Upside case
Bull case
$4517+16785.5%
IBN would need investors to value it at roughly 32x earnings — about 32x more generous than today's 0x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
ICICI Bank Limited (IBN) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
6
analysts
6 bullish · 0 bearish · 6 covering IBN
Strong Buy
0
Buy
6
Hold
0
Sell
0
Strong Sell
0
Consensus Target
—
— vs today
Scenario Range
$705 – $4517
Model bear to bull value window
Coverage
6
Published analyst ratings
Valuation Context
0.2x
Forward P/E · Market cap $95.7B
IBN price targets
Three scenarios for where IBN stock could go
Current
~$27
Confidence
57 / 100
Updated
May 1, 2026
Where we are now
Current · $27
Bear
$705
Base
$3779
Bull
$4517
Market caseClosest to today
Base case
$3779+14026.5%
At 27x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$705+2534.8%
The bear case assumes sentiment or fundamentals disappoint enough to push IBN down roughly 2535% from the current price.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
ICICI Bank Limited
IBN · NYSEFinancial ServicesBanks - RegionalMarch year-end
ICICI Bank is a major Indian private sector bank providing comprehensive banking and financial services to retail and corporate customers across India and internationally. It generates revenue primarily through retail banking (consumer loans, deposits, cards) and wholesale banking (corporate lending, transaction banking), supplemented by treasury operations and insurance services. The bank's competitive advantage lies in its extensive digital banking platform — including mobile apps and internet banking — combined with one of India's largest branch networks, creating a powerful omnichannel distribution system.
Market Cap
$95.7B
Net Income TTM
$528.9B
IBN Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
90%Exceptional
12 quarters tracked
Revenue Beat Rate
80%Exceptional
vs consensus estimates
Avg EPS Surprise
+9.8%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 2 of 4Q3 2025
EPS
$0.44/—
Revenue
$8.7B/—
Q4 2025
EPS
$0.39/$0.37
Revenue
$8.6B/$3.4B
Q1 2026
EPS
$0.35/$0.38
Revenue
$3.2B/$3.3B
Q2 2026
EPS
$0.41/$0.39
Revenue
$3.3B/$3.3B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $0.44/— | — | $8.7B/— | — |
| Q4 2025 | $0.39/$0.37 | +5.4% | $8.6B/$3.4B | +151.6% |
| Q1 2026 | $0.35/$0.38 | -7.9% | $3.2B/$3.3B | -3.5% |
| Q2 2026 | $0.41/$0.39 | +5.1% | $3.3B/$3.3B | -0.5% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$3.31T
+12.4% YoY
FY2
$4.12T
+24.3% YoY
EPS Outlook
FY1
$170.53
+16.8% YoY
FY2
$211.42
+24.0% YoY
Trailing FCF (TTM)$0
Next Earnings
—
Expected EPS
—
Expected Revenue
—
IBN beat EPS estimates in 2 of 4 tracked quarters. Mixed delivery makes the upcoming report a key data point for re-rating.
IBN Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Undervalued
Fair value est. $924 — implies +3395.8% from today's price.
Upside to Fair Value
3395.8%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
IBN
17.9x
vs
S&P 500
25.2x
29% discount
vs Financial Services Trailing P/E
IBN
17.9x
vs
Financial Services
13.4x
+34% premium
vs IBN 5Y Avg P/E
Today
17.9x
vs
5Y Average
0.2x
+7197% premium
Forward PE
0.2x
S&P 500
19.1x
-99%
Financial Services
10.5x
-98%
5Y Avg
—
—
Trailing PE
17.9x
S&P 500
25.2x
-29%
Financial Services
13.4x
+34%
5Y Avg
0.2x
+7197%
PEG Ratio
0.48x
S&P 500
1.75x
-73%
Financial Services
1.03x
-53%
5Y Avg
—
—
EV/EBITDA
11.6x
S&P 500
15.3x
-24%
Financial Services
11.4x
+1%
5Y Avg
0.4x
+2515%
Price/FCF
11.8x
S&P 500
21.3x
-45%
Financial Services
10.6x
+11%
5Y Avg
0.1x
+12333%
Price/Sales
3.1x
S&P 500
3.1x
-1%
Financial Services
2.3x
+37%
5Y Avg
0.0x
+7760%
Dividend Yield
0.78%
S&P 500
1.88%
-58%
Financial Services
2.68%
-71%
5Y Avg
—
—
| Metric | IBN | S&P 500 | Financial Services | 5Y Avg IBN |
|---|---|---|---|---|
| Forward PE | 0.2x | 19.1x-99% | 10.5x-98% | — |
| Trailing PE | 17.9x | 25.2x-29% | 13.4x+34% | 0.2x+7197% |
| PEG Ratio | 0.48x | 1.75x-73% | 1.03x-53% | — |
| EV/EBITDA | 11.6x | 15.3x-24% | 11.4x | 0.4x+2515% |
| Price/FCF | 11.8x | 21.3x-45% | 10.6x+11% | 0.1x+12333% |
| Price/Sales | 3.1x | 3.1x | 2.3x+37% | 0.0x+7760% |
| Dividend Yield | 0.78% | 1.88% | 2.68% | — |
IBN trades above S&P 500 benchmarks on 0 of 6 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolIBN Financial Health
Verdict
Exceptional
IBN generates 15.3% ROE and 2.0% return on assets — the two primary signals for banking profitability. FCF-based metrics are not applicable to financial companies.
