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ICICI Bank Limited

IBN Financial Banks Regional

ICICI Bank Limited’s revenue for fiscal 2026 (year ended March 2026) was $35.3 billion, up 1.46% from fiscal 2025.

Revenue
+5.71%
EPS
+25.0%
Free cash flow
−61.2%
Total debt
+25.4%

Quarter to September 2026, against a year earlier

32.48 1.22 +3.90%
Market cap
$116.8B
P/E
18.9×
Fwd P/E
—
Dividend yield
0.77%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 3.00
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — 3 — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 116,800.00
Revenue ttm 35,491.10
Net income ttm 8,315.86
Free cash flow ttm 23,953.44
Net debt Q 2,131.44
Valuation
P/E 18.88
Forward P/E —
Price / sales 3.28
Forward P/S Powerpack
Price / FCF 4.87
Price / book 2.71
Financial health
Current ratio Q 1.06
Debt / equity Q 0.72
Interest coverage Q —
Growth
Revenue growth Q +5.71% (above 0%: growing)
Operating income growth Q +10.71% (above 0%: growing)
EPS, this year +21.05% (at or above 15%: strong)
EPS, next year A +17.59% (at or above 15%: strong)
Revenue, next year A —
EPS, past 5 yrs +16.87% (at or above 15%: strong)
EPS, next 5 yrs A +17.87% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 27.83%
10-year low 10-year high
P/S against its own 10 years 79.68%
10-year low 10-year high
P/B against its own 10 years 61.90%
10-year low 10-year high

Dividends raised 6 years running

Yield
0.77%
Annual rate
0.25
Payout ratio
14.8%
Growth, 2017–26
+15.2%/yr
  1. 0.07 ’17
  2. 0.04 ’18 −41
  3. 0.03 ’19 −32
  4. 0.05 ’21 +94
  5. 0.13 ’22 +130
  6. 0.19 ’23 +54
  7. 0.24 ’24 +23
  8. 0.25 ’25 +5
  9. 0.25 ’26 +0
paid change on the year, %

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 19,695 25,255 29,943 28,903
Receivables — — — —
Inventory — — — —
Other — — — —
172,249 192,893 215,789 232,118
2024 2025 2026 Q'26
Payables 174,673 193,713 206,792 219,612
ST’ Debt — — — —
Other — — — —
174,673 193,713 206,792 219,612

Compound Annual Growth %

10y 5y 3y
Sales 8.56% 10.12% 14.86%
Cash Flow 7.72% (16.40%) 0.00%
Earnings 14.68% 19.80% 12.92%
Book Value 11.14% 13.70% 15.76%

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 0.40 Actual 0.49

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 0.38 0.35 Miss by 0.03
Mar 2026 0.39 0.41 Beat by 0.02
Jun 2026 0.40 0.43 Beat by 0.03
Sep 2026 0.40 0.49 Beat by 0.09
Dec 2026 0.43 — Reports 15 January 2027

EPS $

Jun Sep Dec Mar Year
’26 0.43 0.49 — — —
’26 0.43 0.39 0.35 0.41 1.57
’25 0.37 0.39 0.39 0.41 1.56
’24 0.33 0.35 0.35 0.36 1.39
’23 0.27 0.27 0.28 0.31 1.12
’22 0.18 0.21 0.23 0.26 0.89
’21 0.11 0.17 0.19 0.17 0.72
Fiscal quarters ending in the months shown.

Revenue $m

Jun Sep Dec Mar Year
’26 8,447 9,257 — — —
’26 8,725 8,757 8,600 9,188 35,269
’25 8,072 8,680 8,806 9,203 34,761
’24 6,354 6,932 7,138 8,136 28,561
’23 5,098 5,647 5,839 6,688 23,272
’22 5,284 5,330 3,600 6,895 21,110
’21 5,046 5,308 5,502 5,924 21,780
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 — — — — —
’26 — — — — 7,608
’25 — — — — 14,491
’24 — — — — 19,031
’23 — — — — (471)
’22 — — — — 7,787
’21 — — — — 18,632
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 — — — — —
’26 7,207 — (2,229) — 7,207
’25 13,936 — 5,040 — 13,936
’24 18,595 — (199) — 18,595
’23 (744) — (2,742) — (744)
’22 7,553 — 7,440 — 7,553
’21 18,406 — 11,093 — 18,406
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to March

