AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Oct - Extract of Audited Financial Results of the Company for the quarter and half-year ended September 30, 2026 - Newspaper Publication
Source: Bse
ICICI Lombard General Insurance Company Limited (ICICIGI)
Mid CapFinancial Services stocks · Mid cap · NSE
ICICI Lombard is the leading private general insurance company in India, offering a diversified range of products including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance. It focuses on customer centricity, digital leadership, and AI-powered solutions, with over 25 years of legacy.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result15 Jul, 06:51 pm IST
Score20 Oct, 04:19 pm IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
51NeutralSMA20 +5.0% / mo · MACD +
Stock trend: 56
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
ICICIGID candles · FIT view-6.9%Latest close ₹1650.00 on 2026-10-19
Bar
-1.8%
RSI
56
MACD hist
10.04
52W pos
35%
2026-10-19O ₹1681.00H ₹1694.50L ₹1642.00C ₹1650.00Vol 5.1L 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
ICICIGINifty Financial ServicesNifty 500
- ICICIGI
- +1.8%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +7.3 pp
Chart stats
19 Oct 2026- From 52W high
- -20.1%
- 52W range position
- 35%
- ATR (14)
- 3.0%
- Volume vs 20D
- 0.42x
- Avg traded value
- ₹191 Cr
- 20D price channel
- ₹1,459.9 - ₹1,786
₹2,064.9
₹1,423.1 - ₹2,064.9
₹50
Latest completed session
20-session average
36.7% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST37
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +10.8% · PAT -46.0% YoY
Technical
Neutral51
Price trend and sector-relative-strength timing.
Valuation
Legacy model-5.3%
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 Jun 2026
Bad · 0/100PAT -46% YoY · margin compression · Rev +11% YoY
Filed 15 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7,088 Cr | +10.8% | +3.9% |
| EBITDA | ₹522 Cr | -46.8% | -23.9% |
| Operating margin | 7.0% | -800 bps | -300 bps |
| PAT | ₹403 Cr | -46.0% | -26.3% |
| PAT margin | 5.7% | -599 bps | -232 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 32.30
- P/B
- 4.38
- EV/EBITDA
- 25.16
- Market Cap
- 82442.00Cr
Profitability
- ROE
- 16.60%
- ROCE
- 21.90%
- ROA
- 3.03%
- Dividend Y
- 0.80%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 12.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 14.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 1.61
- Book Value
- 377.00
Cash Flow
- FCF Yield
- 1.08%
- FCF Positive Y
- 11/5
- OCF
- 2622.00 Cr
- EPS TTM
- 51.21
Shareholding
- Promoter Hold
- 51.28%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 35%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 27.0k+12.7% vs prev
Net Profit
₹ CrLatest: 2,555-7.8% vs prev
Return on Equity
%Latest: 15.4-19.7% 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 trend down. RSI 56. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~4.8% over last month) — short-term momentum positive.
- RSI(14) at 56 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 20% 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
40
RS percentile
Stage 4 Downtrend
1M return
+13.2%
3M return
+1.8%
6M return
-9.8%
1Y return
-18.3%
RS 1D
-2
RS 20D
+33
Sector rank
#9
Industry rank
#17
Stage evidence
- Price is 3.0% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.2%.
50-DMA
price above
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 89.77-0.77%
RS vs Nifty 50090
Valuation & peers
U-Score 37 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 37 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth10/25
Quality11/20
Balance Sheet4/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
37
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
37/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Cash flow contributes 7/10 to the score.
- Quality contributes 11/20 to the score.
Main drags
- Altman Z is 1.6, in distress territory.
- Fair-value margin of safety is negative at -5.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Insurance valuation: embedded value and VNB quality
Insurance economics depend on long-duration book value and new-business profitability.
Primary lens
P/embedded value where available, plus VNB growth and margin.
Secondary checks
Persistency, product mix, solvency, distribution strength.
