ICICI Bank Ltd
ICICI Bank Ltd
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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55 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Weaknesses
5- Stock is trading at 2.68 times its book value
- Company has low interest coverage ratio.
- Contingent liabilities of Rs.65,46,110 Cr.
- Earnings include an other income of Rs.1,18,852 Cr.
- Working capital days have increased from 70.0 days to 118 days
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 1d agoICICI Bank Ltd commands a market cap of ~Rs.10.13 lakh crore at a PE of 17x and PB of 2.72x. The bank has delivered 17% compounded profit growth over 3 years and 16% ROE in the last year, though TTM sales growth has moderated to 4% and stock returns have been flat at -1% over 1 year.
- Strong 5-year compounded profit CAGR of 24%, indicating sustained earnings momentum over a longer cycle
- Consistent ROE of 16-17% over the last 1, 3, and 5-year periods, well above the cost of equity for most Indian banks
- Market cap of Rs.10.13 lakh crore reflects dominant franchise value and institutional confidence in the platform
- 10-year stock CAGR of 20% demonstrates long-term compounding ability and shareholder value creation
- PE of 17x is reasonable relative to the 17% 3-year profit CAGR, implying a PEG ratio close to 1x
- Compounded sales growth of 17% over both 3 and 5-year periods shows the core lending and fee income engine scaled well historically
- 10-year compounded profit growth of 18% underscores the bank's successful transformation from its earlier NPA cycle
- TTM sales growth has sharply decelerated to just 4% compared to 17% over 3 and 5 years, signaling potential top-line pressure
- Contingent liabilities stand at a massive Rs.65,46,110 crore, which is over 6x the market cap, posing tail-risk if even a fraction crystallizes
- Working capital days have nearly doubled from 70 days to 118 days, indicating potential stress in asset-liability management or slower recoveries
- Stock trading at 2.72x book value leaves limited margin of safety if ROE compresses from current 16% levels
- Earnings include other income of Rs.1,18,852 crore, raising questions about sustainability and quality of core operating profit
- 1-year stock return of -1% shows the market has paused re-rating the stock despite continued profit growth of 6% TTM
- Low interest coverage ratio flagged as a known concern, which is unusual for a bank and may reflect structural balance sheet composition risks
- Dividend yield at 0.85% is modest relative to the bank's profitability, suggesting limited near-term income return for shareholders
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 17h ago- $1B notes priced at 5.459% Jul 25
ICICI Bank priced USD 1 billion senior unsecured fixed rate notes at 5.459% coupon under its Global Medium Term Note Programme, maturing July 2031. Demonstrates strong access to international debt markets at scale.
- $750M senior notes issued Aug 18
ICICI Bank priced USD 750 million senior unsecured notes at 5.417% coupon via IFSC Banking Unit, to be listed on IFSC exchanges and SGX-ST.
- $300M notes at 5.352% coupon Aug 6
ICICI Bank priced USD 300 million 5-year senior unsecured notes at 5.352% coupon, maturing August 2031. Listed on NSE IFSC and India International Exchange.
- FY26 net income Rs 56,037 crore Jul 20
ICICI Bank filed Form 20-F showing US GAAP net income rose to Rs 56,037 crore for FY ended March 31, 2026.
- ₹12 per share dividend proposed Jul 20
Board recommended dividend of ₹12 per share for FY26, with 32nd AGM set for August 21, 2026 via video conferencing.
- Heavy institutional block trade activity Aug 10
Multiple block trades recorded from Jul 23 to Aug 10 totalling over ₹1,600 crores at prices ranging from ₹1,420 to ₹1,467 per share, indicating sustained institutional participation.
- Investor conference participation Aug 11
ICICI Bank scheduled investor interactions at Motilal Oswal, Axis Capital (Aug 17-18), and Emkay Confluence (Aug 12) conferences, along with debt investor meetings on Jul 22-23.
