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Last Updated: March 23, 2026, 2:34 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 541179 | NSE: ISEC

ICICI Securities Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,008.94Undervalued by 12.60%vs CMP ₹896.00

P/E (17.4) × ROE (41.8%) × BV (₹170.00) × DY (2.00%)

₹1,094.48Undervalued by 22.15%vs CMP ₹896.00
MoS: +18.1% (Adequate)Confidence: 50/100 (Moderate)Models: 2 Under, 5 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹1,046.4229%Under (+16.8%)
Graham NumberEarnings₹443.4421%Over (-50.5%)
Net Asset ValueAssets₹170.329%Over (-81%)
EV/EBITDAEnterprise₹383.9612%Over (-57.1%)
Earnings YieldEarnings₹514.109%Over (-42.6%)
ROCE CapitalReturns₹4,782.0912%Under (+433.7%)
Revenue MultipleRevenue₹292.097%Over (-67.4%)
Consensus (7 models)₹1,094.48100%Undervalued
Key Drivers: Wide model spread (₹170–₹4,782) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 3.7%

*Investments are subject to market risks

Analyst Summary

ICICI Securities Ltd operates in the Finance & Investments segment, NSE: ISEC | BSE: 541179, current market price is ₹896.00, market cap is 29,149 Cr.. At a glance, stock P/E is 17.4, ROE is 41.8 %, ROCE is 18.2 %, book value is 170, dividend yield is 0.00 %. The latest intrinsic value estimate is ₹1,094.48, which is about 22.2% above the current price, so the page currently reads as potentially undervalued rather than fully priced. On operating trend, latest reported sales are about ₹6,335 Cr versus the prior period change of 25.5%, while latest net profit is about ₹1,941 Cr with a prior-period change of 14.4%. This analysis page also carries profit and loss, shareholding pattern, ratio panels, mutual fund holdings data, which improves the depth of the template beyond a thin price-only snapshot. The 52-week range shown on this page is /, which helps frame where the current quote sits within its recent trading band. Business context: Fundamental Analysis of ICICI Securities LtdICICI Securities Ltd. is a Public Limited Listed company incorporated on 09/03/1995 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L67120MH1995PLC086241 and registration number is 086241. Currently Company i…

This summary is generated from the stock page data available for ICICI Securities Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

60
ICICI Securities Ltd scores 60/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health62/100 · Moderate
ROCE 18.2% GoodROE 41.8% ExcellentD/E 1.93 High debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money75/100 · Strong
FII holding up 0.74% (6mo) Slight increaseDII holding up 1.11% MF buyingPromoter holding at 74.4% Stable
Earnings Quality65/100 · Strong
OPM expanding (63% → 69%) Improving
Quarterly Momentum25/100 · Weak
Revenue (4Q): -11% YoY DecliningProfit (4Q): -20% YoY Declining
Industry Rank85/100 · Strong
P/E 17.4 vs industry 98.5 Cheaper than peersROCE 18.2% vs industry 21.7% AverageROE 41.8% vs industry 14.2% Above peers3Y sales CAGR: 23% High growth

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: March 23, 2026, 2:34 am

Market Cap 29,149 Cr.
Current Price 896
Intrinsic Value₹1,094.48
High / Low /
Stock P/E17.4
Book Value 170
Dividend Yield0.00 %
ROCE18.2 %
ROE41.8 %
Face Value 5.00
PEG Ratio4.68

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

View Share Price Target for ICICI Securities Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
ICICI Securities Ltd 29,149 Cr. 896 /17.4 1700.00 %18.2 %41.8 % 5.00
Tata Investment Corporation Ltd 29,199 Cr. 577 1,185/53971.6 6280.47 %1.21 %1.02 % 1.00
Anand Rathi Wealth Ltd 25,858 Cr. 3,115 3,324/1,60071.5 1000.34 %54.0 %42.7 % 5.00
360 ONE WAM Ltd 38,707 Cr. 953 1,274/76632.9 2311.26 %14.9 %20.6 % 1.00
Mahindra & Mahindra Financial Services Ltd 40,267 Cr. 290 412/23216.3 1782.24 %8.77 %10.9 % 2.00
Industry Average6,725.79 Cr1,029.6498.514,364.490.43%21.71%14.20%7.23