Main risk check
Accounting profit is less useful than embedded value quality.
PE
32.3
PB
4.4
EV/EBITDA
25.2
ROE
16.6%
ROCE
21.9%
FCF Yield
1.1%
Debt/Equity
0.0
MoS
-5.3%
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
37
Previous: 37
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-5.3%
Previous: -5.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
37
37
37
37
37
37
37
37
37
37
37
37
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
₹659.08
-150.3% MoS
Growth-justified P/E
30.6
Growth-justified Value
₹1,567.03
-5.3% MoS
PEG
2.52
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
GODIGIT
Large
Go Digit General Insurance Limited
Insurance
match 151
36
53.4
12.2%
-111%
WATCHLIST
MFSL
Mid
Max Financial Services Limited
Insurance
match 129
11
407.0
1.5%
-23112%
OVERVALUED
ICICIPRULI
Large
ICICI Prudential Life Insurance Company Limited
Insurance
match 127
23
37.3
10.0%
-18%
OVERVALUED
NAM-INDIA
Large
Nippon Life India Asset Management Limited
Insurance
match 126
63
41.2
34.5%
+2%
UNDERVALUED
MUTHOOTFIN
Large
Muthoot Finance Limited
Insurance
match 125
67
9.1
30.9%
+79%
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 under stressReviewed 2026-07-16T07:21:13.652Z
Management commentary snapshot
Q1 FY2027 PAT de-grew 46.0% YoY to 4.03 billion due to exceptional items, while GDPI grew 7.5% YoY to 83.18 billion, lagging industry growth of 10.9%. Combined Ratio worsened to 107.2% (102.9% in Q1 FY2026), impacted by large fire losses and Motor TP claim reserve increase.
While Q1 FY2027 results were significantly impacted by one-off large fire losses and a Supreme Court judgment on Motor TP reserves, the underlying combined ratio (ex-items) remained stable. However, GDPI growth lagged the industry, raising questions about market share trajectory and competitive pressures. Investment income also declined.
Current business mix
GDPI by Product Mix (Q1 FY2027)
Latest issuer-disclosed distribution across 7 reported categories.
Motor OD34.0%
Motor TP17.0%
Health, Travel & PA20.0%
Fire12.0%
Marine4.0%
Crop0.0%
Others11.0%
Growth engines
Motor Segment Growth
Motor segment growth was 14.0% for Q1 FY2027, matching industry growth of 13.9%.
Non-OEM Channels
Growth in Motor was primarily led by new sales from non-OEM channels, specifically Two-Wheeler and Commercial vehicles.
Retail Health
Retail Health delivered robust growth of 69.5% for Q1 FY2027, significantly above industry growth of 31.6%.
Higher Sum Assured Health Mix
Higher sum assured ( 10L) mix increased to 96.4% in Fresh Health business for Q1 FY2027 from 84.5% in Q1 FY2026.
Capacity and execution
Digital Policy Issuance
99.7% policies issued electronically in Q1 FY2027, maintaining high digital adoption.
IL Take Care App Downloads
App downloads reached ~22.1 million for the IL Take Care app.
Claims Processing Efficiency
97.3% of Motor Own Damage and 99.0% of Overall Health Claims paid within 30 days in Q1 FY2027.
Tailwinds
Underpenetrated Market
India is the 2nd largest non-life insurance market in Emerging Asia, with penetration around 1/4th of the Global Average in 2024, indicating large TAM.
Digitalization Focus
Company has migrated core systems to cloud and introduced AI-powered solutions, with 71% of service engagements digitally serviced in June 2026.
Headwinds
Competitive Intensity
Commercial segment de-grew by 13.8% due to heightened competitive intensity and significant pricing pressure in Fire insurance.
Large Fire Losses
Incurred two large losses under fire segment of 0.63 billion, impacting CoR by 1.0% in Q1 FY2027.
