Scope

As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI

NSE: ICICIBANK· BankingCore · Aug 26Large cap

ICICI Bank

Anchor: the compounding franchise

Last close: ₹1,292.20; 29 Sept 2026 · reference
1D · 1M: −0.8% · −9.2%; price-only
Weight: 7.0%; 31 Jul 2026 · Aug rank 1
Thesis review: 8 Sep 2026; Why We Own, p27

Coverage owner: Research (per book); latest results Q Jun-26Screener ↗Tijori ↗NSE ↗

Broker research · 2 reports

Sell-side views, extracted from the PDFs on file

Antique Stock Broking LimitedBUYdailymulti-company

Antique's Morning Presentation - From The Research Desk (Indian Banking Sector; NBFC 1QFY27 Review; Cement; FMCG)

19 Aug 2026 · Manjith Nair, Pashmi Chheda, Raju Barnawal · 86 pp · open PDF ↗

Target: ₹1,732
At report: ₹1,412
Vs our close: +34.0%

ICICI Bank posted better-than-expected Q1FY27 loan growth and margins; Antique rates it BUY within its preferred large-private-bank pecking order (ICICI, Kotak, Axis).

Key points

Q1FY27: Advances Rs 1,63,12,597 mn (+20% YoY/5.0% QoQ); Deposits Rs 1,83,35,858 mn (+14% YoY); NII Rs 2,43,844 mn (+13% YoY); PAT Rs 1,48,045 mn (+16% YoY/8.0% QoQ)
Reported NIM 4.36% (+4bps QoQ); core fee growth strong at 7.5% QoQ/23.5% YoY; GNPA 1.38%, NNPA 0.35%, PCR 75.2%
Credit costs rose to 32bps (vs 3bps QoQ) on seasonality, in line with the 1Q average of 45-50bps ex chunky NCLT recoveries
Weak points: credit card growth continued to decline (-1.7% QoQ/-2% YoY); gross slippage rate (ex-KCC) rose to 1.41% vs 1.26% QoQ
In Antique's sector coverage table, listed at CMP 1,407/TP 1,732 (Banking coverage table) and CMP 1,412/TP 1,732 (Valuation Guide appendix)

Extraction note: This is a very long (86-page) multi-sector daily; only sections/data relevant to tracked portfolio companies were extracted in depth. The daily's Banking sector report (pages 3-60) also covers non-portfolio banks in similar depth: Kotak Mahindra Bank, IndusInd Bank, Federal Bank,…

Axis SecuritiesBUYresult update

A Quality Franchise Worthy of Premium Valuations; Reiterate Strong BUY!

20 Jul 2026 · Dnyanada Vaidya, Abhishek Pandya · 9 pp · open PDF ↗

Target: ₹1,800
At report: ₹1,444+25% printed
Vs our close: +39.3%

Axis Securities reiterates a Strong BUY on ICICI Bank after Q1FY27 results beat on PPOP and PAT with NII broadly in line, citing resilient NIMs, broad-based credit growth and industry-leading asset quality. The broker raised its target price to Rs 1,800/share (from Rs 1,700) on 2.65x FY28E core ABV plus subsidiary value, implying 25% upside from CMP of Rs 1,444.

Thesis

NIMs held up well, improving 4bps QoQ to 4.36% despite seasonal slippages and corporate growth; management expects NIMs range-bound at 4.3-4.4% over FY27-29E
FCNR(B) deposit mobilisation offers a cost-effective, earnings-accretive incremental funding and lending lever, with landing cost of 6.3-6.4%
Fee income grew 23%/7% YoY/QoQ, broad-based across processing fees, transaction banking, trade finance, forex, derivatives and deposit-linked fees
Credit growth accelerated to 20%/5% YoY/QoQ, broad-based across Business Banking (+28% YoY), Rural (+35% YoY) and Corporate (+18.5% YoY); ~17% CAGR expected over FY26-29E
Asset quality resilient with credit costs of 32bps in Q1 (aided by one-off NCLT recovery); normalised credit costs expected around ~50bps going forward
Expect superior RoA/RoE of 2.3% (+/-5bps)/16-18% over FY27-29E, reinforcing premium valuation vs peers

Risks

Key risk is a slowdown in overall credit momentum, which could derail earnings momentum for the bank

Q1FY27 highlights

NII grew 12.7% YoY / 6.1% QoQ to Rs 243.8 Bn, broadly in line with Axis estimate of Rs 238.7 Bn
PPOP grew 8.7% YoY / 12.0% QoQ to Rs 203.9 Bn, beating Axis estimate of Rs 188.0 Bn by 8.4%
PAT grew 15.9% YoY / 8.0% QoQ to Rs 148.0 Bn, beating Axis estimate of Rs 130.6 Bn by 13.3%
Advances (net) grew 20%/5% YoY/QoQ; Business Banking +28/7%, Rural +35/6%, Corporate +18.5/7%, Retail +12/3%
NIM improved 4bps QoQ to 4.36% vs 4.32% QoQ
GNPA/NNPA steady at 1.38%/0.35% vs 1.40%/0.33% QoQ; PCR at 74.7% vs 75.8% QoQ; credit costs at 32bps

Broker estimates	Unit	FY27E	FY28E	FY29E	FY26
NII	Rs Bn	1,032	1,203	1,398	—
PPOP	Rs Bn	870	1,025	1,201	—
Net Profit	Rs Bn	593	691	811	—
EPS	Rs	82.6	96.4	113	70
ABV	Rs	500.1	581.3	676.2	431.6
P/ABV	x	2.9	2.5	2.1	3.3
ROA	%	2.3	2.3	2.3	2.2
ROE	%	16.3	16.6	16.8	15.9
NNPA	%	0.4	0.3	0.3	0.4
P/E	x	17.5	15	12.8	20.6

