ICICI Bank Limited (ICICIBANK) AI Stock Analysis

• Market Cap: ₹9.69T
• Dividend Yield: 0.81%
• Average Volume (3M): 442.43K
• Price to Earnings (P/E): 18.6
• Beta (1Y): 0.99
• Revenue Growth: 14.32%
• EPS Growth: 11.36%
• Country: IN
• Employees: 187,765
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 15.80
• Shares Outstanding: 7,152,469,700
• 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: ₹1,640.00
• Price Target Upside: 21.05% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 72 Outperform
• Price Target: ₹1,532.00 ▲(13.08% Upside)

The score is driven primarily by strong underlying financial performance and a solid earnings update (healthy growth, stable margins, strong capital/liquidity, and improved asset quality). This is tempered by cash flow volatility, a mixed technical picture with limited longer-term momentum, and only moderate valuation support with a low dividend yield.

Positive Factors

Strong capital & liquidity

A CET1 of 16.46% and LCR ~126% provide a durable capital and liquidity buffer enabling the bank to pursue risk‑calibrated loan growth, absorb cyclical stress and meet regulatory requirements without near‑term capital raises, supporting stable operations over months.

Robust loan and deposit franchise

Sustained double‑digit loan growth and healthy deposit/ CASA expansion indicate a diversified, sticky funding base and broad customer reach. This supports stable interest income, reduces reliance on volatile wholesale funding and underpins medium‑term margin and growth resilience.

Diversified fee and subsidiary income

Growing non‑interest and fee income, backed by retail/rural/business banking fees and improving subsidiary performance, diversifies revenue beyond interest spreads. This enhances resilience to margin cycles and supports earnings stability and cross‑sell economics over the medium term.

Negative Factors

Volatile operating cash flow

Intermittent negative operating cash flows and inconsistent free cash flow trends weaken the bank's ability to self‑fund growth or absorb shocks. Over months this can pressure liquidity management, increase reliance on deposits or wholesale funding and constrain discretionary investments.

RBI‑mandated PSL provisioning

A continuing regulatory provisioning obligation tied to a large PSL portfolio will persistently reduce reported profits and tie up capital until remediation. This structural compliance cost limits near‑term distributable earnings and may require balance‑sheet adjustments or remediation actions.

Credit card portfolio softness

A contracting card book reduces high‑margin fee income and cross‑sell potential, signaling either customer repayment behavior or tightening risk appetite. If sustained, it will pressure fee revenue growth and long‑run ROE, constraining profitability over the next several quarters.

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

Strong income statement momentum (revenue growth, improving profitability and healthy operating margins) and a stable balance sheet with strengthening equity and moderate leverage. The main offset is volatile cash flow with recent negative operating cash flow and inconsistent free cash flow trends.

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	821.42B	-62.39B	562.51B	1.36T
Operating Cash Flow	-752.52B	-752.52B	858.21B	-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	247.91B	174.51B	-546.67B

ICICI Bank Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1354.80
• 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 1354.8 is below the 20-day moving average (MA) of 1387.65, below the 50-day MA of 1374.98, and below the 200-day MA of 1401.07, indicating a bearish trend. The MACD of -4.84 indicates Positive momentum. The RSI at 44.25 is Neutral, neither overbought nor oversold. The STOCH value of 54.90 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
AXISBANK	76 Outperform	₹4.26T	16.11	―	0.08%	6.08%	-7.26%
SBIN	76 Outperform	₹9.95T	11.86	―	1.64%	8.90%	11.93%
CANBK	75 Outperform	₹1.34T	6.75	―	2.66%	8.89%	19.79%
ICICIBANK	72 Outperform	₹9.69T	18.61	―	0.81%	14.32%	11.36%
HDFCBANK	68 Neutral	₹14.30T	19.26	―	1.10%	1.30%	3.86%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
INDUSINDBK	62 Neutral	₹697.55B	-34.30	―	1.95%	-7.44%	-109.30%

ICICI Bank Limited Corporate Events

ICICI Bank Posts Audio of Q3 FY2026 Results Calls for Media and Investors

ICICI Bank has uploaded audio recordings of its media call and its earnings call with analysts and investors discussing the financial results for the quarter and nine months ended December 31, 2025, on its website. By making these recordings publicly accessible to stakeholders in India and abroad, the bank is reinforcing transparency around its financial performance and ensuring consistent communication with domestic and international investors across the multiple stock exchanges where it is listed.

ICICI Bank Completes 100% Acquisition of ICICI Prudential Pension Funds Management

ICICI Bank has completed the acquisition of 100% shareholding in ICICI Prudential Pension Funds Management Company Limited from ICICI Prudential Life Insurance Company Limited, making the pension fund manager a wholly owned subsidiary of the bank. The execution of the share purchase agreement and completion of all formalities consolidate ICICI Bank’s control over its pension fund management business, potentially enhancing integration across its financial services ecosystem and strengthening its presence in the long-term retirement and pension savings market.

ICICI Bank to Participate in Citi’s India Financials Tour 2025

ICICI Bank Limited has announced its participation in Citi’s India Financials Tour 2025, scheduled for December 15, 2025. This investor meet will be conducted in-person, and the bank plans to engage in discussions based on publicly available documents. This event is part of ICICI Bank’s ongoing efforts to maintain transparency and engage with stakeholders, potentially impacting its market perception and investor relations.

ICICI Bank Increases Stake in Asset Management Subsidiary

ICICI Bank Limited has completed the acquisition of an additional 2% stake in its subsidiary, ICICI Prudential Asset Management Company Limited, from Prudential Corporation Holdings Limited, bringing its total ownership to 53%. This strategic move strengthens ICICI Bank’s control over its asset management arm, potentially enhancing its market position and operational synergy within the financial services sector.

ICICI Bank’s Subsidiary Plans IPO to Boost Market Presence

ICICI Bank Limited has announced a significant development regarding its subsidiary, ICICI Prudential Asset Management Company Limited, which is planning an initial public offering (IPO) of its equity shares. The bank has reserved a portion of these shares for its eligible shareholders, indicating a strategic move to enhance shareholder value and expand its market presence. This IPO is subject to regulatory approvals and market conditions, and it highlights ICICI Bank’s efforts to leverage its asset management capabilities and strengthen its position in the financial sector.

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.