Price as of 13 Nov 2026 close: ₹1,583.6 (NSE: ICICIBANK, BSE: 532174). Results are standalone Q2 FY27 figures (quarter to 30 Sep 2026) as reported by Business Today, Finology and PSU Connect. Price from Kotak Neo.
ICICI Bank grew Q2 FY27 profit 20% to ₹14,843 crore, beating estimates, as loans grew 30% (about 24% excluding foreign-currency deposit-linked lending) and gross NPAs fell to 1.20%. The one soft spot: net interest margin slipped to 4.18% from 4.36% a quarter earlier. At ₹1,583.60, near its 52-week high, it trades at about 21× trailing earnings and 3.2× book — the highest valuation among India’s large banks.
Table of Contents
- ICICI Bank share price targets at a glance
- ICICI Bank How we calculate the targets
- ICICI Bank Latest results: what changed
- ICICI Bank Share price in 2026
- ICICI Bank Target 2027
- ICICI Bank Target 2028
- ICICI Bank Target 2029
- ICICI Bank Target 2030
- ICICI Bank Key metrics
- ICICI Bank Peer comparison
- ICICI Bank Risks to the base case
- ICICI Bank What the numbers suggest
- ICICI Bank FAQs
1. ICICI Bank Share Price Targets 2027–2030 at a Glance
All three scenarios come from one formula (next section). Targets are for the end of each calendar year.
| Year-end | Bear (₹) | Base (₹) | Bull (₹) |
|---|---|---|---|
| 2027 | 1,380 | 1,950 | 2,370 |
| 2028 | 1,520 | 2,260 | 2,820 |
| 2029 | 1,670 | 2,620 | 3,360 |
| 2030 | 1,840 | 3,040 | 4,000 |
The base case implies a price change of roughly 17% a year from today's ₹1,583.6 to the end of 2030.
2. How We Calculate These Targets
Target = projected EPS × P/E multiple. Each year-end target uses the EPS of the financial year that follows (for example, the 2027 target uses FY28 EPS), because markets price stocks on forward earnings. Read our full methodology.
- Starting EPS: trailing twelve-month EPS of about ₹76.1 (₹1,583.60 ÷ ~20.8× P/E).
- Bear case: EPS grows 10% a year, P/E 15×. Margins keep falling and loan growth slows; the premium to other banks narrows.
- Base case: EPS grows 16% a year, P/E 19×. Loan growth in the high teens with margins stabilising near 4.2%; P/E eases slightly from ~21×.
- Bull case: EPS grows 19% a year, P/E 22×. Growth stays above 20% with best-in-class asset quality, sustaining the premium.
| Financial year | Bear EPS (₹) | Base EPS (₹) | Bull EPS (₹) |
|---|---|---|---|
| FY28 | 92.08 | 102.40 | 107.77 |
| FY29 | 101.29 | 118.78 | 128.24 |
| FY30 | 111.42 | 137.79 | 152.61 |
| FY31 | 122.56 | 159.84 | 181.60 |
Worked example (base, 2027): ₹76.1 × 1.16 × 1.16 = ₹102.40 FY28 EPS → × 19 = ₹1,950.
Sensitivity — 2030 base-case EPS of ₹159.84 at different multiples:
| P/E | 15× | 19× | 22× |
|---|---|---|---|
| 2030 price (₹) | 2,400 | 3,040 | 3,520 |
3. Latest Results: What Changed
| ₹ crore / % | Q2 FY26 | Q2 FY27 | Change |
|---|---|---|---|
| Net profit (standalone) | 12,359 | 14,843 | +20.1% |
| Net interest income | ~21,530 | 25,339 | +17.7% |
| Core operating profit | ~17,080 | 20,805 | +21.8% |
| NIM | 4.30% | 4.18% | −12 bps |
| Gross / Net NPA | 1.58% / — | 1.20% / 0.30% | Improved |
| Advances | ~14.1 lakh cr | 18.32 lakh cr | +30% (~24% ex-FCNR) |
| Deposits | ~16.1 lakh cr | 20.50 lakh cr | +27% |
What changed: strong loan and deposit growth plus lower provisions (₹851 crore, down 7%) drove profit. Margins eased because lending rates fell faster than deposit costs.
What it means for the targets: the base case assumes 16% EPS growth, close to the bank’s recent track record, with a small decline in the multiple.
