Axis Bank Ltd

is India's third-largest private sector bank by branch network, with strong digital banking capabilities and a recovering asset quality profile. The bank has delivered good profit growth of 72.2% CAGR over the last 5 years, with working capital requirements improving from 140 days to 70.5 days. Morgan Stanley maintains an 'Overweight' rating with a target price of Rs. 1,450, representing a 22% upside potential from current levels. While the bank shows progress in its turnaround story and strengthened strategy, structural re-rating will take time until improvements in retail deposit growth become more visible