Unclassified · NSE: ICICIBANK
ICICI Bank share analysis
Fair value, business quality, the case for and against, and the risks — computed by VestCall from reported data, updated 14 October 2026.
ICICI Bank in one paragraph
ICICI Bank (NSE: ICICIBANK) was trading at ₹1,354.5 on 14 October 2026. VestCall scores its business health 68/100 (healthy). On valuation, the price sits in the “Fairly Valued” zone (₹1,337.1 – ₹1,368.29) — inside the modelled fair-value range. This is a reading of the evidence, not a buy or sell recommendation.
- Share price₹1,354.5
- Business health68/100
- Growth67/100
- Financial strength50/100
- Valuation44/100 · Fair
- Valuation zoneFairly Valued
- RiskMedium
Is ICICI Bank overvalued or undervalued?
At ₹1,354.5, ICICI Bank sits in VestCall’s “Fairly Valued” zone (₹1,337.1 – ₹1,368.29): inside the modelled fair-value range. Its valuation scores 44/100 (fair) against Unclassified peers. Zones describe where the price sits against modelled value; they are not an instruction to buy or sell.
| Valuation zone | Price band | What it means |
|---|---|---|
| Deeply Discounted | ₹1,269.05 – ₹1,331.15 | Furthest below the modelled fair-value range |
| Attractive Valuation | ₹1,331.15 – ₹1,337.1 | Below the modelled fair-value range |
| Fairly Valued (current) | ₹1,337.1 – ₹1,368.29 | Inside the modelled fair-value range |
| Valuation Premium | ₹1,368.29 and above | Above the modelled fair-value range |
The case for and against ICICI Bank
What supports the case
- Capital Allocation · 87/100.
- Business Quality · 81/100.
- Growth · 73/100.
What needs proof
- Management Stability · 36/100.
- Financial Strength · 50/100.
- Shareholding Quality · 56/100.
ICICI Bank key ratios
| Ratio | ICICI Bank | Unclassified median |
|---|---|---|
| P/E | 24.77x | — |
| P/B | 0.15x | — |
| P/S | 0.16x | — |
| Return on equity (ROE) | 17.1% | — |
| Return on capital employed (ROCE) | 22.9% | — |
| Operating margin | 24.8% | — |
| Net margin | 18.5% | — |
ICICI Bank growth
Growth scores 67/100, with a negative trend, measured Mar 2023 to Mar 2026.
| Measure | Reading |
|---|---|
| Revenue CAGR | 18.8% |
| Net profit CAGR | 17.6% |
| EPS CAGR | 15.8% |
| Revenue growth, latest year | 6.0% |
| Profit growth, latest year | 6.0% |
ICICI Bank bull, base and bear case
Modelled annual return under three sets of stated assumptions over 5 years. These are model outputs, not a forecast or a promise of return.
| Scenario | Modelled CAGR | Weight | Assumption |
|---|---|---|---|
| Bear | +1.4% | 19% | Growth decelerates to 5.4% and the multiple de-rates toward the cohort's trough. |
| Base | +15.1% | 55% | Earnings compound near the measured 15.1% and the multiple drifts toward its quality-adjusted warranted level. |
| Bull | +24.6% | 26% | Growth holds at 21.1% and the market pays the full premium the measured quality supports. |
Risks to watch in ICICI Bank
| Review trigger | Current | Threshold | Status |
|---|---|---|---|
| Return on equity falls below the quality floor | 17.09% | below 15% | high · armed |
| Revenue growth falls below the thesis floor | 18.79% | below 8% | high · armed |
| Promoter holding drops materially | 0% | below 0%, 3 points under the Mar 2026 filing | high · armed |
| Price runs more than two sigma above its own trend | 1354.5 | at or above 1814.13 | medium · armed |
| Drawdown from the 52-week high exceeds tolerance | 7.42% | at or beyond 25% | low · armed |
| Leverage doubles from the level underwritten today | No leverage line in the balance sheet | unavailable | high · unmeasurable |
| Promoter pledge rises above tolerance | No pledge disclosed (the NSE filing for ICICIBANK could not be read either (nse_session_unavailable)) | above 10% | high · unmeasurable |
| Valuation reaches the top of its own cohort | No cohort multiple to rank against | at or above the 95th percentile | medium · unmeasurable |
An armed trigger is watched and has not fired; a breached one has.
How ICICI Bank shares have traded
| Measure | Reading |
|---|---|
| 52-week range | ₹1,205.9 – ₹1,463.1 |
| Distance from 52-week high | −7.4% |
| Return, 3 months | −3.8% |
| Return, 12 months | −0.7% |
| Trend | Uptrend |
| Annualised volatility | 19.1% |
| Deepest drawdown, 2 years | −19.0% |
Questions about ICICI Bank shares
Is ICICI Bank overvalued or undervalued?
At ₹1,354.5, ICICI Bank sits in VestCall’s “Fairly Valued” zone (₹1,337.1 – ₹1,368.29): inside the modelled fair-value range. Its valuation scores 44/100 (fair) against Unclassified peers. Zones describe where the price sits against modelled value; they are not an instruction to buy or sell.
Is ICICI Bank fundamentally strong?
VestCall scores ICICI Bank’s business health 68/100 (healthy). The strongest measured pillars are capital allocation and business quality. The ones that need proof are management stability and financial strength. Each pillar is computed from reported financials, and a pillar whose inputs were not reported is excluded rather than scored as zero.
What is ICICI Bank’s P/E ratio?
ICICI Bank trades at a P/E of 24.77x, on VestCall’s latest read. A multiple only means something against the business it buys: the quality-adjusted fair value on this page weighs it against ICICI Bank’s returns and growth.
What are the risks of investing in ICICI Bank?
The review triggers VestCall watches for ICICI Bank are: return on equity falls below the quality floor (roe below 15%); revenue growth falls below the thesis floor (revenue cagr below 8%); promoter holding drops materially (promoter holding below 0%, 3 points under the Mar 2026 filing). On the fundamentals, management stability is the weakest measured pillar at 36/100. A trigger is a named condition that would change the reading, published so the case against the stock is as visible as the case for it.
Is this a recommendation to buy or sell ICICI Bank?
No. VestCall states where ICICI Bank’s price sits against modelled value, what supports the case and what would break it, with every figure sourced. It does not issue buy, sell or hold calls or price targets. Vestmind is not a SEBI-registered investment adviser or research analyst, and nothing on this page is personalised investment advice.
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