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Release
August 2026 · rev 1
Opportunities PMS · Published
As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI
Present
Internal working platform. Published figures are extracted from the August 2026 source package and reviewed; reference prices and fundamentals are unlicensed working data, not for redistribution. Past performance is not indicative of future returns.
Company Atlas/Insurance/ICICI Lombard General Insurance
NSE: ICICIGI· InsuranceCyclical · Aug 26Mid cap

ICICI Lombard General Insurance

Motor-TP recovery at a two-year low

Last close
₹1,515.00
29 Sept 2026 · reference
1D · 1M
−1.6% · −3.0%
price-only
Weight
3.1%
31 Jul 2026 · Aug rank 8
Thesis review
8 Sep 2026
Why We Own, p36
Coverage owner: Research (per book); latest results Q Jun-26Buoyant AIF I Top 30 Holdings - Aug 2026.pdf · p1Buoyant_Why_We_Own_What_We_Own_Sep2026.pdf (portfolio as of 31 July 2026) · p36Screener ↗Tijori ↗NSE ↗
OverviewBusiness & segmentsChartsFinancialsValuationThesisRisks & catalystsCompetitorsResearch & documents
Analysis · industrial rules · FY21–FY26

What the numbers say

data to 30 Jun 2026
Growth
n/a
Profitability
n/a
Balance sheet
4.5
Cash conversion
n/a
Valuation
2.5
Revenue CAGR 3y
—
Net profit CAGR 3y
—
ROE
17.9%
FY26
Debt / equity
0.00x
P/E
30.6x
Promoter holding
51.2%
FII 21.4% · DII 20.6%
  • Balance sheet. Effectively debt-free. · Tijori ratios sheet
  • Valuation. 30.6x trailing earnings, 5.1x book; dividend yield 0.8%. · Tijori valuation ratios at the latest price
  • Latest quarter. Q Jun-26: revenue 15.8% YoY, net profit −46.1% YoY; 4 of the last 4 quarters grew revenue year on year. · Tijori quarterly results

Rules over the stated numbers only — CAGRs need positive start and end values, margins use the company's own OPM line, cash conversion is cumulative operating cash flow over cumulative profit for the last three fiscal years. Scores are 0–5 rule outputs, not a recommendation. Source: Tijori Finance normalised statements; Buoyant's own estimates are shown separately below and never blended in.

Cross-check

Same metric, every source · ICICI Lombard General Insurance

Where the app shows the same metric in more than one place, this table lists each figure with its period and definition. No two sources disagree on the same period and definition; every difference below is a period or definition difference.

MetricSourcePeriodDefinitionValueVerdict
Return on equityTijori ratio tableFY26net profit ÷ year-end equity (Tijori)17.90%Different basis
Figures differ because they measure different periods or definitions; each is labelled.
Tijori screenerTTMtrailing 12 months (Tijori)0.00%
House model (one-pager)FY26net profit ÷ average equity, standalone17.80%
Net profitTijori screenerTTMtrailing 12 months₹2,428 crDifferent basis
Figures differ because they measure different periods or definitions; each is labelled.
House model (one-pager)FY26standalone, annual₹2,772 cr
Tijori quarterly tableQ Jun-26single quarter₹403 cr
EPSTijori ratio tableFY26consolidated, annual₹55.61One source
P/ETijori screenerTTM at 2026-09-25price ÷ trailing EPS30.60xDifferent basis
Figures differ because they measure different periods or definitions; each is labelled.
House model (one-pager)FY27EFY27E / FY28E P/E (Buoyant sheet)30.00x
P/BTijori screenerat 2026-09-25price ÷ book value per share4.36xDifferent basis
Figures differ because they measure different periods or definitions; each is labelled.
Tijori ratio tableFY26 year-endyear-end price ÷ book value5.10x
Market capBSE master2026-09-25BSE full market cap₹74,929 crDifferent basis
Figures differ because they measure different periods or definitions; each is labelled.
Tijori screenerlatest Tijori refreshprice × shares₹74,211 cr
House one-pager31-Jul-26as printed₹81,790 cr
Promoter holdingTijori screenerlatest filing% of shares51.22%One source

Tolerance for a conflict: 1.5% on the same period and definition (3% for market cap, which moves with the price date). Tijori's ratio table uses its own definitions; the quarterly table and operating metrics carry the company's reported figures; the house model is standalone and dated.

Trend

Sales and net profit, FY

₹ crore. Actuals only; the last column is a TTM where labelled. Estimates are shown separately below with an "E" and never blended into this series.

Buoyant estimates

Model table from the research book

Buoyant estimates
₹ crore / %FY24FY25FY26
Revenue (₹ cr)20,57223,96126,994
EBITDA (₹ cr)n.a.n.a.n.a.
Net profit (₹ cr)1,9192,5082,772
ROE (%)n.a.19.117.8

Estimate columns (E) are in green italics.

Consolidated where reported · standalone not separately available in this source
Income statement (annual)
₹ crore unless %FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Operating Profit from Premiums7079241,2311,5441,9551,7942,3821,9062,2672,524
Fire1001335895238408596504783631
Marine-1047-3635-10-82327-7-74
Misc6177441,2091,4131,7281,3931,7631,3751,4911,967
Income From Investments3094064604645057037328451,0051,184
Interest, Dvidend & Rent217288353389436540600677805887
Net Profit on Sale of Investments112225136148163181143191274297
Profit on Sale of Investments102172121111116173137171225276
Loss on Sale of Investments-10-54-15-36-47-9-6-20-48-21
Other Income2814161234455910
Sundry Receipts28141512030—10—
Profit on Sale of Fixed Assets0000030110
Provisions-9-6841-1685647-61-574734
Doubtful debts1359-384711-5-17-39-6-23
Reduction in Value of Investment—101120-67-437996-41-11
Other Provisions-4-2-3———————
Bad debts written off1—471922283023
Profit Before Tax9101,1961,5981,6971,9541,6842,1132,5553,3213,659
Tax208334549503481413383637813887
Profit After Tax7028621,0491,1941,4731,2711,7291,9192,5082,772
Number of shares(Crs)45454545454949495050
Dividend Payout Ratio(%)22.5021.0725.9813.3224.6934.7628.4028.2524.7024.28

Consolidated where the company reports consolidated; Tijori Finance normalisation of company filings. Fiscal years end 31 March; "TTM" columns are trailing twelve months to the stated quarter. Quarterly growth is year-on-year (same quarter, prior year). Quarterly balance-sheet and cash-flow data are not disclosed and are not implied. General-insurance preset: premium growth, loss/expense/combined ratio, solvency; earnings and book measures.

Operating metrics

Sector metrics with history

Yield On Total Investments - General Insurance

4.44% 2026-03

Combined Ratio

107.20% 2026-06

Monthly Gross Direct Premium Income (GDPI)

2,405.69Crs 2026-07

Risk Retention Ratio

80.40% 2026-03

Float

21,785.25Crs 2026-03
Ratios

Sector-appropriate ratios

RatioFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
ROE(%)20.3420.8521.2820.8421.7115.3617.7317.1719.1417.90
Price to Book0.007.928.827.988.787.165.056.946.235.10

General-insurance preset: premium growth, loss/expense/combined ratio, solvency; earnings and book measures. Suppressed for this preset: EV/EBITDA, Operating Profit Margin, OPM, Interest Coverage, Debt to Equity, Inventory, Receivable, Payable, Cash Conversion, ROCE, ROIC.