ICICI Bank Limited IBN

FinancialsBanking ServicesIndia

Last close 30.13 USD on Nov 3, 2026, +1.9% year to date

Quant rating

Quant rating B Rank 98 of 304 in Financials

Growth C 141 of 304
Valuation B 101 of 304
Quality C 206 of 304
Revisions A 40 of 304
Momentum C 135 of 304

Wall Street consensus Buy (1.60)Average target 37.75 USD +25.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 107.8B
Enterprise value: 112.2B
52-week range: 25.09 – 31.77
3-year range: 22.12 – 34.41
Dividend yield: 0.83%
Beta (5 years): 0.34
Shares outstanding: 7,181M
Next earnings: Jan 15, 2027

About the company

ICICI Bank Limited is a diversified financial services company offering a range of banking and financial services to corporate and retail customers through a variety of delivery channels. The Company offers life and general insurance, asset management, securities broking and private equity products and services through specialized subsidiaries. Its segments include Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, General Insurance, and Others. Its commercial banking operations for retail customers consist of retail lending, deposit taking, distribution of insurance and investment products and other fee-based products and services. It provides a range of commercial banking products and services, including loan products, fee and commission-based products and services, deposit products and foreign exchange and derivatives products to large corporations, middle market companies and small and medium enterprises. It offers agricultural and rural banking products.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	20,889	21,806	19,138	14,735	12,570	–
Revenue growth	−4.2%	13.9%	29.9%	17.2%	3.1%	11.4%
EPS (basic, normalized)	0.80	0.86	0.77	0.61	0.50	–
EPS growth	−6.4%	11.7%	25.3%	22.5%	12.3%	12.5%
Gross margin	–	–	–	–	–	–
Net margin	27.8%	27.4%	27.7%	28.1%	26.3%	27.5%
ROE	–	–	18.0%	16.6%	14.8%	16.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	30,794
Net debt (mil)	–
Total equity (mil)	40,688
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2026 actual	20,889	−4.2%	5.4x	–	–	–	1.69	+0.6%	17.8x
2027	14,593	−30.1%	7.7x	11.48	–	2.6x	1.65	−2.4%	18.2x
2028	17,043	+16.8%	6.6x	13.26	+15.6%	2.3x	2.01	+21.6%	15.0x
2029	19,449	+14.1%	5.8x	15.34	+15.6%	2.0x	2.39	+18.8%	12.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	14,593	+5.4%	+6.1%	+2.6%	1.65	+2.5%	−0.8%	−2.3%
2028	17,043	+7.0%	+8.6%	+4.7%	2.01	+7.4%	+8.7%	+4.8%
2029	19,449	+6.6%	+8.3%	+4.7%	2.39	+8.8%	+11.1%	+7.8%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	0.39	0.39	0.43	0.42	0.43	0.37	0.42	0.39	0.45	0.45
EPS mean	0.33	0.34	0.35	0.37	0.36	0.39	0.39	0.38	0.39	0.41
Surprise	+20.5%	+13.8%	+22.0%	+16.4%	+19.2%	−4.8%	+7.3%	+3.1%	+14.1%	+10.2%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
IBN ICICI Bank Limited	107.8B	–	27.8%	1.11x	18.2x	15.0x	2.6x	2.3x
HDBK HDFC Bank Limited	118.0B	16.9%	21.8%	1.02x	13.7x	11.8x	1.8x	1.6x
HSBA HSBC Holdings PLC	288.9B	16.3%	21.6%	1.95x	10.0x	9.1x	1.6x	1.5x
SMFG Sumitomo Mitsui Financial Group, Inc.	152.3B	–	21.9%	1.73x	12.6x	21.9x	–	–
BMO Bank of Montreal	119.6B	–	13.0%	1.44x	16.0x	14.3x	2.1x	2.0x
BNS The Bank of Nova Scotia	114.1B	–	12.6%	1.25x	15.2x	13.6x	2.0x	1.9x
Mean		16.6%	19.8%	1.42x	14.3x	14.3x	2.0x	1.8x
Median		16.6%	21.7%	1.35x	14.4x	13.9x	2.0x	1.9x

