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ICICI Lombard General Insurance Co. Ltd.
(ICICIGI)
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Rating:69Neutral
Price Target:
₹1,582.00
▼(-1.56% Downside)
Action:Downgraded
Date:07/17/26
The score is supported mainly by strong financial quality—solid growth and an essentially debt-free balance sheet. This is materially offset by weak technicals (below major moving averages with negative momentum), while valuation remains somewhat premium with a low dividend yield.
Positive Factors
Strong Revenue Growth
Revenue has more than doubled across FY2021–FY2026 while remaining positive every year, indicating broad business expansion rather than isolated growth. Sustained premium growth can strengthen scale, support distribution investments, and improve the insurer’s ability to absorb operating costs over the next several quarters.
Negative Factors
FY2026 Margin Compression
The FY2026 margin compression indicates that stronger revenue growth is not translating proportionally into operating profitability. If higher costs or claims pressure persist, scale benefits could be delayed and earnings quality may remain constrained, making future profit growth more dependent on pricing and expense discipline.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
Revenue has more than doubled across FY2021–FY2026 while remaining positive every year, indicating broad business expansion rather than isolated growth. Sustained premium growth can strengthen scale, support distribution investments, and improve the insurer’s ability to absorb operating costs over the next several quarters.
Read all positive factors
ICICI Lombard General Insurance Co. Ltd. (ICICIGI) vs. iShares MSCI India ETF (INDA)
Market Cap
₹787.08B
Dividend Yield0.87%
Average Volume (3M)152.59K
Price to Earnings (P/E)31.8
Beta (1Y)0.80
Revenue Growth11.82%
EPS Growth-9.68%
CountryIN
Employees15,008
SectorGeneral
Sector StrengthN/A
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)48.79
Shares Outstanding499,608,280
10 Day Avg. Volume103,826
30 Day Avg. Volume152,587
Financial Highlights & Ratios
PEG Ratio3.11
Price to Book (P/B)5.11
Price to Sales (P/S)3.14
P/FCF Ratio35.76
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹2,070.00Price Target Upside28.80% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)54.81
Revenue Forecast (FY)₹327.57B
ICICI Lombard General Insurance Co. Ltd. Business Overview & Revenue Model
Company Description
ICICI Lombard General Insurance Company Limited, headquartered in Mumbai, India, offers a comprehensive array of non-life insurance products and services across the nation. Their extensive portfolio includes policies designed for motor vehicles (s...
How the Company Makes Money
ICICIGI makes money primarily through (1) underwriting income and (2) investment income on its insurance float.
1) Underwriting income (core insurance operations)
- Premiums collected: The company charges premiums for issuing general insurance po...
ICICI Lombard General Insurance Co. Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
92
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 277.66B | 270.88B | 249.01B | 217.68B | 185.70B | 165.59B |
| Gross Profit | 137.04B | 112.60B | 210.63B | 186.79B | 180.98B | 159.25B |
| EBITDA | 31.99B | 36.59B | 35.47B | 27.83B | 23.36B | 19.20B |
| Net Income | 24.28B | 27.72B | 25.08B | 19.19B | 17.29B | 12.71B |
Balance Sheet | ||||||
| Total Assets | 791.00B | 761.11B | 690.20B | 633.08B | 550.86B | 508.48B |
| Cash, Cash Equivalents and Short-Term Investments | 7.76B | 46.73B | 875.70M | 30.01B | 2.03B | 2.85B |
| Total Debt | 0.00 | 91.60M | 816.10M | 1.67B | 1.20B | 3.42B |
| Total Liabilities | 620.62B | 594.86B | 541.18B | 511.03B | 446.42B | 416.56B |
| Stockholders Equity | 170.14B | 166.34B | 149.23B | 122.05B | 104.44B | 91.93B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 23.79B | 9.16B | 22.16B | 21.69B | 7.33B |
| Operating Cash Flow | 0.00 | 26.22B | 11.47B | 24.07B | 22.90B | 8.09B |
| Investing Cash Flow | 0.00 | -17.33B | -11.37B | -19.21B | -16.85B | 1.12B |
| Financing Cash Flow | 0.00 | -3.36B | -2.57B | -3.55B | -6.95B | -8.79B |
ICICI Lombard General Insurance Co. Ltd. Technical Analysis
Neutral
1607.15
Price Trends
1581.58
Negative
1684.96
Negative
1773.28
Negative
Market Momentum
-19.95
Negative
53.54
Neutral
87.54
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ICICIGI, the sentiment is Neutral. The current price of 1607.15 is above the 20-day moving average (MA) of 1506.13, above the 50-day MA of 1581.58, and below the 200-day MA of 1773.28, indicating a neutral trend. The MACD of -19.95 indicates Negative momentum. The RSI at 53.54 is Neutral, neither overbought nor oversold. The STOCH value of 87.54 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:ICICIGI.