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Sep ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 16,896 18,440 18,777 21,120 21,780 21,110 23,272 28,561 34,761 35,269 35,491 +8.5% — — — —
Gross margin, % 69.28 71.20 70.16 70.18 73.56 73.87 72.85 68.60 69.78 71.48 71.92 +2.2 pt
EBT 1,690 1,410 814 1,583 2,749 3,556 4,433 5,576 6,421 6,517 6,730 +16.2%
EBT margin, % 10.00 7.65 4.33 7.49 12.62 16.85 19.05 19.52 18.47 18.48 18.96 +8.5 pt
Net income 1,886 1,487 854 2,387 3,247 4,498 5,729 7,222 8,197 8,316 8,316 +17.9%
Per share, $
Per share, $ Revenue 5.28 5.75 5.84 6.54 6.46 6.09 6.68 8.16 9.86 9.88 9.89 +7.2%
Earnings 0.47 0.33 0.15 0.42 0.74 0.90 1.14 1.41 1.59 1.59 1.72 +14.5%
Cash flow 2.45 0.94 2.16 3.47 5.53 2.25 (0.14) 5.43 4.11 2.13 0.00 (1.5%)
Capex (0.06) (0.05) (0.05) (0.08) (0.07) (0.07) (0.08) (0.12) (0.16) (0.11) 0.00 +7.1%
Free cash flow 2.39 0.89 2.11 3.39 5.46 2.18 (0.21) 5.31 3.95 2.02 0.00 (1.9%)
Book value 5.10 5.63 5.37 5.66 6.69 7.27 7.94 9.33 11.01 12.01 12.00 +10.0%
Shares, m 3,201 3,209 3,218 3,230 3,372 3,467 3,483 3,502 3,524 3,571 3,579 +1.2%
Valuation, ×
Valuation, × P/E 17.55 24.82 79.31 34.45 25.05 21.04 18.60 18.41 19.95 16.09 18.88 27.5
P/S 2.28 2.25 3.37 1.54 2.48 3.11 3.23 3.18 3.20 2.62 3.28 2.7
P/B 1.53 1.45 2.17 1.69 2.39 2.61 2.72 2.78 2.86 2.16 2.71 2.2
EV/Sales 3.74 4.12 4.94 4.52 2.46 2.97 3.51 3.37 3.21 2.48 — 3.5
EV/FCF 4.13 4.08 2.65 3.98 1.36 1.41 7.10 6.46 2.99 3.65 — 3.8
Cash, $m
Cash, $m Operating cash flow 7,843 3,004 6,960 11,219 18,632 7,787 (471) 19,031 14,491 7,608 25,469 (0.3%)
Capex (194) (157) (157) (261) (226) (233) (273) (437) (555) (401) (1,516) +8.4%
Free cash flow 7,649 2,847 6,802 10,958 18,406 7,553 (744) 18,595 13,936 7,207 23,953 (0.7%)
Balance, $m
Balance, $m Working capital 12,400 10,859 7,584 4,697 (2,777) 1,617 1,186 (2,424) (820) 8,997 12,507 (3.5%)
Net debt 16,062 21,762 17,579 12,126 (496) (2,884) 6,576 5,404 573 (5,053) 2,131 n/m
Shareholders’ equity 16,315 18,079 17,279 18,295 22,569 25,196 27,648 32,674 38,792 42,892 43,072 +11.3%
Returns, %
Returns, % ROA 1.06 0.74 0.35 0.73 1.22 1.50 1.77 2.02 2.01 1.91 1.94 +0.8 pt
ROIC 3.26 2.21 1.46 3.25 7.78 9.96 8.10 9.15 10.20 10.76 10.16 +7.5 pt
ROE 9.72 6.95 3.44 7.58 12.15 14.09 16.10 17.75 16.85 15.00 15.22 +5.3 pt
People
People Employees 107,971 112,360 117,340 131,232 130,170 130,542 157,799 187,765 182,665 174,666 — +5.5%
Revenue/emp, $m 0.16 0.16 0.16 0.16 0.17 0.16 0.15 0.15 0.19 0.20 — +2.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Mar 2026 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

ICICI Bank Limited vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
HDB HDFC Bank Limited $127.0B 16.7× — −9.36% (below 0%: shrinking) +8.11% (above 0%: growing) −1.95% (below 0%: shrinking) 64.22% 0.00% Compare
IBN ICICI Bank Limited $116.8B 18.9× — +5.71% (above 0%: growing) +25.00% (above 0%: growing) −61.24% (below 0%: shrinking) 70.90% 0.00%
MFG Mizuho Financial Group, Inc. $113.1B 2.1× 12.7× +12.59% (above 0%: growing) +54.65% (above 0%: growing) +15.81% (above 0%: growing) 52.09% 0.00% Compare
USB U.S. Bancorp $93.1B 11.7× 11.2× +2.26% (above 0%: growing) +9.84% (above 0%: growing) +151.96% (above 0%: growing) 70.62% 0.00% Compare
PNC The PNC Financial Services Group, Inc $90.0B 12.1× 12.0× +6.44% (above 0%: growing) +14.22% (above 0%: growing) +15.40% (above 0%: growing) 70.11% 0.00% Compare
LYG Lloyds Banking Group PLC $74.1B 12.0× — −67.58% (below 0%: shrinking) +66.24% (above 0%: growing) +62.30% (above 0%: growing) 100.00% 0.00% Compare
DB Deutsche Bank Aktiengesellschaft $66.2B 10.1× 9.2× +5.77% (above 0%: growing) +25.97% (above 0%: growing) +127.23% (above 0%: growing) 57.34% 0.00% Compare
NWG NatWest Group plc $63.1B 8.3× 7.9× +12.91% (above 0%: growing) +40.54% (above 0%: growing) −47.36% (below 0%: shrinking) 58.30% 0.00% Compare
TFC Truist Financial Corporation $59.7B 12.7× 11.7× −22.06% (below 0%: shrinking) −45.71% (below 0%: shrinking) +17.77% (above 0%: growing) 61.29% 0.00% Compare
Median of peers $82.0B 11.8× 11.5× +4.02% +20.10% +16.79% 62.76% 0.00%

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IBN metrics, ten years each

stockrow.com/IBN · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com