Q2 Results Today

What You'll Learn

• Every verified number from ICICI Bank's Q1 FY27 results — profit, NII, margins, asset quality
• A corrected recap of the Q2 FY26 results (October 2025), where earlier coverage mislabeled the profit base
• How ICICI stacked up against HDFC Bank and Axis Bank in the same quarter
• Share price reaction, analyst ratings and realistic price targets for the stock

ICICI Bank Q1 FY27 results delivered what analysts called the best all-round performance among large private sector banks. For the quarter ended June 30, 2026, the lender reported a standalone net profit of ₹14,805 crore, up 15.9% from ₹12,768 crore in Q1 FY26 — comfortably ahead of street estimates. Net interest income rose 12.7% year-on-year to ₹24,384 crore, beating expectations by 2.9%, and pre-provision operating profit climbed 8.7% to ₹20,386 crore. The headline was a beat on profit, NII and operating profit, but the details were just as strong: loan growth of 19.6%, a net interest margin of 4.36%, gross NPA down to 1.38% and a capital adequacy ratio of 16.84%. This is the first quarter in which ICICI's Q1 FY27 numbers, Q2 FY26 numbers and peer comparisons are laid out side by side with every figure traced to the bank's own disclosures and verified media coverage.

ICICI Bank Q1 FY27 Results: The Numbers at a Glance

The bank published its Q1 FY27 performance review on July 18, 2026, covering the quarter ended June 30, 2026. The standalone scorecard — all figures from the official ICICI Bank performance review — is summarised below.

Two details in this table deserve emphasis. First, the net interest margin of 4.36% actually improved sequentially from 4.32% in Q4 FY26 — at a time when sector-wide margin compression was the dominant theme among private banks. The beat was broad too: NII came in 2.9% above street expectations and pre-provision operating profit of ₹20,386 crore also exceeded estimates, so the beat was not concentrated in a single line item. Second, the capital adequacy ratio of 16.84% with a CET-1 of 16.19% gives the bank enough headroom to keep lending aggressively without hitting the market for equity. On an asset quality basis, the gross NPA ratio improved to 1.38% at June 30, 2026 from 1.40% at March 31, 2026 and 1.67% a year earlier, while the net NPA ratio stood at 0.35% with a provision coverage ratio of 74.7%. The consolidated group profit, which includes subsidiaries, was ₹15,440 crore, up 13.9% from ₹13,558 crore in the year-ago quarter.

Q2 FY26 Recap: The October 2025 Quarter, Corrected

This post's original version, published under the title "Q2 Results Today", covered ICICI Bank's Q2 FY26 results reported on October 18, 2025 — the quarter ended September 30, 2025. The figures were substantially mislabelled in that earlier coverage, so it is worth setting the record straight with the numbers verified against official and media sources.

In Q2 FY26, ICICI Bank's standalone net profit rose 5% year-on-year to ₹12,359 crore. The ₹11,746 crore figure that earlier coverage attributed to the quarter was actually the Q2 FY25 base — the year-ago profit. Net interest income grew 7.4% to ₹21,529 crore, the net interest margin was flat at 4.3%, and the gross NPA ratio improved to 1.58% from 1.67% a year earlier. Provisions fell 26% to ₹914 crore, and treasury income dropped to ₹220 crore from ₹680 crore in the same quarter of the previous year, which muted the profit growth. Domestic advances grew about 10% year-on-year and deposits grew 7.7%. Despite the earnings beat, the stock fell roughly 3% on October 20, 2025 as investors focused on the moderate loan growth and soft margins — a useful reminder that a results beat alone does not guarantee a positive stock reaction, which is why the market's positive reaction to Q1 FY27 numbers carried extra weight.

The quarterly progression since then tells a cleaner story of acceleration:

For the full year FY26, the bank reported a standalone net profit of ₹50,147 crore on net interest income of ₹88,075 crore, and announced a dividend of ₹11 per share for FY26 pending shareholder approval. The trajectory from ₹12,359 crore to ₹14,805 crore in quarterly profit shows why the market has rewarded the stock: each of the last three quarters has been a step up in profitability.

What Drove the 16% Profit Growth in Q1 FY27

Profit growth of 15.9% in Q1 FY27 came from a combination of four verified drivers, each visible in the official performance review. First, fee income: non-interest income, excluding treasury, rose 16.0% to ₹8,425 crore, and fee income specifically jumped 23.5% to ₹7,286 crore — with 72% of fees coming from retail, rural and business banking, a well-diversified mix. Second, operating efficiency: core operating profit grew 15.6% to ₹20,235 crore even as operating expenses rose 10.4% to ₹12,574 crore — cost growth well below income growth. Third, the provisions line: total provisions fell to ₹1,260 crore from ₹1,815 crore in Q1 FY26, helped by a 26% drop in the gross NPA stock. Fourth, the treasury swing: treasury gains of ₹151 crore versus ₹1,241 crore a year ago were the only drag, and the bank's pre-provision operating profit still grew 8.7% to ₹20,386 crore. Profit before tax, excluding treasury, rose 20.9% to ₹18,975 crore — the cleanest measure of the underlying business momentum.

