ICICI Bank logo

ICICI Bank

ICICIBANK NSE

Key Fundamentals

LargecapPrivate BankBanks
Market Cap
9.9L Cr
Volatility
Moderate
P/E Ratio
17.6
EBITDA
₹80,118 Cr
Return on Equity
15.19%
Debt to Equity
0
Book Value
₹520.88
EPS
₹64.38
52W High
₹1,480
52W Low
₹1,187.6

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Weaknesses

5
  • Stock is trading at 2.62 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 55.4 days to 108 days

Growth Rate

Revenue Growth
5.95% lower than 3Y
Net Income Growth
5.98% lower than 3Y
Cash Flow Change
-45.18% higher than 3Y
ROE
-8.22% lower than 3Y
ROCE
-7.01% lower than 3Y
EBITDA Margin (Avg.)
-2.95% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

ICICI Bank Ltd commands a market cap of ~Rs.9,85,640 Cr with a P/E of 16.6x and P/B of 2.66x. Compounded profit growth stands at 17% over 3 years and 24% over 5 years, though TTM profit growth has decelerated to 6% and TTM sales growth has slowed to 4%. The bank carries contingent liabilities of Rs.65,46,110 Cr and working capital days have nearly doubled from 55.4 to 108 days.

Bull Case 7
  • Strong 5-year compounded profit CAGR of 24%, indicating sustained earnings momentum over a longer horizon
  • Consistent ROE of 16-17% over the last 1-3-5 year periods, well above the cost of equity for most Indian banks
  • 10-year stock CAGR of 19%, reflecting long-term value creation for shareholders
  • 3-year and 5-year compounded sales growth of 17% each, showing the bank has scaled revenues consistently
  • P/E of 16.6x is reasonable relative to the bank's 17% profit CAGR over 3 years, implying a PEG ratio close to 1x
  • 10-year compounded profit growth of 18% demonstrates the bank's ability to compound earnings across credit cycles
  • Dividend yield of 0.87% provides a modest income component alongside capital appreciation potential
Bear Case 8
  • TTM sales growth has sharply decelerated to 4% from the 3-year CAGR of 17%, signaling a potential slowdown in topline momentum
  • TTM profit growth has slowed to 6% compared to the 3-year CAGR of 17%, suggesting earnings growth compression
  • Contingent liabilities of Rs.65,46,110 Cr represent a significant off-balance-sheet risk, roughly 6.6x the current market cap
  • Stock trades at 2.66x book value, which leaves limited margin of safety if asset quality deteriorates
  • Working capital days have nearly doubled from 55.4 days to 108 days, indicating deterioration in operational efficiency or asset-liability dynamics
  • Other income of Rs.1,18,852 Cr forms a significant part of total earnings, raising questions about core operating income sustainability
  • Low interest coverage ratio suggests vulnerability to margin pressure in a changing rate environment
  • 1-year stock CAGR of -1% shows the market has not rewarded the stock recently despite reported profit growth

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 2
  • NIM compression from FCNR(B) influx Sep 02

    Citi estimates overseas NIMs will compress 50 bps (from 1% to 0.5%) and overall NIMs will dilute 10-20 bps over the next two quarters due to the $17.88 billion FCNR(B) deposit mobilisation.

  • CEO seeks shorter reappointment term Sep 01

    MD & CEO Sandeep Bakhshi sought a two-year reappointment instead of the usual three-year term, amid broader industry concerns about board-management divergence on strategy and succession planning at private banks.

Positives 6
  • RBI approves LIC 9.99% stake Sep 05

    RBI approved LIC to acquire up to 9.99% stake in ICICI Bank within one year from Sep 4, 2026. LIC currently holds 4.35%, and a full acquisition would take its holding to 14.34%.

  • Q1FY27 PAT up 15.9% to ₹148B Aug 21

    ICICI Bank reported Q1FY27 net profit of ₹14,804 crore, up 15.9% YoY, with advances growing 19.6% and net NPA ratio steady at 0.35%. A ₹12 dividend was declared for FY26.