4. ICICI Bank Share Price in 2026: Where It Stands
With only weeks left in 2026, a year-end "target" is not meaningful. The stock closed at ₹1,583.6 on 13 Nov 2026, within a 52-week range of ₹1,187.60 – ₹1,616. The stock is close to its 52-week high.
5. ICICI Bank Share Price Target 2027: ₹1,380 – ₹2,370 (Base ₹1,950)
Based on FY28 EPS of ₹92.08 / ₹102.40 / ₹107.77 (bear / base / bull). What to watch: NIM stabilising around 4.2%.
6. ICICI Bank Share Price Target 2028: ₹1,520 – ₹2,820 (Base ₹2,260)
Based on FY29 EPS of ₹101.29 / ₹118.78 / ₹128.24 (bear / base / bull). What to watch: loan growth excluding FCNR-linked lending staying above 15%.
7. ICICI Bank Share Price Target 2029: ₹1,670 – ₹3,360 (Base ₹2,620)
Based on FY30 EPS of ₹111.42 / ₹137.79 / ₹152.61 (bear / base / bull). What to watch: gross NPA staying near 1.2%.
8. ICICI Bank Share Price Target 2030: ₹1,840 – ₹4,000 (Base ₹3,040)
Based on FY31 EPS of ₹122.56 / ₹159.84 / ₹181.60 (bear / base / bull). What to watch: by 2030 small yearly differences compound into a wide range; revisit after each annual result.
9. Key Metrics
For banks, generic ratios like debt-to-equity are not meaningful — deposits are raw material, not debt in the usual sense.
| Metric | Value | Why it matters |
|---|---|---|
| P/E (trailing) | ~20.8× | Premium to peers |
| P/B | ~3.2× | Highest among large Indian banks |
| NIM | 4.18% | |
| Gross / Net NPA | 1.20% / 0.30% | Very clean |
| Market cap | ~₹11.4 lakh crore |
10. Peer Comparison
ICICI Bank trades at a clear premium to other large banks because it combines faster growth with lower bad loans.
| Bank | P/E | P/B | Our article |
|---|---|---|---|
| ICICI Bank | ~20.8× | ~3.2× | — |
| HDFC Bank | ~15× | ~2.1× | HDFC Bank target |
| SBI | ~12.5× | ~1.6× | SBI target |
| Canara Bank | ~6.2× | ~1.0× | Canara Bank target |
Multiples as of 13 Nov 2026; SBI P/E on FY26 earnings.
11. Risks That Would Break the Base Case
- Margins: further rate cuts would keep squeezing NIM.
- Valuation: at 3.2× book, any slip in growth or asset quality would hit the multiple.
- Unsecured lending: credit cards and personal loans carry higher risk in a slowdown.
- Competition for deposits: raises funding costs across the sector.
12. What the Numbers Suggest
ICICI Bank is India’s best-performing large bank on growth and asset quality, and it is priced accordingly. The variable to track is NIM. If margins stabilise, the base case (₹3,040 by 2030) is reasonable; continued margin erosion points to the bear case.
This is a framework, not a recommendation. Your own decision should depend on your time horizon, risk tolerance and existing holdings.
13. FAQs on ICICI Bank Share Price
What is the ICICI Bank share price target for 2027?
Our base case is ₹1,950, assuming 16% annual EPS growth and a 19× P/E. The range is ₹1,380 (bear) to ₹2,370 (bull).
What is the ICICI Bank share price target for 2030?
Base case ₹3,040; range ₹1,840 to ₹4,000. It assumes FY31 EPS of about ₹159.84.
What was ICICI Bank’s profit in Q2 FY27?
₹14,843 crore standalone, up about 20%.
What is ICICI Bank’s NIM?
4.18% in Q2 FY27, down from 4.36% in Q1 FY27.
What are ICICI Bank’s NPAs?
Gross NPA 1.20% and net NPA 0.30% at 30 September 2026.
Why does ICICI Bank trade at a premium to HDFC Bank and SBI?
It has combined faster loan growth with lower bad loans and higher margins.
Disclaimer: This article is for educational purposes only and is not investment advice or a recommendation to buy or sell any security. Price targets are scenario estimates based on the stated assumptions and may not materialise. Please consult a SEBI-registered investment adviser before making investment decisions.
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