Detailed financial statements for ICICI Bank Limited (IBN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
ICICI Bank Limited, a prominent financial institution with its various subsidiaries, delivers a comprehensive suite of banking and financial solutions. These services cater to both individual consumers (retail) and corporate entities, spanning operations across India and global markets.
Analysis Summary
ICICI Bank Limited reported revenue of 3.12T INR in the most recent fiscal year, growing at a 5-year CAGR of 14.1%. Net income reached 542.08B INR, with a 24.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 68.6%, operating margin 26.7%, net margin 19.0%. Free cash flow grew at -14.1% CAGR over 5 years.
At $29.46 (closing price, October 28, 2026), IBN trades at a P/E of 16.71 and an ROE of 15.93%. Market capitalisation stands at $105.7B, placing it among large-cap names.
Balance sheet quality for IBN: current ratio of 0.1, net cash position of 447.16B INR. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 635.95B INR represents 117% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1.13T INR | 1.19T INR | 1.31T INR | 1.50T INR | 1.61T INR | 1.58T INR | 1.85T INR | 2.35T INR | 2.95T INR | 3.12T INR |
| Cost of Revenue | 538.87B INR | 541.14B INR | 613.58B INR | 670.43B INR | 647.01B INR | 586.01B INR | 560.92B INR | 750.72B INR | 939.33B INR | 946.67B INR |
| Gross Profit | 595.12B INR | 648.52B INR | 699.50B INR | 825.68B INR | 964.98B INR | 989.30B INR | 1.29T INR | 1.60T INR | 2.01T INR | 2.17T INR |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 177.56B INR | 197.38B INR | 235.27B INR | 270.73B INR | 282.20B INR | 258.70B INR | 301.95B INR | 370.33B INR | 236.30B INR | 1.07T INR |
| Operating Expenses | 481.71B INR | 557.53B INR | 642.61B INR | 713.43B INR | 761.34B INR | 723.92B INR | 813.86B INR | 987.38B INR | 1.28T INR | 1.40T INR |
| Operating Income | 113.40B INR | 91.00B INR | 56.89B INR | 112.25B INR | 203.64B INR | 265.38B INR | 472.55B INR | 615.08B INR | 730.04B INR | 773.20B INR |
| EBITDA | 123.85B INR | 101.39B INR | 67.35B INR | 125.95B INR | 218.35B INR | 280.08B INR | 488.90B INR | 635.04B INR | 1.65T INR | 804.43B INR |
| Interest Expense | 348.36B INR | 342.62B INR | 391.78B INR | 446.66B INR | 426.59B INR | 411.67B INR | 505.43B INR | 741.08B INR | 890.27B INR | 890.29B INR |
| Pre-tax Income | 113.40B INR | 91.00B INR | 56.89B INR | 112.25B INR | 203.64B INR | 265.38B INR | 472.55B INR | 615.08B INR | 730.04B INR | 773.20B INR |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 117.93B INR | 154.28B INR | 184.35B INR | 193.84B INR |
| Net Income | 101.88B INR | 77.12B INR | 42.54B INR | 95.66B INR | 183.84B INR | 251.10B INR | 340.37B INR | 442.56B INR | 510.29B INR | 542.08B INR |
| EPS | $31.84 | $24.04 | $12.62 | $29.62 | $54.52 | $72.42 | $97.72 | $126.38 | $144.82 | $151.78 |
| EPS (Diluted) | $31.70 | $23.78 | $12.62 | $29.10 | $53.74 | $70.98 | $95.82 | $124.10 | $142.28 | $149.54 |
| Shares Outstanding (Diluted) | 3,371.7 M | 3,371.7 M | 3,371.7 M | 3,371.7 M | 3,420.9 M | 3,538.0 M | 3,552.5 M | 3,566.1 M | 3,586.5 M | 3,625.0 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | 774.90B INR | 846.14B INR | 614.29B INR | 881.22B INR |
| Gross Profit | 527.66B INR | 623.06B INR | 370.69B INR | 616.06B INR |
| Operating Income | 179.72B INR | 208.13B INR | 213.74B INR | 231.61B INR |
| EBITDA | 179.72B INR | 208.13B INR | 213.74B INR | 231.61B INR |
| Net Income | 126.42B INR | 147.55B INR | 154.40B INR | 163.12B INR |
