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Every ratio from the Fundamental Analysis track, computed on a real company and annotated with what the number actually means. Then the three financial statements, so you can do the cash-flow check yourself.
ICICI Bank Limited, together with its subsidiaries, engages in the provision of various banking and financial services to corporate and retail customers in India and internationally. The company operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, General Insurance, and Others segments. The company offers asset management, securities brokerage, private equity, foreign exchange, agricultural and rural banking, equities underwriting, depositary share accounts, consumer durable goods financing, corporate salary and current account, savings and sovereign gold bonds, insurance policies, public offerings, investment, credit and protection, retail inward remittances, certificates of deposits, and payment and transaction banking products and services. It is also involved in the fee and commission-based activities; distribution of financial products; venture capital and real estate fund management business; treasury and rural banking operations; financial solutions; working capital financing; I-Process services, mutual funds, investment banking, and pension funds; and advisory activities. In addition, the company provides savings, salary, capital gains scheme, Hindu undivided family savings, real estate regulatory authority, government e-marketplace, current, trade, escrow, and foreign currency accounts. Further, it offers personal, home, car, education, gold, automobile, and commercial business loans, as well as loans against time deposits, securities, and property; and working capital loans, as well as credit, debit, prepaid, travel, forex, commercial, and corporate cards. Additionally, the company provides fixed income products; investment products; payments; general, accident, life, health, vehicle, and travel insurance products; cash management and merchant services; capital market and securities market services; and forex, derivatives, bullion, and bonds. The company was founded in 1955 and is headquartered in Mumbai, India.
How the price compares to earnings, assets and cash generation.
You are paying 16.9 years of current profit for each share. The earnings yield is 5.9%. The tracked Banking & Finance median is 20.4× (n=15), so this trades cheaper than its peers.
The market values the company at 2.5× its accounting net worth. High is normal for asset-light businesses and unusual for banks.
Not available.
Pays 0.91% of the current price out each year. Remember that yield rises when price falls — check the dividend is covered by cash flow.
Based on the next-year earnings estimate — 13.9× against 16.9× trailing. A forward P/E well below trailing is pricing in an earnings jump; treat the forecast with caution.
You pay 4.6× annual sales. Useful when earnings are depressed or negative and P/E breaks down — but a high multiple needs high margins to justify it.
Returns on capital and margins, the numerical shadow of a moat.
Earns ₹16.1 of profit a year for every ₹100 of shareholders' money. Always check how much of this comes from leverage rather than the business.
ROE is 14.0 points above ROA — a large gap, meaning leverage is doing much of the work.
Keeps ₹38.5 of operating profit from every ₹100 of sales. Compare only against companies in the same industry.
Sustained high net margins are evidence that something is stopping competitors from competing the profits away.
Keeps ₹0.0 of gross profit per ₹100 of sales, before operating costs. A high, stable gross margin is the clearest single sign of pricing power.
Leverage and liquidity. This is where fragility shows up first.
Not available.
Not available.
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Against cash of ₹74009.08 Cr. Net debt is what matters, not gross borrowings.
Not available.
Revenue and earnings momentum, and how the two compare.
Ask where the growth came from: more volume, higher prices, or an acquisition. They are very different in quality.
Profits are growing faster than sales — margins are expanding, which is the sign of genuine operating leverage.
EBITDA of — and operating cash flow of —.
P/E divided by expected growth. Only as reliable as that growth forecast, which is usually optimistic.
The figures quoted per share, and how much profit is handed back to owners.
₹77.35 of profit earned per share over the last twelve months. Price divided by this is the trailing P/E.
The accounting net worth behind each share is ₹530.38; price-to-book compares the market price with this.
Pays out 14% of profit as dividends and retains the rest. Above roughly 85% leaves little to reinvest and is hard to sustain through a weak year.
Market cap plus net debt — closer to what an acquirer actually pays. Against a market cap of ₹9,40,802 Cr.
Return on equity splits into three drivers. The identical ROE can be a genuinely great business or a heavily borrowed ordinary one.
Leverage is doing much of the work here — a high ROE built on borrowing is more fragile than the same ROE earned from margins or turnover.
Nine yes/no tests of profitability, funding and efficiency across the last two years; higher is stronger. A test is dropped only where the data is missing, so the score is out of 7.
Reported figures, most recent year first. All values in rupees.
| FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | ₹2,23,407 Cr | ₹2,04,715 Cr | ₹1,61,210 Cr | ₹1,35,581 Cr |
| Cost of revenue | — | — | — | — |
| Gross profit | — | — | — | — |
| Operating expenses | — | — | — | — |
| Operating income | — | — | — | — |
| Interest expense | ₹89028.58 Cr | ₹89027.65 Cr | ₹74108.16 Cr | ₹50543.39 Cr |
| Pre-tax income | ₹77320.18 Cr | ₹73004.19 Cr | ₹61508.13 Cr | ₹35461.31 Cr |
| Tax | ₹19383.93 Cr | ₹18434.83 Cr | ₹15427.62 Cr | ₹11793.44 Cr |
| Net profit | ₹54207.70 Cr | ₹51029.20 Cr | ₹44256.37 Cr | ₹34036.64 Cr |