Altman Z″
Needs withheld for this sector: Built on manufacturers' working capital and asset turnover; a lender always looks distressed on it..
ICICIBANK · Financial Services · INE090A01021
Analyst mean 1.41 · 39 analysts · 51% bullishThis is a lending business. Cash-flow reads that suit a manufacturer do not apply: disbursing loans is an operating outflow, so negative operating cash is normal and not a warning sign. Leverage is the raw material of the model, not a red flag on its own. Reads that would mislead here have been withheld rather than shown with a caveat.
A plain-language read of the business, how it actually earns, where the edge is, and the economics of every reported segment — taken from the annual report and investor presentation, not a one-line industry label.
Numbered markers are corporate actions and, once the filings are read, capital and governance events. Prices are split-adjusted so the series is continuous.
The three to six things that actually matter about this company, each with the exact filing and note it came from — never a fact without the context that makes it meaningful.
What the numbers mean when read together — computed from the filings, not a score.
Other income is 151% of pre-tax profit — a large share of the profit comes from outside the core operating business.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
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.
Both revenue and profit grew over the last year (4% and 5.6%) — growth is translating to the bottom line.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Trailing revenue ₹198,380 cr, trailing profit ₹59,756 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Net margin improved from 27.9% to 30.1% year-on-year — the business is keeping more of each rupee.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Quarter net margin 30.1% vs 27.9% four quarters earlier. Expansion from operating leverage is healthy; verify it is not a one-off gain.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs withheld for this sector: Built on manufacturers' working capital and asset turnover; a lender always looks distressed on it..
Needs withheld for this sector: Five of its nine tests (cash flow, accruals, current ratio, leverage, asset turnover) mislead on a lending balance sheet..
Needs withheld for this sector: Its receivable, margin and accrual terms do not describe a lender's accounts..
Accruals are -0.3% of assets.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
cumulative operating cash flow ÷ cumulative net profit
₹751,396 cr ÷ ₹302,172 cr, over 12 years
2.49×
Above 1.0 means cash exceeds reported profit — the healthier reading.(net profit − operating cash flow) ÷ average total assets
(₹57,936 − ₹67,325) cr ÷ average assets
-0.3%
Negative means cash exceeded profit — the healthier reading. Positive above ~10% is where accruals start to dominate earnings.net margin × asset turnover × leverage
29.7% × 0.07 × 8.03
16.0%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹166,086 cr ÷ ₹89,029 cr
1.87×
How many times operating profit covers the interest bill.Needs more balance-sheet detail (only 3 of 6 flags testable).
The growth rate that makes today's market value equal the discounted cash flows, at a 11.5% discount rate and 4.0% terminal growth. Not a forecast — the arithmetic of what is already in the price. Compare it with what the business has actually delivered.
Reverse DCF — the growth already in the price — A standard inversion of discounted cash flow, used to avoid the forecasting problem entirely.
Instead of forecasting cash flows and deriving a value, it takes today's market value as given and solves for the growth rate that would justify it. The output is not a view — it is the arithmetic of what the market is currently assuming.
How to read itCompare it with what the business has actually delivered. A price implying 30% a year against a decade of 15% is a demanding assumption; the reverse is a modest one.
Where it failsUseless when free cash flow is negative or unusually depressed, which is common mid-capex. Highly sensitive to the discount rate — a point either way moves the answer materially.
Some figures appear twice on this page with different values. That is not an error — they sit on different bases. The live feed reports a rolling twelve months; everything computed here comes from the last audited statements. Both are shown so you can see which is which.
Where the two disagree, every model, screen and ratio computed on this page uses the filed figure, because the rest of the page is on that basis.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Median of the companies we hold in the same sector (Financial Services). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
FII trimmed from 43.87% to 34.68% across these quarters.
MF trimmed from 32.08% to 29.39% across these quarters.
Other rose from 24.05% to 35.93% across these quarters.
What this sector is read on: AUM, AUM growth YoY, Disbursements, NIM or spread, Cost of funds, Stage 2, Gross Stage 3, Net Stage 3. These come from the filings, not the market feed, and appear here once a quarter is read.
Read using the NBFCs and housing finance framework (from the listed sector). Primary valuation lens: P/B against RoA and growth.
Read more closely in this sector: Stage 2 movement against Stage 3 · ALM gap within one year · Write-offs against slippages · Lending to group companies · Unsecured or microfinance growth against the total book.
