ICICI Bank
ICICI Bank
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Key Insights
Weaknesses
4- 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 55.4 days to 108 days
Growth Rate
AI Analysis — Bull vs Bear
ICICI Bank is one of India's largest private-sector lenders, with a market capitalisation of about Rs 9,57,089 Cr. It trades at a P/E of 16 and a price-to-book of 2.56, with a dividend yield of 0.9%. Over 3 and 5 years, revenue has compounded at 17% and profit at 17% and 24%, with ROE steady around 16-17%. Trailing-twelve-month growth has slowed sharply, to 4% for sales and 6% for profit, and the stock has returned -2% over the past year.
- Profit has compounded at 24% a year over 5 years and 17% over 3 years, well ahead of the 13% 10-year sales CAGR. That points to better operating leverage and lower credit costs over the cycle.
- ROE has held at 17% on both a 3-year and 5-year basis, up from a 10-year average of 14%. This suggests profitability has improved structurally rather than spiking once.
- Sales grew at 17% a year over both 3 and 5 years, showing the franchise can keep growing its balance sheet at scale.
- Long-term shareholder returns have been strong, with a 10-year stock CAGR of 19% and 5-year and 3-year CAGRs of 13% and 12%.
- At a P/E of 16, the stock trades at a moderate multiple compared with its 5-year profit CAGR of 24%.
- A market cap of about Rs 9,57,089 Cr places it among India's largest listed companies. That scale brings deep liquidity, a wide distribution network and funding advantages.
- The 1-year stock return of -2% set against 6% TTM profit growth means valuation has de-rated somewhat compared with earnings over the past year.
- Growth has slowed sharply. TTM sales growth is 4% and TTM profit growth is 6%, against 3-year CAGRs of 17% for both, which may point to margin pressure or a slower loan book.
- The stock trades at 2.52-2.56 times book value. That premium depends on ROE staying in the 16-17% range, so there is little room for profitability to disappoint.
- Last year's ROE of 16% is below the 3-year and 5-year average of 17%, an early sign that returns may be easing.
- Earnings include other income of Rs 1,18,852 Cr. At the consolidated level this likely includes insurance and subsidiary income, which is more volatile than core net interest income.
- Contingent liabilities are reported at Rs 65,46,110 Cr. These are largely derivative notionals and guarantees, which are normal for a bank, but they still carry counterparty and market risk under stress.
- The 1-year stock return of -2% trails the 10-year CAGR of 19%, showing near-term momentum has weakened.
- The dividend yield of 0.9% is low, so shareholder returns depend mainly on capital appreciation.
- Flags such as low interest coverage and working capital days rising from 55.4 to 108 appear in the data. These screening metrics mean little for banks, where interest expense is the core cost, but the working capital change does reflect a shift in balance sheet mix.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Stock slides ahead of results Sep 22
Shares closed 0.30% lower at ₹1,339.50 on Sep 22. They are down 0.8% over one week, 5.66% over one month and 4.42% over one year, and only 0.12% up year-to-date.
- Bank Nifty sector weakness Sep 28
The Bank Nifty has returned -1.38% over one week, -3.36% over one month, -4.46% over three months and -6.92% year-to-date. This shows weak investor interest in banking stocks.
- Large trade below recent levels Sep 25
About 2.21 crore shares worth ₹2,912.13 crore were flagged on BSE at ₹1,318.35. That is below the ₹1,341.50 level seen on Sep 23, which points to supply pressure. This is a real-time signal, not a confirmed exchange disclosure.
- ₹16.76 Cr GST show-cause notice Sep 25
West Bengal GST authorities issued a ₹16.76 crore show-cause notice over service tax on minimum balance accounts. The amount is small for a bank with a market cap of over ₹10.21 lakh crore, but it adds regulatory noise.
- Trails HSBC in GIFT City Sep 17
ICICI disbursed $8.4 billion in FCNR-linked FX lending versus HSBC's $10.9 billion, a $2.5 billion gap. Lower leverage multiples than HSBC's 19x limited its appeal to aggressive NRI investors.
- RBI clears LIC stake to 9.99% Sep 5
On Sep 4 the RBI approved LIC raising its holding to as much as 9.99%, up from 4.35% as of June 30, 2026. The approval is valid for one year and could bring significant institutional buying.
- BofA raises target to ₹1,650 Sep 28
BofA kept its Buy rating and raised the price objective from ₹1,600 to ₹1,650, implying 23% upside. It expects ICICI to outgrow the industry by 2-3% with stable NIMs, as system credit growth nears 20% YoY.
- Strong Q1 FY27 earnings beat Sep 22
Q1 FY27 net profit rose 16% YoY to ₹14,804 crore, beating the ₹13,373 crore consensus. NII grew 13% to ₹24,385 crore and NIM reached 4.36%, ahead of the 4.18% estimate.
- GIFT City FX lending leadership Sep 17
ICICI and HSBC together hold 36.5% of GIFT City FX lending, with ICICI disbursing $8.4 billion under the RBI's concessional FCNR swap window, which runs until Sep 30, 2026. Both banks have an early lead in wealth management for the NRI diaspora.
- Q2 FY27 results on Oct 17 Sep 22
The board meets on Saturday, Oct 17, 2026 to approve Q2 FY27 results. The trading window for designated persons is closed from Oct 1 to Oct 19, and no dividend update has been given.
- USD 500m senior notes issued Sep 3
ICICI issued USD 500 million of senior unsecured fixed-rate notes through its IFSC Banking Unit. The notes are rated BBB by S&P and Baa3 by Moody's.
- Smaller large-trade signal on BSE Sep 23
About 5 lakh shares worth ₹67.08 crore were flagged on BSE at ₹1,341.50 per share. This is not a confirmed exchange disclosure.
- Investor meets at major conferences Sep 15
ICICI scheduled investor interactions at the UBS India Summit on Sep 10, the Jefferies 5th India Forum and the J.P. Morgan India Conference. It said discussions would use only publicly available information.
- ICICI research: gold to $5,000 Sep 26
ICICI's research team expects gold at $4,200-4,600/oz for the rest of 2026 and $4,600-5,000/oz in H1 2027. Its domestic forecast is ₹1.40-1.60 lakh per 10g. This is a research view and does not affect the bank's fundamentals.
TL;DR: ICICI Bank's fundamentals look strong: Q1 FY27 profit grew 16% and beat estimates, NIM is 4.36%, BofA raised its target to ₹1,650 (23% upside), and the RBI approved LIC taking its stake to as much as 9.99%. The share price hasn't followed, falling 5.66% over one month and 4.42% over one year. That reflects weakness across the sector (Bank Nifty -6.92% YTD), and a large trade at ₹1,318 points to selling pressure. Fundamentals are improving even as price momentum stays weak, so the Oct 17 Q2 results and any LIC buying are the next likely triggers for a re-rating.
Quarterly Results
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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93 extracted metrics + investor summaries across FY06–FY27.
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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]
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