Latest Ratios: P/E Ratio 17.9x · EV/EBITDA 11.5x · ROE 15.3%. (1999–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $101.1B | $93.9B | $113.0B | $94.2B | $76.7B | $67.0B | $54.8B | $28.7B | $38.6B | $29.8B | $26.4B |
| Enterprise Value | $96.5B | $-353277858300 | $-233499000080 | $202.9B | $276.1B | $-483523128320 | $-357863429085 | $426.1B | $881.1B | $1.00T | $828.4B |
| P/E Ratio → | 17.88 | 0.17 | 0.22 | 0.21 | 0.23 | 0.27 | 0.30 | 0.29 | 0.91 | 0.37 | 0.25 |
| P/S Ratio | 4.34 | 0.04 | 0.05 | 0.06 | 0.06 | 0.06 | 0.05 | 0.03 | 0.04 | 0.04 | 0.03 |
| P/B Ratio | 2.55 | 0.02 | 0.03 | 0.03 | 0.03 | 0.04 | 0.03 | 0.02 | 0.03 | 0.03 | 0.02 |
| P/FCF | 15.23 | 0.15 | 0.15 | 0.06 | 0.14 | 0.09 | 0.04 | 0.05 | 0.08 | 0.10 | 0.07 |
| P/OCF | 14.39 | 0.14 | 0.14 | 0.06 | 0.13 | 0.08 | 0.04 | 0.04 | 0.08 | 0.10 | 0.07 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -0.16 | -0.11 | 0.13 | 0.21 | -0.42 | -0.30 | 0.41 | 0.96 | 1.18 | 1.05 |
| EV / EBITDA | 11.49 | -0.44 | -0.31 | 0.32 | 0.56 | -1.73 | -1.64 | 3.38 | 13.08 | 9.89 | 6.69 |
| EV / EBIT | 11.95 | -0.46 | -0.14 | 0.33 | 0.58 | -1.82 | -1.76 | 3.80 | 15.49 | 11.02 | 7.30 |
| EV / FCF | — | -0.56 | -0.30 | 0.13 | 0.50 | -0.62 | -0.26 | 0.67 | 1.94 | 3.47 | 2.28 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.7% | 69.7% | 68.1% | 68.1% | 69.6% | 62.8% | 59.9% | 55.2% | 53.3% | 54.5% | 52.5% |
| Operating Margin | 24.8% | 24.8% | 24.8% | 26.1% | 25.6% | 16.8% | 12.6% | 7.5% | 4.3% | 7.6% | 10.0% |
| Net Profit Margin | 17.4% | 17.4% | 17.3% | 18.8% | 18.4% | 15.9% | 11.4% | 6.4% | 3.2% | 6.5% | 9.0% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.3% | 15.3% | 17.0% | 18.0% | 16.6% | 14.1% | 12.4% | 7.6% | 3.6% | 6.8% | 9.8% |
| ROA | 2.0% | 2.0% | 2.0% | 2.0% | 1.8% | 1.5% | 1.2% | 0.7% | 0.4% | 0.7% | 1.1% |
| ROIC | 10.2% | 10.2% | 10.9% | 10.5% | 9.4% | 6.1% | 4.8% | 2.6% | 1.3% | 2.2% | 2.8% |
| ROCE | 7.5% | 7.5% | 7.8% | 7.6% | 6.9% | 4.2% | 3.5% | 2.0% | 1.0% | 1.8% | 2.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.58 | 0.58 | 0.62 | 0.74 | 0.83 | 0.84 | 0.84 | 1.54 | 1.68 | 1.84 | 1.70 |
| Debt / EBITDA | 2.74 | 2.74 | 2.69 | 3.17 | 3.75 | 5.66 | 6.42 | 15.84 | 30.09 | 21.21 | 15.03 |
| Net Debt / Equity | — | -0.12 | -0.11 | 0.04 | 0.09 | -0.29 | -0.25 | 0.31 | 0.70 | 0.83 | 0.73 |
| Net Debt / EBITDA | -0.56 | -0.56 | -0.46 | 0.17 | 0.41 | -1.97 | -1.89 | 3.16 | 12.51 | 9.59 | 6.48 |
| Debt / FCF | — | -0.70 | -0.45 | 0.07 | 0.36 | -0.71 | -0.30 | 0.63 | 1.85 | 3.37 | 2.20 |
| Interest Coverage | 0.87 | 0.87 | 1.82 | 0.83 | 0.93 | 0.64 | 0.48 | 0.25 | 0.15 | 0.27 | 0.33 |
Net cash position: cash ($2.65T) exceeds total debt ($2.20T)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.14 | 0.14 | 0.19 | 0.18 | 0.19 | 0.25 | 0.23 | 0.27 | 0.24 | 0.27 | 0.26 |
| Quick Ratio | 0.14 | 0.14 | 0.19 | 0.18 | 0.19 | 0.25 | 0.23 | 0.27 | 0.24 | 0.27 | 0.26 |
| Cash Ratio | 0.14 | 0.14 | 0.14 | 0.13 | 0.13 | 0.19 | 0.19 | 0.20 | 0.17 | 0.20 | 0.20 |
| Asset Turnover | — | 0.11 | 0.11 | 0.10 | 0.09 | 0.09 | 0.10 | 0.11 | 0.11 | 0.11 | 0.12 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.8% | 83.6% | 63.0% | 59.4% | 46.4% | 21.0% | — | 33.3% | 29.9% | 58.0% | 100.0% |
| Payout Ratio | 14.5% | 14.5% | 14.0% | 12.7% | 10.4% | 5.6% | — | 10.0% | 27.2% | 22.5% | 32.5% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.6% | 577.4% | 451.4% | 469.9% | 444.0% | 374.8% | 335.2% | 342.4% | 110.1% | 268.7% | 405.4% |
| FCF Yield | 6.6% | 677.4% | 684.6% | 1631.0% | 720.0% | 1159.6% | 2486.0% | 2214.5% | 1176.6% | 968.0% | 1379.6% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.8% | 83.6% | 63.0% | 59.4% | 46.4% | 21.0% | 0.0% | 33.3% | 29.9% | 58.0% | 100.0% |
| Shares Outstanding | — | $3.6B | $3.6B | $3.6B | $3.6B | $3.5B | $3.4B | $3.4B | $3.4B | $3.4B | $3.4B |
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying IBN stock.
