Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 30 Oct - Allotment of 109,039 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 Limited is a leading private sector bank in India offering a diverse range of banking, financial, and insurance products and services across retail, corporate, and rural segments, supported by a strong domestic branch and digital network.
Data qualityFresh enough for analysisQuote updated 06 Nov, 03:31 pm ISTDetails
Quote06 Nov, 03:31 pm IST
Base fundamentals01 Nov 2026 · screener
Latest result12 Oct, 06:08 pm IST
Score07 Nov, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 15.3 (n=247)
Technical timing lens
Trend score and candlestick chart
75Bullishfull bull SMA stack · SMA20 +4.3% / mo · RSI overbought · MACD + · near 52W high · sector +4.2pp vs Nifty 500 (3M)
Stock trend: 78
Sector RS: 69
Sector 3M: +3.1% vs Nifty 500 -1.1%
Financial Services FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
ICICIBANKW candles · FIT view+21.9%Latest close ₹1571.20 on 2026-11-02
Bar
+12.4%
RSI
72
MACD hist
10.36
52W pos
100%
2026-11-02O ₹1398.20H ₹1571.20L ₹1375.20C ₹1571.20Vol 11.6Cr 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
- +7.8%
- Nifty 500
- -1.1%
- Nifty Financial Services
- +1.6%
- Vs Nifty 500
- +8.9 pp
Chart stats
6 Nov 2026- From 52W high
- +0.0%
- 52W range position
- 100%
- ATR (14)
- 2.1%
- Volume vs 20D
- 2.95x
- Avg traded value
- ₹2,159 Cr
- 20D price channel
- ₹1,329.4 - ₹1,571.2
₹1,571.2
₹1,187.6 - ₹1,571.2
₹33
Latest completed session
20-session average
30.6% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · WATCHLIST40
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good70
Revenue +83.0% · PAT +20.9% YoY
Technical
Bullish75
Price trend and sector-relative-strength timing.
Valuation
Legacy model+16.9%
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
- 17.00
- P/B
- 2.59
- EV/EBITDA
- —
- Market Cap
- 1003901.00Cr
Profitability
- ROE
- 15.90%
- ROCE
- 7.18%
- ROA
- 1.91%
- 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
- 0.14
- Interest Coverage
- —
- Altman Z
- 1.62
- Book Value
- 540.00
Cash Flow
- FCF Yield
- 5.54%
- FCF Positive Y
- 9/5
- OCF
- 67325.00 Cr
- EPS TTM
- 82.41
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 72%
Financial History
Updated 7/11/2026
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
Weekly technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 72.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~2.0% over last month) — short-term momentum positive.
- RSI(14) at 72 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 3% of 52-week high — testing resistance.
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
82
RS percentile
Stage 2 UptrendRecent S2
1M return
+16.5%
3M return
+7.8%
6M return
+24.1%
1Y return
+14.4%
RS 1D
+7
RS 20D
+26
Sector rank
#8
Industry rank
#7
Stage evidence
- Price is 15.5% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.5%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
26 Oct 2026
S2 age
10 trading sessions
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
264 observations
06 Nov 2026Value 112.2+3.72%
RS vs Nifty 500112
Valuation & peers
U-Score 40 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 40 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · WATCHLISTValuation4/30
Growth15/25
Quality8/20
Balance Sheet1/15
Cash Flow9/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
40
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
40/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 5.5%.
- Fair-value margin of safety is positive at 16.9%.
- 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 4/30; 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
17.0
PB
2.6
EV/EBITDA
—
ROE
15.9%
ROCE
7.2%
FCF Yield
5.5%
Debt/Equity
0.1
MoS
+16.9%
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: 07 Nov 2026
v4.3-runtime-valuation
Final score
40
Previous: 40
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+16.9%
Previous: +16.9%
Score history
12 stored score snapshots. Latest stored move: -3 points.
