ICICI Prudential Life Insurance Company Limited (ICICIPRULI.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

-59.4%

₹165.44

vs ₹408.00 price

Levered DCF

-₹672.67

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.2

Distress zone

Rating

C+

Overall 2 / 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	45.91×	69.31×	104.25×	76.98×	94.87×	66.91×	47.87×	45.72×
P/B	5.42×	6.93×	8.09×	6.19×	7.89×	7.03×	7.03×	7.32×
P/S	1.17×	1.18×	1×	1.29×	1.17×	0.77×	2.55×	1.28×
EV / EBITDA	38.46×	52.29×	77.26×	57.55×	74.27×	54.11×	43.48×	41.14×
Gross margin	91.8%	93.0%	95.8%	96.2%	97.3%	98.2%	92.1%	96.1%
Operating margin	2.9%	2.8%	1.0%	1.8%	1.3%	1.3%	5.3%	2.8%
Net margin	2.5%	1.7%	1.0%	1.7%	1.2%	1.2%	5.3%	2.8%
Current ratio	0.01×	0.12×	-303.55×	0×	1.54×	1.84×	2.85×	41.72×
Debt / equity	0.19×	0.22×	0.11×	0.12×	0.13×	0.13×	0×	0×
Interest coverage	0×	13.52×	7.55×	7.95×	6.97×	19.29×	56.34×	49.92×
Dividend yield	0.2%	0.1%	0.1%	0.1%	0.4%	0.0%	0.8%	1.4%
Payout ratio	7.7%	7.3%	10.2%	9.7%	37.8%	0.0%	38.1%	61.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.8%	9.9%	7.7%	8.0%	8.3%	10.5%	14.7%	16.0%
Return on invested capital	0.9%	1.0%	0.3%	0.3%	105.1%	134.2%	106.2%	101.6%
Return on assets	0.5%	0.4%	0.3%	0.3%	0.3%	0.4%	0.7%	0.7%
Free cash flow yield	-7.4%	-11.7%	-8.5%	-0.2%	2.3%	11.3%	16.7%	21.6%
Earnings yield	2.2%	1.4%	1.0%	1.3%	1.1%	1.5%	2.1%	2.2%
Enterprise value	₹752.7B	₹842.7B	₹893.4B	₹631.6B	₹724.8B	₹645.6B	₹498.5B	₹510.6B
Net debt / EBITDA	0.74×	0.99×	0.31×	0.39×	0.2×	0.41×	-1.13×	-0.8×
Cash conversion cycle (days)	-139	-60	0	0	-118	-74	-66	-98