ICICI Bank Limited (ICICIBANK)
Large CapFinancial Services stocks · Large cap · NSE
ICICI Bank is a leading Indian private sector bank providing a comprehensive suite of financial products and services. It serves retail and corporate clients, with significant operations in life and general insurance, asset management, and international banking through its subsidiaries.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 45/100Rev +6% YoY · PAT +13% YoY · +5% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹52,241 Cr | +6.4% | +5.3% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹16,276 Cr | +12.6% | +3.8% |
| PAT margin | 31.2% | +171 bps | -46 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
ICICI Bank reports strong Q1-2027 core operating profit and PAT growth YoY, driven by robust loan book expansion across all key segments. Net NPA ratio saw a slight QoQ increase, while NIM improved.
The bank demonstrates strong underlying business momentum with healthy loan growth and improving NIM. However, the sequential uptick in Net NPAs and decline in CASA ratio warrant close monitoring, despite overall stable asset quality.
Loan Portfolio Composition (Gross of BRDS/IBPC) at Jun 30, 2026
Latest issuer-disclosed distribution across 5 reported categories.
Business Banking Portfolio
INTACTBusiness banking portfolio grew by 28.2% y-o-y and 6.9% q-o-q, driven by leveraging branch network and digital platforms.
Domestic Corporate Portfolio
INTACTDomestic corporate portfolio grew by 18.5% y-o-y and 6.9% q-o-q.
Mortgages
INTACTMortgages, the largest component of retail loans, grew by 14.6% y-o-y and 3.2% q-o-q, with ~90% of customers having existing relationships.
Digital Platforms
INTACTGrowth in Business Banking is driven by digital platforms like InstaBIZ, Merchant STACK, Trade Online, and DigiEase for onboarding.
Branch Network Expansion
INTACTTotal branches increased to 7,608 at Jun 30, 2026, from 7,511 at Mar 31, 2026.
ATM and CRM Network
UNDER_STRESSTotal ATMs and CRMs decreased to 12,190 at Jun 30, 2026, from 12,087 at Mar 31, 2026.
Strong Domestic Loan Growth
INTACTTotal domestic loan book (gross) grew by 17.9% y-o-y and 4.7% q-o-q.
Improving Domestic NIM
INTACTDomestic Net Interest Margin increased to 4.45% in Q1-2027 from 4.41% in Q4-2026.
Digital Adoption
INTACTDigital platforms like InstaBIZ and DigiEase are driving growth and process efficiency in Business Banking.
Sequential Decline in CASA Deposits
UNDER_STRESSPeriod end CASA deposits declined by 2.6% q-o-q at Jun 30, 2026.
Increase in Net NPA Ratio
UNDER_STRESSNet NPA ratio increased to 0.35% at Jun 30, 2026, from 0.33% at Mar 31, 2026.
Credit Card Portfolio Decline
UNDER_STRESSCredit card loans declined by 1.9% y-o-y and 1.7% q-o-q.
Asset Quality Deterioration
UNDER_STRESSNet additions to gross NPAs were ₹ 27.07 bn in Q1-2027, up from ₹ 11.74 bn in Q4-2026.
Concentration Risk
INTACTExposure to top 10 groups was 10.1% of total exposure at Jun 30, 2026.
Overseas Book Growth
INTACTOverseas book grew by 52.5% y-o-y and 18.9% q-o-q, which, while small, warrants monitoring given global uncertainties.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison provides insight into long-term growth trends and seasonal impacts, while QoQ is crucial for assessing sequential momentum in loan disbursements, deposit accretion, asset quality, and net interest margin.
Net Interest Margin (NIM)
INTACTNet interest margin was 4.36% in Q1-2027, up from 4.32% in Q4-2026 and 4.34% in Q1-2026. Domestic NIM was 4.45% in Q1-2027, up from 4.41% in Q4-2026.
Total Loans Growth
INTACTTotal loans grew by 19.6% y-o-y and 5.0% q-o-q in Q1-2027.
Net NPA Ratio
UNDER_STRESSNet NPA ratio was 0.35% at Jun 30, 2026, compared to 0.33% at Mar 31, 2026 and 0.41% at Jun 30, 2025.
Provision Coverage Ratio
UNDER_STRESSProvision coverage ratio was 74.7% at Jun 30, 2026, down from 75.8% at Mar 31, 2026.
Focus on Granular Lending
INTACTManagement emphasizes focus on parameterised and programme-based lending, granularity, collateral, and robust monitoring in Business Banking.
Leveraging Digital and Branch Network
INTACTGrowth is driven by leveraging the branch network and digital platforms for customer acquisition and service delivery.
Driving Credit Card Spends
INTACTGrowth in retail credit card spends is driven by brand collaborations, UPI on credit card, and EMI campaigns.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net NPA Ratio | 0.35% at Jun 30, 2026 | Further sequential increases in Net NPA ratio and net additions to gross NPAs. |
| CASA Ratio (Period End) | 39.5% at Jun 30, 2026 | Sustained sequential decline in CASA deposits and its impact on funding costs. |
| Domestic Net Interest Margin | 4.45% in Q1-2027 | Maintenance or further improvement in domestic NIM amidst changing interest rate cycles. |
| Business Banking Loan Growth | 28.2% YoY, 6.9% QoQ | Continued strong growth and asset quality in the Business Banking portfolio, given its high growth rate. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
51NeutralMACD −
Technical chart
ICICIBANKdaily · 1Y · AUTO+4.8%Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 49.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 49 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 4% off 52W high · 20% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is within 5.8% of the 30-week proxy.
- The 30-week proxy changed +0.4% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 46 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 46 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 5.4%.
- Fair-value margin of safety is positive at 34.6%.
- Cash flow contributes 9/10 to the score.
Main drags
- Altman Z is 1.7, in distress territory.
- Balance sheet is weaker at 1/15; verify the latest quarterly trend.
- Valuation is weaker at 10/30; verify the latest quarterly trend.
Bank valuation: P/B adjusted for ROE and asset quality
Banks are balance-sheet businesses, so book value quality matters more than simple earnings multiples.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 69th percentile of the scored universe and 81st percentile within Financial Services. Main check: balance sheet trust is weak at 55/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Altman Z is 1.67.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Financial Services: 81st pctile, median 62 · Large: 47th pctile, median 73
135 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 5.4%.
- ▸9 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Altman Z is 1.67.
- ▸ROCE is low at 7.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 18.20
- P/B
- 2.70
- EV/EBITDA
- —
- Market Cap
- 1021463.00Cr
Profitability
- ROE
- 15.90%
- ROCE
- 7.18%
- ROA
- 2.05%
- Dividend Y
- 0.84%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 24.00%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 17.00%
Balance Sheet
- Debt/Equity
- 0.12
- Interest Coverage
- —
- Altman Z
- 1.67
- Book Value
- 527.00
Cash Flow
- FCF Yield
- 5.44%
- FCF Positive Y
- 9/5
- OCF
- 67325.00 Cr
- EPS TTM
- 78.36
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 80%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.