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ICICI Bank Limited
(ICICIBANK)
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Rating:76Outperform
Price Target:
₹1,578.00
▲(10.30% Upside)
Action:Reiterated
Date:10/18/26
The score is driven primarily by strong fundamentals (solid earnings and improving leverage) and a constructive earnings call highlighting growth and asset-quality improvement, tempered by cash-flow volatility and near-term margin compression. Technicals are supportive but not fully decisive due to mixed momentum indicators, while valuation appears reasonable with a low dividend yield.
Positive Factors
Strong profit and fee growth
Strong growth in profit, net interest income and fees indicates broad earnings momentum across core banking activities. This diversified revenue expansion can support reinvestment, strengthen operating scale and sustain earnings power over the next several quarters.
Negative Factors
Near-term margin compression
Lower margins can restrain earnings conversion even while deposits and loans expand. The expected Q3 moderation reflects funding and asset-mix changes, creating a near-term profitability headwind until management’s anticipated recovery from Q4 is demonstrated.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profit and fee growth
Strong growth in profit, net interest income and fees indicates broad earnings momentum across core banking activities. This diversified revenue expansion can support reinvestment, strengthen operating scale and sustain earnings power over the next several quarters.
Read all positive factors
ICICI Bank Limited (ICICIBANK) vs. iShares MSCI India ETF (INDA)
Market Cap
₹10.01T
Dividend Yield0.85%
Average Volume (3M)1.43M
Price to Earnings (P/E)17.0
Beta (1Y)1.01
Revenue Growth7.92%
EPS Growth9.82%
CountryIN
Employees124,029
SectorGeneral
Sector StrengthN/A
IndustryBanks - Regional
Share Statistics
EPS (TTM)82.46
Shares Outstanding7,180,979,500
10 Day Avg. Volume555,975
30 Day Avg. Volume1,425,392
Financial Highlights & Ratios
PEG Ratio3.31
Price to Book (P/B)2.37
Price to Sales (P/S)2.76
P/FCF Ratio8.66
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹1,720.00Price Target Upside20.22% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)83.46
Revenue Forecast (FY)₹1.38T
ICICI Bank Limited Business Overview & Revenue Model
Company Description
ICICI Bank Limited, an Indian financial powerhouse, offers a comprehensive suite of banking products and financial solutions to clients both within India and internationally. Its operations are strategically segmented across Retail Banking, Wholes...
How the Company Makes Money
ICICI Bank primarily makes money through interest income and fee-based income. (1) Net interest income (NII): The bank raises funds mainly via customer deposits and other borrowings and lends these funds to retail and corporate borrowers. It earns...
ICICI Bank Limited Earnings Call Summary
Earnings Call Date:Oct 17, 2026
(Q2-2027)
| Next Earnings Date:Jan 18, 2027
Earnings Call Sentiment Positive
The call was broadly positive, supported by strong profit growth, broad-based loan and deposit expansion, improving net NPA metrics, substantial capital and liquidity buffers, lower provisions and growth across several subsidiaries. The main challenges were near-term NIM compression with further Q3 moderation expected, a declining credit card portfolio, higher corporate and business banking NPA additions, a treasury loss, higher employee expenses, weaker dividend income and deterioration in ICICI General's combined ratio. Highlights significantly outweighed the lowlights.Positive Updates
Strong Profit Growth
Profit before tax excluding treasury grew 23.4% year-on-year to INR 199.54 billion. Core operating profit increased 21.8% year-on-year to INR 208.05 billion, or 25% year-on-year excluding dividends from subsidiaries. Profit after tax grew 20.1% year-on-year to INR 148.43 billion, while consolidated profit after tax increased 22.3% year-on-year to INR 163.33 billion.
Negative Updates
Net Interest Margin Compression
Net interest margin declined to 4.18% from 4.36% in the previous quarter and 4.30% in Q2 of the prior year. Domestic NIM excluding the benefit of interest on income tax refund was 4.32%, compared with 4.36% in the previous quarter and 4.37% in Q2 of the prior year. Management attributed the moderation to a higher proportion of overseas assets and a large sequential increase in the retail term-deposit base.