Valuation: SOTP: 2.65x FY28E core ABV for parent + subsidiary value. Core book valued at 2.65x FY28E ABV (Rs 1,540/share) plus net subsidiary value of Rs 261/share (after 20% holding discount) to arrive at TP of Rs 1,800/share, implying 25% upside from CMP of Rs 1,444. Estimates raised marginally post Q1FY27: NII +1.7%/+2.1% for FY27E/FY28E, PPOP +4.4%/+4.5%, and PAT +3.6%/+2.6%; TP raised to Rs 1,800 from Rs 1,700 and valuation multiple raised to 2.65x FY28E ABV from 2.5x.

Extraction note: Balance sheet/P&L tables are in Rs Bn per the financials section; estimate table in the header box is also Rs Bn. Report also references alternative BUY ideas (HDFC Bank, Kotak Mahindra Bank) not extracted as separate estimates.

Figures are transcribed from each broker's PDF as printed (units as the broker states them) and are the broker's estimates, not Buoyant's. "Vs our close" recomputes the target against the latest reference close (29 Sept 2026).

SWOT

Strengths · Weaknesses · Opportunities · Threats

Draft

Strengths

The compounding machine: 15–16% ROE on a 16% CET1 base with 15–16% loan growth means book value per share compounds ~14% a year without dilution; over ten-year horizons that is what the share price does too.
Best liability franchise among the growth banks: deposits grew 14% YoY in 1QFY27 with CASA at 39–41%, funding cost 4.4% (lowest of the big four) and a loan-to-deposit ratio of 89% that leaves room to grow.
Asset quality with headroom: credit cost of 45–55 bp against a ₹13,100 crore contingency buffer (~0.8% of loans) that is not in our numbers; corporate book is investment-grade heavy and retail is secured-led.
Fee engine: retail and payments fees growing mid-teens, plus subsidiaries whose value (~₹200/share, 20% holdco discount) we carry conservatively.

Weaknesses

vs HDFC Bank: Bigger but still digesting the merger: ROA 1.7% vs 2.5%, CASA 32% vs 39%, LDR 96% vs 89%. It is cheaper — which is exactly why we are building a separate position in it — but ICICI is the higher-certainty compounder.
vs Kotak Mahindra: Kotak earns a 12% ROE at 2.0x core book against ICICI's 16% at 2.5x: ICICI's premium is smaller per unit of ROE and its ROA is higher (2.2–2.5% vs 2.0%).

Opportunities

2QFY27 results (Oct-26): NIM stabilisation above 4.2% (model basis) and deposit growth re-accelerating past 14%.
Contingency-provision release or write-back as the agri/retail cycle stays benign.
Return of FPI flows to Indian financials once the rupee and crude stabilise — ICICI is the first port of call.

Threats

Valuation: at 2.5x core book the stock discounts an 18% ROE for a decade; any slip in growth or a credit-cost surprise above 60 bp would de-rate it 15–20%.
Margin: NIM has fallen 25 bp since the rate cuts began; a further 15–20 bp compression without deposit repricing would cut FY27E EPS ~5%.
FII selling: ICICI is among the largest foreign holdings in India; mechanical outflows can depress the multiple without touching fundamentals.

Compiled from the approved one-pager (Why We Own What We Own, 8 Sep 2026): why-we-own → strengths, catalysts → opportunities, key risks → threats, peer caveats → weaknesses. Editorial mapping pending review. · author: compiled from the approved one-pager

Research reports · upload with a check step

0 approved · 0 pending · 0 rejected

Only approved reports are readable from the company page; the reviewer must differ from the uploader. Files are hashed (duplicates skipped) and held in the private store.

Internal evidence

Buoyant sources for this name

August 2026 top-30 disclosure — rank 1, Banking, Core. Buoyant AIF I Top 30 Holdings - Aug 2026.pdf
One-pager, "Why We Own What We Own" — p27, 8 Sep 2026. Buoyant_Why_We_Own_What_We_Own_Sep2026.pdf (portfolio as of 31 July 2026)
Sales playbook, Aug 2026 — holdings matrix (PMS/AIF I/AIF II, $31 Jul 2026). Buoyant_Capital_Sales_Playbook_Aug_2026_Full_Holdings.pdf

Original PDFs are in the supplied package on disk; private object storage is not configured, so source pages are referenced, not served.

Company filings

Investor documents (Tijori knowledge base)

annual reports

earnings releases

investor presentations

conference calls

Links open the issuer's or exchange's document; fetched only through the user's browser, never by the platform.

Ownership

Shareholding · Jun'26

Public Shareholding	83.97%
Institutions	76.27%
SBI MUTUAL FUND	6.27%
ICICI PRUDENTIAL MUTUAL FUND	4.40%
LIFE INSURANCE CORPORATION OF INDIA	4.35%
HDFC MUTUAL FUND	3.58%
NPS TRUST	3.38%
NIPPON LIFE INDIA MUTUAL FUND	2.55%
UTI MUTUAL FUND	2.21%
GOVERNMENT OF SINGAPORE	1.50%
GOVERNMENT PENSION FUND GLOBAL	1.43%
SBI LIFE INSURANCE CO. LTD	1.43%
Non-Institutions	7.70%
Individual < 2 lac	4.96%