| EPS | $35.04 | $41.24 | $43.08 | $45.82 |
| EPS (Diluted) | $35.04 | $40.72 | $42.58 | $44.86 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.06T INR | 1.18T INR | 1.18T INR | 1.60T INR | 1.82T INR | 2.14T INR | 1.64T INR | 1.90T INR | 2.38T INR | 2.65T INR |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 289.49B INR | 387.49B INR | 465.62B INR | 564.14B INR | 452.67B INR | 591.35B INR | 648.66B INR | 709.34B INR | 701.77B INR | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 1.35T INR | 1.57T INR | 1.65T INR | 2.17T INR | 2.27T INR | 2.73T INR | 2.29T INR | 2.62T INR | 3.10T INR | 2.65T INR |
| Property, Plant & Equipment | 93.38B INR | 94.65B INR | 96.60B INR | 104.09B INR | 108.09B INR | 106.05B INR | 109.69B INR | 132.40B INR | 158.12B INR | 174.20B INR |
| Goodwill | 0 | 0 | 0 | 0 | 1.08B INR | 1.01B INR | 1.01B INR | 24.74B INR | 84.59B INR | 105.50B INR |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 9.86T INR | 11.24T INR | 12.39T INR | 13.77T INR | 15.74T INR | 17.53T INR | 19.58T INR | 23.64T INR | 26.42T INR | 29.14T INR |
| Accounts Payable | 35.01B INR | 35.90B INR | 36.65B INR | 30.71B INR | 24.83B INR | 27.52B INR | 33.39B INR | 38.99B INR | 42.15B INR | 0 |
| Short-term Debt | 12.07B INR | 12.90B INR | 19.10B INR | 32.37B INR | 42.19B INR | 90.35B INR | 98.02B INR | 172.96B INR | 226.22B INR | 0 |
| Total Current Liabilities | 5.18T INR | 5.91T INR | 6.88T INR | 8.10T INR | 9.70T INR | 11.06T INR | 12.28T INR | 14.69T INR | 16.73T INR | 18.30T INR |
| Long-term Debt | 1.85T INR | 2.14T INR | 2.01T INR | 1.96T INR | 1.36T INR | 1.49T INR | 1.74T INR | 1.84T INR | 1.81T INR | 2.20T INR |
| Total Liabilities | 8.76T INR | 10.08T INR | 11.18T INR | 12.48T INR | 14.07T INR | 15.65T INR | 17.37T INR | 20.94T INR | 23.13T INR | 25.35T INR |
| Retained Earnings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Equity | 1.05T INR | 1.11T INR | 1.14T INR | 1.23T INR | 1.58T INR | 1.82T INR | 2.14T INR | 2.56T INR | 3.14T INR | 3.63T INR |
| Total Debt | 1.86T INR | 2.15T INR | 2.03T INR | 1.99T INR | 1.40T INR | 1.59T INR | 1.84T INR | 2.01T INR | 2.04T INR | 2.20T INR |
| Net Debt | 802.03B INR | 972.70B INR | 842.51B INR | 397.46B INR | -412.70B INR | -550.53B INR | 199.42B INR | 108.69B INR | -346.55B INR | -447.16B INR |
| Working Capital | -3.82T INR | -4.34T INR | -5.23T INR | -5.93T INR | -7.43T INR | -8.33T INR | -9.98T INR | -12.07T INR | -13.63T INR | -15.65T INR |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | 146.34B INR | 2.65T INR | 1.96T INR | 2.76T INR |
| Total Assets | 27.53T INR | 29.14T INR | 30.02T INR | 33.07T INR |
| Total Liabilities | 23.88T INR | 25.35T INR | 26.04T INR | 28.95T INR |
| Total Equity | 3.49T INR | 3.63T INR | 3.81T INR | 3.92T INR |
| Total Debt | 2.15T INR | 2.20T INR | 2.26T INR | 2.97T INR |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 98.58B INR | 77.83B INR | 42.09B INR | 102.91B INR | 240.49B INR | 255.39B INR | 347.82B INR | 596.84B INR | 516.28B INR | 735.92B INR |
| Depreciation & Amortization | 10.44B INR | 10.39B INR | 10.45B INR | 13.70B INR | 14.71B INR | 14.70B INR | 16.35B INR | 19.96B INR | 26.90B INR | 31.23B INR |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 77.6M INR | 0 | 0 | 7.03B INR | 0 | 9.69B INR |
| Change in Working Capital | 205.04B INR | 96.70B INR | 280.18B INR | 318.12B INR | 1.02T INR | 383.09B INR | 114.11B INR | 1.04T INR | 227.42B INR | -561.4M INR |