TL;DR: ICICI Bank is demonstrating strong fundamentals with robust FY26 earnings (Rs 56,037 crore net income) and exceptional access to global capital markets, raising over $2 billion in senior notes across three issuances in July-August 2026. Sustained institutional block trade activity at ₹1,420-1,467 levels signals steady demand. No material headwinds are visible in recent news flow, and the trend remains constructive with healthy dividend payouts and active investor engagement.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 37,106 | 38,938 | 40,865 | 42,607 | 44,582 | 46,326 | 47,037 | 48,387 | 49,080 | 48,181 | 48,364 | 49,594 | 52,241 |
| Expenses | 21,402 | 24,560 | 24,929 | 30,604 | 29,387 | 32,221 | 33,510 | 37,588 | 31,991 | 35,065 | 37,154 | 41,823 | 35,318 |
| Financing Profit | -663 | -3,530 | -3,473 | -8,421 | -5,927 | -8,120 | -9,106 | -12,248 | -6,002 | -8,901 | -10,664 | -14,276 | -6,141 |
| Fin. Margin % | -2% | -9% | -8% | -20% | -13% | -18% | -19% | -25% | -12% | -18% | -22% | -29% | -12% |
| Other Income | 15,229 | 18,690 | 18,615 | 24,575 | 22,688 | 26,617 | 27,589 | 31,361 | 25,496 | 27,966 | 28,418 | 35,020 | 27,448 |
| Interest | 16,368 | 17,908 | 19,409 | 20,424 | 21,122 | 22,225 | 22,633 | 23,047 | 23,090 | 22,017 | 21,874 | 22,047 | 23,064 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 14,566 | 15,160 | 15,142 | 16,154 | 16,761 | 18,496 | 18,483 | 19,113 | 19,494 | 19,065 | 17,754 | 20,744 | 21,307 |
| Tax % | 24% | 25% | 26% | 26% | 26% | 25% | 25% | 25% | 26% | 25% | 24% | 25% | 24% |
| Net Profit | 11,014 | 11,351 | 11,515 | 12,200 | 12,463 | 13,906 | 13,847 | 14,354 | 14,456 | 14,318 | 13,481 | 15,681 | 16,276 |
| EPS in Rs | 15.2 | 15.56 | 15.76 | 16.62 | 16.62 | 18.38 | 18.25 | 18.96 | 19 | 18.7 | 17.53 | 20.61 | 21.52 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 54,964 | 59,294 | 60,940 | 62,162 | 71,982 | 84,836 | 89,163 | 95,407 | 1,21,067 | 1,59,516 | 1,86,331 | 1,95,218 | 1,98,379 |
| Expenses | 38,766 | 52,252 | 63,841 | 72,806 | 83,775 | 85,361 | 91,309 | 80,798 | 87,864 | 99,560 | 1,30,078 | 1,42,971 | 1,49,359 |
| Financing Profit | -16,120 | -26,955 | -37,737 | -44,906 | -50,971 | -45,190 | -44,805 | -26,558 | -17,341 | -14,152 | -32,775 | -36,782 | -39,982 |
| Fin. Margin % | -29% | -45% | -62% | -72% | -71% | -53% | -50% | -28% | -14% | -9% | -18% | -19% | -20% |
| Other Income | 35,252 | 42,102 | 52,458 | 56,807 | 59,325 | 64,950 | 72,174 | 62,129 | 65,112 | 76,522 | 1,08,255 | 1,16,900 | 1,18,852 |
| Interest | 32,318 | 33,996 | 34,836 | 34,262 | 39,178 | 44,666 | 42,659 | 41,167 | 50,543 | 74,108 | 89,028 | 89,029 | 89,002 |
| Depreciation | 798 | 843 | 912 | 922 | 946 | 1,171 | 1,340 | 1,330 | 1,515 | 1,935 | 2,627 | 3,061 | 0 |
| PBT | 18,334 | 14,304 | 13,809 | 10,978 | 7,408 | 18,589 | 26,028 | 34,241 | 46,256 | 60,434 | 72,854 | 77,057 | 78,870 |
| Tax % | 29% | 24% | 18% | 17% | 23% | 40% | 22% | 25% | 26% | 26% | 25% | 25% | — |
| Net Profit | 12,942 | 10,927 | 11,340 | 9,100 | 5,689 | 11,225 | 20,364 | 26,538 | 35,461 | 46,081 | 54,569 | 57,936 | 59,756 |
