# ICICI Bank (IBN.US)

Canonical: https://gigainvestors.com/s/IBN

Analysis as of: 2026-10-16T07:29:18.608Z. Financial observations: FY2016–FY2026.

Listing currency: USD. Reporting currency: INR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $29.44 per share; close as of 2026-10-15.

Estimated value: low $15.07 per share, central $18.83 per share, high $25.11 per share. Buy at or below the central value $18.83 per share. Valuation as of 2026-10-16T07:29:18.608Z; scenarios are not confidence intervals.

Expected annual return: 8.6% at the stated quote. About 8.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.39×

Chart: Net income; fiscal year observations.

- FY2017: INR 102B

- FY2018: INR 77B

- FY2019: INR 43B

- FY2020: INR 96B

- FY2021: INR 184B

- FY2022: INR 251B

- FY2023: INR 340B

- FY2024: INR 443B

- FY2025: INR 510B

- FY2026: INR 542B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 13.4%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 3.5%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2017: 9.3%

- FY2018: 6.6%

- FY2019: 3.5%

- FY2020: 0.0%

- FY2021: 11.7%

- FY2022: 15.0%

- FY2023: 18.1%

- FY2024: 17.4%

- FY2025: 16.7%

- FY2026: 15.4%

### economics: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- nonpositive book value in the compounding window

- Book return interval: 10 years

- Starting book value per share: INR 278.75

- Ending book value per share: INR 972.14

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 0.7%

- Diluted shares, 5-year annual growth: 0.4%

- Share growth excluding flagged crisis recapitalisations: 0.7%

- Five-year share growth excluding flagged crisis recapitalisations: 0.4%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.57×

- Book value created per share: INR 693.39

- Earnings retained per share after dividends and buybacks: INR 441.84

Chart: Shares (first year = 100); fiscal year observations.

- FY2016: 100

- FY2017: 100

- FY2018: 97

- FY2019: 100

- FY2020: 104

- FY2021: 105

- FY2022: 106

- FY2023: 106

- FY2024: 106

- FY2025: 108

- FY2026: 108

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 7.4% a year forever · net income +6.2%

Story as of 2026-10-16T09:58:55.789Z; price observation 2026-10-15.

The price assumes profits grow 7.4% a year forever

- 2026-04-18: India's ICICI Bank profit beats estimates on strong loan growth, lower provisions ([sg.finance.yahoo.com](https://sg.finance.yahoo.com/news/indias-icici-bank-profit-beats-113013605.html))

### Net income · FY2026

net income +6.2%; source https://www.sec.gov/Archives/edgar/data/1103838/000095010326010820/dp249803_20f.htm; observed 2026-07-20.

- FY2017: INR 102B 

- FY2018: INR 77B 

- FY2019: INR 43B 

- FY2020: INR 96B 

- FY2021: INR 184B 

- FY2022: INR 251B 

- FY2023: INR 340B 

- FY2024: INR 443B 

- FY2025: INR 510B 

- FY2026: INR 542B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are INR 3.1 trillion.

- Source: https://www.sec.gov/Archives/edgar/data/1103838/000095010326010820/dp249803_20f.htm (filed 2026-07-20); FY2026: revenue 3121183600000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IBN.US: 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.

### Why customers stay

It earns 13.4% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-20); 10-year return on tangible equity observations [[2017,0.09314269353730013],[2018,0.06618733928266915],[2019,0.035239308195272136],[2020,0],[2021,0.11674079135500617],[2022,0.15029852784046177],[2023,0.18111141766399078],[2024,0.1744645836470254],[2025,0.1670642929015818],[2026,0.15377618972673598]]; median 0.133519659597734. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-20); Dividend observations: [[2017,33119571000],[2018,17319703000],[2019,11563321000],[2020,11688270000],[2021,8863800000],[2022,13852300000],[2023,13852300000],[2024,55985964000],[2025,71238913000],[2026,78531500000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IBN.US SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 7.4% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-20); Price 29.44; FX 0.01054; original perpetual distributable cash 71.47135838629394; discount 0.1; growth 0.07441208840382005. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-11: $7.13 per share

