ICICI Bank Share Price Target 2026, 2027, 2028, 2029, 2030

ICICI Bank share price today

ICICI Bank (NSE: ICICIBANK) spent the 2010s as the cautionary tale of Indian banking — corporate NPAs, leadership churn, a stock that went sideways for a decade. It has spent the 2020s becoming the opposite: the best-run large bank in the country by nearly every operating metric. Return on assets of 2.15%, NIM of 4.3%, gross NPAs of 1.53%, and a 24% five-year profit CAGR.

The market knows it — which is why the interesting question is not “is ICICI good?” but “what is the execution premium worth?” This article puts numbers on that.

The transformation, in one paragraph

The bank that once chased corporate loan growth now runs a granular retail-and-SME book, prices risk properly, and lets deposits — up from ₹14.4 lakh Cr to ₹18.3 lakh Cr in two years — fund it cheaply. The result is the highest core profitability among large Indian banks: every ₹100 of assets produces ₹2.15 of profit, against roughly ₹1.9 at HDFC Bank and near ₹1 at most PSU banks. Small differences in ROA compound into enormous differences in shareholder outcomes.

The numbers

From Screener.in, consolidated:

Year	Revenue (₹ Cr)	Net profit (₹ Cr)	EPS (₹)
FY24	1,59,516	46,081	63.02
FY25	1,86,331	54,569	71.65
FY26	1,95,218	57,936	75.71
TTM	1,98,379	59,756	78.36

Five-year profit CAGR: 24%. Return on equity has climbed from single digits in the bad years to a steady 16–17%. This is what a repaired bank compounding looks like.

Quarterly review

Quarter	Net profit (₹ Cr)	EPS (₹)
Sep 2025	14,318	18.70
Dec 2025	13,481	17.53
Mar 2026	15,681	20.61
Jun 2026	16,276	21.52

June 2026 profit rose 12.6% year-on-year — respectable in a rate-cut quarter that squeezes every bank’s margin. Asset quality held: GNPA 1.53%, net NPA 0.37%, capital adequacy 17.1%. No drama, which with banks is the highest compliment.

Balance sheet review

• Deposits ₹18.3 lakh Cr, up 27% in two years — the franchise keeps pulling in cheap funding.
• Borrowings a modest ₹2.2 lakh Cr against ₹36.3 lakh Cr of equity-plus-deposits — clean funding mix.
• GNPA 1.53% / NNPA 0.37% — from a bank once synonymous with bad loans, among the cleanest large books in Asia.
• Capital adequacy 17.1% — enough to fund years of 15%+ loan growth without dilution.

Shareholding

No promoter — ICICI Bank is institutionally owned end to end. As of June 2026: FIIs 33.8%, domestic institutions 42.3%, public 23.7%. (A March 2026 reporting reclassification shuffled holders between categories, so quarter-to-quarter comparisons overstate movement.) The substance: institutions own three-quarters of the bank, domestic money has been the incremental buyer, and the stock’s flat year — price up just 1% while EPS grew 12% — quietly compressed the multiple.

Valuation — what the premium costs now

At ₹1,455: 18.8× trailing earnings, 2.76× book, PEG 1.13. ICICI costs about four turns of P/E more than HDFC Bank — that is the execution premium. A year of flat price against growing earnings has done useful work: the premium is the smallest it has been since the re-rating began. You are no longer paying a euphoric price for the best operator; you are paying a full, fair one.

ICICI Bank share price target 2026 to 2030

EPS base ₹78.36 (TTM). Scenarios: bear 9% growth (margin squeeze persists, credit cycle turns), base 14% (system growth plus best-in-class ROA — below its own 24% record on purpose), bull 18% (the machine keeps running). Multiples: bear 14×, base 18×, bull 22×.

Year	Bear (14×, 9%)	Base (18×, 14%)	Bull (22×, 18%)
2026	₹1,480	₹1,590	₹1,700
2027	₹1,500	₹1,750	₹2,010
2028	₹1,520	₹1,950	₹2,400
2029	₹1,535	₹2,160	₹2,850
2030	₹1,550	₹2,385	₹3,340

The spread between bear and base is unusually narrow — that is what happens when the starting multiple is fair rather than stretched and the growth assumption is modest against the record. Base case: roughly +64% by 2030 for the best-run big bank in the country.

Reasons to own ICICI Bank

1. Best-in-class profitability: 2.15% ROA, 4.3% NIM — the widest core engine among large banks.
2. 24% five-year profit CAGR with asset quality improving through the growth.
3. A flat price year against growing earnings = multiple compression without a business problem.
4. Fortress book: GNPA 1.53%, NNPA 0.37%, CAR 17.1%.
5. Deposit franchise compounding at 27% per two years — growth is funded, not bought.
6. Subsidiary value across life insurance, general insurance, AMC and securities — each listed, each real.

Risks: bank multiples compress in deep rate-cut cycles; the ROA premium versus peers can narrow as competitors repair; and ICICI is now consensus — the most dangerous thing about owning the stock everyone agrees is best-run is that agreement is already in the price. Hence the buy range below rather than chasing.

Should you buy at the current price?

The live buy range below is for members — the exact accumulation zone, updated as our view changes.

FAQ

What is the ICICI Bank share price target for 2030? Base case ≈ ₹2,385 (18× on 14% EPS growth), bear ≈ ₹1,550, bull ≈ ₹3,340. Arithmetic shown above.

Is ICICI Bank better than HDFC Bank? Operationally, yes right now — higher ROA (2.15% vs ~1.9%) and NIM (4.3%). But it costs four extra turns of P/E. HDFC is the value case; ICICI is the execution case. We own both views in our research universe.

Why did ICICI Bank’s stock stay flat this year? Earnings grew ~12% while the price rose ~1% — a quiet de-rating that improved the entry math without any business deterioration.

Is ICICI Bank’s asset quality safe? GNPA 1.53%, net NPA 0.37%, capital adequacy 17.1% — among the cleanest large-bank books in the region.

When are ICICI Bank’s next results? Q2 FY27 lands in mid-to-late October 2026 — track it on our results calendar.

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This article is research and education, not personalised investment advice. We are not SEBI-registered advisers. Price targets are scenario arithmetic, not promises — rate cycles, credit cycles and market shocks can push prices outside every band shown. Do your own research and consult a registered adviser before acting.