Regulatory Impact on Reserves
Supreme Court judgment increased Motor TP claim reserves by 1.65 billion, impacting CoR by 2.8% in Q1 FY2027.
Risk radar
Underwriting & Reserving Risk
Impact of large losses and Supreme Court judgment on Motor TP portfolio highlights underwriting and reserving risks.
Competitive Pressure
Heightened competitive intensity and pricing pressure, particularly in the Fire insurance business, impacted premium growth.
Investment Income Volatility
Investment income and capital gains declined YoY, indicating sensitivity to market conditions.
Regulatory Changes
Policies and actions of regulatory authorities, and changes in accounting standards, are identified risks.
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 YOY
The investor presentation primarily compares Q1 FY2027 performance against Q1 FY2026, indicating a focus on year-over-year trends for financial results and operational metrics.
Sector KPIs management disclosed
Gross Direct Premium Income (GDPI)
83.18 billion in Q1 FY2027, up 7.5% YoY, against industry growth of 10.9%.
Combined Ratio (CoR)
107.2% in Q1 FY2027 (102.9% in Q1 FY2026). Ex-exceptional items, CoR was 102.3% (102.2% in Q1 FY2026).
Profit After Tax (PAT)
4.03 billion in Q1 FY2027, de-grew 46.0% YoY. Ex-exceptional items, PAT de-grew 23.0% to 5.75 billion.
Return on Average Equity (ROAE)
9.6% in Q1 FY2027 (20.5% in Q1 FY2026). Ex-exceptional items, ROAE was 13.6%.
Management forward view
Profitable Growth
Ensuring sustainable and profitable growth while maintaining leadership position is a strategic pillar.
Comprehensive Product Portfolio
Focus on product innovation and driving multiple channels to deepen penetration and minimize concentration risk.
Customer Service & Technology
Embrace technology to optimize processes and better customer engagement.
Capital Management
Active capital management, conservative reserving, and prudent investment management are key.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| GDPI Growth vs. Industry | 7.5% vs. 10.9% (Q1 FY2027) | Closing the gap with industry growth and maintaining market share. |
| Combined Ratio (ex-exceptional items) | 102.3% (Q1 FY2027) | Sustained stability or improvement in underlying underwriting profitability. |
| Retail Health Growth | 69.5% (Q1 FY2027) | Continued strong momentum and contribution to overall premium growth. |
| Investment Income & Capital Gains | Investment income 11.74bn, Capital gains 1.83bn (Q1 FY2027) | Stabilization and growth in investment income to support profitability. |
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. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
135 docs text-extracted · 45 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 · Mid: 43rd pctile, median 76
Evidence depth
Financial-only
135 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
77
strong · profit to cash conversion
Balance sheet
62
acceptable · leverage and solvency
Discipline
82
strong · capital discipline
Results
60
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.1%.
- ▸11 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸Altman Z is 1.73.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching ICICI Lombard General Insurance Company Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationSep 2026
Sep 2026 · Digital Day Meet 2026 - Presentation 29 Sep - ICICI Lombard shared presentation for Analyst Digital Day Meet 2026 on September 29, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 22 Sep - Allotment of 6521 equity shares on September 22, 2026
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 15 Sep - Allotment of 5481 equity shares on September 15, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 2 Sep - Allotment of 4,212 equity shares on September 2, 2026
Source: Bse
Investor presentation
Digital Day - Link For The Video For The Presentation To Be Used During The Meet. 29 Sep - Shares video links for Digital Day Meet 2026 presentation; no unpublished price sensitive information will be shared.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Sep - Copies of newspaper advertisement published regarding loss of share certificate
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 24 Aug - Allotment of 71297 equity shares on August 24, 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 12 Aug - Allotment of 13,890 equity shares on August 12, 2026
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Jul - Intimation of Q1-FY2027 Earnings Call Pursuant to Regulation 30(6) of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, we wish to inform you that the …
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.