ICICI Bank Limited (IBN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+23.9%

$37.42

vs $30.20 price

Levered DCF

$45.73

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.48

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	15.94×	18.62×	17.12×	18.14×	19.9×	21.59×	21.82×	63.08×
P/B	2.38×	3.08×	2.96×	2.88×	2.74×	2.52×	1.77×	2.35×
P/S	2.77×	3.28×	3.22×	3.34×	3.17×	2.46×	1.46×	2.04×
EV / EBITDA	10.19×	5.66×	12.1×	13.04×	15.87×	16.29×	20.46×	52.36×
Gross margin	69.7%	68.1%	68.1%	69.6%	62.8%	59.9%	55.2%	53.3%
Operating margin	24.8%	24.8%	26.1%	25.6%	16.8%	12.6%	7.5%	4.3%
Net margin	17.4%	17.3%	18.8%	18.4%	15.9%	11.4%	6.4%	3.2%
Current ratio	0.14×	0.19×	0.18×	0.19×	0.25×	0.23×	0.27×	0.24×
Debt / equity	0.61×	0.65×	0.78×	0.86×	0.87×	0.89×	1.62×	1.77×
Interest coverage	0.87×	0.82×	0.83×	0.93×	0.64×	0.48×	0.25×	0.15×
Dividend yield	0.9%	0.7%	0.7%	0.6%	0.3%	0.0%	0.4%	0.4%
Payout ratio	14.5%	14.0%	12.7%	10.4%	5.6%	0.0%	10.0%	27.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	14.9%	16.3%	17.3%	15.9%	13.8%	11.7%	7.8%	3.7%
Return on invested capital	5.3%	5.5%	5.0%	4.8%	4.0%	3.4%	2.0%	1.0%
Return on assets	1.9%	1.9%	1.9%	1.7%	1.4%	1.2%	0.7%	0.3%
Free cash flow yield	7.4%	8.0%	20.3%	8.9%	15.6%	34.3%	29.1%	16.9%
Earnings yield	6.3%	5.3%	5.8%	5.5%	5.0%	4.6%	4.4%	1.6%
Enterprise value	$8.2T	$9.3T	$7.7T	$6.4T	$4.4T	$3.6T	$2.6T	$3.5T
Net debt / EBITDA	-0.56×	-0.21×	0.17×	0.41×	-1.97×	-1.89×	3.16×	12.51×
Cash conversion cycle (days)	0	71	91	106	120	88	121	108