Latest Ratios: P/E Ratio 18.9x · EV/EBITDA 12.0x · 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 | $106.5B | $93.9B | $113.0B | $94.2B | $76.7B | $67.0B | $54.8B | $28.7B | $38.6B | $29.8B | $26.4B |
| Enterprise Value | $101.8B | $-353259733485 | $-233499000080 | $202.9B | $276.1B | $-483523128320 | $-357863429085 | $426.1B | $881.1B | $1.00T | $828.4B |
| P/E Ratio → | 18.88 | 0.17 | 0.22 | 0.21 | 0.23 | 0.27 | 0.30 | 0.29 | 0.91 | 0.37 | 0.25 |
| P/S Ratio | 3.24 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.02 | 0.03 | 0.03 | 0.02 |
| P/B Ratio | 2.70 | 0.02 | 0.03 | 0.03 | 0.03 | 0.04 | 0.03 | 0.02 | 0.03 | 0.03 | 0.02 |
| P/FCF | 15.92 | 0.15 | 0.15 | 0.06 | 0.14 | 0.09 | 0.04 | 0.05 | 0.08 | 0.10 | 0.07 |
| P/OCF | 15.04 | 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 | — | -0.11 | -0.08 | 0.09 | 0.15 | -0.31 | -0.22 | 0.28 | 0.67 | 0.84 | 0.73 |
| EV / EBITDA | 12.03 | -0.44 | -0.31 | 0.32 | 0.56 | -1.73 | -1.64 | 3.38 | 13.08 | 9.89 | 6.69 |
| EV / EBIT | 12.52 | -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 | 5.3% | 577.3% | 451.4% | 469.9% | 444.0% | 374.8% | 335.2% | 342.4% | 110.1% | 268.7% | 405.4% |
| FCF Yield | 6.3% | 677.2% | 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 |
Regulatory risk-weighting constraints
Based on reported figures, ICICI Bank trades at a P/B of 2.66, which appears to command a premium valuation relative to regional peers, suggesting that investors are pricing in the bank's superior digital ecosystem and its ability to maintain high-margin cross-selling capabilities across its diverse financial subsidiaries.
The current P/B multiple indicates that the market views the bank as a high-quality franchise rather than a commodity lender. This valuation premium warrants further investigation into whether the bank's digital-first strategy can continue to drive superior returns on tangible equity compared to traditional branch-heavy competitors.
As reported in financial statements, the bank's ROE has remained stable at approximately 4.0% to 4.7% over the last ten quarters, reflecting a consistent contribution from non-interest income and disciplined asset utilization that effectively offsets the cyclical pressures on net interest margins within the Indian banking sector.
The decomposition of profitability suggests that the bank's reliance on fee-based income from its insurance and asset management arms provides a structural buffer against interest rate volatility. Investors should monitor whether this fee-heavy revenue mix can sustain profitability if regulatory changes force a slowdown in high-margin unsecured retail lending.
According to recent quarterly filings, the bank maintained an efficiency ratio of 40.4% in 2026Q1, demonstrating a disciplined approach to managing its extensive physical and digital infrastructure costs while simultaneously navigating the competitive pressures that have kept net interest margins at a steady 1.0% level.
The stability of the efficiency ratio suggests that management has successfully integrated its digital platforms to drive operating leverage. However, the persistent 1.0% NIM indicates that the bank is operating in a highly competitive deposit environment where funding costs are effectively capping the benefits of its loan book repricing.
Based on the provided quarterly data, the bank's equity-to-assets ratio of 0.13 in 2026Q1 provides a stable foundation for ongoing operations, suggesting that the bank is well-positioned to absorb potential market volatility without the immediate need for external equity dilution to support its current loan growth trajectory.
The maintenance of this capital ratio appears to reflect a conservative stance on risk management, which is essential given the regulatory focus on unsecured consumer credit. This capital adequacy provides the bank with the flexibility to navigate potential cyclical downturns while continuing to invest in its core digital infrastructure.
Financial disclosures indicate that the market's reliance on P/E multiples for ICICI Bank may be misleading, as this metric fails to account for the significant volatility introduced by discretionary provisioning and the bank's complex, multi-subsidiary structure which is better captured through a sum-of-the-parts valuation approach.
Investors should prioritize P/TBV and ROE over P/E, as the latter is heavily distorted by the bank's ability to smooth earnings through contingent provisions. Relying on P/E obscures the underlying quality of the loan book and the true value of the bank's non-banking subsidiaries, which are critical to its long-term franchise value.
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 18.9x. 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 12.0x. 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 18.9x. 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 0.77% 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.