ICICI Bank Limited (ICICIBANK) Fair Value & Analysis
Financial Services · IN · Market cap ₹10.2T (≈ $108B) · ISIN INE090A01021
What is ICICI Bank Limited really worth?
A solid business, but trading 70% above our fair value of ₹835.21.
Strengths
Risks
For context
Fair value as of: Aug 27, 2026
From 6 valuation models · updated 8 days ago
Share price −1.9% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (₹1,044). The favourable scenario is already priced in.
- Solid but not exceptional quality (56/100) 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 Aug 27, 2026.
How to read this chart
60‑month range ₹598.30 – ₹1,477 · fair‑value band ₹626.41 – ₹1,044 · the ₹1,423 price screens above the ₹835.21 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.
Analysis
ICICI Bank Limited (ICICIBANK) currently trades at ₹1,423, while our model-based Fair Value estimate is ₹835.21, implying the stock looks roughly 70.4% overvalued today. The Quality Score stands at 56/100 (solid quality), in the Financial Services sector. Bull case: the Economic Profit group reads highest at a median of ₹714.86 per share, and 0 of the 6 models we run sit above the ₹1,423 price. Bear case: the Dividend Discount group reads lowest at ₹188.33, and 6 of the 6 models stay below the price. Evidence for this calculation is 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 Aug 27, 2026
Our scenario range runs from ₹626.41 (bear case) to ₹1,044 (bull case); at ₹1,423, 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 4% below its 52-week high and 20% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at −41%, ICICIBANK screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹27.16 per share, which is 3.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 6 models by family
Widest divergence: Economic Profit (₹714.86) versus Dividend Discount (₹188.33). Highest evidence: DDM Multi-Stage (66).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 55 · Market factors (momentum, volatility) 65
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
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.
of which total revenue +11.9 % · buybacks/dilution −1.2 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
ICICIBANK screens 70% overvalued. Compare with DBS Group →
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
- Is ICICI Bank Limited (IBN) The Best Deep Value Stock to Invest in?
- Indian shares set to open higher after strong quarterly results from HDFC Bank, ICICI
- India's ICICI Bank profit beats estimates on strong loan growth, lower provisions
Peer Group
Banks - Regional · 1071 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
Strength profile in five axes (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.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| DBS Group D05 | 75.65 SGD | 40.48 SGD | −46% |
| China Merchants Bank Co 3968 | HK$47.96 | HK$76.51 | +60% |
| Intesa Sanpaolo S.p.A ISP | €6.78 | €5.66 | −17% |
| HDFC Bank Limited HDB | $23.17 | $24.12 | +4% |
| BNP Paribas SA BNP | €102.56 | €144.64 | +41% |
| UniCredit S.p.A UCG | €84.71 | €77.62 | −8% |
| Mizuho Financial Group MFG | $10.74 | $9.69 | −10% |
| Oversea-Chinese Banking Corporation O39 | 31.07 SGD | 19.80 SGD | −36% |
| CaixaBank, S.A CABK | €13.52 | €8.85 | −35% |
| The PNC Financial Services Group PNC | $242.22 | $192.40 | −21% |
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