ICICI Bank Limited (IN:ICICIBANK)
:ICICIBANK
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ICICI Bank Limited
(ICICIBANK)
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Rating:73Outperform
Price Target:
₹1,388.00
▲(2.45% Upside)
Action:Reiterated
Date:04/21/26
Score is driven primarily by strong fundamentals (profitability/growth and improving leverage) and a constructive earnings-call outlook supported by strong capital and stable margins. Offsetting factors are cash-flow volatility, mixed technical positioning with near-overbought signals, and only moderate valuation support given the modest dividend yield.
Positive Factors
Strong profitability and margins
Sustained revenue scaling and mid-to-high teens net margins indicate durable earnings power across cycles. This profitability supports internal capital formation, continued investment in distribution/digital channels, and the ability to absorb credit shocks while funding growth without overreliance on external capital.
Negative Factors
Volatile cash generation
Large year-to-year swings in operating/free cash flow reduce confidence in cash predictability for capital allocation. Persistent volatility complicates dividend planning, organic capital build, and stress planning, increasing reliance on careful liquidity management during adverse macro phases.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability and margins
Sustained revenue scaling and mid-to-high teens net margins indicate durable earnings power across cycles. This profitability supports internal capital formation, continued investment in distribution/digital channels, and the ability to absorb credit shocks while funding growth without overreliance on external capital.
Read all positive factors
ICICI Bank Limited (ICICIBANK) vs. iShares MSCI India ETF (INDA)
Market Cap
₹8.87T
Dividend Yield0.81%
Average Volume (3M)442.43K
Price to Earnings (P/E)14.6
Beta (1Y)1.01
Revenue Growth5.95%
EPS Growth4.84%
CountryIN
Employees187,765
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)75.11
Shares Outstanding7,169,646,000
10 Day Avg. Volume618,919
30 Day Avg. Volume442,434
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
₹1,670.00Price Target Upside23.27% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)78.69
Revenue Forecast (FY)₹1.35T
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 c...
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:Apr 18, 2026
(Q4-2026)
| Next Earnings Date:Jul 20, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive performance with healthy loan and deposit growth, stable margins, improved asset quality and strong capital and liquidity metrics. Headline profitability increased YoY and subsidiaries showed overall improvement. Offsetting concerns include rising operating expenses, a contracting credit card book, an uptick in corporate NPA additions, a small treasury loss due to market and FX regulation impacts, and some international and underwriting pressures. Management emphasizes prudent provisioning, capital strength and calibrated growth amid external uncertainties.Positive Updates
Profit Growth (PBT and PAT)
Profit before tax excluding treasury grew 10.1% year-on-year to INR 182.09 billion in Q4 and 7.1% YoY to INR 650.21 billion for FY2026. Profit after tax rose 8.5% YoY to INR 137.02 billion in Q4 and 6.2% YoY to INR 501.47 billion for FY2026 (consolidated PAT Q4 INR 147.55 billion, +9% YoY).
Negative Updates
Operating Expense Growth Outpacing Target Areas
Operating expenses rose 12% YoY in Q4 and 11.5% YoY for FY2026. Non-employee expenses increased 14% YoY and employee expenses 8.8% YoY, driven in part by higher retiral benefit provisions and market movements.
Read all updates
Q4-2026 Updates
Positive
Negative
Profit Growth (PBT and PAT)
Profit before tax excluding treasury grew 10.1% year-on-year to INR 182.09 billion in Q4 and 7.1% YoY to INR 650.21 billion for FY2026. Profit after tax rose 8.5% YoY to INR 137.02 billion in Q4 and 6.2% YoY to INR 501.47 billion for FY2026 (consolidated PAT Q4 INR 147.55 billion, +9% YoY).
