ICICI Bank Limited (ICICIBANK) AI Stock Analysis

• Market Cap: ₹9.55T
• Dividend Yield: 0.82%
• Average Volume (3M): 442.43K
• Price to Earnings (P/E): 17.8
• Beta (1Y): 1.03
• Revenue Growth: 14.32%
• EPS Growth: 11.36%
• Country: IN
• Employees: 187,765
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 17.30
• Shares Outstanding: 7,145,666,500
• 10 Day Avg. Volume: 618,919
• 30 Day Avg. Volume: 442,434
• PEG Ratio: 1.27
• Price to Book (P/B): 3.01
• Price to Sales (P/S): 3.21
• P/FCF Ratio: -11.82
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹1,702.50
• Price Target Upside: 27.38% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: ₹1,558.00 ▲(16.56% Upside)

ICICI Bank's strong financial performance and solid earnings call results are tempered by mixed technical indicators and valuation concerns. The bank's profitability and capital position are strengths, but cash flow volatility and challenges in loan growth need addressing.

ICICI Bank Limited Business Overview & Revenue Model

Company Description

ICICI Bank Limited provides various banking products and financial services in India and internationally. It operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life insurance, General insurance, and Others segments. The company offers savings, salary, pension, current, and other accounts; and time, fixed, recurring, and security deposits. It also provides home, car, two-wheeler, personal, gold, and commercial business loans, as well as loans against securities and other loans; business loans, including working capital finance, term loans, collateral free loans, loans without financials, finance for importers and exporters, and overdraft facilities, as well as loans for new entities, card swipes, and schools and colleges; and credit, debit, prepaid, travel, and corporate cards. In addition, the company offers insurance products; pockets wallet; fixed income products; investment products, such as mutual funds, gold monetization schemes, initial public offerings, and other online investment services; and agri and rural business, farmer finance, tractor loans, and micro banking services, as well as other services to agri corporates. Further, it provides portfolio management, trade, foreign exchange, locker, private and NRI banking, and cash management services; family wealth and demat accounts; commercial and investment banking, capital market, custodial, project and technology finance, and institutional banking services, as well as Internet, mobile, and phone banking services. Additionally, the company offers securities investment, broking, trading, and underwriting services; and merchant banking, trusteeship, housing finance, pension fund management, asset management, investment advisory, points of presence, and private equity/venture capital fund management services. As of March 31, 2022, it had a network of 5,418 branches and 13,626 ATMs. ICICI Bank Limited was founded in 1955 and is headquartered in Mumbai, India.

How the Company Makes Money

ICICI Bank generates revenue primarily through interest income and fee-based income. The main revenue stream comes from the interest earned on loans provided to customers, which includes personal loans, home loans, business loans, and other types of credit facilities. Additionally, the bank earns interest from investments in government securities and other financial products. Fee-based income is generated from various banking services, including transaction fees, account maintenance charges, and commissions on wealth management services. The bank also benefits from its extensive network of branches and ATMs, which enhance its customer reach. Partnerships with fintech firms and other financial institutions further contribute to its earnings by expanding its service offerings and improving operational efficiencies.

ICICI Bank Limited Financial Statement Overview

Summary

ICICI Bank shows strong revenue growth and profitability with robust profit margins. The balance sheet is stable with moderate leverage, but cash flow volatility needs attention.

Income Statement

ICICI Bank has demonstrated strong revenue growth with a notable increase from 2020 to 2025. The gross profit margin remains robust, indicating efficient cost management. Net profit margin has also improved significantly, reflecting enhanced profitability. The EBIT and EBITDA margins are healthy, suggesting strong operational performance. Overall, the income statement reflects a positive growth trajectory and solid profitability.

Balance Sheet

The balance sheet shows a steady increase in stockholders' equity, implying a strengthening financial position. The debt-to-equity ratio is moderate, indicating balanced leverage. The equity ratio is improving, suggesting a solid equity base relative to total assets. ICICI Bank's balance sheet reflects stability and adequate risk management practices, though attention to debt levels remains important.