The fee income jump deserves special attention because it is structural, not cyclical. Fees of ₹7,286 crore, up 23.5%, grew more than twice as fast as net interest income. That mix shift — from interest-dependent income to fee-based income — is precisely what investors want to see in a rising-rate-neutral environment, because fees are not sensitive to margin compression. The 72% retail-rural-business banking share of fees also reduces concentration risk in the wholesale book.

Loan Growth: The Standout Metric

Total advances rose 19.6% year-on-year to ₹16,31,260 crore — the fastest among large private sector banks in the quarter, and the metric analysts highlighted most. The growth was broad-based across every segment, which is unusual in a quarter where most lenders reported a slowdown in unsecured retail loans.

Retail loans — 49.2% of the portfolio — grew a disciplined 12%, while the high-margin engines of business banking (+28.2%) and rural lending (+35.4%) grew at triple that pace. Domestic corporate loans rose 18.5%. On the liability side, total deposits grew 14.0% to ₹18,33,586 crore, with average deposits up 14.0% to ₹17,48,028 crore, and the CASA ratio held at 38.1%. The loan-to-deposit gap — advances growing 19.6% against deposits at 14.0% — is the one watch item, which is why management flagged FCNR(B) deposits and deposit campaigns as priorities in the earnings call. The bank opened 97 new branches during the quarter, taking its network to 7,608 branches and 12,190 ATMs, part of the rural and semi-urban expansion that is funding the rural loan growth.

Asset Quality: Pristine at 1.38% GNPA

Asset quality was the second leg of the story. The gross NPA ratio improved to 1.38% at June 30, 2026 — from 1.40% at March 31, 2026 and 1.67% in the year-ago quarter — and the net NPA ratio fell to 0.35%, among the lowest in the Indian banking industry. The provision coverage ratio stood at 74.7%, and the bank's contingency buffer remained at ₹13,100 crore, with an additional ₹1,283 crore set aside as standard asset provisions following the RBI's agriculture priority-sector lending announcement.

Management acknowledged seasonal stress in the Kisan Credit Card (KCC) portfolio — a known feature of the June quarter, when farm-related repayments lag — but said asset quality remained resilient overall. Critically for the outlook, the bank expects credit costs to normalise at around 50 basis points and said it does not anticipate any material one-time impact from the transition to the Expected Credit Loss (ECL) framework, citing its strong provisioning buffers. In practical terms: the bank's provisions of ₹1,260 crore in Q1 FY27 were already running below the full-year run-rate the market prices in, which is why analysts see room for credit costs to stay benign. The annualised return on assets of 2.49% — up 5 basis points — is the bank's own proof that the balance-sheet quality and profitability improvements are feeding straight through to returns.

Peer Comparison: ICICI vs HDFC vs Axis in Q1 FY27

ICICI's Q1 FY27 results landed in the same week as HDFC Bank's and Axis Bank's, making the quarter a natural comparison. All three reported on July 18, 2026 (HDFC and Axis on July 18; ICICI on July 18). HDFC Bank's net profit rose 5% to ₹19,059.72 crore — below analyst expectations — with NII up 6.7% to ₹33,535.95 crore and its stock falling about 5.5% on July 19-20. Axis Bank's profit rose 23% year-on-year, yet its stock fell 6% on July 20, 2026, as investors weighed margin pressure against the earnings growth.

The stock market's verdict on July 20, 2026 captured the difference: ICICI Bank shares gained 0.94% to ₹1,457.90, HDFC Bank absorbed a roughly 5.5% sell-off, and Axis Bank fell 6% despite its profit beat. Why did the market punish profit beats at HDFC and Axis but reward ICICI? Because ICICI's beat came with improving margins (NIM up sequentially to 4.36%), industry-leading loan growth of 19.6% and a clean balance sheet — while HDFC's miss was on the margin line and Axis's beat was accompanied by concerns about deposit competition. CNBC-TV18 summarised the consensus: Bernstein called ICICI the best-performing large private sector lender of the quarter, and analysts described it as the most complete performance among the big three private banks. For context on how this banking strength has lifted the broader market, see our coverage of the banking-led Sensex and Nifty record rally.

Share Price Reaction and Analyst Price Targets

ICICI Bank shares traded around ₹1,421 on August 7, 2026, down 3.99% on the day, within a 52-week range of ₹1,187.60 to ₹1,480.00. The stock is up roughly 9% in 2026, per Moneycontrol market data, in line with the broader banking rally. The reaction to Q1 FY27 results was notably positive: on July 20, 2026, the stock gained 0.94% to ₹1,457.90 in early trade — the only one of the big three private banks to rise on results day.

Analyst coverage is overwhelmingly bullish. Of the 50 analysts covering the stock, 49 have a Buy rating and one has a Hold — no analyst rates ICICI a Sell. Nomura reiterated its Buy rating and raised its earnings estimates for FY27 and FY28 after the results. Bernstein is the sole cautious voice, maintaining a Market Perform rating with a price target of ₹1,550, while acknowledging that ICICI was the best-performing large private sector lender of the quarter.