| EPS in Rs | 19.2 | 15.92 | 15.9 | 12 | 6.6 | 14.78 | 26.58 | 36.14 | 48.74 | 63.02 | 71.65 | 75.71 | 78.36 |
| Div. Payout % | 24% | 29% | 14% | 12% | 15% | 0% | 8% | 14% | 16% | 16% | 15% | 16% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1,160 | 1,163 | 1,165 | 1,286 | 1,289 | 1,295 | 1,383 | 1,390 | 1,397 | 1,405 | 1,425 | 1,432 |
| Reserves | 83,545 | 92,948 | 1,03,467 | 1,09,344 | 1,12,964 | 1,21,665 | 1,56,204 | 1,80,663 | 2,13,101 | 2,54,739 | 3,12,481 | 3,61,628 |
| Borrowing | 1,19,165 | 1,89,054 | 1,70,670 | 2,29,402 | 2,10,324 | 2,13,852 | 1,43,900 | 1,61,603 | 1,89,062 | 2,07,428 | 2,18,883 | 2,20,264 |
| Deposits | 4,78,042 | 4,82,401 | 5,30,204 | 5,85,796 | 6,81,317 | 8,00,784 | 9,59,940 | 10,91,366 | 12,10,832 | 14,43,580 | 16,41,637 | 18,30,020 |
| Other Liabilities | 1,44,167 | 1,53,190 | 1,80,219 | 1,98,453 | 2,32,899 | 2,39,696 | 3,12,385 | 3,17,616 | 3,44,099 | 4,56,911 | 4,67,815 | 5,01,153 |
| Total Liabilities | 8,26,079 | 9,18,756 | 9,85,725 | 11,24,281 | 12,38,794 | 13,77,292 | 15,73,812 | 17,52,637 | 19,58,490 | 23,64,063 | 26,42,241 | 29,14,498 |
| Fixed Assets | 5,871 | 8,713 | 9,338 | 9,465 | 9,660 | 10,409 | 10,809 | 10,707 | 11,070 | 15,714 | 24,272 | 27,970 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 2,74,311 | 2,86,044 | 3,04,373 | 3,72,208 | 3,98,201 | 4,43,473 | 5,36,579 | 5,67,098 | 6,39,552 | 8,27,163 | 8,86,377 | 8,70,720 |
| Other Assets | 5,45,897 | 6,23,999 | 6,72,013 | 7,42,608 | 8,30,933 | 9,23,411 | 10,26,424 | 11,74,833 | 13,07,868 | 15,21,186 | 17,31,593 | 20,15,808 |
| Total Assets | 8,26,079 | 9,18,756 | 9,85,725 | 11,24,281 | 12,38,794 | 13,77,292 | 15,73,812 | 17,52,637 | 19,58,490 | 23,64,063 | 26,42,241 | 29,14,498 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -12,273 | 23,645 | 52,636 | 19,383 | 48,671 | 79,565 | 1,38,015 | 58,111 | -3,771 | 1,57,284 | 1,22,805 | 67,325 |
| Investing | -13,175 | -12,060 | -1,711 | -50,551 | -30,282 | -42,095 | -63,631 | -40,007 | -67,689 | -1,44,737 | -77,140 | -11,708 |
| Financing | 24,827 | 5,814 | -35,470 | 39,676 | -19,997 | 2,992 | -54,667 | 17,451 | 24,791 | 13,765 | 5,589 | -4,661 |
| Net Cash Flow | -621 | 17,399 | 15,455 | 8,508 | -1,608 | 40,462 | 19,718 | 35,555 | -46,669 | 26,312 | 51,255 | 50,957 |
| Free Cash Flow | -13,481 | 22,867 | 51,334 | 18,367 | 47,570 | 77,717 | 1,36,339 | 56,369 | -5,951 | 1,53,676 | 1,18,100 | 63,778 |
| CFO/OP | -43 | 428 | -2,018 | -224 | -484 | -15,611 | -6,609 | 432 | 21 | 285 | 251 | 161 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 15% | 11% | 10% | 7% | 4% | 8% | 13% | 15% | 17% | 19% | 18% | 16% |
Documents
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Company Information
ICICI Bank is the second-largest private sector bank in India offering a diversified portfolio of financial products and services to retail, SME and corporate customers. The Bank has an extensive network of branches, ATMs and other touch-points.The ICICI group has presence in businesses like life and general insurance, housing finance, primary dealership, etc, through its subsidiaries and associates.[1]