  • $17.88B FCNR(B) market leadership Sep 02

    ICICI Bank mobilised $17.88 billion (₹1.70 lakh crore) under RBI's FCNR(B) swap facility, capturing ~27.3% of the $65.4 billion system-wide total. Citi projects 2.5-3% uplift in NII and PPOP by FY27.

  • UBS top pick at ₹1,800 target Sep 01

    UBS maintained Buy with ₹1,800 target, naming ICICI Bank its top pick among private banks. Neuberger Berman's Conrad Saldanha also called it a core portfolio holding.

  • 2% ICICI Pru Life stake acquired Sep 02

    ICICI Bank completed acquisition of an additional 2% stake in ICICI Prudential Life for ₹1,470 crore, raising its holding to ~52.8% and resolving long-term ownership overhang.

  • $1.75B in USD bond issuances Aug 24

    ICICI Bank priced $1 billion senior notes at 5.41% coupon (Aug 24) and $750 million at 5.417% (Aug 18), both 5-year tenures rated Baa3/BBB, as part of its diversified funding strategy.

Neutral 4
  • $500M note issuance completed Sep 03

    ICICI Bank completed issuance of $500 million senior unsecured fixed rate notes through its IFSC Banking Unit, rated BBB by S&P and Baa3 by Moody's.

  • Board approves $5B overseas borrowing Aug 21

    ICICI Bank's board approved borrowings of up to $5 billion from overseas markets through bonds, notes, and offshore certificates of deposit.

  • AGM approves all 18 resolutions Aug 21

    Shareholders approved all 18 resolutions at the 32nd AGM, including MD & CEO Bakhshi's reappointment and material related-party transactions for FY28.

  • Investor meets scheduled Sep 2-10 Sep 07

    ICICI Bank scheduled investor interactions at Elara India Dialogue (Sep 2), Morgan Stanley and Goldman Sachs meets (late Aug), and UBS India Summit (Sep 10).

TL;DR: ICICI Bank is firing on multiple cylinders — strong Q1FY27 earnings (PAT +15.9%, advances +19.6%), dominant FCNR(B) mobilisation capturing 27% of system flows, and a potential large institutional buyer in LIC with RBI approval for up to 9.99% stake. The key near-term risk is NIM compression of 10-20 bps from the massive FCNR(B) influx, though brokerages expect this to be earnings accretive overall. With UBS and Citi maintaining Buy ratings (targets ₹1,770-1,800) and asset quality holding steady at 0.35% net NPA, the trend remains constructive heading into H2 FY27.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %
15%
11%
10%
7%
4%
8%
13%
15%
17%
19%
18%
16%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Govt.0.22%FIIs49.82%Others1.62%Public6.03%DIIs42.31%As ofJun 2026

Documents

Frequently Asked Questions about ICICI Bank

What does ICICI Bank Ltd do?
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...
Where is ICICI Bank Ltd (ICICIBANK) listed?
ICICI Bank Ltd trades as ICICIBANK on the NSE and under code 532174 on the BSE.
Which sector does ICICI Bank Ltd belong to?
ICICI Bank Ltd is classified under the Banks sector, in the Private Bank industry.
What is the market capitalisation of ICICI Bank Ltd?
ICICI Bank Ltd has a market capitalisation of ₹9,85,640 Cr, which places it in the Large Cap band.
What is the PE ratio of ICICI Bank Ltd?
ICICI Bank Ltd trades at a PE ratio of 17.60, on earnings per share of ₹64.38, against a book value of ₹520.88 per share.
What is the 52-week high and low of ICICI Bank Ltd?
Over the last 52 weeks ICICI Bank Ltd has traded between ₹1,187.6 and ₹1,480.
Does ICICI Bank Ltd pay dividends?
ICICI Bank Ltd has a dividend yield of 0.87%.
What is the Return on Equity (ROE) of ICICI Bank Ltd?
ICICI Bank Ltd reported a return on equity of 15.19%. Its debt-to-equity ratio is 0.00.

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]

Website icicibank.com
CEO Mr. Sandeep Bakhshi B.E.
Employees 1,82,665
Listed 1997-09-17
Face Value ₹ 2
Issued Size 7,15,08,31,635

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