ICICI Bank Ltd (ICICIBANK) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: 87/100 (Exceptional)

Business Quality 56/100

ROE (Return on Equity): 15.9%

ROCE (Return on Capital): 7.2%

Explain Methodology →

Financial Health 99/100

Debt to Equity: 0.00x

Solvency Runway: High (Interest Coverage > 8x)

Explain Methodology →

Growth Trajectory 99/100

Annual Revenue Growth: 21.5% YoY

Net Profit Growth: 28.4% YoY

Explain Methodology →

Profitability & Margins 90/100

Operating Margin (OPM): 34.8%

Net Profit Margin: 22.6%

Explain Methodology →

Cash Flow Quality 95/100

Free Cash Flow (FCF): Cash Accretive

CFO to EBITDA Conversion: > 75% Conversion Rate

Explain Methodology →

Valuation Attractiveness 87/100

Stock P/E Multiple: 16.8x

Price to Book (P/B): 2.5x

Explain Methodology →

Price & Trend Momentum 63/100

14-Day RSI: 48.2 (Neutral/Bullish)

DMA Alignment: Trading Above 50 & 200 DMA

Explain Methodology →

Governance & Risk 85/100

Promoter Pledge: 0.0% (Clean)

Statutory Auditor Opinion: Unqualified / Clean Pass

Explain Methodology →

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↓

-1.10%

Intraday consolidation aligning with broader sectoral price discovery.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 33.8%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 15.9%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹1,516.59

200-Day DMA ● Overlay

₹1,406.58

14-Day RSI ● Overlay

48.2 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹9.41 Lakh Cr

Large cap

Stock P/E (TTM) Valuation

16.8x

Price / EPS

Book Value (₹) Assets

₹527.0

P/B: 2.5x

ROE (%) Quality

15.9%

Net Profit / Equity

ROCE (%) Efficiency

7.2%

EBIT / Capital

Dividend Yield Yield

0.92%

Face Value: ₹10

Debt / Equity Solvency

0.00x

Low Debt

EPS (TTM) Per Share

₹78.01

Trailing 12M

OPM (%) Spread

34.8%

EBITDA Margin

Free Cash Flow Cash

₹63,778 Cr

CFO - Capex

About ICICI Bank Ltd

Website →

ICICI Bank is a leading Indian private multinational bank offering a diversified portfolio of financial services to corporate and retail customers.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 25.1% × Turnover: 0.85x × Leverage: 1x = ROE: 15.9%

✓ Company Strengths (Pros)

• Company is virtually debt-free with negligible balance sheet liabilities.
• Delivers solid shareholder returns with an ROE of 15.9%.

⚠ Key Considerations & Risks (Cons)

• Valuation is sensitive to broader macroeconomic and sectoral interest rate cycles.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹1.86 Lakh Cr

Latest PAT

₹59,756 Cr

EPS (TTM)

₹78.01

OPM %

34.8%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Operating Profit (EBITDA)	-₹21,402 Cr	-₹24,560 Cr	-₹24,929 Cr	-₹30,604 Cr	-₹29,387 Cr	-₹32,221 Cr	-₹33,510 Cr	-₹37,588 Cr	-₹31,991 Cr	-₹35,065 Cr	-₹37,154 Cr	-₹41,823 Cr	-₹35,318 Cr
OPM %	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Interest Expense	₹16,368 Cr	₹17,908 Cr	₹19,409 Cr	₹20,424 Cr	₹21,122 Cr	₹22,225 Cr	₹22,633 Cr	₹23,047 Cr	₹23,090 Cr	₹22,017 Cr	₹21,874 Cr	₹22,047 Cr	₹23,064 Cr
Depreciation	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Profit before Tax (PBT)	₹14,566 Cr	₹15,160 Cr	₹15,142 Cr	₹16,154 Cr	₹16,761 Cr	₹18,496 Cr	₹18,483 Cr	₹19,113 Cr	₹19,494 Cr	₹19,065 Cr	₹17,754 Cr	₹20,744 Cr	₹21,307 Cr
Net Profit (PAT)	₹11,014 Cr	₹11,351 Cr	₹11,515 Cr	₹12,200 Cr	₹12,463 Cr	₹13,906 Cr	₹13,847 Cr	₹14,354 Cr	₹14,456 Cr	₹14,318 Cr	₹13,481 Cr	₹15,681 Cr	₹16,276 Cr
EPS in ₹	₹15.20	₹15.56	₹15.76	₹16.62	₹16.62	₹18.38	₹18.25	₹18.96	₹19.00	₹18.70	₹17.53	₹20.61	₹21.52

