ICICI Bank Limited (ICICIBANK) Fair Value & Analysis

Financial Services · IN · Market cap ₹10.2T

A solid business, but screening 33% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (₹1,228). The favourable scenario is already priced in.
• Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
• For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range ₹520.88 – ₹1,477 · fair‑value band ₹736.81 – ₹1,228 · the ₹1,458 price screens above the ₹982.41 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

Full chart & analysis →

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Analysis

ICICI Bank Limited (ICICIBANK) currently trades at ₹1,458, while our model-based Fair Value estimate is ₹982.41, implying the stock looks roughly 32.6% overvalued today. We read business quality at 61/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, ICICI Bank Limited generated revenue of ₹2.2T at a net margin of 24.9%. Revenue grew 66.9% year over year. It earns a return on equity of 16.4%. The balance sheet holds a net cash position of ₹447B. Fundamentals as of Jul 17, 2026

Our scenario range runs from ₹736.81 (bear case) to ₹1,228 (bull case); at ₹1,458, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 2% below its 52-week high and 23% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 42% fair-value upside, at -33%, ICICIBANK screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: DCF Models (₹2,436) versus Dividend Discount (₹188.33). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

ICICI Bank Limited, together with its subsidiaries, engages in the provision of various banking and financial services to retail and corporate customers in India and internationally. The company operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, General Insurance, and Others segments.

Full company description

ICICI Bank Limited, together with its subsidiaries, engages in the provision of various banking and financial services to retail and corporate customers in India and internationally. The company operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, General Insurance, and Others segments. It offers savings, salary, pension, current, trade, escrow, foreign currency, and vostro accounts, as well as time, fixed, recurring, and security deposits. The company also provides home, car, two-wheeler, personal, education, gold, and commercial business loans, as well as loans against securities, shares, mutual funds, and property; working capital finance, term loans, collateral free loans, loans without financials, finance for importers and exporters, and overdraft facilities, as well as loans for new entities and card swipes; and credit, debit, prepaid, travel, forex, and corporate cards. In addition, it offers pockets wallet; fixed income products; investment products, such as mutual funds, gold monetization schemes, initial public offerings, and other online investment services; and agri and rural business, farmer finance, tractor loans, and micro banking services. Further, the company provides portfolio management, trade, foreign exchange, locker, private and NRI banking, and cash management services; family wealth and demat accounts; commercial and investment banking, capital market, custodial, and institutional banking services; general, life health, personal accident, fire, travel, and motor insurance products; and internet, mobile, and phone banking services. Additionally, it offers securities investment, broking, trading, and underwriting services; and merchant banking, trusteeship, housing finance, pension fund management, asset management, investment advisory, points of presence, and private equity/venture capital fund management services. The company was founded in 1955 and is headquartered in Mumbai, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

ICICI Bank Limited reported revenue of ₹3.1T in FY2026 versus ₹1.2T in FY2022, a compound +28.0%/yr. Reported net income was ₹542B in FY2026, compounding +21.2%/yr from FY2022.

ICICIBANK screens 33% overvalued. Compare with PT Bank Central Asia Tbk →

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

• ICICI Bank Ltd (IBN) Joins TPG to Acquire Aseem Infrastructure Yahoo Finance · Jul 13, 2026
• Is ICICI Bank Limited (IBN) The Best Deep Value Stock to Invest in? Yahoo Finance · Jun 11, 2026
• Indian shares set to open higher after strong quarterly results from HDFC Bank, ICICI Sg · Apr 20, 2026
• India's ICICI Bank profit beats estimates on strong loan growth, lower provisions Sg · Apr 18, 2026

Peer Group

Banks - Regional · 1082 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Banks - Regional median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0: the price sits above our fair-value range.

Insider activity: 45/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.