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Last Updated: April 2, 2026, 3:04 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532174 | NSE: ICICIBANK

ICICI Bank Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,147.01Fairly Valued by 5.44%vs CMP ₹1,213.00

P/E (16.4) × ROE (17.9%) × BV (₹484.00) × DY (0.91%)

₹916.99Overvalued by 24.40%vs CMP ₹1,213.00
MoS: -32.3% (Negative)Confidence: 50/100 (Moderate)Models: 1 Under, 1 Fair, 5 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹1,324.4627%Fair (+9.2%)
Graham NumberEarnings₹898.8519%Over (-25.9%)
Earnings PowerEarnings₹532.3113%Over (-56.1%)
DCFCash Flow₹1,631.2413%Under (+34.5%)
Net Asset ValueAssets₹465.529%Over (-61.6%)
EV/EBITDAEnterprise₹36.7011%Over (-97%)
Earnings YieldEarnings₹741.909%Over (-38.8%)
Consensus (7 models)₹916.99100%Overvalued
Key Drivers: Wide model spread (₹37–₹1,631) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 15.5%

*Investments are subject to market risks

Investment Snapshot

56
ICICI Bank Ltd scores 56/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health62/100 · Moderate
ROCE 7.9% WeakROE 17.9% GoodD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -1.96% (6mo) SellingDII holding up 1.97% MF buying
Earnings Quality50/100 · Moderate
Quarterly Momentum58/100 · Moderate
Profit (4Q): +8% YoY Positive
Industry Rank60/100 · Moderate
P/E 16.4 vs industry 15.0 In-lineROCE 7.9% vs industry 6.8% AverageROE 17.9% vs industry 11.8% Above peers

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:04 am

Market Cap 8,68,307 Cr.
Current Price 1,213
Intrinsic Value₹916.99
High / Low 1,500/1,200
Stock P/E16.4
Book Value 484
Dividend Yield0.91 %
ROCE7.87 %
ROE17.9 %
Face Value 2.00
PEG Ratio1.06

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for ICICI Bank Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
ICICI Bank Ltd 8,68,307 Cr. 1,213 1,500/1,20016.4 4840.91 %7.87 %17.9 % 2.00
HDFC Bank Ltd 11,42,573 Cr. 742 1,020/72715.3 3641.48 %7.51 %14.4 % 1.00
Axis Bank Ltd 3,70,836 Cr. 1,193 1,418/1,03214.1 6620.08 %7.11 %16.3 % 2.00
Kotak Mahindra Bank Ltd 3,54,144 Cr. 356 460/35218.8 1690.14 %8.17 %15.4 % 1.00
Federal Bank Ltd 65,944 Cr. 268 302/18316.1 1470.45 %7.03 %12.9 % 2.00
Industry Average135,761.26 Cr305.6715.04214.170.61%6.84%11.80%6.30

All Competitor Stocks of ICICI Bank Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue31,61934,43937,10638,93840,86542,60744,58246,32647,03748,38749,08048,18148,364
Interest 12,97814,47916,36817,90819,40920,42421,12222,22522,63323,04723,09022,01721,874
Expenses 22,94625,95921,40224,56024,92930,60429,38732,22133,51037,58831,99135,06537,154
Financing Profit-4,305-6,000-663-3,530-3,473-8,421-5,927-8,120-9,106-12,248-6,002-8,901-10,664
Financing Margin %-14%-17%-2%-9%-8%-20%-13%-18%-19%-25%-12%-18%-22%
Other Income 16,47019,73515,22918,69018,61524,57522,68826,61727,58931,36125,49627,96628,418
Depreciation 0000000000000
Profit before tax 12,16513,73514,56615,16015,14216,15416,76118,49618,48319,11319,49419,06517,754
Tax % 25%25%24%25%26%26%26%25%25%25%26%25%24%
Net Profit 9,16610,23611,01411,35111,51512,20012,46313,90613,84714,35414,45614,31813,481
EPS in Rs 12.6014.1115.2015.5615.7616.6216.6218.3818.2518.9619.0018.7017.53
Gross NPA %
Net NPA %

Last Updated: February 5, 2026, 3:39 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 11:16 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue49,47954,96459,29460,94062,16271,98284,83689,16395,407121,067159,516186,331194,012
Interest 29,71132,31833,99634,83634,26239,17844,66642,65941,16750,54374,10889,02890,029
Expenses 32,85238,76652,25263,84172,80683,77585,36191,30980,79887,86499,560130,078141,798
Financing Profit-13,084-16,120-26,955-37,737-44,906-50,971-45,190-44,805-26,558-17,341-14,152-32,775-37,815
Financing Margin %-26%-29%-45%-62%-72%-71%-53%-50%-28%-14%-9%-18%-19%
Other Income 30,08535,25242,10252,45856,80759,32564,95072,17462,12965,11276,522108,255113,241
Depreciation 7197988439129229461,1711,3401,3301,5151,9352,6270
Profit before tax 16,28218,33414,30413,80910,9787,40818,58926,02834,24146,25660,43472,85475,426
Tax % 28%29%24%18%17%23%40%22%25%26%26%25%
Net Profit 11,67712,94210,92711,3409,1005,68911,22520,36426,53835,46146,08154,56956,609
EPS in Rs 17.3819.2015.9215.9012.006.6014.7826.5836.1448.7463.0271.6574.19
Dividend Payout % 24%24%29%14%12%15%0%8%14%16%16%15%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)10.83%-15.57%3.78%-19.75%-37.48%97.31%81.42%30.32%33.62%29.95%18.42%
Change in YoY Net Profit Growth (%)0.00%-26.40%19.35%-23.53%-17.73%134.79%-15.89%-51.10%3.31%-3.68%-11.53%

