ICICI Lombard General Insurance Company Limited (ICICIGI.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

+1.3%

₹1,596.63

vs ₹1,576.60 price

Levered DCF

₹1,365.69

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.24

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	30.69×	35.32×	43.78×	30.37×	51.44×	44.41×	41.17×	44.03×
P/B	5.11×	5.99×	6.88×	5.04×	7.11×	8.61×	8.16×	8.55×
P/S	3.14×	3.59×	3.86×	2.83×	3.95×	5.05×	4.27×	4.14×
EV / EBITDA	22.98×	25.22×	30.12×	22.48×	34.07×	30.29×	26.6×	26.78×
Gross margin	41.6%	84.6%	85.8%	97.5%	96.2%	95.4%	96.8%	98.0%
Operating margin	13.5%	13.3%	11.7%	11.4%	10.2%	15.1%	14.7%	14.3%
Net margin	10.2%	10.1%	8.8%	9.3%	7.7%	11.4%	10.3%	9.4%
Current ratio	2.14×	1.12×	2.16×	0.07×	0.11×	0.21×	0.01×	0.14×
Debt / equity	0×	0.01×	0.01×	0.01×	0.04×	0.07×	0.08×	0.09×
Interest coverage	0×	32.78×	27.14×	26.2×	17.62×	22.54×	20.36×	23×
Dividend yield	0.8%	0.6%	0.6%	0.9%	0.6%	0.3%	0.6%	0.5%
Payout ratio	24.2%	22.9%	27.1%	27.0%	31.0%	12.4%	26.7%	21.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	16.7%	16.8%	15.7%	16.6%	13.8%	19.4%	19.8%	19.4%
Return on invested capital	4.1%	3.6%	3.4%	-77.8%	-77.2%	-1105.1%	-68.3%	-63.3%
Return on assets	3.6%	3.6%	3.0%	3.1%	2.5%	3.7%	3.2%	3.1%
Free cash flow yield	2.8%	1.0%	2.6%	4.1%	1.1%	2.6%	6.3%	6.2%
Earnings yield	3.3%	2.8%	2.3%	3.3%	1.9%	2.3%	2.4%	2.3%
Enterprise value	₹840.9B	₹894.4B	₹838.2B	₹525.1B	₹654.3B	₹657.5B	₹497.5B	₹462.7B
Net debt / EBITDA	-0.27×	-0×	-0.06×	-0.04×	0.03×	0.15×	0.24×	0.05×
Cash conversion cycle (days)	118	0	-199	-2,116	-1,226	-577	-2,338	-3,864