Read all updates
Q2-2027 Updates
Positive
Negative
Strong Profit Growth
Profit before tax excluding treasury grew 23.4% year-on-year to INR 199.54 billion. Core operating profit increased 21.8% year-on-year to INR 208.05 billion, or 25% year-on-year excluding dividends from subsidiaries. Profit after tax grew 20.1% year-on-year to INR 148.43 billion, while consolidated profit after tax increased 22.3% year-on-year to INR 163.33 billion.
Read all positive updates
Company Guidance
Management expects the full impact of the FCNR (B) deposits and increased overseas book to result in a further moderation in margins in Q3, offset a little bit by the rate hike already taken, with margins expected to come back in a pretty healthy way from Q4 onwards even assuming that there are no further rate hikes; excess liquidity is expected to be deployed over the next 2 quarters, credit cost is expected to be up to 50 basis points, and an update on the agricultural priority sector standard asset provision is expected over the next 2 quarters. The bank expects jewel-loan volumes to pick up, while credit-card growth is described as marginally positive, and says the franchise is fully open and capable of delivering very robust levels of growth.ICICI Bank Limited Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
78
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.11T | 3.12T | 2.94T | 2.35T | 1.86T | 1.58T |
| Gross Profit | 2.13T | 2.18T | 2.01T | 1.60T | 1.17T | 989.30B |
| EBITDA | 832.02B | 804.43B | 756.95B | 635.04B | 370.96B | 280.08B |
| Net Income | 590.66B | 542.08B | 510.29B | 442.56B | 340.37B | 251.10B |
Balance Sheet | ||||||
| Total Assets | 32.93T | 29.14T | 26.42T | 23.64T | 19.58T | 17.53T |
| Cash, Cash Equivalents and Short-Term Investments | 2.75T | 2.65T | 2.14T | 1.63T | 1.36T | 807.23B |
| Total Debt | 2.96T | 2.20T | 2.19T | 2.01T | 2.05T | 1.77T |
| Total Liabilities | 28.83T | 25.35T | 23.13T | 20.94T | 17.37T | 15.65T |
| Stockholders Equity | 3.91T | 3.63T | 3.14T | 2.56T | 2.14T | 1.82T |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 994.11B | -800.22B | 821.42B | -62.39B | 562.51B |
| Operating Cash Flow | 0.00 | 1.03T | -752.52B | 858.21B | -37.71B | 581.11B |
| Investing Cash Flow | 0.00 | -2.37T | -772.88B | -1.46T | -680.05B | -393.21B |
| Financing Cash Flow | 0.00 | 1.84T | 2.04T | 2.47T | 247.91B | 174.51B |
ICICI Bank Limited Technical Analysis
Positive
1430.70
Price Trends
1377.68
Positive
1384.47
Positive
1347.03
Positive
Market Momentum
7.87
Negative
56.39
Neutral
52.68
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ICICIBANK, the sentiment is Positive. The current price of 1430.7 is above the 20-day moving average (MA) of 1369.13, above the 50-day MA of 1377.68, and above the 200-day MA of 1347.03, indicating a bullish trend. The MACD of 7.87 indicates Negative momentum. The RSI at 56.39 is Neutral, neither overbought nor oversold. The STOCH value of 52.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:ICICIBANK.
ICICI Bank Limited Risk Analysis
ICICI Bank Limited disclosed 9 risk factors in its most recent earnings report. ICICI Bank Limited reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
Risks relating to ADSs and equity shares Q1, 2026
2.
Major shareholders Q1, 2026
3.
Risks relating to technology Q1, 2026
ICICI Bank Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | ₹10.01T | 16.95 | ― | 0.85% | 7.92% | 9.82% | |
75 Outperform | ₹8.87T | 10.30 | ― | 1.80% | 6.56% | 4.93% | |
71 Outperform | ₹10.68T | 13.32 | ― | 2.24% | 4.59% | 10.08% | |
69 Neutral | ₹4.59T | 21.38 | ― | 0.14% | 12.39% | 17.49% | |
66 Neutral | ₹3.78T | 12.63 | ― | 0.08% | 7.44% | 14.86% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
45 Neutral | ₹654.48B | 21.75 | ― | 0.18% | -2.29% | ― |
* General Sector Average
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ICICI Bank Limited Corporate Events
ICICI Bank Posts Audio Recordings of Q2 FY2027 Earnings Calls Online
Oct 17, 2026
ICICI Bank has uploaded audio recordings of its media call discussing financial results for the quarter and six months ended September 30, 2026, making them available through the news-room section of its website. The bank has also posted the audio...
