ICICI Bank share price fell as much as 3 percent in the opening trade on Monday after its Q3 FY26 results, even as the brokerages gave bullish calls on the stock. The stock fell to Rs 1,367 on NSE, down 3.1 percent from the previous close.

Brokerages largely retained their positive stance on ICICI Bank stock after the lender’s fiscal third quarter results, looking past a profit miss driven by one-off provisions, while pointing to steady operating trends, stable margins and an improving deposit trajectory. The extension of CEO Sandeep Bakhshi’s tenure also emerged as a key positive, removing a lingering overhang on the stock.

ICICI Bank reported a 4 percent year-on-year decline in standalone net profit to Rs 11,318 crore in Q3 FY26, as higher one-off provisions weighed on earnings. Net interest income rose 7.7 percent year-on-year, supported by stable margins of 4.3 percent, while loan growth remained healthy, led by the corporate segment. Asset quality improved during the quarter, with the gross NPA ratio easing to 1.53 percent, though elevated provisions tempered overall profitability.

Ahead of the quarterly results, ICICI Bank share price fell 0.4 percent on Friday to end at Rs 1,413 on NSE. The stock has gained over 15 percent in the last one year, outperforming benchmark Nifty 50, which has returned less than 11 percent during the same period.

ICICI Bank stock call: Brokerages bullish on growth

CLSA reiterated its Outperform rating on ICICI Bank with a target price of Rs 1,700 per share, implying an upside of over 20 percent. CLSA said the Q3 profit before tax missed estimates by about 7 percent due to a one-time provision. Excluding this impact, the brokerage said the bank’s adjusted performance was largely in line with expectations. CLSA highlighted 4 percent quarter-on-quarter and 12 percent year-on-year loan growth, led by the corporate segment, while noting that margins remained stable at 4.3 percent. Deposit growth improved to 9 percent year-on-year, with the CASA ratio holding steady, and asset quality trends remained strong with improved slippage ratios.

Jefferies maintained its Buy rating and raised its target price to Rs 1,730 per share, attributing the Q3 earnings miss to higher agricultural provisions and the impact of labour law-related costs. The brokerage said loan growth improved to 12 percent, driven by corporate and mortgage loans, while unsecured retail lending remained soft. Asset quality stayed stable, Jefferies said, adding that the two-year extension granted to CEO Sandeep Bakhshi until October 2028 provides continuity and clarity at the top.

Bernstein, which has a more cautious stance, retained its Market Perform rating with a target price of Rs 1,550 per share. The brokerage acknowledged that the CEO’s re-appointment meaningfully reduces an overhang on the stock; but it flagged a weaker quarterly performance. Bernstein said loan and deposit growth trailed broader system trends, margins were flat quarter-on-quarter compared with improvements seen at peers, and a one-time spike in credit costs hurt profitability. It also noted that earnings per share declined on a year-on-year basis.

Kotak Institutional Equities reiterated its Add rating and raised its target price to Rs 1,800 per share, noting that Q3 FY26 earnings declined around 4 percent year-on-year due to higher one-off provisions. Kotak said the extension of the CEO’s tenure until October 2028 removes uncertainty, while loan growth of about 10 percent year-on-year and deposit growth of around 8 percent year-on-year point to steady underlying momentum. The brokerage described operating profit growth as muted at about 3 percent year-on-year but said asset quality remained stable and the bank’s strong liability franchise continues to support its long-term outlook.