings on record (checked 01 Nov 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Commercial Paper (Standalone) | ₹20,000 Cr | CARE A1+ |
| Long Term | ₹5,000 Cr | CARE AAA; Stable |
Lenders
| Fund-based/Non-fund-based | Long Term | Axis Bank Ltd. |
| Fund-based/Non-fund-based | Long Term | DCB Bank Ltd. |
| Fund-based/Non-fund-based | Long Term | Federal Bank |
| Fund-based/Non-fund-based | Long Term | HDFC Bank Ltd. |
| Fund-based/Non-fund-based | Long Term | ICICI Bank Ltd. |
| Fund-based/Non-fund-based | Long Term | IDBI Bank Ltd. |
| Fund-based/Non-fund-based | Long Term | IndusInd Bank Ltd. |
| Fund-based/Non-fund-based | Long Term | Kotak Mahindra Bank Ltd. |
| Fund-based/Non-fund-based | Long Term | Proposed |
| Fund-based/Non-fund-based | Long Term | State Bank of India |
Credit assessment · Broking firms
Criteria for Rating of Broking Firms (Dec 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 68% |
| Information on file | 44% · missing: Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 71% chance the next rating action is stable or better
- Current rating AAA (investment grade)
Rated limits by facility
Timeline
From the report
June 17, 2026 Axis Securities Limited: [ICRA]AAA (Stable) assigned to NCDs, [ICRA]AAA (Stable)/[ICRA]A1+ assigned to enhanced bank lines, and ratings reaffirmed Summary of rating action Previous Current rated Instrument* rated amount amount Rating action (Rs. crore) (Rs. crore) Commercial paper 25,000.0 25,000.0 [ICRA]A1+; reaffirmed Non-convertible debentures 0.00 4,800.0 [ICRA]AAA (Stable); assigned Non-convertible debentures 200.0 200.0 [ICRA]AAA (Stable); reaffirmed Long-term/Short-term fund-based/ [ICRA]AAA (Stable)/[ICRA]A1+; reaffirmed and 1,800.0 2,000.0 Non-fund based bank lines – Oth
From the report
Notwithstanding this, the capitalisation profile remains adequate, supported by the capital infusion of Rs. 250 crore in FY2025 and strong accruals from operations.
From the report
As on April 30, 2026, ASL had total outstanding borrowings of ~Rs. 5,440 crore due for repayment within three months (till July 2026) while it had an unencumbered cash balance of Rs. 1 crore and drawable but unutilised fund-based lines of Rs. 662 crore [including overdraft (OD) against fixed deposits (Rs. 313 crore) and OD against book debts (Rs. 348 crore)].
From the report
Comfortable capital position ASL’s tangible net worth (TNW) increased to ₹2,053 crore as on March 31, 2025, from ₹1,332 crore as on March 31, 2024, supported by internal accruals and an equity infusion of ₹250 crore.
From the report
Further, due to internal accrual and equity infusion of ₹ 250 crore, the tangible net worth stood at ₹1,703 crore as on June 30, 2024.
From the report
As on May 31, 2023, the company had borrowings of ₹1,250 crore through CP, an unencumbered cash and cash equivalent of ₹25.89 crore, unutilised lines of credit of ₹1,405 crore, and unutilised margin available at stock exchange of ₹222.89 crore.
From the report
Against which, the company had cash and cash equivalent of Rs.56.68 crore, unutilized lines of credit of Rs.1,373.25 and excess margin available at stock exchange of Rs.313.78 crores as on June 30, 2022.
From the report
Against which, the company had cash and cash equivalent of Rs.11.66 crore and Rs.77.49 crore unutilized lines of credit as on June 30, 2021.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Axis Securities Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Larsen & Toubro |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | larsentoubro.com | 1938 | Mumbai, India |
| Part of Life Insurance Corporation of India. | itcportal.com | 1910 | Kolkata, India | |
| Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | arvind.com | — | Ahmedabad, India | |
 Thermax |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | thermaxglobal.com | 1980 | Pune, India |
| Fintech, Broking & Market Infrastructure · Finance | angelone.in | — | Mumbai, Maharashtra, India | |
 Nuvama Wealth Management Limited |
Fintech, Broking & Market Infrastructure · Finance | nuvamawealth.com | — | Mumbai, Maharashtra, India |
 Kirloskar Brothers |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | kirloskarpumps.com | 1888 | Pune, India |
| 360 One Wam Limited | Discovered Companies · Other Industries | — | — | Mumbai, Maharashtra, India |
| HDFC Asset Management Company Limited | Fintech, Broking & Market Infrastructure · Banking & Financial Services | — | — | Mumbai, Maharashtra, India |
 Emami |
Shampoo, Hair Oil & Hair Care · FMCG - Personal & Home Care | emamiltd.in | 1974 | Kolkata, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
AxisDirect broking
Filings
No filings on record yet.