ICICI Bank Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:13%
5 Years:17%
3 Years:25%
TTM:14%
Compounded Profit Growth
10 Years:15%
5 Years:40%
3 Years:27%
TTM:17%
Stock Price CAGR
10 Years:19%
5 Years:30%
3 Years:17%
1 Year:14%
Return on Equity
10 Years:14%
5 Years:17%
3 Years:18%
Last Year:18%

Last Updated: September 5, 2025, 6:35 am

Balance Sheet

Last Updated: December 4, 2025, 1:23 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 1,1551,1601,1631,1651,2861,2891,2951,3831,3901,3971,4051,4251,429
Reserves 75,27583,54592,948103,467109,344112,964121,665156,204180,663213,101254,739312,481331,807
Deposits441,459478,042482,401530,204585,796681,317800,784959,9401,091,3661,210,8321,443,5801,641,6371,645,865
Borrowing101,596119,165189,054170,670229,402210,324213,852143,900161,603189,062207,428218,883215,240
Other Liabilities 128,278144,167153,190180,219198,453232,899239,696312,385317,616344,099456,911467,815492,145
Total Liabilities 747,762826,079918,756985,7251,124,2811,238,7941,377,2921,573,8121,752,6371,958,4902,364,0632,642,2412,686,485
Fixed Assets 5,5075,8718,7139,3389,4659,66010,40910,80910,70711,07015,71424,27216,562
CWIP 0000000000000
Investments 267,609274,311286,044304,373372,208398,201443,473536,579567,098639,552827,163886,377899,798
Other Assets 474,646545,897623,999672,013742,608830,933923,4111,026,4241,174,8331,307,8681,521,1861,731,5931,770,125
Total Assets 747,762826,079918,756985,7251,124,2811,238,7941,377,2921,573,8121,752,6371,958,4902,364,0632,642,2412,686,485

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 6,765-12,27323,64552,63619,38348,67179,565138,01558,111-3,771157,284122,805
Cash from Investing Activity + -15,750-13,175-12,060-1,711-50,551-30,282-42,095-63,631-40,007-67,689-144,737-77,140
Cash from Financing Activity + 7,87224,8275,814-35,47039,676-19,9972,992-54,66717,45124,79113,7655,589
Net Cash Flow -1,113-62117,39915,4558,508-1,60840,46219,71835,555-46,66926,31251,255
Free Cash Flow 6,133-13,48122,86751,33418,36747,57077,717136,33956,369-5,951153,676118,100
CFO/OP 69%-43%428%-2,018%-224%-484%-15,611%-6,609%432%21%285%251%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-409.00-440.00-430.00-467.00-513.00-598.00-715.00-868.0079.0086.0098.00129.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
ROE % 15%15%11%10%7%4%8%13%15%17%19%18%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
FIIs 44.16%44.53%44.39%43.65%44.77%45.48%46.22%45.70%45.83%46.77%45.56%43.87%
DIIs 45.11%45.00%45.27%46.00%45.10%44.45%44.17%44.95%44.77%43.91%45.06%46.74%
Government 0.24%0.25%0.26%0.27%0.28%0.28%0.27%0.27%0.27%0.27%0.27%0.27%
Public 10.48%10.22%10.09%10.09%9.84%9.79%9.34%9.08%9.12%9.06%9.11%9.13%
No. of Shareholders 18,33,99417,68,79517,90,87918,02,20717,85,57218,03,05118,12,90718,45,31119,02,50318,75,92420,20,38221,39,595