Cash Flow

ICICI Bank's cash flow generation has been volatile. The operating cash flow has fluctuated, with recent negative values indicating potential cash management challenges. The free cash flow has shown inconsistency, with a recent decline in growth rate. Despite these fluctuations, the bank has managed to maintain a positive free cash flow to net income ratio, suggesting some underlying strength in cash flow management.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.02T	2.95T	2.35T	1.85T	1.57T	1.61T
Gross Profit	2.05T	2.01T	1.58T	1.17T	989.30B	964.91B
EBITDA	1.01T	1.65T	1.37T	488.90B	355.71B	305.90B
Net Income	528.91B	510.29B	442.56B	340.37B	251.10B	183.84B
Balance Sheet
Total Assets	26.69T	26.42T	23.64T	19.58T	17.53T	15.74T
Cash, Cash Equivalents and Short-Term Investments	1.97T	2.14T	1.63T	1.36T	807.23B	1.82T
Total Debt	2.15T	2.19T	2.01T	2.05T	1.77T	1.40T
Total Liabilities	23.23T	23.13T	20.94T	17.37T	15.65T	14.07T
Stockholders Equity	3.30T	3.14T	2.56T	2.14T	1.82T	1.58T
Cash Flow
Free Cash Flow	-800.22B	-800.22B	1.54T	-62.39B	562.51B	1.36T
Operating Cash Flow	-752.52B	-752.52B	1.57T	-37.71B	581.11B	1.38T
Investing Cash Flow	-772.88B	-772.88B	-1.46T	-680.05B	-393.21B	-629.87B
Financing Cash Flow	2.04T	2.04T	2.47T	1.44T	1.49T	-546.67B

ICICI Bank Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1336.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ICICIBANK, the sentiment is Negative. The current price of 1336.6 is below the 20-day moving average (MA) of 1376.59, below the 50-day MA of 1388.94, and below the 200-day MA of 1364.77, indicating a bearish trend. The MACD of -11.65 indicates Positive momentum. The RSI at 35.97 is Neutral, neither overbought nor oversold. The STOCH value of 7.24 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ICICIBANK.

ICICI Bank Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HDFCBANK	79 Outperform	₹15.15T	20.84	―	1.11%	1.30%	3.86%
AXISBANK	76 Outperform	₹3.81T	14.62	―	0.08%	6.08%	-7.26%
SBIN	76 Outperform	₹8.83T	10.75	―	1.66%	10.39%	17.04%
CANBK	75 Outperform	₹1.27T	6.61	―	2.87%	8.89%	19.79%
ICICIBANK	74 Outperform	₹9.55T	17.80	―	0.82%	14.32%	11.36%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
INDUSINDBK	57 Neutral	₹615.08B	-81.01	―	2.09%	-7.44%	-109.30%

ICICI Bank Limited Corporate Events

ICICI Bank Releases Audio Recordings of Q2 2025 Financial Results Calls

ICICI Bank Limited has announced that it has uploaded the audio recordings of its recent media and earnings calls on its website. These recordings pertain to the financial results for the quarter and six months ended September 30, 2025. This move provides transparency and accessibility to stakeholders, including analysts and investors, allowing them to review the bank’s financial performance and strategic discussions.

ICICI Bank Allots Over 500,000 Shares Under Employee Scheme

ICICI Bank Limited has announced the allotment of 519,159 equity shares under its Employees Stock Option Scheme-2000. This move, approved by the bank’s executive directors, reflects the bank’s ongoing commitment to employee engagement and retention, potentially enhancing its operational efficiency and market position.

ICICI Bank Announces Trading Window Closure Ahead of Financial Results

ICICI Bank Limited has announced the closure of its trading window in compliance with SEBI regulations, in anticipation of a Board meeting scheduled for October 18, 2025. This meeting will consider and approve the bank’s unaudited financial results for the quarter and six months ending September 30, 2025. The trading window closure affects all designated persons and their immediate relatives, reflecting the bank’s adherence to insider trading regulations.

ICICI Bank Faces Significant GST Demand from West Bengal Authorities

ICICI Bank Limited has disclosed a significant tax demand from the West Bengal Goods and Services Tax authorities amounting to over ₹49 crore, related to GST on services for customers maintaining specified minimum balances. The bank has previously faced similar issues and plans to contest the order through further appeals, highlighting the ongoing regulatory challenges it faces.

ICICI Bank’s CEO to Present at 31st AGM

ICICI Bank Limited announced a presentation by its Managing Director and CEO, Mr. Sandeep Bakhshi, at the bank’s Thirty-First Annual General Meeting. This presentation is significant for stakeholders as it provides insights into the bank’s strategic direction and operational performance, potentially impacting its market positioning and investor confidence.