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 89,163 | 95,407 | 121,067 | 159,516 | 186,331 | 195,218 |
| Other income | 72,174 | 62,129 | 65,112 | 76,522 | 108,255 | 116,900 |
| Depreciation | 1,340 | 1,330 | 1,515 | 1,935 | 2,627 | 3,061 |
| Finance cost | 42,659 | 41,167 | 50,543 | 74,108 | 89,028 | 89,029 |
| Profit before tax | 26,028 | 34,241 | 46,256 | 60,434 | 72,854 | 77,057 |
| Net profit (owners) | 20,364 | 26,538 | 35,461 | 46,081 | 54,569 | 57,936 |
| EPS (₹) | 26.58 | 36.14 | 48.74 | 63.02 | 71.65 | 75.71 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 38,938 | 40,865 | 42,607 | 44,582 | 46,326 | 47,037 | 48,387 | 49,080 | 48,181 | 48,364 | 49,594 | 52,241 |
| Other Income | 18,690 | 18,615 | 24,575 | 22,688 | 26,617 | 27,589 | 31,361 | 25,496 | 27,966 | 28,418 | 35,020 | 27,448 |
| Expenses | 24,560 | 24,929 | 30,604 | 29,387 | 32,221 | 33,510 | 37,588 | 31,991 | 35,065 | 37,154 | 41,823 | 35,318 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Finance cost | 17,908 | 19,409 | 20,424 | 21,122 | 22,225 | 22,633 | 23,047 | 23,090 | 22,017 | 21,874 | 22,047 | 23,064 |
| Profit before tax | 15,160 | 15,142 | 16,154 | 16,761 | 18,496 | 18,483 | 19,113 | 19,494 | 19,065 | 17,754 | 20,744 | 21,307 |
| Net Profit | 11,351 | 11,515 | 12,200 | 12,463 | 13,906 | 13,847 | 14,354 | 14,456 | 14,318 | 13,481 | 15,681 | 16,276 |
| EPS | 15.56 | 15.76 | 16.62 | 16.62 | 18.38 | 18.25 | 18.96 | 19.00 | 18.70 | 17.53 | 20.61 | 21.52 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 1,383 | 1,390 | 1,397 | 1,405 | 1,425 | 1,432 |
| Reserves | 156,204 | 180,663 | 213,101 | 254,739 | 312,481 | 361,628 |
| Net block | 10,809 | 10,707 | 11,070 | 15,714 | 24,272 | 27,970 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 536,579 | 567,098 | 639,552 | 827,163 | 886,377 | 870,720 |
| Total Assets | 1,573,812 | 1,752,637 | 1,958,490 | 2,364,063 | 2,642,241 | 2,914,498 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 138,015 | 58,111 | -3,771 | 157,284 | 122,805 | 67,325 |
| Cash from investing | -63,631 | -40,007 | -67,689 | -144,737 | -77,140 | -11,708 |
| Cash from financing | -54,667 | 17,451 | 24,791 | 13,765 | 5,589 | -4,661 |
| Free cash flow | 136,339 | 56,369 | -5,951 | 153,676 | 118,100 | 63,778 |
| Net change in cash | 19,718 | 35,555 | -46,669 | 26,312 | 51,255 | 50,957 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
The part no one reads: the auditor's opinion, the contingent liabilities buried in the notes, the covenants, and the claims in the deck placed beside the figures that test them.
Where analysts pressed management on the earnings call, and exactly how management answered — the questions that were hardest to answer are usually the ones that matter.
The same read, applied to the companies this one competes with.
ICICI Bank Ltd. reported total income of ₹52,241 cr for April to June 2026, +6.4% on the year and +5.3% on the quarter. That is slower than this quarter has grown in recent years (+15.1% on average). It is the highest quarterly income in the last 12 quarters on record. Over the last four quarters income comes to ₹1.98 lakh cr, +4.0% on the four before.
Net interest income, interest earned less interest paid, was ₹29,177 cr, +12.3% on the year and +5.9% on the quarter. For a lender this is the core earnings line: it shows whether the loan book and its pricing are growing faster than the cost of funds.
Net profit was ₹16,276 cr, +12.6% on the year and +3.8% on the quarter, with earnings per share of ₹21.52. The tax rate of 24% is in line with its recent average. Profit over the last four quarters totals ₹59,756 cr, +5.6% on the four before.
An NBFC's quarter turns on loan growth, its cost of borrowing and credit costs; profit can rise for a while simply because provisions fall. The quarterly statements do not carry AUM growth, stage 2 and 3 assets, credit cost and the cost of funds; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed, Asset quality (lenders), Net interest margin (lenders). Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
Lenders are read on NIM, asset quality, provision cover and credit cost. Those come from the filing read, which is not in yet for this quarter, so margin, other-income and cash checks are withheld rather than shown on a template built for manufacturers.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total income | ₹38,938 cr | ₹40,865 cr | ₹42,607 cr | ₹44,582 cr | ₹46,326 cr | ₹47,037 cr | ₹48,387 cr | ₹49,080 cr | ₹48,181 cr | ₹48,364 cr | ₹49,594 cr | ₹52,241 cr |
| YoY | — | — | — | +20% | +19% | +15% | +14% | +10% | +4% | +3% | +2% | +6% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 26% | 26% | 26% | 25% | 25% | 25% | 26% | 25% | 24% | 25% | 24% |
| Net profit | ₹11,351 cr | ₹11,515 cr | ₹12,200 cr | ₹12,463 cr | ₹13,906 cr | ₹13,847 cr | ₹14,354 cr | ₹14,456 cr | ₹14,318 cr | ₹13,481 cr | ₹15,681 cr | ₹16,276 cr |
| YoY | — | — | — | +13% | +23% | +20% | +18% | +16% | +3% | −3% | +9% | +13% |
| EPS | ₹15.56 | ₹15.76 | ₹16.62 | ₹16.62 | ₹18.38 | ₹18.25 | ₹18.96 | ₹19.00 | ₹18.70 | ₹17.53 | ₹20.61 | ₹21.52 |
| Flags | · | · | · | · | · | · | · | · | · | · | · | · |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.