ICICI Lombard General Insurance Co. Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹595.09B | 6.67 | ― | 3.93% | -0.88% | 3.66% | |
69 Neutral | ₹787.08B | 31.84 | ― | 0.87% | 11.82% | -9.68% | |
63 Neutral | ₹559.93B | 71.84 | ― | ― | 38.00% | 96.70% | |
59 Neutral | ₹297.63B | 37.74 | ― | 0.85% | 9.55% | -35.77% | |
58 Neutral | ₹1.15T | 57.97 | ― | 0.75% | 5.03% | 4.87% | |
57 Neutral | ₹674.10B | 39.54 | ― | 0.36% | -8.37% | 35.27% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:ICICIGI
ICICI Lombard General Insurance Co. Ltd.
1,554.00
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ICICI Lombard General Insurance Co. Ltd. Corporate Events
ICICI Lombard Discloses IRDAI Order to Exchanges Under SEBI Rules
Sep 8, 2026
ICICI Lombard General Insurance Company Limited has disclosed that it has received an order dated September 7, 2026, from the Insurance Regulatory and Development Authority of India. The insurer has submitted the required details of this IRDAI ord...
ICICI Lombard Allots 4,212 Equity Shares Under Employee Stock Schemes
Sep 2, 2026
ICICI Lombard General Insurance has allotted 4,212 new equity shares of ₹10 each on September 2, 2026 under its employee incentive programmes, with 550 shares issued under the 2005 Employee Stock Option Scheme and 3,662 shares under the 2023...
ICICI Lombard Sets September Schedule for Key Investor Conferences
Aug 20, 2026
ICICI Lombard has announced a schedule of analyst and institutional investor meetings to be held in September 2026, in line with disclosure requirements under Indian securities regulations. The engagements will take place primarily in Mumbai, with...
ICICI Lombard Issues 13,890 Equity Shares Under Employee Stock Schemes
Aug 12, 2026
ICICI Lombard General Insurance Company Limited has allotted 13,890 new equity shares of ₹10 each on August 12, 2026 under its employee incentive plans, comprising 10,151 shares under the 2005 Employee Stock Option Scheme and 3,739 shares un...
ICICI Lombard schedules August investor and analyst meetings in Mumbai
Jul 27, 2026
ICICI Lombard General Insurance has notified the stock exchanges of its planned schedule of analyst and institutional investor meetings to be held in August 2026 in Mumbai. The company emphasized that no unpublished price-sensitive information wil...
ICICI Lombard posts Q1 FY27 earnings call recording for investors
Jul 15, 2026
ICICI Lombard General Insurance Company Limited has announced that it hosted an earnings conference call with investors and analysts on July 15, 2026 to discuss its financial performance for the quarter ended June 30, 2026. In line with SEBI discl...
ICICI Lombard Discloses Arbitration Award Against It in Ongoing Dispute
Jul 14, 2026
ICICI Lombard General Insurance has informed the stock exchanges that an arbitral tribunal has issued an arbitration award in favour of an insured party in an ongoing dispute with the company. The insurer said the award, received on July 13, 2026,...
ICICI Lombard Independent Director Ved Prakash Chaturvedi Steps Down After Second Term
Jul 12, 2026
ICICI Lombard General Insurance Company has announced a change in its board, with non-executive, independent director Ved Prakash Chaturvedi completing his second consecutive five-year term and ceasing to be a director effective end of day July 12...
ICICI Lombard Sets July 15 Board Meeting, Closes Trading Window Ahead of Q1 FY27 Results
Jun 26, 2026
ICICI Lombard General Insurance has scheduled a board meeting in Mumbai on July 15, 2026 to consider and approve its audited financial results and audited financial statements for the quarter ended June 30, 2026. The forthcoming numbers will provi...
ICICI Lombard Files AGM Proceedings and Voting Results with Exchanges
Jun 20, 2026
ICICI Lombard General Insurance Company Limited held its twenty-sixth Annual General Meeting on June 19, 2026, via video conferencing and other audio-visual means, in compliance with the Companies Act, SEBI listing regulations, and applicable circ...
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.