ICICI Bank Ltd

Financial Services F&O

NSE: ICICIBANK BSE: 532174 Private Sector Bank

Key Fundamentals

LargecapPrivate BankBanks

Market Cap

9.7L Cr

Volatility

Moderate

P/E Ratio

17.3

EBITDA

₹75,481 Cr

Return on Equity

16.67%

Debt to Equity

Book Value

₹478.47

EPS

₹64.38

52W High

₹1,500

52W Low

₹1,206.25

Technical Indicators

Key Insights

▲

Strengths

Company has delivered good profit growth of 39.8% CAGR over last 5 years
Company's working capital requirements have reduced from 88.8 days to 66.0 days

▼

Weaknesses

Stock is trading at 2.80 times its book value
Company has low interest coverage ratio.
Contingent liabilities of Rs.80,16,362 Cr.
Earnings include an other income of Rs.1,13,241 Cr.

Growth Rate

Revenue Growth

24.81% ↗

Net Income Growth

20.91% ↗

Cash Flow Change

-21.92% ↘

ROE

-0.72% ↗

ROCE

7.73% ↗

EBITDA Margin (Avg.)

-3.42% ↗

Quarterly Results

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS in Rs	12.6	14.11	15.2	15.56	15.76	16.62	16.62	18.38	18.25	18.96	19	18.7	17.53
Expenses	22,946	25,959	21,402	24,560	24,929	30,604	29,387	32,221	33,510	37,588	31,991	35,065	37,154
Financing Margin %	-14%	-17%	-2%	-9%	-8%	-20%	-13%	-18%	-19%	-25%	-12%	-18%	-22%
Financing Profit	-4,305	-6,000	-663	-3,530	-3,473	-8,421	-5,927	-8,120	-9,106	-12,248	-6,002	-8,901	-10,664
Interest	12,978	14,479	16,368	17,908	19,409	20,424	21,122	22,225	22,633	23,047	23,090	22,017	21,874
Net Profit	9,166	10,236	11,014	11,351	11,515	12,200	12,463	13,906	13,847	14,354	14,456	14,318	13,481
Other Income	16,470	19,735	15,229	18,690	18,615	24,575	22,688	26,617	27,589	31,361	25,496	27,966	28,418
Profit before tax	12,165	13,735	14,566	15,160	15,142	16,154	16,761	18,496	18,483	19,113	19,494	19,065	17,754
Revenue	31,619	34,439	37,106	38,938	40,865	42,607	44,582	46,326	47,037	48,387	49,080	48,181	48,364
Tax %	25%	25%	24%	25%	26%	26%	26%	25%	25%	25%	26%	25%	24%

Profit & Loss

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Depreciation	719	798	843	912	922	946	1,171	1,340	1,330	1,515	1,935	2,627	0
Dividend Payout %	24%	24%	29%	14%	12%	15%	0%	8%	14%	16%	16%	15%	—
EPS in Rs	17.38	19.2	15.92	15.9	12	6.6	14.78	26.58	36.14	48.74	63.02	71.65	74.19
Expenses	32,852	38,766	52,252	63,841	72,806	83,775	85,361	91,309	80,798	87,864	99,560	1,30,078	1,41,798
Financing Margin %	-26%	-29%	-45%	-62%	-72%	-71%	-53%	-50%	-28%	-14%	-9%	-18%	-19%
Financing Profit	-13,084	-16,120	-26,955	-37,737	-44,906	-50,971	-45,190	-44,805	-26,558	-17,341	-14,152	-32,775	-37,815
Interest	29,711	32,318	33,996	34,836	34,262	39,178	44,666	42,659	41,167	50,543	74,108	89,028	90,029
Net Profit	11,677	12,942	10,927	11,340	9,100	5,689	11,225	20,364	26,538	35,461	46,081	54,569	56,609
Other Income	30,085	35,252	42,102	52,458	56,807	59,325	64,950	72,174	62,129	65,112	76,522	1,08,255	1,13,241
Profit before tax	16,282	18,334	14,304	13,809	10,978	7,408	18,589	26,028	34,241	46,256	60,434	72,854	75,426
Revenue	49,479	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	1,94,012
Tax %	28%	29%	24%	18%	17%	23%	40%	22%	25%	26%	26%	25%	—

