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
Where the price sits
52-week range, house target and street targets
52w low ₹1,20652w high ₹1,463
- Reference close₹1,292
- House target (internal)₹1,400
- Antique Stock Broking Limited · BUY₹1,732
- Axis Securities · BUY₹1,800
Range from reference closes; street targets from the PDFs on file (Research & documents). Internal target is never shown to prospects.
Investment case and valuation
Approved model, 8 Sep 2026 review
HOLDbase TP ₹1,400 (-2%)
₹1,428
Price, 7-Sep-26
HOLD
Our rating · base TP ₹1,400 (-2%)
2.51x
Core P/B (ex-subs) vs fair 2.15x
17.9x / 15.9x
FY27E / FY28E P/E (our EPS)
15.8%
FY27E ROE → 15.5% FY31E
18.3%
ROE the price already discounts
Bank valuations use the capital-adjusted residual-income framework from the September 2026 initiation (fair core P/B, ROE discounted by the price). Full assumptions are on the model table on the Financials tab.
- Model date
- 8 Sep 2026 (prices 7–8 Sep 2026)
- Horizon
- 12 months (bank pages: Sep-2027 roll-forward)
- Audience
- Internal — the book's guardrail: do not quote a target to a client; quote the thesis and the risk
- Reviewer · version
- Investment Committee framework · v1 (book)
Current vs history
Trailing multiples, FY-end
| Ratio | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 15.8x | 23.2x | 60.4x | 22.0x | 21.9x | 20.2x | 18.0x | 17.4x | 18.8x | 15.9x |
| Price to Book Value | 1.6x | 1.7x | 2.3x | 1.8x | 2.6x | 2.8x | 2.9x | 3.1x | 3.1x | 2.4x |
Tijori FY-end multiples on reported earnings/book; compatible definitions across years, but not the same basis as Buoyant's forward P/E on internal EPS.
Illustrative scenario · session only
Two-driver sensitivity: forward EPS × forward P/E
Implied value · upside vs ₹1,292
₹1,872 +44.9%
Approved base: ₹1,872 = 90 × 20.8x · book: base TP ₹1,400 (-2%)
| EPS \ P/E | 16.6x | 18.7x | 20.8x | 22.9x | 25.0x |
|---|---|---|---|---|---|
| 72.0 | ₹1,198 −7% | ₹1,348 +4% | ₹1,498 +16% | ₹1,647 +27% | ₹1,797 +39% |
| 81.0 | ₹1,348 +4% | ₹1,516 +17% | ₹1,685 +30% | ₹1,853 +43% | ₹2,022 +56% |
| 90.0 | ₹1,498 +16% | ₹1,685 +30% | ₹1,872 +45% | ₹2,059 +59% | ₹2,246 +74% |
| 99.0 | ₹1,647 +27% | ₹1,853 +43% | ₹2,059 +59% | ₹2,265 +75% | ₹2,471 +91% |
| 108.0 | ₹1,797 +39% | ₹2,022 +56% | ₹2,246 +74% | ₹2,471 +91% | ₹2,696 +109% |
Drafts are held in this session only; no persistence adapter is configured, so nothing reaches the approved model (see Data & Publishing).