Technical analysis

1M+9.8%
3M−0.4%
1Y−0.3%
3Y+35.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, ICICI Bank Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Interest income	20,889	21,806	19,138	14,735	12,570	12,191
Total interest expense	9,526	10,419	8,891	6,152	5,424	5,833
Net interest income	11,362	11,387	10,247	8,584	7,146	6,358
Loan loss provision	668	480	361	675	973	1,616
Net interest income after loan loss provision	10,694	10,907	9,886	7,908	6,173	4,742
Non-interest income	12,508	12,669	9,181	7,925	8,186	9,868
Non-interest expense	−14,957	−15,050	−11,816	−10,203	−9,847	−11,051
Net income before taxes	8,245	8,526	7,251	5,630	4,511	3,559
Provision for taxes	2,074	2,157	1,851	1,435	1,114	774
Minority interest & equity in affiliates	−371	−397	−90.0	−51.9	−88.8	−271
Other	0	0	0	0	0	0
Net income before extraordinary items	5,800	5,972	5,310	4,143	3,308	2,514
Extraordinary items	–	–	–	–	–	–
Net income	5,800	5,972	5,310	4,143	3,308	2,514
Basic weighted average shares (mil)	7,143	7,048	7,004	6,966	6,934	6,743
Diluted weighted average shares (mil)	7,247	7,167	7,132	7,105	7,076	6,842
Basic EPS excluding extraordinary items	0.81	0.85	0.76	0.59	0.48	0.37
Basic EPS, normalized	0.80	0.86	0.77	0.61	0.50	0.45

Balance sheet in millions of USD, fiscal years

Balance sheet, ICICI Bank Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & due from banks	22,939	23,379	16,300	13,998	15,579	14,164
Other earning assets	100,069	106,753	103,528	81,069	83,625	79,808
Net loans	175,805	165,900	150,894	131,729	121,150	108,123
Property, plant & equipment	1,864	1,850	1,589	1,335	1,397	1,478
Goodwill	1,129	990	297	12.3	16.3	17.0
Intangibles	–	–	–	–	–	–
Long-term investments	283	265	181	244	264	92.0
Other long-term assets	456	567	757	927	1,047	1,276
Other assets	9,310	9,512	10,085	9,060	7,831	10,228
Total assets	311,854	309,215	283,631	238,375	230,910	215,187
Liabilities
Accounts payable	7,437	7,740	8,136	3,362	3,083	5,374
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Total deposits	195,814	192,117	173,195	147,375	143,787	131,252
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	3,680	3,697	3,613	2,849	2,912	2,334
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	20,945	22,968	22,811	21,818	20,101	19,099
Minority interest	1,767	1,736	1,666	814	788	1,311
Other liabilities	43,363	44,221	43,478	36,050	36,253	34,271
Total liabilities	273,007	272,479	252,900	212,268	206,924	193,640
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	153	167	169	170	183	189
Additional paid-in capital	6,667	7,093	6,232	6,174	6,556	6,696
Retained earnings (accumulated deficit)	30,474	27,881	23,171	18,844	16,353	13,817
Treasury stock	–	–	–	–	–	–
Other equity	1,554	1,595	1,160	919	892	845
Total equity	38,848	36,736	30,731	26,107	23,985	21,547
Total liabilities & shareholders' equity	311,854	309,215	283,631	238,375	230,910	215,187

Cash flow statement in millions of USD, fiscal years

Cash flow statement, ICICI Bank Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	7,874	8,129	7,161	5,578	4,423	3,288
Depreciation, depletion & amortization	334	315	239	200	195	201
Deferred taxes	–	–	–	–	–	–
Non-cash items	100	72.8	522	1,105	547	452
Changes in working capital	−1,105	5,855	11,041	−7,343	2,418	14,929
Cash from operations	7,204	14,372	18,963	−459	7,583	18,871
Investing activities
Capital expenditures	−399	−558	−441	−300	−245	−231
Other investing cash flows	−993	−8,487	−17,067	−7,977	−4,936	−8,381
Cash from investing	−1,392	−9,045	−17,508	−8,277	−5,181	−8,612
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	−840	−824	−672	−423	−183	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	342	1,478	2,323	3,441	2,482	−7,475
Cash from financing	−499	654	1,651	3,017	2,299	−7,475
Foreign exchange effects	140	17.4	50.8	38.5	−16.7	−88.1
Net change in cash	5,452	5,998	3,157	−5,680	4,684	2,696
Free cash flow	6,805	13,813	18,522	−759	7,338	18,640

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.