All Competitor Stocks of ICICI Securities Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 8798859341,2491,3231,5431,6411,7071,5861,3981,4091,4221,555
Expenses 330337363439412464506539417412440405432
Operating Profit 5495485718109111,0791,1351,1681,1699869691,0171,123
OPM % 62%62%61%65%69%70%69%68%74%71%69%72%72%
Other Income 100-01130-0-1211
Interest 153175185215261327394419454433406406448
Depreciation 19212226273437393943404140
Profit before tax 377353364569624720708711676510526572637
Tax % 26%26%26%26%25%25%26%26%25%25%26%26%25%
Net Profit 281263271424466537527529504381391425475
EPS in Rs 8.708.148.3913.1114.4116.5916.2816.3315.5211.7212.0313.0714.59

Last Updated: February 5, 2026, 3:06 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
Sales 8121,2101,1251,4031,8611,7251,7212,5863,4353,4225,0496,3355,785
Expenses 6347117078389429128239931,2501,3131,6781,8601,690
Operating Profit 1784994175669198138981,5932,1852,1093,3724,4754,095
OPM % 22%41%37%40%49%47%52%62%64%62%67%71%71%
Other Income -0-2-11-213-1442-144
Interest 253126295042861072745369871,6991,693
Depreciation 13161615151561546375109157163
Profit before tax 1404503745228527577531,4311,8531,5012,2782,6052,244
Tax % 36%35%36%35%35%35%28%25%25%26%26%25%
Net Profit 892942393395534915421,0681,3831,1181,6971,9411,672
EPS in Rs 1.113.652.964.2017.1815.2416.8333.1442.8434.6152.4659.7051.41
Dividend Payout % 45%55%67%61%32%62%65%65%56%55%55%30%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)230.34%-18.71%41.84%63.13%-11.21%10.39%97.05%29.49%-19.16%51.79%14.38%
Change in YoY Net Profit Growth (%)0.00%-249.04%60.55%21.29%-74.34%21.60%86.66%-67.55%-48.66%70.95%-37.41%

ICICI Securities 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:18%
5 Years:30%
3 Years:23%
TTM:6%
Compounded Profit Growth
10 Years:21%
5 Years:29%
3 Years:12%
TTM:-8%
Stock Price CAGR
10 Years:%
5 Years:13%
3 Years:22%
1 Year:7%
Return on Equity
10 Years:52%
5 Years:50%
3 Years:45%
Last Year:42%

Last Updated: September 5, 2025, 6:45 am

Balance Sheet

Last Updated: December 10, 2025, 2:49 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 161161161161161161161161161161162121121
Reserves 881912373296878861,0481,6612,2692,6913,7615,3015,420
Borrowings 3172271733956774521,6573,6307,8469,40816,88721,08324,565
Other Liabilities 1,0067848261,1621,3493,1651,5762,7293,3703,3084,8143,5433,287
Total Liabilities 1,5731,3631,3972,0472,8744,6654,4438,18113,64615,56925,62330,04833,393
Fixed Assets 353535353844198161184258529663682
CWIP 24234488143130170
Investments 10011243246925492440632145
Other Assets 1,4361,3231,3582,0082,8284,6144,2347,54313,19514,35624,65829,04832,666
Total Assets 1,5731,3631,3972,0472,8744,6654,4438,18113,64615,56925,62330,04833,393

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 165712,289-1,878-1,610-2,597-674-5,621-1,779
Cash from Investing Activity + -17-21-21-23-40-69-125-257-208
Cash from Financing Activity + -546-5615591,4173,1302665,7151,972
Net Cash Flow 94561,707-1,342-233464-533-163-15
Free Cash Flow 150492,268-1,901-1,650-2,661-799-5,878-1,987
CFO/OP 64%43%315%-186%-80%-98%-14%-152%-25%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-139.00272.00244.00171.00242.00361.00897.00-2.00-5.00-7.00-13.00-17.00

