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ICICI Bank Limited (ICICIBANK) stock analysis

ICICI Bank trades 6.29% below its 52-week high on a 16.67 forward P/E, a premium to Indian financial peers

ICICI Bank closed at 1,386.90 on Oct 27, 2026, down 1.15%, still above its 200-day average of 1,354.70. Its forward P/E of 16.67 is the highest in its peer group of large Indian financials, backed by the top-ranked expected EPS growth for next year (17.44%). Revenue growth, cash flow and a very low Piotroski score are the main counterpoints.

  • Price: 1,386.90
  • Market Cap (USD): $104.28B
  • P/E: 18.31×
  • Fwd P/E: 16.67×
  • Div Yield: 0.87%
  • 1Y Return: -2.14%
  • Next Earnings: Jan 15, 2027
  • Rating: Strong Buy

Bull case

  • Next year's EPS growth is estimated at 17.44%, in the 100th percentile of large Indian financials against a sector median of 16.87%.
  • The bank has beaten EPS consensus in each of the last three reported quarters, most recently 20.70 against 20.22 on Oct 17, 2026.
  • Price is above its 20-day, 50-day and 200-day averages, with a golden cross on Jul 29, 2026 and a relative strength rating of 54, in the 75th percentile of peers.

Bear case

  • Forward P/E of 16.67 sits in the 100th percentile of peers versus a sector median of 14.77, leaving less room for disappointment.
  • Trailing revenue growth is 6.28%, in the 38th percentile of peers (sector median 9.85%), and the latest quarter's revenue missed consensus by 1.28%.
  • Operating cash flow over the trailing twelve months is -215.78B, interest coverage is 0.87× and the Piotroski F-Score is 3, though these metrics are hard to read for a bank.

What to watch

  • Next earnings on Jan 15, 2027 (80 days away, confirmed), with a consensus quarterly EPS of 21 listed for Jan 18, 2027.
  • The 20-day high of 1,411.80 and the 52-week high of 1,480.00 as upside reference levels.
  • The 200-day average at 1,354.70 and the 20-day low of 1,291.00 as support reference levels.
  • The all-time high of 1,500.00, which is 7.54% above the current price.

General

ICICI Bank is a large Indian bank with retail, wholesale, treasury and insurance segments. It is growing earnings steadily and is valued at a premium to peers. Analysts are strongly positive, while the stock has been range-bound over the past year.

The business

The company offers banking products in India and internationally across Retail Banking, Wholesale Banking, Treasury and Life and General insurance. It employs 124,029 people. Its market capitalisation is $104.28B, in the 96th percentile of large Indian financials.

Recent performance

Trailing revenue is 3.12T and net income is 542.08B, with a net margin of 17.36%. Q4 FY2026 revenue was 846.82B against 789.04B a year earlier. Year-over-year EPS growth is 5.12%, and the latest quarter's was 8.18%.

Valuation and sentiment

Trailing P/E is 18.31× and price-to-book is 2.73×. Forward P/E of 16.67 compares with an industry median of 10.18×. Of 37 analysts, the rating score is 2, labelled Strong Buy, with no upgrades or downgrades in the past 30 days. The one-year return is -2.14%.

Long-term investor

Multi-year growth has been strong, with a 3-year EPS CAGR of 15.99% and a 3-year revenue CAGR of 18.84%. Returns on equity are in line with peers, and the dividend is small but growing quickly. The valuation premium is the main question for a long holding period.

Growth durability

Annual EPS rose from 26.87 in fiscal 2021 to 74.77 in fiscal 2026, and net income from 183.84B to 542.08B. The latest annual growth is slower, with EPS up from 71.14 to 74.77. Consensus implies 17.44% EPS growth next year.

Returns and balance sheet

ROE is 16.01% against a sector median of 15.45%, and ROA is 1.95%. Debt-to-equity is 0.61× versus a sector median of 0.72×. Total equity is 3.63T against total assets of 29.14T. Operating margin is 24.77%, down 0.09% over a year.

Capital returned and valuation

No shares were repurchased, and diluted shares rose 1.03% over a year. The annual dividend was 12.00 (ex-date Aug 3, 2026), a yield of 0.87% and payout ratio of 16.05%, with 5 years of dividend growth. PEG is 0.96×, but forward P/E is at the top of the peer group.

Swing trader

The trend is constructive: price is above the 20-day, 50-day and 200-day averages and MACD is above its signal line. Momentum is neutral to positive, and the stock is volatile in the short term but low-volatility versus peers. It sits between a 20-day high of 1,411.80 and a 20-day low of 1,291.00.

Trend and momentum

Price is 2.22% above the 20-day average of 1,356.83, 0.53% above the 50-day average of 1,379.63, and 2.38% above the 200-day average. RSI is 54.36, MACD is 8.12 against a signal of 1.31, and ADX is 24.9, indicating a moderate trend.

Recent sessions and levels

The stock fell 1.15% on Oct 27 to 1,386.90 on volume of 18.3M, 1.61× relative volume, after closing at 1,403 on Oct 26. Resistance references are 1,411.80 and the Bollinger upper band at 1,423.58; support references include 1,356.83 and 1,290.08.

Risk and catalysts

ATR is 25.54, or 1.84% of price, and 10-day historical volatility is 24.80%, above the 90-day 17.64%. The 52-week high is 1,480.00 and the next earnings date is Jan 15, 2027, outside most near-term windows. There were no analyst upgrades or downgrades in the past 30 days.

Analysis written October 28, 2026 from Qanvo data as of October 27, 2026. AI-generated, for information only; not investment advice.