Read all positive updates
Company Guidance
Management’s forward guidance was for risk‑calibrated profitable growth while maintaining a strong balance sheet and liquidity: targetable metrics highlighted include CET1 of 16.35% and total capital adequacy of 17.18% after the proposed INR 12/share dividend, an average LCR around 125–126%, and range‑bound NIMs near 4.32%; they expect credit cost to remain below 50 bps (38 bps in FY2026) with prudent provisioning (quarterly provisions INR 0.96bn = 0.5% of core operating profit; contingency provisions INR 131bn ≈ 0.9% of advances; total other provisions INR 227.1bn = 1.5% of loans). Management reiterated the aim to grow profit before tax excluding treasury (Q4: INR 182.09bn, +10.1% YoY; FY26: INR 650.21bn, +7.1% YoY) and PAT (Q4: INR 137.02bn, +8.5% YoY; FY26: INR 501.47bn, +6.2% YoY) by leveraging healthy funding (total deposits +11.4% YoY; average CA/SA deposits +11.3% YoY; cost of deposits 4.43%) and lending momentum (overall loans +15.8% YoY; domestic loans +15.3% YoY; retail +9.5%; rural incl. gold +25.6%; business banking +24.4%; domestic corporate +9%), while keeping operating expenses under control relative to revenue (OpEx +12% YoY in Q4; branches 7,511) and preserving asset quality (Net NPA 0.33%, PCR 75.8%).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 | 3.04T | 3.12T | 2.94T | 2.35T | 1.86T | 1.58T |
| Gross Profit | 2.09T | 2.18T | 2.01T | 1.60T | 1.17T | 989.30B |
| EBITDA | 789.72B | 804.43B | 756.32B | 634.43B | 369.76B | 278.68B |
| Net Income | 533.00B | 542.08B | 510.29B | 442.56B | 340.37B | 251.10B |
Balance Sheet | ||||||
| Total Assets | 26.86T | 29.14T | 26.42T | 23.64T | 19.58T | 17.53T |
| Cash, Cash Equivalents and Short-Term Investments | 1.68T | 2.65T | 2.14T | 1.63T | 1.36T | 807.23B |
| Total Debt | 2.15T | 2.20T | 2.19T | 2.01T | 2.05T | 1.77T |
| Total Liabilities | 23.35T | 25.35T | 23.13T | 20.94T | 17.37T | 15.65T |
| Stockholders Equity | 3.36T | 3.63T | 3.14T | 2.56T | 2.14T | 1.82T |
Cash Flow | ||||||
| Free Cash Flow | -1.04T | 994.11B | -800.22B | 821.42B | -62.39B | 562.51B |
| Operating Cash Flow | -968.30B | 1.03T | -752.52B | 858.21B | -37.71B | 581.11B |
| Investing Cash Flow | -960.96B | -2.37T | -772.88B | -1.46T | -680.05B | -393.21B |
| Financing Cash Flow | 1.97T | 1.84T | 2.04T | 2.47T | 247.91B | 174.51B |
ICICI Bank Limited Technical Analysis
Negative
1354.80
Price Trends
1283.59
Negative
1334.02
Negative
1364.40
Negative
Market Momentum
-17.10
Positive
39.92
Neutral
27.63
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 above the 20-day moving average (MA) of 1282.52, above the 50-day MA of 1283.59, and below the 200-day MA of 1364.40, indicating a bearish trend. The MACD of -17.10 indicates Positive momentum. The RSI at 39.92 is Neutral, neither overbought nor oversold. The STOCH value of 27.63 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 Risk Analysis
ICICI Bank Limited disclosed 63 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 0 New Risks
ICICI Bank Limited Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹8.87T | 14.62 | ― | 0.81% | 5.95% | 4.84% | |
69 Neutral | ₹3.89T | 12.19 | ― | 0.08% | 4.04% | -6.26% | |
69 Neutral | ₹11.69T | 13.83 | ― | 1.10% | 5.21% | 6.67% | |
68 Neutral | ₹8.78T | 10.74 | ― | 1.64% | 6.98% | 4.74% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
60 Neutral | ₹1.16T | 5.68 | ― | 2.66% | 0.28% | 12.34% | |
48 Neutral | ₹699.95B | 24.65 | ― | 1.95% | -5.11% | -65.49% |
* Financial Sector Average
IN:ICICIBANK
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ICICI Bank Limited Corporate Events
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...
ICICI Bank Allots 18,243 Shares Under Employee Stock Unit Scheme
Apr 24, 2026
ICICI Bank has allotted 18,243 equity shares with a face value of ₹2 each under its ICICI Bank Employees Stock Unit Scheme-2022, reflecting ongoing use of stock-based compensation to reward and retain staff. The allotment, approved by two Ex...
ICICI Bank Publishes Audio Recordings of FY26 Results Calls Online
Apr 18, 2026
ICICI Bank has uploaded audio recordings of its media call discussing financial results for the quarter and financial year ended March 31, 2026, making them available on its corporate website. The bank has also posted the audio of its earnings cal...
ICICI Bank Allots 3 Million Shares Under Employee Stock Option Scheme
Apr 17, 2026
ICICI Bank has allotted 3,001,435 equity shares with a face value of Rs.2 each under its ICICI Bank Employees Stock Option Scheme-2000, as approved on April 17, 2026. The allotment, cleared by two directors under delegated authority from the board...
ICICI Bank Shareholders Approve Appointment of New Independent Director
Feb 25, 2026
ICICI Bank has confirmed that its shareholders have approved a special resolution to appoint Ms. Vijayalakshmi Iyer as an independent director, effective December 1, 2025, with her term running until May 31, 2030. The decision follows a postal bal...
ICICI Bank to Contest Maharashtra GST Appellate Order on ₹50.38 Crore Tax Demand
Feb 22, 2026
ICICI Bank has disclosed that it received an Order in Appeal from the Maharashtra GST Department upholding a goods and services tax demand of ₹50.38 crore, along with an equivalent amount of penalty and applicable interest. The demand pertai...
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.