Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 15 Oct - Allotment of 113,464 equity shares at FV Rs. 2 each under ICICI Bank Employees Stock Option Scheme 2000.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result12 Oct, 06:08 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
51NeutralSMA20 -4.4% / mo · MACD +
Stock trend: 55
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ICICIBANKD candles · FIT view+4.1%Latest close ₹1381.00 on 2026-10-19
Bar
-1.7%
RSI
55
MACD hist
9.33
52W pos
66%
2026-10-19O ₹1405.00H ₹1411.80L ₹1377.90C ₹1381.00Vol 2.5Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ICICIBANKNifty Financial ServicesNifty 500
- ICICIBANK
- -5.4%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +0.2 pp
Chart stats
19 Oct 2026- From 52W high
- -6.7%
- 52W range position
- 66%
- ATR (14)
- 1.8%
- Volume vs 20D
- 2.46x
- Avg traded value
- ₹1,495 Cr
- 20D price channel
- ₹1,291 - ₹1,411.8
₹1,480
₹1,187.6 - ₹1,480
₹25.3
Latest completed session
20-session average
22.1% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE46
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good70
Revenue +83.0% · PAT +20.9% YoY
Technical
Neutral51
Price trend and sector-relative-strength timing.
Valuation
Legacy model+30.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence73
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Good · 70/100Rev +83% YoY · PAT +21% YoY · +69% QoQ
Filed 12 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹88,161.2 Cr | +83.0% | +68.8% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹17,311.9 Cr | +20.9% | +6.4% |
| PAT margin | 19.6% | -1008 bps | -1152 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 17.10
- P/B
- 2.54
- EV/EBITDA
- —
- Market Cap
- 961416.00Cr
Profitability
- ROE
- 15.90%
- ROCE
- 7.18%
- ROA
- 2.05%
- Dividend Y
- 0.90%
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
- 1.64
- Book Value
- 527.00
Cash Flow
- FCF Yield
- 5.78%
- FCF Positive Y
- 9/5
- OCF
- 67325.00 Cr
- EPS TTM
- 78.36
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 52%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 3.0-87.5% vs prev
Net Profit
₹ CrLatest: 57.9k+6.2% vs prev
Return on Equity
%Latest: 16.0-8.2% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 55. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~4.6% over last month) — short-term momentum negative.
- RSI(14) at 55 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 7% off 52W high · 16% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
66
RS percentile
Stage 1 Base / Transition
1M return
+3.1%
3M return
-5.4%
6M return
+1.0%
1Y return
+1.3%
RS 1D
+2
RS 20D
+18
Sector rank
#9
Industry rank
#9
Stage evidence
- Price is within 2.7% of the 30-week proxy.
- The 30-week proxy changed +0.1% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 104.67-0.12%
RS vs Nifty 500105
Valuation & peers
U-Score 46 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 46 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · FAIR VALUEValuation10/30
Growth15/25
Quality8/20
Balance Sheet1/15
Cash Flow9/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
46
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
46/100 · legacy band FAIR VALUE
Positive drivers
- FCF yield is supportive at 5.8%.
- Fair-value margin of safety is positive at 30.9%.
- Cash flow contributes 9/10 to the score.
Main drags
- Altman Z is 1.6, 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.
Sector valuation model
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.
Primary lens
Price/book and ROE/ROA, not trailing PE alone.
Secondary checks
Capital adequacy, credit cost, NPA trend, deposit franchise.
Main risk check
Low P/B can be a trap if asset quality or credit cost is worsening.
PE
17.1
PB
2.5
EV/EBITDA
—
ROE
15.9%
ROCE
7.2%
FCF Yield
5.8%
Debt/Equity
0.1
MoS
+30.9%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
46
Previous: 46
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+30.9%
Previous: +30.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
46
46
46
46
46
46
46
46
46
46
46
46
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹963.93
-43.3% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹1,998.18
+30.9% MoS
PEG
0.81
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
HDFCBANK
Large
HDFC Bank Limited
Banking
match 166
49
13.9
13.6%
+46%
FAIR VALUE
AXISBANK
Large
Axis Bank Limited
Banking
match 162
44
12.8
13.1%
+50%
WATCHLIST
KOTAKBANK
Large
Kotak Mahindra Bank Limited
Banking
match 161
26
21.8
11.4%
+15%
OVERVALUED
J&KBANK
Large
The Jammu & Kashmir Bank Limited
Banking
match 157
64
6.6
15.4%
+74%
UNDERVALUED
INDUSINDBK
Large
IndusInd Bank Limited
Banking
match 156
10
51.2
1.4%
-2121%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-07-19T00:41:45.471Z
Management commentary snapshot
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.
Current business mix
Loan Portfolio Composition (Gross of BRDS/IBPC) at Jun 30, 2026
Latest issuer-disclosed distribution across 5 reported categories.
Retail49.2%
Rural loans6.4%
Business banking21.4%
Domestic corporate and others19.9%
Overseas book3.1%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
73Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 84th percentile within Financial Services. Main check: balance sheet trust is weak at 55/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
140 docs text-extracted · 35 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
72nd percentile
overall median 67 · Financial Services: 84th pctile, median 62 · Large: 51st pctile, median 73
Evidence depth
Financial-only
140 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
55
watch · leverage and solvency
Discipline
56
watch · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 5.8%.
- ▸9 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Altman Z is 1.64.
- ▸ROCE is low at 7.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching ICICI Bank Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 6 Oct - Allotment of 202,836 equity shares at FV Rs.2 each under ICICI Bank Employees Stock Option Scheme 2000.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 24 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 22 Sep - Allotment of 357,938 equity shares at FV Rs. 2 each under ICICI Bank Employees Stock Option Scheme 2000.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 17 Sep - Allotment of 66,896 equity shares at FV Rs. 2 each under ICICI Bank Employees Stock Unit Scheme 2022.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 11 Sep - Allotment of 336,265 equity shares at FV Rs. 2 each under ICICI Bank Employees Stock Option Scheme 2000.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 13 Aug - Allotment of 130,909 equity shares at FV Rs. 2 each under ICICI Bank Employees Stock Unit Scheme 2022.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 14 Jul - Allotment of 151,181 equity shares at FV Rs. 2 each under ICICI Bank Employees Stock Option Scheme 2000.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 10 Jul - Allotment of 152,760 equity shares at FV Rs.2 each under ICICI Bank Employees Stock Unit Scheme 2022.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 7 Jul - Allotment of 237,850 equity shares at FV Rs. 2 under ICICI Bank Employees Stock Option Scheme 2000.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 24 Jun - Allotment of 110,884 equity shares at FV Rs. 2 each under ICICI Bank Employees Stock Option Scheme 2000.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 22 Jun - Allotment of 4,05,660 equity shares of face value of Rs.2 each under the ICICI Bank Employees Stock Option Scheme 2000.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.