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
Debtor Days 242529518561101196541836940
Inventory Days
Days Payable
Cash Conversion Cycle 242529518561101196541836940
Working Capital Days -277-194-73-154-284-555-399-285-286-235-244-135
ROCE %31%84%70%76%75%53%38%37%27%18%20%18%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024
Promoters 74.89%74.87%74.86%74.85%74.85%74.83%74.79%74.77%74.74%74.65%74.58%74.35%
FIIs 7.32%7.10%7.43%7.77%8.75%9.48%10.06%10.33%10.43%9.31%10.45%11.17%
DIIs 7.08%6.75%6.24%5.82%5.06%5.08%6.20%6.35%7.38%10.02%9.06%8.49%
Public 10.71%11.28%11.47%11.56%11.35%10.60%8.93%8.55%7.44%6.02%5.88%6.00%
No. of Shareholders 1,86,8751,93,2951,91,5091,76,5741,72,7881,65,9231,38,5631,30,7341,25,3071,29,8651,16,3421,18,829

Shareholding Pattern Chart

No. of Shareholders

ICICI Securities 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
Kotak ELSS Tax Saver Fund 2,545,156 3.42 222.172,545,1562025-04-22 15:56:570%
Kotak Multicap Fund 1,977,212 1.12 172.591,977,2122025-04-22 15:56:570%
WhiteOak Capital Flexi Cap Fund 1,562,465 3.22 136.391,562,4652025-04-22 15:56:570%
Kotak Equity Savings Fund - Regular Plan 905,916 1.03 79.08905,9162025-04-22 15:56:570%
Kotak Multi Asset Allocation Fund 696,597 0.8 60.81696,5972025-04-22 15:56:570%
Sundaram Multi Asset Allocation Fund 520,394 1.85 45.43520,3942025-04-22 17:25:320%
Whiteoak Capital Large & Mid Cap Fund 488,294 2.81 42.62488,2942025-04-22 17:25:320%
Sundaram Financial Services Opportunities Fund 483,829 2.82 42.23483,8292025-04-22 17:25:320%
Sundaram Financial Services Opportunities Fund - Institutional Plan 483,829 2.82 42.23483,8292025-04-22 17:25:320%
Axis Small Cap Fund 436,388 0.15 38.09436,3882025-04-22 17:25:320%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 5.005.005.005.005.00
Basic EPS (Rs.) 60.2052.5134.6242.8633.14
Diluted EPS (Rs.) 59.7652.2234.5442.6933.08
Cash EPS (Rs.) 86.8355.8436.9444.7834.82
Book Value[Excl.RevalReserv]/Share (Rs.) 224.37121.3088.3575.3256.54
Book Value[Incl.RevalReserv]/Share (Rs.) 224.37121.3088.3575.3256.54
Revenue From Operations / Share (Rs.) 262.01156.15105.80106.4580.26
PBDIT / Share (Rs.) 184.60104.3265.4367.8449.41
PBIT / Share (Rs.) 178.11100.9563.1065.9047.73
PBT / Share (Rs.) 107.8170.4346.4957.4244.40
Net Profit / Share (Rs.) 80.3452.4734.6242.8533.14
NP After MI And SOA / Share (Rs.) 80.3452.4734.6242.8533.14
PBDIT Margin (%) 70.4566.8161.8463.7261.56
PBIT Margin (%) 67.9764.6559.6461.9059.47
PBT Margin (%) 41.1445.1043.9453.9355.32
Net Profit Margin (%) 30.6633.6032.7140.2541.28
NP After MI And SOA Margin (%) 30.6633.6032.7140.2541.28
Return on Networth / Equity (%) 35.8043.2539.1856.8858.60
Return on Capital Employeed (%) 70.5170.3759.5469.2462.01
Return On Assets (%) 6.466.627.1710.1313.05
Total Debt / Equity (X) 3.844.263.263.191.93
Asset Turnover Ratio (%) 0.220.240.230.310.41
Current Ratio (X) 1.221.181.241.251.37
Quick Ratio (X) 1.211.161.161.231.28
Inventory Turnover Ratio (X) 19.030.000.000.000.00
Dividend Payout Ratio (NP) (%) 28.3140.4664.9857.7444.50
Dividend Payout Ratio (CP) (%) 26.1938.0260.8955.2442.35
Earning Retention Ratio (%) 71.6959.5435.0242.2655.50
Cash Earning Retention Ratio (%) 73.8161.9839.1144.7657.65
Interest Coverage Ratio (X) 2.633.423.948.0014.84
Interest Coverage Ratio (Post Tax) (X) 2.142.723.086.0510.95
Enterprise Value (Cr.) 0.0028903.4516313.1122186.3811938.86
EV / Net Operating Revenue (X) 0.005.724.786.464.62
EV / EBITDA (X) 0.008.577.7210.147.50
MarketCap / Net Operating Revenue (X) 0.004.654.045.844.75
Retention Ratios (%) 71.6859.5335.0142.2555.49
Price / BV (X) 0.005.984.848.256.75
Price / Net Operating Revenue (X) 0.004.654.045.844.75
EarningsYield 0.000.070.080.060.08

