What happened
ICICI Bank reported a Rs 14,843 crore Q2FY27 net profit, up 20.1% YoY, and Goldman Sachs held Buy at Rs 2,025 with peers clustering Rs 1,740-1,800.
Why it matters
Holders see 25-45% target-based upside from the Rs 1,397 close, though NIM will stay under pressure until FCNR-B deposits normalize.
Remember this
ICICI Bank: Q2 profit beats, Goldman sees 45% upside.
More context & who is affected
ICICI Bank posted a September-quarter net profit of Rs 14,843 crore, up 20.1% YoY, beating the CNBC-TV18 poll estimate of Rs 14,280 crore on strong net interest income and lower provisions.
Global brokers turned bullish after the numbers. JPMorgan raised its target to Rs 1,800, while Nomura, Citi, Jefferies and Bernstein kept buy ratings with targets in the Rs 1,740-1,800 band. Goldman Sachs held Buy at Rs 2,025, implying about 45% upside from Friday's Rs 1,397 close.
Net interest margin slipped to 4.18% as the bank pulled in Rs 1.6 lakh crore of FCNR-B deposits via the RBI swap; analysts still expect a NIM bounce in the December quarter as the repo-linked loan book normalises.
- Q2FY27 standalone net profit
- Rs 14,843 cr Up 20.1% YoY, beating the Rs 14,280 crore poll estimate.MoneycontrolBusiness Standard
- Net interest margin
- 4.18% Down from 4.36% in Q1FY27 as Rs 1.6 lakh crore of FCNR-B deposits hit margins.Business Standard
- Goldman Sachs target
- Rs 2,025 Implies about 45% upside from the Rs 1,397 close on 16 Oct 2026.Moneycontrol
- Peer broker target band
- Rs 1,740-1,800 Nomura, Citi, Jefferies and Bernstein hold Buy ratings inside this range.Moneycontrol
Timeline
Key dates for this earnings cycle.
- 16 Oct 2026 — ICICI Bank shares close at Rs 1,397 (+0.55%).
- 17 Oct 2026 — Q2FY27 results released: net profit Rs 14,843 cr, up 20.1% YoY.
- 19 Oct 2026 — Goldman Sachs, JPMorgan, Nomura, Citi, Jefferies and Bernstein publish fresh targets.
Stock Market Investors · Retail Traders
Global broker targets cluster Rs 1,740–2,025, implying 25–45% upside from the Rs 1,397 close for holders.
Stock Market Investors
NIM compression to 4.18% from Rs 1.6 lakh crore of FCNR-B deposits is the key near-term risk flagged by analysts.
Finance Professionals
The beat signals private-bank resilience for analysts, bankers and portfolio managers calling sector bets this quarter.
Reporting fromMoneycontrol ↗Business Standard ↗
Sources & verification2 sources · 4 claims
These are the records behind this briefing. Linked reporting is not the same as independent confirmation.
- MoneycontrolReportingPublished Oct 19, 2026 · Accessed Oct 19, 2026
- Business StandardReporting
ICICI Bank Q2 net rises 20% to Rs 14,843 crore as provisions fall ↗
Published Oct 17, 2026 · Accessed Oct 19, 2026
Claims and linked sources
ICICI Bank posted a 20.1% YoY rise in standalone net profit to Rs 14,843 crore in the September quarter of FY27, beating the CNBC-TV18 poll estimate of Rs 14,280 crore.
Goldman Sachs maintained Buy with a target price of Rs 2,025, implying about 45% upside from the Rs 1,397 close on 16 October 2026.
JPMorgan raised its target to Rs 1,800, while Nomura (Rs 1,740), Citi (Rs 1,770), Jefferies (Rs 1,750) and Bernstein (Rs 1,800) all maintained buy ratings.
Net interest margin eased to 4.18% after Rs 1.6 lakh crore of FCNR-B deposits via the RBI swap, with JPMorgan still expecting NIM expansion in the December quarter.