07 Nov 2026
v4.3-runtime-valuation
46
46
46
46
46
46
46
45
43
43
43
40
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
₹1,000.64
-57.0% MoS
Growth-justified P/E
22.9
Growth-justified Value
₹1,891.31
+16.9% MoS
PEG
0.80
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 167
46
13.3
13.6%
+34%
FAIR VALUE
AXISBANK
Large
Axis Bank Limited
Banking
match 162
39
12.6
13.1%
+40%
WATCHLIST
KOTAKBANK
Large
Kotak Mahindra Bank Limited
Banking
match 161
23
21.6
11.4%
+3%
OVERVALUED
INDUSINDBK
Large
IndusInd Bank Limited
Banking
match 156
10
21.8
1.4%
-932%
OVERVALUED
J&KBANK
Large
The Jammu & Kashmir Bank Limited
Banking
match 156
66
5.5
15.4%
+75%
UNDERVALUED
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 intactReviewed 2026-10-22T02:11:15.871Z
Management commentary snapshot
ICICI Bank reports robust Q2-2027 performance with 20.1% y-o-y PAT growth to ₹ 148.43 billion, strong 30% y-o-y loan growth, and improving asset quality metrics with net NPA declining to 0.30%.
The bank demonstrates steady core operating profitability, robust credit growth across business banking and domestic corporate portfolios, and stable asset quality metrics. Capital adequacy remains healthy with a CET1 ratio of 16.01%, supporting sustainable expansion.
Current business mix
Breakup of loan portfolio at Sep 30, 2026
Latest issuer-disclosed distribution across 4 reported categories.
Retail and rural banking51.6%
Business banking21.2%
Domestic corporate19.4%
Overseas book7.8%
Growth engines
Business Banking Growth
PositiveBusiness banking portfolio grew by 33.8% y-o-y and 11.1% q-o-q to reach ₹ 3,891.68 billion.
Domestic Corporate Portfolio
PositiveDomestic corporate portfolio expanded by 30.6% y-o-y and 10.4% q-o-q to ₹ 3,547.71 billion.
Jewel Loans Expansion
PositiveJewel loans grew strongly by 79.4% y-o-y and 4.5% q-o-q to ₹ 557.94 billion.
Capacity and execution
Branch Network Expansion
PositiveTotal branches increased to 7,656 at September 30, 2026 from 7,511 at March 31, 2026.
Tailwinds
Digital Platform Adoption
PositiveStrong traction in digital platforms such as InstaBIZ, Merchant STACK, Trade Online, and DigiEase driving business banking workflow efficiencies.
Headwinds
Credit Card Portfolio Contraction
NeutralCredit cards portfolio declined by 9.7% y-o-y and 0.2% q-o-q to ₹ 530.91 billion.
Risk radar
Corporate BB and Below Portfolio
WatchCorporate BB and below outstanding stood at ₹ 35.47 billion as of September 30, 2026.
Non-Fund Based Outstanding to NPAs
WatchNon-fund outstanding to NPAs stood at ₹ 22.51 billion at September 30, 2026.
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
Year-over-year trends reflect secular expansion in advances and deposits, while quarter-over-quarter metrics capture sequential momentum, deposit repricing dynamics, and asset quality shifts.
Sector KPIs management disclosed
AUM / Total Advances Growth
PositiveTotal loans grew by 30.0% y-o-y and 12.3% q-o-q to ₹ 18,315.80 billion at September 30, 2026.
Net Interest Margin (NIM)
StableNet interest margin stood at 4.18% in Q2-2027 compared to 4.30% in Q2-2026 and 4.36% in Q1-2027.
Cost of Deposits
StableCost of deposits was 4.50% in Q2-2027 compared to 4.64% in Q2-2026 and 4.41% in Q1-2027.
Gross NPA Ratio
PositiveGross NPA ratio based on customer assets improved to 1.20% at September 30, 2026 from 1.58% at September 30, 2025 and 1.38% at June 30, 2026.
Management forward view
Artificial Intelligence Integration
PositiveManagement emphasized enterprise-wide AI adoption across customer service, fraud prevention, process decongestion, and monitoring to drive long-term value.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net NPA Ratio | 0.30% | Sustained stability below 0.40% across retail and corporate segments |
| CASA Deposit Ratio | 36.1% | Trajectory of low-cost current and savings account deposit mobilization |
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 85th 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 07 Nov 2026
management-trust-v1
150 docs text-extracted · 38 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: 85th pctile, median 63 · Large: 50th pctile, median 74
Evidence depth
Financial-only
150 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 5.5%.
- ▸9 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Altman Z is 1.62.
- ▸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 27 Oct - Allotment of 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 15 Oct - Allotment of 113,464 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 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
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.