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ICICI Bank

ICICIBANK · Regional Banks · INE090A01021

Analyst mean 1.41 · 39 analysts · 51% bullish
₹1,437.90
Close 2026-07-31 · Moderate risk

Reading the Statements forensic interpretation

What the numbers mean when read together — computed from the filings, not a score.

Operating cash flow backs the profit

Operating cash flow is 113% of trailing profit — the earnings are converting to cash, not just accruals.

Full read

Last operating cash flow ₹67,325 cr against trailing net profit ₹59,756 cr. A ratio at or above ~0.9 means reported profit is showing up as real cash.

Profit growing with revenue

Both revenue and profit grew over the last year (4% and 5.6%) — growth is translating to the bottom line.

Full read

Trailing revenue ₹198,380 cr, trailing profit ₹59,756 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.

Free cash flow is variable

Free cash flow swings between positive and negative across the cycle.

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Latest ₹63,778 cr, negative in 2 of 12 years.

Other income is a big part of profit

Other income is 151% of pre-tax profit — a large share of the profit comes from outside the core operating business.

Full read

Trailing other income ₹118,852 cr against pre-tax profit ₹78,870 cr. High other-income dependence means the headline profit is flattered by treasury, one-offs, or non-operating items rather than the core business.

Price & Valuation 10-year, split-adjusted

Markers show corporate actions (splits, bonus, dividends). Prices are split-adjusted so the series is continuous.

Valuation & Quality

Valuation
P/E (TTM) 17.5x
P/B 2.7x
P/S 4.5x
PEG 1.15
P/FCF 18.4x
Dividend Yield 0.84%
Leverage
Debt / Equity moderate 0.59
Payout Ratio 15.3%
Returns & Margins
Operating Margin (TTM) 34.6%
Net Margin (TTM) 26.1%
Return on Equity 15.8%
Return on Assets 2.1%
Implied Growth (Graham) growth the market is pricing in 4.5%
Rule of 40 41
Growth 6.4% + Margin 34.6% — passes

Ownership & Skin in the Game

Promoter
FII33.79%
DII
Mutual Funds29.60%

Quarterly Financials ₹ cr

MetricSep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue46,32647,03748,38749,08048,18148,36449,59452,241
Expenses32,22133,51037,58831,99135,06537,15441,82335,318
Other Income26,61727,58931,36125,49627,96628,41835,02027,448
Depreciation00000000
Profit before tax18,49618,48319,11319,49419,06517,75420,74421,307
Net Profit13,90613,84714,35414,45614,31813,48115,68116,276
EPS18.3818.2518.9619.0018.7017.5320.6121.52

Balance Sheet ₹ cr, annual

ItemMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital1,3831,3901,3971,4051,4251,432
Reserves156,204180,663213,101254,739312,481361,628
Borrowings
Fixed Assets10,80910,70711,07015,71424,27227,970
CWIP000000
Investments536,579567,098639,552827,163886,377870,720
Total Assets1,573,8121,752,6371,958,4902,364,0632,642,2412,914,498
DISCLAIMER: FinMinutes is a financial data and analytics platform, not a SEBI-registered investment adviser. Everything here is for educational and informational purposes. Forensic interpretations are computed from disclosed data and are not recommendations. Do your own due diligence.