ICICIBANK
Large CapICICI Bank Limited
Financial Services
ICICI Bank Limited is an Indian financial services company. The presentation covers its standalone and consolidated financial results, including key subsidiaries in life insurance, general insurance, asset management, and home finance. It operates an extensive branch and ATM network across India and has overseas branches.
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 argues for patience, 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 31 Mar 2026
Bad · 25/100Rev +2% YoY · PAT +9% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹49,594 Cr | +2.5% | +2.5% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹15,681 Cr | +9.2% | +16.3% |
| PAT margin | 31.6% | +196 bps | +375 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4-2026 PAT grew 8.5% YoY and 21.1% QoQ to ₹137.02 bn. Total loans grew 15.8% YoY, 6.0% QoQ, driven by business banking and overseas. Net NPA ratio improved to 0.33% from 0.37% QoQ, while NIM remained stable at 4.32%.
ICICI Bank delivered robust Q4-2026 results with strong loan growth, particularly in business banking and overseas. Asset quality continued to improve, and capital remains strong. While core operating profit growth was moderate YoY, sequential momentum in PAT and advances is positive, supporting the thesis.
Loan Portfolio Composition at Mar 31, 2026 (Gross of BRDS/IBPC)
Latest issuer-disclosed distribution across 5 reported categories.
Business Banking Growth
Business banking portfolio grew by 24.4% y-o-y and 7.6% q-o-q, driven by leveraging branch network and digital platforms.
Overseas Book Expansion
Overseas book grew by 37.4% y-o-y and 20.0% q-o-q.
Rural Loans Growth
Rural loans grew by 25.6% y-o-y and 18.0% q-o-q.
Mortgage Portfolio Growth
Mortgages grew by 13.2% y-o-y and 4.7% q-o-q, with ~90% of customers having existing relationships.
Branch Network Expansion
Total branches increased to 7,511 at Mar 31, 2026 from 7,385 at Dec 31, 2025.
ATM and CRM Network
Total ATMs and CRMs increased to 12,087 at Mar 31, 2026 from 11,983 at Dec 31, 2025.
Solar Capacity Addition
Solar capacity added at 50 new sites in FY2026 in pursuit of carbon neutrality goal by FY2032.
Digital Platform Adoption
Business banking growth is driven by leveraging digital platforms such as InstaBIZ, Merchant STACK, and Trade Online.
Granular Lending Focus
Focus on parameterised and programme based lending, granularity, collateral, and robust monitoring in business banking.
Retail Credit Card Spends
Growth in retail credit card spends is driven by collaboration with leading brands, UPI on credit card, and increasing EMI campaigns.
Treasury Income Decline
Treasury income declined by 37.0% y-o-y in FY2026 and was negative in Q3-2026 and Q4-2026.
Overseas NIM Pressure
Overseas net interest margin declined to 0.94% in Q4-2026 from 1.01% in Q4-2025.
Credit Card Portfolio Contraction
Credit cards portfolio declined by 5.6% y-o-y and 1.3% q-o-q.
Corporate Portfolio Quality
27.2% of the corporate portfolio was rated BBB+, BBB, BBB- at Mar 31, 2026, with 0.5% rated BB and below.
Exposure to Resolution Frameworks
Total fund-based outstanding under RBI resolution frameworks was ₹ 14.96 billion at Mar 31, 2026.
Concentration Risk
Exposure to top 10 groups was 10.3% of total exposure at Mar 31, 2026.
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 is crucial for assessing underlying business growth and profitability trends, especially for a financial services company. QoQ comparison is important to track sequential momentum in loan disbursements, deposit accretion, asset quality improvements, and NIM stability.
Total Loans Growth
Total loans grew by 15.8% y-o-y and 6.0% q-o-q.
Net Interest Margin (NIM)
Net interest margin was 4.32% in Q4-2026 (Q3-2026: 4.30%, Q4-2025: 4.41%). Domestic NIM was 4.41% (Q3-2026: 4.38%, Q4-2025: 4.48%).
Cost of Deposits
Cost of deposits was 4.43% in Q4-2026 (Q3-2026: 4.55%, Q4-2025: 5.00%).
Net NPA Ratio
Net NPA ratio was 0.33% at Mar 31, 2026 (Dec 31, 2025: 0.37%).
Carbon Neutrality Goal
The Bank is in pursuit of its goal to become carbon neutral in Scope 1 and 2 emissions by FY2032.
Enhanced ESG Oversight
Enhanced mandate of ESG & CSR Committee for oversight on the Bank’s ESG action plan; Risk Committee to focus on climate risk.
Water Conservation Efforts
Management continues to invest in rainwater harvesting, sewage treatment, and atmospheric water generation capacity.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net NPA Ratio | 0.33% at Mar 31, 2026 | Sustained low levels or further improvement in asset quality across segments. |
| Total Loans Growth | 15.8% YoY, 6.0% QoQ | Continued double-digit growth, particularly in high-yielding retail and business banking segments. |
| Net Interest Margin (NIM) | 4.32% in Q4-2026 | Stability or expansion of domestic NIM, offsetting pressure from overseas operations. |
| Provisions/Core Operating Profit | 0.5% in Q4-2026 | Any significant increase in credit costs, indicating potential stress in the loan book. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -6.1% / mo
Technical chart
ICICIBANKweekly · 1Y-10.0%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 49. Wait for confirmation.
- SMA20 falling (~6.5% over last month) — short-term momentum negative.
- RSI(14) at 49 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 15% off 52W high · 7% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
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 6.1%.
- Fair-value margin of safety is positive at 48.9%.
- Cash flow contributes 9/10 to the score.
Main drags
- Altman Z is 1.6, in distress territory.
- Balance sheet is weaker at 2/15; verify the latest quarterly trend.
- Quality is weaker at 7/20; 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
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 70th percentile of the scored universe and 85th 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 1.60.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Financial Services: 85th pctile, median 62 · Large: 47th pctile, median 74
151 documents indexed, 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 6.1%.
- ▸9 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Altman Z is 1.60.
- ▸ROCE is low at 7.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 16.50
- P/B
- 2.49
- EV/EBITDA
- —
- Market Cap
- 896399.00Cr
Profitability
- ROE
- 16.10%
- ROCE
- 7.20%
- ROA
- 1.99%
- Dividend Y
- 0.88%
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
- 1.60
- Book Value
- 503.00
Cash Flow
- FCF Yield
- 6.06%
- FCF Positive Y
- 9/5
- OCF
- 67325.00 Cr
- EPS TTM
- 75.71
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 20%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.