- 2016-12: $6.81 per share

- 2017-01: $7.05 per share

- 2017-02: $7.45 per share

- 2017-03: $7.82 per share

- 2017-04: $7.79 per share

- 2017-05: $9.02 per share

- 2017-06: $8.97 per share

- 2017-07: $9.31 per share

- 2017-08: $9.37 per share

- 2017-09: $8.56 per share

- 2017-10: $9.15 per share

- 2017-11: $9.54 per share

- 2017-12: $9.73 per share

- 2018-01: $10.98 per share

- 2018-02: $9.50 per share

- 2018-03: $8.85 per share

- 2018-04: $8.51 per share

- 2018-05: $8.39 per share

- 2018-06: $8.03 per share

- 2018-07: $8.83 per share

- 2018-08: $9.63 per share

- 2018-09: $8.49 per share

- 2018-10: $9.49 per share

- 2018-11: $10.17 per share

- 2018-12: $10.29 per share

- 2019-01: $10.21 per share

- 2019-02: $9.86 per share

- 2019-03: $11.46 per share

- 2019-04: $11.45 per share

- 2019-05: $12.00 per share

- 2019-06: $12.59 per share

- 2019-07: $12.21 per share

- 2019-08: $11.23 per share

- 2019-09: $12.18 per share

- 2019-10: $13.03 per share

- 2019-11: $14.09 per share

- 2019-12: $15.09 per share

- 2020-01: $14.58 per share

- 2020-02: $13.87 per share

- 2020-03: $8.50 per share

- 2020-04: $9.76 per share

- 2020-05: $8.70 per share

- 2020-06: $9.29 per share

- 2020-07: $9.39 per share

- 2020-08: $10.74 per share

- 2020-09: $9.83 per share

- 2020-10: $10.55 per share

- 2020-11: $12.86 per share

- 2020-12: $14.86 per share

- 2021-01: $15.10 per share

- 2021-02: $16.61 per share

- 2021-03: $16.03 per share

- 2021-04: $16.30 per share

- 2021-05: $18.01 per share

- 2021-06: $17.10 per share

- 2021-07: $18.59 per share

- 2021-08: $19.62 per share

- 2021-09: $18.87 per share

- 2021-10: $21.15 per share

- 2021-11: $18.46 per share

- 2021-12: $19.79 per share

- 2022-01: $21.73 per share

- 2022-02: $19.47 per share

- 2022-03: $18.94 per share

- 2022-04: $19.04 per share

- 2022-05: $19.25 per share

- 2022-06: $17.74 per share

- 2022-07: $20.78 per share

- 2022-08: $21.84 per share

- 2022-09: $20.97 per share

- 2022-10: $22.04 per share

- 2022-11: $23.72 per share

- 2022-12: $21.89 per share

- 2023-01: $20.83 per share

- 2023-02: $20.68 per share

- 2023-03: $21.58 per share

- 2023-04: $22.75 per share

- 2023-05: $22.92 per share

- 2023-06: $23.08 per share

- 2023-07: $24.57 per share

- 2023-08: $23.17 per share

- 2023-09: $23.12 per share

- 2023-10: $22.19 per share

- 2023-11: $22.17 per share

- 2023-12: $23.84 per share

- 2024-01: $24.40 per share

- 2024-02: $25.61 per share

- 2024-03: $26.41 per share

- 2024-04: $27.53 per share

- 2024-05: $26.74 per share

- 2024-06: $28.81 per share

- 2024-07: $29.11 per share

- 2024-08: $29.31 per share

- 2024-09: $29.85 per share

- 2024-10: $30.41 per share

- 2024-11: $30.55 per share

- 2024-12: $29.86 per share

- 2025-01: $28.67 per share

- 2025-02: $27.88 per share

- 2025-03: $31.52 per share

- 2025-04: $33.56 per share

- 2025-05: $34.24 per share

- 2025-06: $33.64 per share

- 2025-07: $33.70 per share

- 2025-08: $31.74 per share

- 2025-09: $30.23 per share

- 2025-10: $30.30 per share

- 2025-11: $31.23 per share

- 2025-12: $29.80 per share

- 2026-01: $29.29 per share

- 2026-02: $30.51 per share

- 2026-03: $25.90 per share

- 2026-04: $26.59 per share

- 2026-05: $26.23 per share

- 2026-06: $29.03 per share

- 2026-07: $29.99 per share

- 2026-08: $30.36 per share

- 2026-09: $27.55 per share

- 2026-10: $28.54 per share

## Annual estimated value (USD per share)

- FY2017: low $3.45 per share, central $4.31 per share, high $5.75 per share

- FY2018: low $3.72 per share, central $4.64 per share, high $6.19 per share

- FY2019: low $3.73 per share, central $4.66 per share, high $6.21 per share

- FY2021: low $4.91 per share, central $6.14 per share, high $8.19 per share

- FY2022: low $5.06 per share, central $5.57 per share, high $6.19 per share

- FY2023: low $5.83 per share, central $7.28 per share, high $9.71 per share

- FY2024: low $7.83 per share, central $9.79 per share, high $13.06 per share

- FY2025: low $9.33 per share, central $11.66 per share, high $15.55 per share

- FY2026: low $15.07 per share, central $18.83 per share, high $25.11 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1103838/000095010326010820/dp249803_20f.htm); period 2026-03-31, filed 2026-07-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.