ICICI Bank Limited (ICICIBANK) AI Stock Analysis

• Market Cap: ₹9.68T
• Dividend Yield: 0.81%
• Average Volume (3M): 442.43K
• Price to Earnings (P/E): 18.0
• Beta (1Y): 1.02
• 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: 7,150,172,000
• 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: ₹1,651.25
• Price Target Upside: 21.94% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 71 Outperform
• Price Target: ₹1,538.00 ▲(13.58% Upside)

ICICI Bank's strong financial performance, characterized by robust revenue growth and profitability, is the primary driver of its stock score. Technical indicators support a positive outlook, although caution is advised due to cash flow volatility and potential overbought conditions. The valuation is fair, but the modest dividend yield limits income potential.

Positive Factors

Revenue Growth

Consistent revenue growth indicates a robust business model and effective market strategies, supporting long-term financial health.

Capital Adequacy

Strong capital adequacy ratios ensure financial stability and provide a buffer against potential economic downturns, enhancing resilience.

Business Banking Performance

Significant growth in business banking reflects successful expansion in this segment, contributing to diversified revenue streams.

Negative Factors

Retail Loan Growth Challenges

Slower retail loan growth suggests challenges in consumer lending, potentially impacting future revenue from this key segment.

Rural Portfolio Decline

Decline in rural lending indicates difficulties in penetrating this market, which may affect growth in rural banking services.

NPA Additions

Increased non-performing assets can strain financial resources and require more provisions, affecting profitability and risk management.

ICICI Bank Limited Business Overview & Revenue Model

Company Description

ICICI Bank Limited (ICICIBANK) is one of India's largest private sector banks, providing a diverse range of financial services and products. Established in 1994, the bank operates across various sectors, including retail banking, corporate banking, and treasury operations. It offers a comprehensive suite of services such as personal loans, home loans, credit cards, savings accounts, fixed deposits, and investment banking solutions, catering to both individual and corporate clients.

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, though 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	1.86T	1.58T	1.61T
Gross Profit	2.05T	2.01T	1.58T	1.17T	989.30B	964.98B
EBITDA	1.01T	1.65T	1.37T	370.96B	280.08B	218.35B
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: 1354.15
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 1354.15 is below the 20-day moving average (MA) of 1373.19, below the 50-day MA of 1372.46, and below the 200-day MA of 1386.86, indicating a bearish trend. The MACD of -4.52 indicates Positive momentum. The RSI at 42.20 is Neutral, neither overbought nor oversold. The STOCH value of 24.12 is Neutral, 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	₹15.17T	20.86	―	1.11%	1.30%	3.86%
AXISBANK	76 Outperform	₹3.82T	14.67	―	0.08%	6.08%	-7.26%
SBIN	76 Outperform	₹9.05T	10.92	―	1.62%	8.90%	11.93%
CANBK	75 Outperform	₹1.35T	7.03	―	2.69%	8.89%	19.79%
ICICIBANK	71 Outperform	₹9.68T	18.03	―	0.81%	14.32%	11.36%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
INDUSINDBK	62 Neutral	₹657.97B	-86.65	―	1.95%	-7.44%	-109.30%

ICICI Bank Limited Corporate Events

ICICI Prudential AMC Files for IPO to Boost Market Position

ICICI Bank Limited has announced that its subsidiary, ICICI Prudential Asset Management Company, has filed a Red Herring Prospectus for an initial public offering of up to 48,972,994 equity shares. This offering, scheduled to open on December 12, 2025, includes a reservation for eligible ICICI Bank shareholders and is expected to enhance the company’s market positioning and provide growth opportunities in the asset management sector.

ICICI Bank Faces Penalty for Regulatory Violations

ICICI Bank Limited has received a compounding order from the Reserve Bank of India, requiring the bank to pay a sum of INR 22,73,554 due to several regulatory violations. These include delays in filing required forms and annual returns, as well as receiving funds through ineligible payment modes. This financial penalty highlights the importance of compliance with regulatory timelines and procedures for the bank’s operations.

ICICI Bank Announces Schedule for Investor Engagement

ICICI Bank Limited has announced a schedule for investor meetings, highlighting its commitment to transparency and stakeholder engagement. The bank will engage with investors during an in-person event, utilizing publicly available documents to guide discussions, which reflects its proactive approach to maintaining investor relations.

ICICI Bank Allots Shares Under Employee Scheme

ICICI Bank Limited has announced the allotment of 24,743 equity shares under its Employees Stock Unit Scheme-2022. This move, approved by the bank’s executive directors, reflects the bank’s ongoing commitment to employee incentives and could potentially enhance employee engagement and retention, impacting its operational dynamics positively.

ICICI Bank’s Credit Ratings Reaffirmed by CRISIL, Reflecting Strong Financial Health

ICICI Bank Limited has had its credit ratings reaffirmed by CRISIL Ratings Limited, maintaining a ‘Crisil AAA/Crisil AA+/Stable’ rating on its debt instruments. This reaffirmation reflects the bank’s robust capitalization, strong market position, and stable asset quality. As of September 30, 2025, ICICI Bank reported significant gross advances and deposits, alongside a stable asset quality with low non-performing assets. The bank’s profitability also remained stable, with a notable net profit increase for the half-year ended September 30, 2025. This reaffirmation is crucial for stakeholders as it underscores ICICI Bank’s financial stability and growth potential.

ICICI Bank Allots Over 570,000 Equity Shares to Employees

ICICI Bank Limited has announced the allotment of 572,490 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 strengthening its workforce and enhancing its competitive position in the financial sector.

ICICI Bank Allots Over 736,000 Shares Under Employee Stock Option Scheme

ICICI Bank Limited has announced the allotment of 736,701 equity shares under its Employees Stock Option Scheme-2000. This move, approved by the bank’s executive directors, reflects the company’s ongoing commitment to employee engagement and retention, potentially impacting its operational dynamics and market positioning positively.

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.