ICICI Bank Share Price Forecast: Analyst Sees 41% Upside Potential

ICICI Bank Share Price Surges 1.5% as Motilal Oswal Services Maintains Bullish Stance

ICICI Bank's share price jumped as much as 1.5% to ₹1,261.60 apiece on the National Stock Exchange (NSE) in Thursday's trading session, making it the top index contributor for the day. The surge in the share price comes as a result of Motilal Oswal Services, a leading brokerage firm, reiterating its bullish stance on the Indian private lender.

Motilal Oswal Services Projects 41% Upside for ICICI Bank

Motilal Oswal Services has maintained a "buy" rating on ICICI Bank, the country's second-largest private sector lender, and set a target price of ₹1,750 per share. The brokerage firm projects a potential upside of 41% for ICICI Bank, based on its expectation of the bank's strong operating performance and sustained market share gains across key lending segments.

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According to Motilal Oswal Services, ICICI Bank is well-placed to sustain its growth trajectory while preserving its profitability metrics. The brokerage firm expects the bank to deliver a loan compound annual growth rate (CAGR) of 16% between FY26 and FY28, driven primarily by expansion in business banking and personal lending. The corporate banking segment is also likely to witness healthy growth, supported by rising demand for working capital financing.

Key Strengths of ICICI Bank

Motilal Oswal Services believes that ICICI Bank's liability franchise remains among the strongest in the industry, backed by multiple deposit acquisition channels and a rapidly growing branch network. The bank's domestic credit-deposit ratio stands at 85.5%, and its liquidity coverage ratio (LCR) is around 126%. This positions the bank to capture growth opportunities relative to its peers.

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Despite continued investments in technology, customer service, analytics, and talent, ICICI Bank is expected to retain its cost-efficiency advantage. The cost-to-income ratio is projected to remain healthy at approximately 39% in FY27 and 38% in FY28. The bank's asset quality is also expected to stay resilient, supported by prudent underwriting standards, ongoing portfolio monitoring, and strong recovery trends.

ICICI Bank Share Price Trend

The share price trend of ICICI Bank has largely remained negative in the near term. The banking stock has shed over 1% in a week and a month. Furthermore, the stock has declined over 6% on a year-to-date (YTD) basis and 12% in a year. However, looking at the broader level, ICICI Bank shares have delivered 34% returns in three years and 96% returns in the last five years.