ICICI Bank Limited's current P/E ratio is 17.9x. The historical average is 0.6x. This places it at the 100th percentile of its historical range.
ICICI Bank Limited's current EV/EBITDA is 11.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.2x.
ICICI Bank Limited's return on equity (ROE) is 15.3%. The historical average is 11.8%.
Based on historical data, ICICI Bank Limited is trading at a P/E of 17.9x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ICICI Bank Limited's current dividend yield is 0.81% with a payout ratio of 14.5%.
ICICI Bank Limited has 69.7% gross margin and 24.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
ICICI Bank Limited's Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Fee income volatility
Premium Multiple, Tangible Book Expansion
ICICI trades at 2.75x book, a premium to peers, with tangible book value per share rising 36% year-over-year to 1018.40, according to the latest quarterly data, implying the market prices in sustained high returns.
The P/B of 2.75 is well above the peer average of roughly 1.2, reflecting a franchise premium that appears justified by ICICI's superior ROE trajectory. However, the forward P/E of 0.21 is distorted by data anomalies and should be disregarded; investors should focus on P/B and ROTCE expectations. The rapid tangible book growth suggests strong internal capital generation, but the valuation leaves little room for disappointment in earnings quality.
ROE Stability Masks Fee Dependence
ROE has hovered near 4% over the past year, with ROA steady at 0.5%, as per financial statements, but the rising fee contribution to 41.4% of revenue in 2026Q4 suggests earnings quality may be shifting toward more volatile sources.
DuPont decomposition reveals that ICICI's ROE is supported by a stable NIM of 0.9% and a leverage ratio (equity/assets) of 0.13, but the recent surge in non-interest income to 41.4% of revenue indicates a growing reliance on fee income. This mix shift may boost short-term profitability but introduces volatility, as fee income is less predictable than net interest income. The efficiency ratio deterioration to 49.0% in 2026Q4 further pressures profitability, suggesting cost growth is outpacing revenue gains.
NIM Stability, Efficiency Pressure
Net interest margin held at 0.9% for the fifth consecutive quarter, as reported in the latest financials, while the efficiency ratio rose to 49.0% in 2026Q4 from 44.9% in the prior quarter, indicating cost pressures are emerging.
The stable NIM suggests ICICI's asset-liability management is effective in a stable rate environment, but the low absolute level (0.9%) reflects a high proportion of low-yielding securities on the balance sheet. The efficiency ratio spike in 2026Q4 is concerning, as operating expenses grew faster than revenue, possibly due to investments in technology or distribution. Investors should monitor whether this is a one-off or the start of a trend that could erode operating leverage.
Capital Accumulation, No Return
Equity-to-assets ratio held at 0.13 in 2026Q4, unchanged from the prior quarter, according to the balance sheet, while no dividends or buybacks were reported, indicating a preference for internal capital accumulation over shareholder returns.
ICICI's capital position appears adequate, with an equity-to-assets ratio of 13% that is stable and above many global peers. However, the absence of capital return is notable; the bank is retaining all earnings, which may signal a desire to fund growth or build a buffer against potential credit stress. Given the high P/B, investors may expect a future capital return, but the current stance suggests management is prioritizing balance sheet strength.
Provision Volatility Clouds Credit Picture
Loan loss provisions swung from $26.7B in 2026Q3 to just $2.6B in 2026Q4, a 90% drop, as per the income statement, which may indicate improving asset quality or one-off reversals, warranting close monitoring.
The dramatic reduction in provisions could be a positive signal for asset quality, but the volatility raises questions about the sustainability of credit costs. If the low provision level is not repeated, future quarters may see higher charges, impacting profitability. The lack of detailed NPL data in the provided ratios limits a full assessment, but the sharp swing suggests that credit trends are not yet stable.
P/E Misleads on Earnings Quality
The P/E ratio of 19.23 is often used for banks, but for ICICI it obscures the impact of volatile provisions and fee income, as reported in financial statements, making P/B a more reliable valuation metric.
For banks, P/E can be distorted by provision swings and non-recurring items, as seen in ICICI's provision volatility. The forward P/E of 0.21 is clearly a data error and should be ignored. Instead, investors should use P/B and ROTCE to assess value, as these metrics better capture the bank's underlying capital generation and franchise strength. The high P/B suggests the market already prices in strong future returns, but the reliance on fee income and potential credit volatility are risks not fully captured by P/E.