ICICI Bank faces material GST demand over minimum balance services
Sep 25, 2026
ICICI Bank has disclosed that it received a show cause notice from the Joint Commissioner of Revenue, West Bengal, under Section 73 of the state’s Goods and Services Tax Act, 2017. The notice raises a GST demand of about ₹16.76 crore, ...
ICICI Bank Schedules Key Investor Meets for September 2026
Sep 17, 2026
ICICI Bank Limited has announced a schedule of upcoming investor meetings, in line with disclosure norms under India’s listing regulations. The bank will participate in major financial conferences hosted by Anand Rathi, CITIC CLSA and Citi l...
ICICI Bank Allots 48,983 Shares Under Employee Stock Unit Scheme
Aug 27, 2026
ICICI Bank has allotted 48,983 equity shares with a face value of ₹2 each under its ICICI Bank Employees Stock Unit Scheme-2022, reinforcing its use of stock-based compensation to incentivize and retain staff. The allotment, approved by two ...
ICICI Bank Raises USD 750 Million via International Bond Issuance
Aug 21, 2026
ICICI Bank Limited, through its IFSC Banking Unit, has completed the issuance of USD 750 million senior unsecured fixed-rate notes under its USD 7.5 billion Global Medium Term Note programme. The notes, rated BBB by SP Global Ratings and Baa3 by M...
ICICI Bank details proceedings of 32nd virtual AGM and regulatory filings
Aug 21, 2026
ICICI Bank held its 32nd Annual General Meeting on August 21, 2026, conducted via video conferencing in line with contemporary virtual meeting practices. The meeting was chaired by Non-Executive Chairperson Pradeep Kumar Sinha and attended by key ...
ICICI Bank CEO to Present at 32nd AGM, Notifies Global Exchanges
Aug 21, 2026
ICICI Bank announced that Managing Director and CEO Sandeep Bakhshi will deliver a presentation at the bank’s 32nd Annual General Meeting on August 21, 2026. The enclosed AGM presentation, shared with Indian and key international exchanges, ...
ICICI Bank Allots 114,740 Shares Under Employee Stock Option Scheme
Aug 17, 2026
ICICI Bank has allotted 114,740 equity shares of face value Rs.2 each under its ICICI Bank Employees Stock Option Scheme-2000 on August 17, 2026. The allotment, approved by two Executive Directors under delegated authority from the Board, slightly...
ICICI Bank Prices USD 300 Million Senior Unsecured Notes Under Global MTN Programme
Aug 6, 2026
ICICI Bank, through its IFSC Banking Unit, has priced a USD 300 million issuance of senior unsecured fixed-rate notes under its USD 7.5 billion Global Medium Term Note Programme. The notes carry a 5.352% coupon, have a five-year tenure from August...
ICICI Bank to Join Emkay Confluence 2026 Investor Meet
Aug 6, 2026
ICICI Bank Limited has disclosed its upcoming participation in an investor conference in line with Securities and Exchange Board of India listing and disclosure regulations. The bank will engage with investors using only publicly available informa...
ICICI Bank releases investor presentation for July debt market meetings
Jul 22, 2026
ICICI Bank Limited is a major private sector bank in India that provides comprehensive retail and corporate banking services, along with treasury and capital market offerings. The institution is listed on several international exchanges, positioni...
ICICI Bank Updates Global Medium Term Note Programme, Plans Debt Investor Meetings
Jul 21, 2026
ICICI Bank has updated its Global Medium Term Note Programme as of July 21, 2026, aligning its documentation and disclosures under Indian listing regulations. Following this update, the bank plans to hold virtual group meetings with debt market in...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.