Annual P&L (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Expenses	₹38,766 Cr	₹52,252 Cr	₹63,841 Cr	₹72,806 Cr	₹83,775 Cr	₹85,361 Cr	₹91,309 Cr	₹80,798 Cr	₹87,864 Cr	₹99,560 Cr	₹1.30 Lakh Cr	₹1.43 Lakh Cr	₹1.49 Lakh Cr
Operating Profit	-₹38,766 Cr	-₹52,252 Cr	-₹63,841 Cr	-₹72,806 Cr	-₹83,775 Cr	-₹85,361 Cr	-₹91,309 Cr	-₹80,798 Cr	-₹87,864 Cr	-₹99,560 Cr	-₹1.30 Lakh Cr	-₹1.43 Lakh Cr	-₹1.49 Lakh Cr
OPM %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Interest	₹32,318 Cr	₹33,996 Cr	₹34,836 Cr	₹34,262 Cr	₹39,178 Cr	₹44,666 Cr	₹42,659 Cr	₹41,167 Cr	₹50,543 Cr	₹74,108 Cr	₹89,028 Cr	₹89,029 Cr	₹89,002 Cr
Depreciation	₹798.00 Cr	₹843.00 Cr	₹912.00 Cr	₹922.00 Cr	₹946.00 Cr	₹1,171 Cr	₹1,340 Cr	₹1,330 Cr	₹1,515 Cr	₹1,935 Cr	₹2,627 Cr	₹3,061 Cr	₹0 Cr
Profit before Tax	₹18,334 Cr	₹14,304 Cr	₹13,809 Cr	₹10,978 Cr	₹7,408 Cr	₹18,589 Cr	₹26,028 Cr	₹34,241 Cr	₹46,256 Cr	₹60,434 Cr	₹72,854 Cr	₹77,057 Cr	₹78,870 Cr
Net Profit	₹12,942 Cr	₹10,927 Cr	₹11,340 Cr	₹9,100 Cr	₹5,689 Cr	₹11,225 Cr	₹20,364 Cr	₹26,538 Cr	₹35,461 Cr	₹46,081 Cr	₹54,569 Cr	₹57,936 Cr	₹59,756 Cr
EPS in Rs	19.20	15.92	15.90	12.00	6.60	14.78	26.58	36.14	48.74	63.02	71.65	75.71	78.36

Balance Sheet (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	₹1,160 Cr	₹1,163 Cr	₹1,165 Cr	₹1,286 Cr	₹1,289 Cr	₹1,295 Cr	₹1,383 Cr	₹1,390 Cr	₹1,397 Cr	₹1,405 Cr	₹1,425 Cr	₹1,432 Cr
Reserves & Surplus	₹83,545 Cr	₹92,948 Cr	₹1.03 Lakh Cr	₹1.09 Lakh Cr	₹1.13 Lakh Cr	₹1.22 Lakh Cr	₹1.56 Lakh Cr	₹1.81 Lakh Cr	₹2.13 Lakh Cr	₹2.55 Lakh Cr	₹3.12 Lakh Cr	₹3.62 Lakh Cr
Borrowings (Debt)	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Total Liabilities	₹8.26 Lakh Cr	₹9.19 Lakh Cr	₹9.86 Lakh Cr	₹11.24 Lakh Cr	₹12.39 Lakh Cr	₹13.77 Lakh Cr	₹15.74 Lakh Cr	₹17.53 Lakh Cr	₹19.58 Lakh Cr	₹23.64 Lakh Cr	₹26.42 Lakh Cr	₹29.14 Lakh Cr
Fixed Assets	₹5,871 Cr	₹8,713 Cr	₹9,338 Cr	₹9,465 Cr	₹9,660 Cr	₹10,409 Cr	₹10,809 Cr	₹10,707 Cr	₹11,070 Cr	₹15,714 Cr	₹24,272 Cr	₹27,970 Cr
Total Assets	₹8.26 Lakh Cr	₹9.19 Lakh Cr	₹9.86 Lakh Cr	₹11.24 Lakh Cr	₹12.39 Lakh Cr	₹13.77 Lakh Cr	₹15.74 Lakh Cr	₹17.53 Lakh Cr	₹19.58 Lakh Cr	₹23.64 Lakh Cr	₹26.42 Lakh Cr	₹29.14 Lakh Cr

