ICICI Lombard General Insurance Company Limited

Financial Services — Insurance - Diversified · NSE

₹1,680.10−₹11.40 (−0.67%)

DalalBaazaar Score

71 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

Driven by short-term liabilities exceed short-term assets.

In simple words: Reasonable but unspectacular business quality, with both sales and profits growing well. Short-term liquidity is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:01 pm

Understanding the Business

Company site ↗

The 60-second version of ICICI Lombard General Insurance Company Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

ICICI Lombard General Insurance Company Limited provides various general insurance products and services in India.

IndustryInsurance - Diversified

SectorFinancial Services

Employees15,008

Annual revenue₹28,141 Cr

How does it make money?

Turns over ₹28,141 Cr a year. Of every ₹100 of sales, about ₹10 reaches shareholders as profit, with ₹14 left at the operating level before interest, tax and depreciation. Each of its 15,008 employees supports ₹1.88 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.88 Cr

Who are its competitors?

The closest listed comparisons in its industry are HDFC LIFE INS CO LTD, SBI LIFE INSURANCE CO LTD, ICICI PRU LIFE INS CO LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE12.9%

What is the outlook?

23 analysts covering the stock expect revenue to grow about 13.3% and earnings to grow about 23.3% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+13.3%

Est. earnings growth+23.3%

Analysts23

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +52% while net margin moved +6% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+52%

Margin effect+6%

DalalBaazaar Score

71/ 100

Good

Weighted across six categories. Every point is explained below.

• ROE of 13.6% is moderate

Quality vs. Valuation

Company Quality

72/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

66/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

33.0x

3Y Median

42.1x

40 monthly readings · mean 42.1x · range 28.4x–57.1x

Sector Median

58.4x

median of 3 sector peers

🟢Current valuation is approximately 22% below its 3y median of 42.1x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 43% below the peer median of 58.4x.

vs. its own history

Cheap

42.1x median over 40 months · -22%

vs. sector peers

Cheap

58.4x median of 3 peers · -43%

vs. generic bands

Fair

15x–35x

EV/EBITDA

21.2x

PEG

1.94

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Short-term liquidity is tight
Current ratio of 0.38 — near-term obligations exceed near-term assets.

Red Flags

1 item require attention · 1 watch

🟡Low reported insider holdingOwnership
Reported insider holding is 2.5%. For Indian companies this field is an unreliable proxy — check the official promoter shareholding in the exchange filing.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 22% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 43% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

No clear risk case emerges from the available numbers — which is not the same as there being none.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 11% a year✓ 14.9% CAGR
Latest reported year was 18.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 12%✓ 13.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 12%✓ 13.6%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Valuation vs its own median of 42.1x✓ 33.0x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

8 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 6 neutral · 0 weak

Market Cap

₹83,946 Cr

Mid Cap

Mid-sized — more growth headroom, but sharper swings than large caps

P/E (Trailing)

33.0x

Fair

Fairly valued against the generic band

P/B Ratio

4.02x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹50.91

Profitable

Profitable on a per-share basis

ROE

13.6%

Moderate

Moderate capital efficiency

ROCE

Not meaningful

N/A for lenders

Banks and NBFCs don't report capital employed the way other businesses do

Debt/Equity

0.16x

Low

Conservative leverage

Revenue Growth (YoY)

18.9%

Healthy

Healthy top-line growth

Profit Growth (YoY)

15.3%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.83%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹5,436 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

24.6x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

ROA

2.7%

Weak

Assets generate little profit

Operating Margin

15.1%

Good

Healthy core-business profitability

Net Margin

8.8%

Average

Average bottom-line conversion

Current Ratio

0.38

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.45

Defensive

Steadier than the market

52W Range Position

40%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

1592.0 / 1576.9

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

66.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹18,570 Cr	₹21,768 Cr	₹24,901 Cr	₹28,141 Cr	+14.9%
EBITDA	₹2,336 Cr	₹2,783 Cr	₹3,547 Cr	₹3,915 Cr	+18.8%
EBITDA Margin	12.6%	12.8%	14.2%	13.9%	—
PAT (Net Profit)	₹1,729 Cr	₹1,919 Cr	₹2,508 Cr	₹2,772 Cr	+17.0%
EPS	₹35.16	₹38.78	₹50.25	₹55.24	+16.3%
ROE	16.6%	15.7%	17.3%	16.7%	—
Total Debt	₹35 Cr	₹35 Cr	—	—	—
Free Cash Flow	₹2,169 Cr	₹2,216 Cr	₹916 Cr	₹2,379 Cr	+3.1%

🟢 Revenue has grown at 14.9% a year over 3 years.

🟢 EBITDA has grown at 18.8% a year over 3 years.

🟢 EBITDA Margin has risen from 12.6% to 13.9% over 3 years (+1.3 pts).

🟢 PAT (Net Profit) has grown at 17.0% a year over 3 years.

🟢 EPS has grown at 16.3% a year over 3 years.

🟡 ROE has held roughly flat at 16.7% over 3 years.

🟢 Free Cash Flow has grown at 3.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹76,111 Cr

Total Liabilities

₹59,477 Cr

Cash & Equivalents

₹987 Cr

Operating Cash Flow

—

Capex

-₹243 Cr

Shareholding (proxy)

Institutional Holding

83.7%

Insider Holding

2.5%

Corporate Actions

Next Earnings

12 Jan 2027

Dividend Rate

₹14

Ex-Dividend Date

23 Oct 2026

Analyst Consensus

Recommendations

12 Buy · 11 Hold · 1 Sell

Target Price (Mean)

₹1,902.08

+13.2% vs CMP

Target Range

₹1,400 – ₹2,175

Peer Comparison

Company	P/E	ROE
HDFC LIFE INS CO LTD	58.4x	11.3%
SBI LIFE INSURANCE CO LTD	63.9x	13.7%
ICICI PRU LIFE INS CO LTD	36.7x	12.9%

Recent News

1 positive3 mixed2 general

Buy ICICI Lombard General Insurance Company: target of Rs 2000: ICICI Securities

Moneycontrol.com, 16 Oct

ICICI Lombard Share Price Rise Streak and valuation view

Univest, 14 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Stock Radar: Breakout from multi-month falling trendline resistance makes ICICI Lombard stock an attractiv

The Economic Times, 14 Oct

ICICI Lombard share price: 3 brokerages decode Q2 results; check target prices

Zee Business, 15 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

ICICI Lombard General Insurance Company Limited (NSE: ICICIGI) Reports Q2 Profit Growth as Premium Income Rises

Kalkine India, 15 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

ICICI Lombard Q2 Results: Net Profit Up 15%; Dividend Of Rs 7/Share Declared

NDTV Profit, 14 OctCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Watch Items

This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
Reported insider holding is low — cross-check the official promoter shareholding % in the company's exchange filing.

DalalBaazaar Thesis

StrongFinancial Health · Growth · Risk

MiddlingBusiness Quality · Profitability · Valuation

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself.

All 4 tripwires holding · see Key things to watch ↑