ICICI Bank Limited (ICICIBANK.NS) 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

+8.5%

₹1,549.90

vs ₹1,428.40 price

Levered DCF

₹830.16

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.49

Distress zone

Rating

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	15.89×	18.21×	17.4×	17.95×	20.17×	21.35×	21.86×	60.25×
P/B	2.37×	3.01×	3.01×	2.85×	2.78×	2.49×	1.7×	2.35×
P/S	2.76×	3.22×	3.27×	3.28×	3.21×	2.44×	1.4×	2.05×
EV / EBITDA	10.15×	12.56×	12.73×	18.33×	17.85×	17.64×	23.43×	58.13×
Gross margin	69.7%	68.3%	68.1%	62.8%	62.8%	59.9%	55.2%	53.3%
Operating margin	24.8%	24.9%	26.1%	19.1%	16.8%	12.6%	7.5%	4.3%
Net margin	17.4%	17.4%	18.8%	18.3%	15.9%	11.4%	6.4%	3.2%
Current ratio	0×	0.13×	0.23×	5.82×	6.85×	16.18×	33.38×	10.45×
Debt / equity	0.61×	0.7×	0.78×	0.96×	0.97×	0.89×	1.74×	1.84×
Interest coverage	0.87×	0.82×	0.83×	0.7×	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%	13.8%	12.7%	10.2%	5.5%	0.0%	9.3%	27.5%

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	2.0%	5.5%	2.9%	13.0%	11.2%	12.6%	3.5%	6.4%
Return on assets	1.9%	1.9%	1.9%	1.7%	1.4%	1.2%	0.7%	0.3%
Free cash flow yield	11.5%	-8.5%	10.7%	-1.0%	11.1%	34.7%	37.1%	17.7%
Earnings yield	6.3%	5.4%	5.7%	5.6%	5.0%	4.7%	4.6%	1.6%
Enterprise value	₹8.2T	₹9.5T	₹8.1T	₹6.8T	₹5T	₹3.9T	₹3T	₹3.9T
Net debt / EBITDA	-0.56×	0.06×	0.6×	1.86×	-0.23×	-0.33×	6.83×	18.25×
Cash conversion cycle (days)	0	0	91	-689	-1,156	11	-847	-721