| Operating Cash Flow | 376.50B INR | 299.35B INR | 465.98B INR | 654.83B INR | 1.38T INR | 795.97B INR | 577.21B INR | 1.57T INR | 822.20B INR | 673.25B INR |
| Capital Expenditure | -12.74B INR | -10.52B INR | -11.36B INR | -20.15B INR | -16.88B INR | -18.92B INR | -25.22B INR | -36.79B INR | -48.26B INR | -37.30B INR |
| Acquisitions | 151.3M INR | 268.3M INR | 463.8M INR | 274.7M INR | 0 | 1.19B INR | 2.94B INR | 0 | 653.7M INR | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -33.12B INR | -17.32B INR | -11.56B INR | -9.54B INR | 0 | -14.09B INR | -35.56B INR | -55.99B INR | -71.24B INR | -78.53B INR |
| Free Cash Flow | 363.76B INR | 288.84B INR | 454.62B INR | 634.67B INR | 1.36T INR | 777.05B INR | 552.00B INR | 1.54T INR | 773.94B INR | 635.95B INR |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 0 | 0 | 0 | 0 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +4.9% | +10.4% | +13.9% | +7.7% | -2.3% | +17.3% | +27.4% | +25.2% | +6.0% | |
| Net Income Growth (YoY) | -24.3% | -44.8% | +124.9% | +92.2% | +36.6% | +35.5% | +30.0% | +15.3% | +6.2% | |
| EPS Growth (YoY) | -24.5% | -47.5% | +134.7% | +84.1% | +32.8% | +34.9% | +29.3% | +14.6% | +4.8% | |
| Shares Change (YoY) | +0.0% | +0.0% | +0.0% | +1.5% | +3.4% | +0.4% | +0.4% | +0.6% | +1.1% | |
| FCF Growth (YoY) | -20.6% | +57.4% | +39.6% | +114.8% | -43.0% | -29.0% | +178.3% | -49.6% | -17.8% | |
| Gross Margin | 52.5% | 54.5% | 53.3% | 55.2% | 59.9% | 62.8% | 69.6% | 68.1% | 68.1% | 69.7% |
| Operating Margin | 10.0% | 7.6% | 4.3% | 7.5% | 12.6% | 16.8% | 25.6% | 26.1% | 24.8% | 24.8% |
| EBITDA Margin | 10.9% | 8.5% | 5.1% | 8.4% | 13.5% | 17.8% | 26.5% | 27.0% | 55.9% | 25.8% |
| Net Margin | 9.0% | 6.5% | 3.2% | 6.4% | 11.4% | 15.9% | 18.4% | 18.8% | 17.3% | 17.4% |
| FCF Margin | 32.1% | 24.3% | 34.6% | 42.4% | 84.6% | 49.3% | 29.9% | 65.3% | 26.3% | 20.4% |
| Effective Tax Rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 25.0% | 25.1% | 25.3% | 25.1% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $107.89 | $85.67 | $134.84 | $188.24 | $398.51 | $219.63 | $155.38 | $430.74 | $215.79 | $175.44 |
| Dividends Per Share | $9.82 | $5.14 | $3.43 | $2.83 | $0.00 | $3.98 | $10.01 | $15.70 | $19.86 | $21.66 |
| Shares Outstanding (Basic) | 3,371.7 M | 3,371.7 M | 3,371.7 M | 3,371.7 M | 3,371.7 M | 3,466.8 M | 3,483.2 M | 3,501.8 M | 3,586.5 M | 3,571.5 M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. Regulatory Tier 1 is not in our data.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 15.93% |
| Return on Invested Capital | 1.91% |
| Return on Assets | 1.79% |
| Gross Margin | 68.59% |
| Operating Margin | 26.74% |
| Net Margin | 18.98% |
Financial Health
| Debt / Equity | 0.76 |
| Current Ratio | 0.00 |
| Piotroski F-Score | 7 |
| Altman Z-Score | -0.25 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 15.93 | 22.18 | 63.08 | 21.82 | 21.59 | 19.90 | 18.14 | 17.12 | 18.62 | 15.94 |
| P/B | 1.63 | 1.63 | 2.35 | 1.77 | 2.52 | 2.74 | 2.88 | 2.96 | 3.08 | 2.38 |
| P/S | 1.51 | 1.51 | 2.04 | 1.46 | 2.46 | 3.17 | 3.34 | 3.22 | 3.28 | 2.77 |
| Gross Margin | 52.5% | 54.5% | 53.3% | 55.2% | 59.9% | 62.8% | 69.6% | 68.1% | 68.1% | 69.7% |
| Operating Margin | 10.0% | 7.6% | 4.3% | 7.5% | 12.6% | 16.8% | 25.6% | 26.1% | 24.8% | 24.8% |
| Net Margin | 9.0% | 6.5% | 3.2% | 6.4% | 11.4% | 15.9% | 18.4% | 18.8% | 17.3% | 17.4% |
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Explore sector: Financial Services · Banks - Regional
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