ICICI Bank Limited (IBN) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: ICICI Bank Limited

Updated on September 25, 2026 · accounts published on July 18, 2026

Reading of September 24, 2026: A profitable, well-capitalised bank

ICICI Bank trades at 2.5 times book value with a P/E of 16.9, 37 % below its decade average and a 32 % premium to its sector.

• Is ICICI Bank expensive or cheap? It trades at 2.5 times book value, a 32 % premium to its sector on P/E, yet 37 % below its own decade average.
• How is the business doing? Revenue grew 6 % and EPS 5 % over the last 12 months, with a 19 % net margin and a 15.7 % ROE.
• How strong is the balance sheet? Capital covers 12.5 % of assets, far above the 8 % robust mark, and the dividend has risen for four straight years on a 14 % payout.
• What to expect from the next earnings? It reports on October 16, 2026 with consensus at $0.40 per share, after beating estimates in seven of the last eight quarters.
• Is it an efficient, well-capitalised bank? ROA of 1.9 %, ROTCE of 14.7 % and capital at 12.5 % of assets pass every banking test; only the 2.5× price to book is borderline.

Is ICICI Bank expensive or cheap?

Price to book comes first in a bank, and at 2.5 times book over the last 12 months ICICI Bank sits at the ceiling of what its profitability supports: a ROTCE of 14.7 % in fiscal 2026 justifies 2.0× comfortably and 2.5× only at the limit. The P/E reads better: 16.9 over the last 12 months, 37 % below the 26.7 decade average and near the 15.6 floor of those ten years, and it has been cheaper than this in only 8 % of the decade's quarters. Against its sector, though, it still carries a 32 % premium over the 12.8 median of 521 banks.

How is the business doing?

Growth is steady rather than spectacular: revenue rose 6 % and EPS 5 % over the last 12 months, so profit per share is advancing slightly slower than the top line. What the bank keeps is the strong part. A net margin of 19 % over those 12 months sends almost a fifth of revenue to the bottom line, and a ROE of 15.7 % over the same period shows the equity base is working hard. This is mid single digit growth on top of high, stable profitability, and the market pays less for it today than it did through most of the decade.

How strong is the balance sheet?

Capital equals 12.5 % of assets in fiscal 2026, against the 8 % that already counts as robust in banking, so the cushion to absorb losses is wide by any reading. The dividend is the modest part: 0.9 % over the last 12 months, below the 2 % usually treated as a sustainable income level, though it comes out of a payout of just 14 % of fiscal 2026 profit. That leaves most of the earnings inside the bank, and the payment has still grown for four consecutive fiscal years through 2026.

What to expect from the next earnings?

The last report, on July 18, 2026, came in at $0.43 per share against the $0.40 expected, 7.5 % above consensus, and it was the seventh beat in eight quarters. For the figures due on October 16, 2026 analysts again expect $0.40 per share, and the 2027 consensus has been nudged up over the last ten days, 0.5 % on EPS and 0.5 % on revenue. Coverage is thin and unanimous: six analysts follow the bank and all six rate it a buy, which leaves little room for upgrades to act as a catalyst.

Is it an efficient, well-capitalised bank?

Banks are read with a different toolkit. Deposits are the raw material, so net debt says nothing and leverage is the business itself; what counts is how much a bank earns per dollar of balance sheet and how much loss its capital can absorb. ICICI Bank returns 1.9 % on assets over the last 12 months, above the 1 % that marks a healthy bank, and 14.7 % on tangible equity in fiscal 2026, past the 12 % bar and just short of the excellent 15 %. Capital at 12.5 % of assets clears the 8 % mark with room; only the 2.5× book multiple looks stretched.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.