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fundamental Analysis of ICICI Securities Ltd

ICICI Securities Ltd. is a Public Limited Listed company incorporated on 09/03/1995 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L67120MH1995PLC086241 and registration number is 086241. Currently Company is involved in the business activities of Security and commodity contracts brokerage. Company’s Total Operating Revenue is Rs. 3434.56 Cr. and Equity Capital is Rs. 161.34 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Finance & InvestmentsICICI Venture House, Appasaheb Marathe Marg, Mumbai Maharashtra 400025investors@icicisecurities.com
http://www.icicisecurities.com
Management
NamePosition Held
Mr. Vinod Kumar DhallChairman & Ind.Director
Mr. Vijay ChandokManaging Director & CEO
Mr. Ajay SarafExecutive Director
Mr. Ashvin ParekhIndependent Director
Mr. Subrata MukherjiIndependent Director
Ms. Vijayalakshmi IyerIndependent Director
Mr. Anup BagchiNon Executive Director
Mr. Prasanna BalachanderNon Executive Director
Mr. Gopichand KatragaddaIndependent Director
Mr. Rakesh JhaNon Executive Director

ICICI Securities Ltd. Share Price Update

Share PriceValue
Today₹721.45
Previous Day₹729.90

FAQ

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

As of 20 April 2026, ICICI Securities Ltd's intrinsic value is ₹1094.48, which is 22.15% higher than the current market price of ₹896.00, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (41.8 %), book value (₹170), dividend yield (0.00 %), and 5-year EPS CAGR.

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

ICICI Securities Ltd is trading at ₹896.00 as of 20 April 2026, with a FY2026-2027 high of ₹ and low of ₹. Market cap stands at ₹29,149 Cr..

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

ICICI Securities Ltd has a P/E ratio of 17.4, which is below the industry average of 98.51. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is ICICI Securities Ltd financially healthy?

Key indicators for ICICI Securities Ltd: ROCE of 18.2 % indicates efficient capital utilization; ROE of 41.8 % shows strong shareholder returns. Dividend yield is 0.00 %.

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

ICICI Securities Ltd reported a net profit of ₹1,941 Cr in Mar 2025 on revenue of ₹6,335 Cr. Compared to ₹1,383 Cr in Mar 2022, the net profit shows an improving trend.

Does ICICI Securities Ltd pay dividends?

ICICI Securities Ltd has a dividend yield of 0.00 % at the current price of ₹896.00. The company is currently not paying meaningful dividends.

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 Securities 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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