# ICICI Bank (NSE: ICICIBANK) share analysis

Canonical: https://vestmind.in/stocks/icici-bank  
Source: VestCall by Vestmind, price as of 14 October 2026.

> ICICI Bank (NSE: ICICIBANK) was trading at ₹1,349.9 on 14 October 2026. VestCall scores its business health 68/100 (healthy). On valuation, the price sits in the “Fairly Valued” zone (₹1,333.15 – ₹1,364.24) — inside the modelled fair-value range. This is a reading of the evidence, not a buy or sell recommendation.

## Valuation zones

| Zone | Price band | Meaning |
| --- | --- | --- |
| Deeply Discounted | ₹1,269.05 – ₹1,331.15 | Furthest below the modelled fair-value range |
| Attractive Valuation | ₹1,331.15 – ₹1,333.15 | Below the modelled fair-value range |
| Fairly Valued (current) | ₹1,333.15 – ₹1,364.24 | Inside the modelled fair-value range |
| Valuation Premium | ₹1,364.24 and above | Above the modelled fair-value range |

## The case for and against

- Supports — Capital Allocation 87/100
- Supports — Business Quality 81/100
- Supports — Growth 73/100
- Needs proof — Management Stability 36/100
- Needs proof — Financial Strength 50/100
- Needs proof — Shareholding Quality 56/100

## Key ratios

| Ratio | ICICI Bank | Sector median |
| --- | --- | --- |
| P/E | 24.77x | — |
| P/B | 0.15x | — |
| P/S | 0.16x | — |
| Return on equity (ROE) | 17.1% | — |
| Return on capital employed (ROCE) | 22.9% | — |
| Operating margin | 24.8% | — |
| Net margin | 18.5% | — |

## Bull, base and bear case (model outputs, not forecasts)

| Scenario | Modelled CAGR | Weight | Assumption |
| --- | --- | --- | --- |
| Bear | +1.4% | 19% | Growth decelerates to 5.4% and the multiple de-rates toward the cohort's trough. |
| Base | +15.1% | 55% | Earnings compound near the measured 15.1% and the multiple drifts toward its quality-adjusted warranted level. |
| Bull | +24.6% | 26% | Growth holds at 21.1% and the market pays the full premium the measured quality supports. |

## Questions

### Is ICICI Bank overvalued or undervalued?

At ₹1,349.9, ICICI Bank sits in VestCall’s “Fairly Valued” zone (₹1,333.15 – ₹1,364.24): inside the modelled fair-value range. Its valuation scores 45/100 (fair) against Unclassified peers. Zones describe where the price sits against modelled value; they are not an instruction to buy or sell.

### Is ICICI Bank fundamentally strong?

VestCall scores ICICI Bank’s business health 68/100 (healthy). The strongest measured pillars are capital allocation and business quality. The ones that need proof are management stability and financial strength. Each pillar is computed from reported financials, and a pillar whose inputs were not reported is excluded rather than scored as zero.

### What is ICICI Bank’s P/E ratio?

ICICI Bank trades at a P/E of 24.77x, on VestCall’s latest read. A multiple only means something against the business it buys: the quality-adjusted fair value on this page weighs it against ICICI Bank’s returns and growth.

### What are the risks of investing in ICICI Bank?

The review triggers VestCall watches for ICICI Bank are: return on equity falls below the quality floor (roe below 15%); revenue growth falls below the thesis floor (revenue cagr below 8%); promoter holding drops materially (promoter holding below 0%, 3 points under the Mar 2026 filing). On the fundamentals, management stability is the weakest measured pillar at 36/100. A trigger is a named condition that would change the reading, published so the case against the stock is as visible as the case for it.

### Is this a recommendation to buy or sell ICICI Bank?

No. VestCall states where ICICI Bank’s price sits against modelled value, what supports the case and what would break it, with every figure sourced. It does not issue buy, sell or hold calls or price targets. Vestmind is not a SEBI-registered investment adviser or research analyst, and nothing on this page is personalised investment advice.

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Vestmind is not a SEBI-registered investment adviser or research analyst. This is research for information, not a recommendation or personalised investment advice.