Consensus price targets cluster in the ₹1,650 to ₹1,750 zone. The aggregated tracking services and brokerage notes that published post-result targets break down as follows:

• Trendlyne: average of 29 analyst reports at ₹1,731.78, implying roughly 21.87% upside from the August 7 close
• Investing.com: average of 41 analyst estimates at ₹1,733.37
• TradingView: analyst range of ₹1,592 (minimum) to ₹2,137 (maximum)
• Motilal Oswal: ₹1,750 in its post-Q1 note
• Geojit Financial Services: ₹1,650 in its post-Q1 note
• Simply Wall St: consensus raised from ₹1,663.85 to ₹1,698.55 on July 19, 2026, the day after results

Aggregating the major tracking services, the average target sits around ₹1,730 — roughly 20% above the August 7 close of ₹1,421. The outlier is Bernstein at ₹1,550, and even that implies upside. What changed after Q1 FY27 results is visible in the Simply Wall St revision: the consensus target was raised from ₹1,663.85 to ₹1,698.55 on July 19, 2026, the day after the results — a direct market response to the beat. For a broader view of where rate-sensitive sectors are headed, see our Federal Reserve interest rate forecast for 2026.

What Management Said in the Earnings Call

Management commentary from the Q1 FY27 earnings call, as reported in the official performance review and media coverage, answered the three questions investors most care about. On credit costs: the bank expects credit costs to normalise at around 50 basis points, and sees no material one-time impact from the move to the Expected Credit Loss (ECL) framework, backed by the ₹13,100 crore contingency buffer and additional standard asset provisions of ₹1,283 crore. On asset quality: seasonal stress in the Kisan Credit Card portfolio was acknowledged but called manageable, with the gross NPA ratio still improving to 1.38%. On deposit growth: the bank expects FCNR(B) deposits to support liability growth, addressing the gap between 19.6% advance growth and 14.0% deposit growth.

The RoA guidance was the quiet headline. An annualised return on assets of 2.49% — up 5 basis points year-on-year — puts ICICI at the top of the large private bank league on profitability, ahead of HDFC's and Axis's reported levels in the same quarter. Management framing: the bank continues to widen its lead on profitability, and the market's reaction showed it believes the guidance. The KCC seasonal stress matters for one reason only — the June quarter is historically the weakest for farm loans — and the improvement in GNPA to 1.38% despite it tells you the buffers are working.

Investment Verdict: Buy, Hold or Wait?

With 49 of 50 analysts on Buy, a consensus target around ₹1,730 and the strongest Q1 in the private banking pack, the analyst case for ICICI Bank is unambiguous. The valuation case is reasonable by history: the stock trades at a modest premium to its own five-year average valuation, and the premium is justified by the best-in-class RoA of 2.49%, the 19.6% loan growth and pristine asset quality. The known risks are the deposit-side gap, the KCC seasonal stress, and the sector-wide pressure on margins that hit HDFC and Axis in the same quarter.

Three scenarios frame the decision. Base case: ICICI sustains 15% profit growth with credit costs near 50 basis points — the consensus targets of ₹1,650 to ₹1,750 play out within 12 months. Bear case: deposit competition forces margin compression and loan growth decelerates toward single digits — the stock holds below its 52-week high and consolidates, and even the bearish Bernstein target of ₹1,550 is above current levels. Bull case: the ECL transition and RBI's agricultural lending provisions prove immaterial, credit costs fall below 40 basis points, and earnings upgrades push the stock into fresh-high territory. The asymmetry — limited downside to ₹1,550, consensus upside around ₹1,730 — is why the Street is nearly unanimous. For long-term investors comparing banks against other asset classes, our EPF vs NPS retirement comparison and Muhurat Trading 2026 guide cover the alternatives; for bank-specific deposit and savings choices, the best banks ranking is the practical starting point.

The Bottom Line

ICICI Bank Q1 FY27 results were a clean sweep: profit up 15.9% to ₹14,805 crore, NII up 12.7% to ₹24,384 crore, margins up sequentially to 4.36%, GNPA at 1.38%, loans growing 19.6% and a capital adequacy ratio of 16.84%. The stock market noticed — ICICI was the only one of the big three private banks to close higher on results day, and the consensus target moved up to roughly ₹1,730 within 24 hours. The corrected historical picture matters too: the Q2 FY26 profit base was ₹12,359 crore, not the ₹11,746 crore claimed in earlier coverage, and the sequential progression to ₹14,805 crore shows acceleration rather than stagnation.

For investors, the numbers say this: a top-tier private bank growing profit at 16%, with the industry's best margins and asset quality, priced at a reasonable premium to history, with 49 of 50 analysts on Buy and downside protected by the ₹1,550 floor. The risks — deposit competition, KCC seasonality, sector margin pressure — are real but priced. Whether you buy at ₹1,421, wait for a meaningful dip, or accumulate in tranches depends on your horizon; the fundamentals, verified from the bank's own disclosures, support the constructive case.