-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
FY 26 (Mar.) EPADS rose 5.1% to INR149.54, beating our flattish estimate due to better-than-projected loan growth (+15.8%; of which, business banking: +24.4%; retail and corporate loans: +9% to +10%), NIM (stable at 4.32%), and non-banking income. We think robust demand from SMEs, the positive impact of the 0%-GST reform in September 2025 on consumer spending, and the strong housing market will sustain loan momentum into FY 27. We see some pressure on NIM from the 25-bp cut in the benchmark repo rate in December 2025, but expect ICICI's NIM to stay range-bound and industry leading, aided by faster growth in higher-yielding business loans and ICICI's relatively high mix of CASA deposits (at about 41.4% of total deposits at end-FY 26). Asset quality was solid. Provision charges rose 14.9% in FY 26 due to an additional standard asset provision set aside for agricultural priority sector credit facilities, but there is no change in the portfolio's asset quality. We expect provision charges to ease in FY 27.