Balance Sheet

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Borrowing	1,01,596	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	2,15,240
CWIP	0	0	0	0	0	0	0	0	0	0	0	0	0
Deposits	4,41,459	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	16,45,865
Equity Capital	1,155	1,160	1,163	1,165	1,286	1,289	1,295	1,383	1,390	1,397	1,405	1,425	1,429
Fixed Assets	5,507	5,871	8,713	9,338	9,465	9,660	10,409	10,809	10,707	11,070	15,714	24,272	16,562
Investments	2,67,609	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	8,99,798
Other Assets	4,74,646	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	17,70,125
Other Liabilities	1,28,278	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	4,92,145
Reserves	75,275	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	3,31,807
Total Assets	7,47,762	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	26,86,485
Total Liabilities	7,47,762	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	26,86,485

Cash Flow

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Financing Activity	7,872	24,827	5,814	-35,470	39,676	-19,997	2,992	-54,667	17,451	24,791	13,765	5,589
Cash from Investing Activity	-15,750	-13,175	-12,060	-1,711	-50,551	-30,282	-42,095	-63,631	-40,007	-67,689	-1,44,737	-77,140
Cash from Operating Activity	6,765	-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
Net Cash Flow	-1,113	-621	17,399	15,455	8,508	-1,608	40,462	19,718	35,555	-46,669	26,312	51,255

Ratios

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
ROE %	15%	15%	11%	10%	7%	4%	8%	13%	15%	17%	19%	18%

Shareholding Pattern

46.7%

43.9%

9.1%

DIIs: 46.74% FIIs: 43.87% Government: 0.27% Public: 9.13%

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
DIIs	45.11%	45.00% ↓0.1	45.27% ↑0.3	46.00% ↑0.7	45.10% ↓0.9	44.45% ↓0.6	44.17% ↓0.3	44.95% ↑0.8	44.77% ↓0.2	43.91% ↓0.9	45.06% ↑1.2	46.74% ↑1.7
FIIs	44.16%	44.53% ↑0.4	44.39% ↓0.1	43.65% ↓0.7	44.77% ↑1.1	45.48% ↑0.7	46.22% ↑0.7	45.70% ↓0.5	45.83% ↑0.1	46.77% ↑0.9	45.56% ↓1.2	43.87% ↓1.7
Government	0.24%	0.25% ↑0.0	0.26% ↑0.0	0.27% ↑0.0	0.28% ↑0.0	0.28%	0.27% ↓0.0	0.27%	0.27%	0.27%	0.27%	0.27%
Public	10.48%	10.22% ↓0.3	10.09% ↓0.1	10.09%	9.84% ↓0.3	9.79% ↓0.1	9.34% ↓0.4	9.08% ↓0.3	9.12% ↑0.0	9.06% ↓0.1	9.11% ↑0.0	9.13% ↑0.0
No. of Shareholders	18,33,994	17,68,795	17,90,879	18,02,207	17,85,572	18,03,051	18,12,907	18,45,311	19,02,503	18,75,924	20,20,382	21,39,595

46.7%

43.9%

9.1%

DIIs: 46.74% FIIs: 43.87% Government: 0.27% Public: 9.13%

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Dec 2025
DIIs	41.43%	41.56% ↑0.1	45.41% ↑3.8	44.58% ↓0.8	41.70% ↓2.9	44.58% ↑2.9	45.11% ↑0.5	45.10%	44.77% ↓0.3	46.74% ↑2.0
FIIs	46.91%	48.10% ↑1.2	43.05% ↓5.1	43.73% ↑0.7	47.81% ↑4.1	43.95% ↓3.9	44.16% ↑0.2	44.77% ↑0.6	45.83% ↑1.1	43.87% ↓2.0
Government	0.25%	0.22% ↓0.0	0.33% ↑0.1	0.39% ↑0.1	0.43% ↑0.0	0.24% ↓0.2	0.24%	0.28% ↑0.0	0.27% ↓0.0	0.27%
Public	11.41%	10.12% ↓1.3	11.21% ↑1.1	11.31% ↑0.1	10.06% ↓1.3	11.23% ↑1.2	10.48% ↓0.8	9.84% ↓0.6	9.12% ↓0.7	9.13% ↑0.0
No. of Shareholders	9,38,826	8,55,495	8,21,548	11,01,300	13,78,360	18,79,722	18,33,994	17,85,572	19,02,503	21,39,595