ICICI Bank Limited

IBN

Banks - Regional · Financial Services

Price

$29.76

+0.19 (+0.64%)

Market Cap

$106.29B

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+2.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 3.54B (2022) → 3.62B (2026)

ICICI Bank is one of India's largest private banks. It offers everyday banking services like savings accounts, loans, credit cards, and insurance to millions of individual customers and businesses across India. It also serves large corporations and provides investment banking services.

The bank makes money primarily through interest — it collects deposits from customers and lends that money out at higher rates, keeping the difference. ICICI Bank operates mainly in India but also has a presence in markets like the United Kingdom, Canada, and the United States. Its large branch and digital banking network gives it a strong foothold in India's fast-growing consumer banking market. The key growth driver is India's expanding middle class and low credit penetration, meaning many Indians still lack access to formal loans and banking products — but the main risk is rising loan defaults if India's economy slows down.

Winston Score History

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+6.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+7.9% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.6%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$27.8T cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

ICICI Bank Limited is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

73.6%

Premium pricing power — 73.6% gross margin

Operating Margin

24.6%

Excellent — 24.6% operating margin

ROCE

3.6%

Weak — 3.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+10.2%

Steady sales growth (10.2% YoY)

EPS YoY

+5.1%

Modest earnings growth (5.1% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

Weak — only 0% of profit becomes cash

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.61

Moderate — manageable debt (0.61)

Interest Cover

0.86x

Dangerous — barely covers interest (0.9x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

0.2x

Attractive valuation — P/E 0.2

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+0.0

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

0.78%

Small dividend — 0.78% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+313.6%

Dividend growing fast (313.6% YoY)

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