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ICICI Bank Limited
(ICICIBANK)
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Rating:77Outperform
Price Target:
₹1,657.00
▲(15.82% Upside)
Action:Reiterated
Date:07/21/26
The score is driven primarily by strong fundamental profitability and improving balance-sheet metrics, reinforced by a constructive earnings-call outlook for risk-calibrated growth and stable margins. Technicals are supportive due to a strong uptrend, but overbought signals temper the near-term setup. Valuation is reasonable rather than compelling, and cash-flow volatility remains the main fundamental risk to monitor.
Positive Factors
Diversified, high loan growth
Sustained double‑digit loan growth across retail, corporate, business banking and rural segments supports durable net interest income expansion and scale. Broad-based growth reduces single‑segment concentration, enabling predictable core revenue leverage over coming quarters.
Negative Factors
Volatile cash generation
Material year‑to‑year swings in operating and free cash flow reduce predictability of internal funding for dividends, buybacks, and inorganic growth. While latest year aligns with net income, historical volatility complicates capital allocation planning and increases reliance on non‑core or market funding in weak years.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified, high loan growth
Sustained double‑digit loan growth across retail, corporate, business banking and rural segments supports durable net interest income expansion and scale. Broad-based growth reduces single‑segment concentration, enabling predictable core revenue leverage over coming quarters.
Read all positive factors
ICICI Bank Limited (ICICIBANK) vs. iShares MSCI India ETF (INDA)
Market Cap
₹9.93T
Dividend Yield0.86%
Average Volume (3M)736.45K
Price to Earnings (P/E)17.6
Beta (1Y)1.05
Revenue Growth5.08%
EPS Growth4.84%
CountryIN
Employees124,029
SectorGeneral
Sector StrengthN/A
IndustryBanks - Regional
Share Statistics
EPS (TTM)78.41
Shares Outstanding7,177,262,700
10 Day Avg. Volume709,793
30 Day Avg. Volume736,453
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
₹1,750.00Price Target Upside22.32% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)80.73
Revenue Forecast (FY)₹1.36T
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 (1) net interest income and (2) non-interest (fee and other) income. Net interest income is earned from the spread between interest the bank receives on interest-earning assets (primarily loans to retail an...
ICICI Bank Limited Earnings Call Summary
Earnings Call Date:Jul 18, 2026
(Q1-2027)
| Next Earnings Date:Oct 19, 2026
Earnings Call Sentiment Positive
The earnings call presents a predominantly positive picture: strong revenue and profit growth, robust loan and deposit expansion, stable margins, healthy capital ratios and sizable provisioning buffers. Fee income, NII and multiple subsidiaries showed solid performance. Offsetting these positives are continued NPA additions (notably in corporate/business banking and seasonal KCC stress), a QoQ uptick in net NPA ratio, a contraction in the credit card book, a significant drop in general insurance profitability, and some uncertainty around agricultural provisioning remediation and the future ECL transition. Overall, the positives materially outweigh the negatives, but certain asset-quality and provisioning risks remain to be monitored.Positive Updates
Strong Profitability Expansion
Profit before tax excluding treasury grew 20.9% YoY to INR 189.75 billion; profit after tax grew 15.9% YoY to INR 148.05 billion; consolidated PAT grew 13.9% YoY to INR 154.4 billion.
Negative Updates
NPA Additions and Slight QoQ Rise in Net NPA Ratio
Gross NPA additions were INR 55.52 billion in the quarter; net additions to gross NPAs were INR 27.07 billion. Net NPA ratio rose modestly QoQ to 0.35% (from 0.33% at Mar 31, 2026) though it is lower YoY (0.41% at Jun 30, 2025).
Read all updates
Q1-2027 Updates
Positive
Negative
Strong Profitability Expansion
Profit before tax excluding treasury grew 20.9% YoY to INR 189.75 billion; profit after tax grew 15.9% YoY to INR 148.05 billion; consolidated PAT grew 13.9% YoY to INR 154.4 billion.