Shareholding Pattern Chart

No. of Shareholders

ICICI Bank Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Flexi Cap Fund 64,000,000 8.9 867261,000,0002025-12-15 06:13:354.92%
Parag Parikh Flexi Cap Fund 49,325,234 4.99 6683.5745,308,5982026-01-25 08:10:578.87%
ICICI Prudential Large Cap Fund 47,426,976 8.38 6426.3647,370,6682026-01-25 13:12:000.12%
ICICI Prudential Value Fund 38,278,164 8.59 5186.6933,523,2272025-12-14 00:45:1114.18%
SBI Large Cap Fund 32,850,000 8.12 4451.1829,000,0002026-02-23 03:29:4913.28%
HDFC Balanced Advantage Fund 32,244,463 4.09 4369.1234,763,7632026-02-23 03:58:27-7.25%
HDFC Large Cap Fund 27,215,474 9.31 3687.726,015,4742025-12-15 07:45:204.61%
Mirae Asset Large Cap Fund 24,744,264 8.31 3352.8524,579,2822025-12-14 00:45:110.67%
Nippon India Large Cap Fund 23,677,945 6.4 3208.36N/AN/AN/A
ICICI Prudential Multi Asset Fund 23,271,875 3.9 3153.3418,956,8002025-12-08 07:47:0622.76%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
Face Value2.002.002.002.002.00
Basic EPS (Rs.) 72.4163.1948.8636.2127.26
Diluted EPS (Rs.) 71.1461.9647.8435.4426.83
Cash EPS (Rs.) 80.0966.8451.5239.0131.17
Book Value[Excl.RevalReserv]/Share (Rs.) 435.39360.27302.71257.31223.31
Book Value[Incl.RevalReserv]/Share (Rs.) 440.69364.70307.13261.95227.82
Operating Revenue / Share (Rs.)261.59227.12173.35137.28128.90
Net Profit / Share (Rs.) 76.4064.0849.3537.1029.23
Net Profit After MI / Share (Rs.)71.6463.0148.7436.1326.58
Net Profit Margin (%) 29.2028.2128.4627.0222.67
Net Profit After MI And SOA Nargin (%)27.3827.7428.1126.3120.61
Operating Profit Margin (%)26.4727.7925.4022.1517.05
Return On Assets (%) 1.931.871.731.431.16
Return On Equity / Networth (%)16.4517.4916.1014.0411.90
Net Interest Margin (X)3.683.613.603.092.95
Cost To Income (%)62.1760.3860.7762.8664.34
Interest Income / Total Assets (%)7.056.746.185.445.66
Non-Interest Income / Total Assets (%)4.093.233.323.544.57
Operating Profit / Total Assets (%)-2.03-1.33-1.56-2.07-3.29
Operating Expenses / Total Assets (%)4.834.134.204.174.84
Interest Expenses / Total Assets (%)3.363.132.582.342.71
Enterprise Value (Rs.Cr.)2700743.502330723.671943870.531700251.181459591.40
EV Per Net Sales (X)14.4914.6116.0617.8216.37
Price To Book Value (X)3.103.042.902.842.60
Price To Sales (X)5.154.825.065.324.51
Retention Ratios (%) 86.2087.3489.7794.48100.00
Earnings Yield (X)0.050.050.050.040.04

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

ICICI Bank Ltd. is a Public Limited Listed company incorporated on 05/01/1994 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L65190GJ1994PLC021012 and registration number is 021012. Currently Company is involved in the business activities of Monetary intermediation of commercial banks, saving banks. postal savings bank and discount houses. Company's Total Operating Revenue is Rs. 163263.78 Cr. and Equity Capital is Rs. 1424.60 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Finance - Banks - Private SectorICICI Bank Tower, Near Chakli Circle, Vadodra Gujarat 390007Contact not found
Management
NamePosition Held
Mr. Pradeep Kumar SinhaNon Exe.Part Time Chairman
Mr. Sandeep BakhshiManaging Director & CEO
Mr. Rakesh JhaExecutive Director
Mr. Sandeep BatraExecutive Director
Mr. Ajay Kumar GuptaExecutive Director
Mr. S MadhavanIndependent Director
Mr. Radhakrishnan NairIndependent Director
Mr. B SriramIndependent Director
Ms. Vibha Paul RishiIndependent Director
Ms. Neelam DhawanIndependent Director
Mr. Rohit BhasinIndependent Director
Mr. Punit SoodIndependent Director

FAQ

What is the intrinsic value of ICICI Bank Ltd and is it undervalued?

As of 14 April 2026, ICICI Bank Ltd's intrinsic value is ₹916.99, which is 24.40% lower than the current market price of ₹1,213.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (17.9 %), book value (₹484), dividend yield (0.91 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of ICICI Bank Ltd?

ICICI Bank Ltd is trading at ₹1,213.00 as of 14 April 2026, with a FY2026-2027 high of ₹1,500 and low of ₹1,200. The stock is currently near its 52-week low. Market cap stands at ₹8,68,307 Cr..

How does ICICI Bank Ltd's P/E ratio compare to its industry?

ICICI Bank Ltd has a P/E ratio of 16.4, which is above the industry average of 15.04. The premium over industry average may reflect growth expectations or speculative interest.

Is ICICI Bank Ltd financially healthy?

Key indicators for ICICI Bank Ltd: ROCE of 7.87 % is on the lower side compared to the industry average of 6.84%; ROE of 17.9 % shows strong shareholder returns. Dividend yield is 0.91 %.

Is ICICI Bank Ltd profitable and how is the profit trend?

ICICI Bank Ltd reported a net profit of ₹54,569 Cr in Mar 2025 on revenue of ₹186,331 Cr. Compared to ₹26,538 Cr in Mar 2022, the net profit shows an improving trend.

Does ICICI Bank Ltd pay dividends?

ICICI Bank Ltd has a dividend yield of 0.91 % at the current price of ₹1,213.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in ICICI Bank Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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