Cash Flows (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operations (CFO)	-₹12,273 Cr	₹23,645 Cr	₹52,636 Cr	₹19,383 Cr	₹48,671 Cr	₹79,565 Cr	₹1.38 Lakh Cr	₹58,111 Cr	-₹3,771 Cr	₹1.57 Lakh Cr	₹1.23 Lakh Cr	₹67,325 Cr
Cash from Investing (CFI)	-₹13,175 Cr	-₹12,060 Cr	-₹1,711 Cr	-₹50,551 Cr	-₹30,282 Cr	-₹42,095 Cr	-₹63,631 Cr	-₹40,007 Cr	-₹67,689 Cr	-₹1.45 Lakh Cr	-₹77,140 Cr	-₹11,708 Cr
Cash from Financing (CFF)	₹24,827 Cr	₹5,814 Cr	-₹35,470 Cr	₹39,676 Cr	-₹19,997 Cr	₹2,992 Cr	-₹54,667 Cr	₹17,451 Cr	₹24,791 Cr	₹13,765 Cr	₹5,589 Cr	-₹4,661 Cr
Free Cash Flow (FCF)	-₹13,481 Cr	₹22,867 Cr	₹51,334 Cr	₹18,367 Cr	₹47,570 Cr	₹77,717 Cr	₹1.36 Lakh Cr	₹56,369 Cr	-₹5,951 Cr	₹1.54 Lakh Cr	₹1.18 Lakh Cr	₹63,778 Cr

Efficiency Ratios	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days (DSO)	30	30	30	30	30	30	30	30	30	30	30	30
Inventory Days	45	45	45	45	45	45	45	45	45	45	45	45
Cash Conversion Cycle (Days)	25	25	25	25	25	25	25	25	25	25	25	25
ROCE %	7.18%	7.18%	7.18%	7.18%	7.18%	7.18%	7.18%	7.18%	7.18%	7.18%	7.18%	7.18%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹1,191.43 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹1,571.60

DCF Fair Value

₹1,191.43

Graham Number

₹961.77

Margin of Safety

-30.8%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹1,191.43

Premium / Overvalued (Margin: -30.8%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹1,159	₹1,149	₹1,139	₹1,128
10%	₹1,181	₹1,170	₹1,160	₹1,149
12%	₹1,202	₹1,191	₹1,181	₹1,170
14%	₹1,224	₹1,213	₹1,202	₹1,191

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹1,191	Fairly Valued
Benjamin Graham Number	₹962	Market Priced
Historical Sector P/E	₹1,716	Discounted
EV / EBITDA Multiplier	₹1,650	In-Line
Free Cash Flow Yield Model	₹1,540	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 8/9 (Strong Financial Health)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

8 / 9 Pass

Altman Z-Score

5.73 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Debt/Equity: 0.00x (Safe)

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 34.8%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

0.00%

FIIs (Foreign)

33.79%

DIIs (Domestic)

42.32%

Government

0.15%

Public / Retail

23.68%

Swipe → to view historical quarters

Category	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
+ Promoters	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
+ FIIs (Foreign Portfolio)	44.39%	43.65%	44.77%	45.48%	46.22%	45.70%	45.83%	46.77%	45.56%	43.87%	34.48%	33.79%
+ DIIs (Mutual Funds / Insurance)	45.27%	46.00%	45.10%	44.45%	44.17%	44.95%	44.77%	43.91%	45.06%	46.74%	39.94%	42.32%
+ Public (Retail & HNIs)	10.09%	10.09%	9.84%	9.79%	9.34%	9.08%	9.12%	9.06%	9.11%	9.13%	25.36%	23.68%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Financial Services.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

ICICIBANK Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

ICICIBANK Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

ICICIBANK Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹2,011.65

Accelerated market share capture in Financial Services, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹1,760.19

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 17x P/E.

🐻 Bear Case (15%) -12.0%

₹1,383.01

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Financial Services)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 19:03 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ ICICI Bank Ltd (ICICIBANK)	Target Stock	₹1,571.60	-1.10%	16.8x	15.9%	7.2%	0.00	₹9.41 Lakh Cr
HDFC Bank Ltd (HDFCBANK)	Private Sector Bank	₹806.60	+1.06%	14.1x	13.6%	7.0%	0.00	₹11.12 Lakh Cr
State Bank of India (SBIN)	Public Sector Bank	₹1,061.20	+1.84%	10.5x	15.4%	6.1%	0.00	₹8.81 Lakh Cr
Bajaj Finance Ltd (BAJFINANCE)	Non-Banking Financial Company (NBFC)	₹1,078.80	+1.31%	28.8x	18.2%	10.9%	0.00	₹5.90 Lakh Cr
Kotak Mahindra Bank Ltd (KOTAKBANK)	Private Sector Bank	₹487.70	+1.71%	20.7x	11.4%	7.0%	0.00	₹4.14 Lakh Cr
Axis Bank Ltd (AXISBANK)	Private Sector Bank	₹1,336.40	+1.96%	13.6x	13.1%	6.2%	0.00	₹3.79 Lakh Cr
Bajaj Finserv Ltd (BAJAJFINSV)	Sector Peer	₹1,845.00	+0.44%	27.0x	13.2%	10.6%	5.52	₹2.78 Lakh Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	19:03:19 IST	✓ Live Sync
Financial Statements (10Y)	ICICI Bank Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

ICICI Bank Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About ICICI Bank Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Financial Services)

Metric Explainer

Stock DNA Methodology

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