Read all positive updates
Company Guidance
Management's forward guidance emphasized continued risk‑calibrated, profitable growth while maintaining a strong balance sheet and prudent provisioning: they intend to grow profit before tax excluding treasury (Q1 at INR 189.75bn, +20.9% YoY) by participating in ongoing loan momentum (overall loans +19.6% YoY, +5.0% QoQ; domestic loans +18.8% YoY; retail +12% YoY), keep NIMs broadly range‑bound (reported NIM 4.36% this quarter; ex‑tax‑refund 4.28%) assuming no policy moves, and actively mobilize FCNR deposits (no formal target; program to play out over ~8–10 weeks; coupon ~6% with hedged all‑in cost ~6.30–6.40%). They reiterated focus on capital and liquidity (CET1 16.19%, total CAR 16.84%, average LCR ~124%), on credit quality (net NPA 0.35%, PCR 74.7%), and on provisioning buffers (contingency provision INR 131bn ≈0.8% of advances; other provisions INR 229.63bn ≈1.4% of loans; total quarterly provisions INR 12.6bn or 0.32% of average advances).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 | 2.99T | 3.12T | 2.94T | 2.35T | 1.86T | 1.58T |
| Gross Profit | 2.05T | 2.18T | 2.01T | 1.60T | 1.17T | 989.30B |
| EBITDA | 806.05B | 804.43B | 756.32B | 634.43B | 369.76B | 278.68B |
| Net Income | 560.90B | 542.08B | 510.29B | 442.56B | 340.37B | 251.10B |
Balance Sheet | ||||||
| Total Assets | 30.02T | 29.14T | 26.42T | 23.64T | 19.58T | 17.53T |
| Cash, Cash Equivalents and Short-Term Investments | 1.96T | 2.65T | 2.14T | 1.63T | 1.36T | 807.23B |
| Total Debt | 2.26T | 2.20T | 2.19T | 2.01T | 2.05T | 1.77T |
| Total Liabilities | 26.04T | 25.35T | 23.13T | 20.94T | 17.37T | 15.65T |
| Stockholders Equity | 3.81T | 3.63T | 3.14T | 2.56T | 2.14T | 1.82T |
Cash Flow | ||||||
| Free Cash Flow | -236.22B | 994.11B | -800.22B | 821.42B | -62.39B | 562.51B |
| Operating Cash Flow | -215.78B | 1.03T | -752.52B | 858.21B | -37.71B | 581.11B |
| Investing Cash Flow | -188.07B | -2.37T | -772.88B | -1.46T | -680.05B | -393.21B |
| Financing Cash Flow | -65.29B | 1.84T | 2.04T | 2.47T | 247.91B | 174.51B |
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 |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹9.93T | 17.59 | ― | 0.86% | 5.08% | 4.84% | |
75 Outperform | ₹9.27T | 10.66 | ― | 1.74% | 6.56% | 4.93% | |
70 Outperform | ₹10.70T | 13.78 | ― | 2.19% | 1.75% | 11.25% | |
69 Neutral | ₹4.15T | 20.48 | ― | 0.16% | 5.94% | 7.82% | |
62 Neutral | ₹3.92T | 13.93 | ― | 0.08% | 4.10% | -0.66% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | ₹775.24B | 57.64 | ― | 0.15% | -6.52% | 31.06% |
* General Sector Average
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ICICI Bank Limited Corporate Events
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...
ICICI Bank, Prudential sign undertaking to manage conflicts as Prudential expands in Indian life insurance
Jul 4, 2026
ICICI Bank has entered into a Letter of Undertaking with Prudential Corporation Holdings concerning the governance of their jointly promoted subsidiary, ICICI Prudential Life Insurance Company. The arrangement addresses Prudential’s non-exer...
ICICI Bank Secures RBI Nod to Raise Stake in ICICI Prudential Life
Jun 24, 2026
ICICI Bank has received approval from the Reserve Bank of India to purchase up to an additional 2% stake in its subsidiary, ICICI Prudential Life Insurance Company, to keep its ownership above the 50% threshold. The move underscores the bank’...
ICICI Bank Allots 167,403 Shares Under Employee Stock Option Scheme
Jun 9, 2026
ICICI Bank Limited has allotted 167,403 equity shares of face value Rs. 2 each under its ICICI Bank Employees Stock Option Scheme-2000, with the approvals completed on June 9, 2026. The allotment, cleared by two Executive Directors under delegated...
ICICI Bank to Join 360 ONE Capital 16th Annual Investor Conference on May 29
May 25, 2026
ICICI Bank has disclosed that it will participate in the 360 ONE Capital (BK) 16th Annual Investor Conference on May 29, 2026, in a group, in-person format. During the event, the bank plans to base its discussions on publicly available documents, ...
ICICI Bank Allots 887,886 Shares Under Employee Stock Option Scheme
May 12, 2026
ICICI Bank has allotted 887,886 equity shares with a face value of Rs. 2 each under its ICICI Bank Employees Stock Option Scheme-2000, with the approvals completed on May 12, 2026. The allotment, authorized under powers delegated by the Board of D...
ICICI Bank Announces Retirement of Independent Director Radhakrishnan Nair
May 2, 2026
ICICI Bank has announced a change in its board, with Independent Director Radhakrishnan Nair retiring from his position effective May 1, 2026, upon completion of his second term in office. The retirement marks a scheduled rotation in the bank̵...
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.