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ICICI Bank Ltd. has entered a phase where its operating variables exhibit far less volatility and the bank appears well poised to sustain this leadership over coming years.
The bank remains firmly on track to deliver RoA of ~2.2% in FY26E (despite one-off provisions in Q3) and RoE of ~16% over FY26-27. The bank’s approach is measured and deliberate, avoiding aggressive expansion while capturing market share in segments where risk-adjusted returns are favorable.
With the expansion of Mr. Bakhshi’s term, the bank is well positioned to continue its journey of delivering best-in-class growth and profitability and remains one of the most dependable large-bank stories in the sector. Thus Motilal Oswal estimates ICICI Bank to deliver a CAGR of 17.6%/16% in pre-provision operating profit/PAT over FY26-28E, leading to RoA/RoE of 2.3%/16.1% by FY27E.
ICICI Bank remains Motilal Oswal’s top Buy in the sector with a target price of Rs 1,750 (premised on 2.7 times Sep’27E adjusted book-value + Rs 263 for subs).
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