Earnings Engine
Revenue, profitability, and return on capital
Revenue (TTM)
Trailing-twelve-month sales base
—
Revenue Growth
TTM vs prior year
—
Operating Margin
Operating income divided by revenue
—
Net Margin
Net income divided by revenue
—
EPS (TTM)
Diluted earnings per share, trailing twelve months
$145.98
ROE
Return on equity — the primary profitability signal for banks
15.3%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
10.9%
ROA
Return on assets, trailing twelve months
2.0%
Cash & Equivalents
Liquid assets on the balance sheet
$2.38T
Net Cash
Cash exceeds total debt — no net leverage
$346.5B
FCF Analysis
Traditional FCF and debt/FCF ratios are not meaningful for financial companies. Focus on ROE and ROA above.
ROE
Return on equity — the headline bank profitability metric
15.3%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.8%
Dividend
0.8%
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
$19.86
Payout Ratio
Share of earnings distributed as dividends
14.0%
Shares Outstanding
Current diluted share count
3.6B
All figures from the trailing twelve months. For financial companies, ROE and ROA are the primary health signals — FCF-based metrics are not applicable.
Open full ratios pageIBN Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
Goodwill Impairment Risk
IBM’s acquisitions may not deliver expected economic benefits, leading to impairment charges on goodwill and intangible assets. Such charges can materially reduce reported earnings and cash flows. The risk is heightened by the company’s recent acquisition activity and integration challenges.
High Risk
Market Shock Vulnerability
IBM has historically suffered significant drawdowns during "Growth & Demand Scare" events. These market shocks can abruptly reduce revenue and profitability, especially in cyclical technology spending. The company’s exposure to large enterprise contracts amplifies this risk.
High Risk
Economic Downturn Impact
A general economic downturn or shifts in client spending patterns can negatively affect IBM’s revenue and profits. The company’s reliance on large enterprise IT budgets makes it sensitive to macro‑economic cycles. Reduced capital expenditures by clients can compress margins.
High Risk
Regulatory & Legal Exposure
IBM’s global operations expose it to data privacy, AI and cloud regulations, trade restrictions, and anti‑competition laws. Changes or enforcement of these regulations can increase compliance costs and limit market access. The breadth of jurisdictions heightens the potential impact.
Medium
AI Commoditization Risk
The increasing commoditization of AI could erode IBM’s growth and margin outlook. Uncertainty around client adoption rates and the viability of economic models for AI services adds pressure on revenue. The competitive landscape may force price reductions.
Medium
Cybersecurity Threats
Evolving cybersecurity threats pose a challenge for IBM and its clients. A successful breach could result in financial losses, regulatory fines, and reputational damage. The company’s extensive cloud and AI services increase its attack surface.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why IBN Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
AI and Hybrid Cloud Leadership
IBM’s generative AI business has surpassed $12.5 billion in revenue, underscoring strong enterprise adoption of its watsonx platform. The company’s deep integration into critical IT systems worldwide positions it to scale new AI solutions, and the 2025 acquisition of HashiCorp will further strengthen its cloud automation capabilities.
Robust Financial Growth
In Q4 2025, IBM reported a 12.2% year‑over‑year revenue increase to $19.69 billion, while net income surged 92.2%. Full‑year 2025 revenue rose 7.62% to $67.54 billion, with earnings up 75.88%. Analysts project revenue to reach $71.89 billion this year and $75.19 billion next year, with EPS expected to rise 12.10% and 8.23% respectively.
Software and Consulting Dominance
Software remains IBM’s highest‑margin segment, contributing over $30 billion annually, driven by Red Hat and watsonx. The consulting business also experienced growth, reinforcing IBM’s position in high‑margin services.
