Most analysts tracking ICICI Bank remain strongly optimistic following its better-than-expected fourth-quarter results, which drove the stock modestly higher. The bank delivered robust year-on-year growth of 8.5% in both core income and net profit, alongside improving asset quality and sharply lower provisions, reinforcing confidence in its operational strength. Notably, 48 out of 50 analysts maintain a “buy” rating, with none recommending a “sell,” reflecting widespread bullish sentiment supported by steady growth momentum, resilient financial metrics, and confidence in the bank’s ability to navigate macro and geopolitical uncertainties.
Analyst Ratings Summary
Rating Type
Number of Analysts
Buy
48
Hold
2
Sell
0
Brokerage Targets & Upside Potential
Brokerage
Target Price (₹)
Upside (%)
Citi
1,720
27
CLSA
1,700
26
Nomura
1,620
20
Jefferies
1,670
21
Kotak Institutional Equities
1,800
33
Investec
1,625
20
Morgan Stanley
1,705
26
Bernstein
1,550
15
JPMorgan
1,600
19
UBS
1,720
27
Key Financial Performance (Q4)
Metric
Performance
Core Income Growth
+8.5% YoY
Net Profit Growth
+8.5% YoY
Return on Assets (RoA)
2.4% (above estimates)
Gross NPA
1.4% (vs 1.53% QoQ)
Net NPA
0.33% (vs 0.37% QoQ)
Credit Costs
Near-zero
Provisions
Declined sharply
Growth & Profitability Drivers
Factor
Details
Loan Growth Outlook
Revised to 15–16% (Citi)
Margin Stability
Expected to remain within range
Retail & Rural Momentum
Broad-based growth across segments
Core Income (NII) Forecast
12.3% (FY27), 15.1% (FY28) – JPMorgan
Asset Quality & Risk Metrics
Indicator
Trend
Gross NPA
Improved
Net NPA
Improved
Recoveries
Strong from written-off accounts
Credit Cost Outlook
Supported by provision reversals
External & Strategic Factors
Factor
Impact
West Asia Conflict
Minimal impact on loan portfolio
Supply Chain Disruptions
No major concerns reported
Business Banking Stability
Remains strong
Valuation & Analyst Views
Aspect
Insight
Valuation Multiple
2.2x FY27 Price-to-Book (Jefferies)
Premium Justification
Strong RoA and RoE outlook
Sector Leadership
Expected to sustain through FY27–28
Risk Factor
High expectations may limit upside (Kotak)
Strength
Balance sheet resilience
Stock Performance Snapshot
Metric
Value
Current Price
₹1,361.3
Intraday Movement
+1.1%
1-Month Gain
+8.5%
(This information is for educational purposes only. Please consult your financial advisor before investing in stocks)