Quantum Computing Roadmap
IBM’s 2027 quantum roadmap targets a 1,080‑qubit processor and demonstrates modular entanglement, positioning the company as a potential future growth driver in quantum technology.
Dividend Growth Consistency
IBM has increased its dividend for 30 consecutive years, providing a reliable income stream and reinforcing its defensive appeal to investors.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
IBN Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$26.75
52W Range Position
18%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$25.08
+6.7% from the low
52-Week High
$34.57
-22.6% from the high
1 Month
+2.65%
3 Month
-14.21%
YTD
-10.8%
1 Year
-21.0%
3Y CAGR
+5.1%
5Y CAGR
+9.9%
10Y CAGR
+16.1%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
IBN vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
0.2x
vs 0.2x median
+9% above peer median
Revenue Growth
+12.4%
vs +8.0% median
+55% above peer median
Net Margin
—
vs — median
Peer median unavailable
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
IBN IBN ICICI Bank Limited | $95.7B | 0.2x | +12.4% | — | Buy | — |
HDB HDB HDFC Bank Limited | $196.1B | 0.2x | +8.2% | — | Hold | — |
ITU ITUB Itaú Unibanco Holding S.A. | $93.1B | 1.8x | +8.0% | — | Buy | -24.5% |
BBD BBD Banco Bradesco S.A. | $40.8B | 1.4x | -15.3% | — | Hold | -17.1% |
KB KB KB Financial Group Inc. | $39.3B | 0.0x | +19.8% | — | Hold | — |
SHG SHG Shinhan Financial Group Co., Ltd. | $34.1B | 0.0x | +1.9% | — | Buy | — |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
IBN Dividend and Capital Return
IBN returns 0.8% total yield, led by a 0.78% dividend, raised 5 consecutive years.
Dividend SustainableFCF Unknown
Total Shareholder Yield
0.8%
Dividend + buyback return per year
Buyback Yield
0.0%
Dividend Yield
0.78%
Payout Ratio
14.0%
How IBN Splits Its Return
Div 0.78%
Dividend 0.78%Buybacks 0.0%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$19.86
Growth Streak
Consecutive years of dividend increases
5Y
3Y Div CAGR
25.6%
5Y Div CAGR
47.7%
Ex-Dividend Date
—
Payment Cadence
Annual
1 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$0
Estimated Shares Retired
0
Approx. Share Reduction
0.0%
Shares Outstanding
Current diluted share count from the screening snapshot
3.6B
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2025 | $0.25 | +4.3% | 0.0% | 63.0% |
| 2024 | $0.24 | +22.6% | 0.0% | 59.4% |
| 2023 | $0.19 | +55.1% | 0.0% | 46.4% |
| 2022 | $0.13 | +134.0% | 0.0% | 21.0% |
| 2021 | $0.05 | — | 0.0% | 0.0% |
FAQ
6 questionsIBN Investor Questions
Common questions answered from live analyst data and company financials.
01Is ICICI Bank Limited (IBN) stock a buy or sell in 2026?
ICICI Bank Limited (IBN) is rated Buy by Wall Street analysts as of 2026. Of 6 analysts covering the stock, 6 rate it Buy or Strong Buy, 0 rate it Hold, and 0 rate it Sell or Strong Sell. The bear case scenario is $705 and the bull case is $4517.
02Is ICICI Bank Limited (IBN) stock overvalued in 2026?
IBN trades at 0.2x times forward earnings. The stock currently trades at a discount to the broader market. Based on current multiples versus the peer group, the relative model signals significantly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
03What are the main risks for ICICI Bank Limited (IBN) stock in 2026?
The primary risks for IBN in 2026 are: (1) Goodwill Impairment Risk — IBM’s acquisitions may not deliver expected economic benefits, leading to impairment charges on goodwill and intangible assets. (2) Market Shock Vulnerability — IBM has historically suffered significant drawdowns during "Growth & Demand Scare" events. (3) Economic Downturn Impact — A general economic downturn or shifts in client spending patterns can negatively affect IBM’s revenue and profits. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
04What is ICICI Bank Limited's revenue and earnings forecast?
Analyst consensus estimates IBN will report consensus revenue of $3.31T (+12.4% year-over-year) and EPS of $170.53 (+16.8% year-over-year) for the upcoming fiscal year. The following year, analysts project $4.12T in revenue.
05When does ICICI Bank Limited (IBN) report its next earnings?
A confirmed upcoming earnings date for IBN is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
06How much free cash flow does ICICI Bank Limited generate?
ICICI Bank Limited (IBN) generated $0 in free cash flow over the trailing twelve months. IBN returns capital to shareholders through dividends (0.8% yield) and share repurchases ($0 TTM).