ICICI Bank Share Price: 19.2% CAGR in 3 Years as the Private Sector Leader Faces SBI and Axis Bank
- November 11, 2026
- Posted by: Kunal Singla
- Category: Best Stocks
ICICI Bank Share Price: 19.2% CAGR in 3 Years as the Private Sector Leader Faces SBI and Axis Bank
ICICI Bank previous close Rs 1,589. 3-year CAGR 19.2%. Up 1.7x since 9 Nov 2023. ROE 15.39%. Market cap Rs 11,38,218 crore.
Quick Answer
The ICICI Bank share price closed at Rs 1,589 on 9 November 2026, a compounded annual return of 19.2% over three years. That compares with State Bank of India at 21.7% and Axis Bank at 8.7%. The company has a market cap of Rs 11,38,218 crore and a P/E of 18.12 against an industry P/E of 12.66.
The ICICI Bank share price has delivered a strong return over three years, and the bank now has the largest market cap among the three lenders compared here. ICICI Bank, headquartered in Mumbai, is one of the biggest private sector banks in India with a large retail loan book and a strong digital presence.
This article compares that run with State Bank of India and Axis Bank. We calculate the three-year CAGR for all three and set the results beside market cap, valuation and return on equity, using prices adjusted for corporate actions. Banks are best read on price to book and ROE, so those two numbers get extra attention.
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How Much Has the ICICI Bank Share Price Returned in 3 Years?
The ICICI Bank stock closed at Rs 937.35 on 9 November 2023 and at Rs 1,589.00 on 9 November 2026. Rs 1 lakh invested three years ago would have grown to about Rs 1.70 lakh, which is a CAGR of 19.2%. This is a price return and leaves out dividends.
CAGR condenses a bumpy three-year ride into one yearly number, which is why it is the fairest way to compare companies of different sizes. A stock such as ICICI Bank can look spectacular on a chart and still have earned a modest yearly return, so the compounded figure keeps the comparison honest.
The ICICI Bank share price has also followed steady credit growth, strong asset quality and higher profitability across its retail, business and corporate segments.
ICICI Bank vs State Bank of India and Axis Bank: 3-Year CAGR Compared
The table ranks the companies by three-year CAGR. Prices on 9 November 2023 are adjusted for splits and bonuses, and the latest figures are the previous close on 9 November 2026.
| Company | Close on 9 Nov 2023 | Previous close (9 Nov 2026) | Price multiple | 3-year CAGR |
|---|---|---|---|---|
| State Bank of India | Rs 578.35 | Rs 1,042.00 | 1.8x | 21.7% |
| ICICI Bank | Rs 937.35 | Rs 1,589.00 | 1.7x | 19.2% |
| Axis Bank | Rs 1,021.90 | Rs 1,310.70 | 1.3x | 8.7% |
The ICICI Bank stock ranks second of the three at 19.2%. It sits ahead of Axis Bank (8.7%). The company ahead is State Bank of India (21.7%). SBI leads the group, followed by ICICI Bank and then Axis Bank. ICICI Bank is the largest of the three by market cap and carries the highest ROE, although it also trades at the highest P/E.
Look at the ICICI Bank share price alongside the peers as a snapshot of the last three years. It describes what happened, and valuation and earnings will decide what happens next.
Valuation and Quality Compared
| Company | Market cap | P/E | Industry P/E | ROE | P/B |
|---|---|---|---|---|---|
| ICICI Bank | Rs 11,38,218 crore | 18.12 | 12.66 | 15.39% | 2.97 |
| State Bank of India | Rs 9,61,338 crore | 10.22 | 12.66 | 13.36% | 1.51 |
| Axis Bank | Rs 4,08,279 crore | 13.59 | 12.66 | 13.04% | 1.78 |
By market cap, ICICI Bank is the largest of the group at Rs 11,38,218 crore, which gives it the scale advantage over State Bank of India, Axis Bank. On earnings, ICICI Bank shares trade at a P/E of 18.12 against an industry P/E of 12.66, a premium of about 43%, which signals that the market expects faster earnings growth. Peer multiples are State Bank of India at 10.22 and Axis Bank at 13.59.
Return on equity is 15.39% for the ICICI Bank stock, which ranks first among the three, and the price to book ratio stands at 2.97. Trailing EPS is Rs 87.49. Banks are valued on price to book and return on equity rather than on debt, so these two numbers show how the market prices each lender against the profit it earns on shareholders’ capital.
What Is Driving the ICICI Bank Stock?
ICICI Bank earns most of its income from interest on loans to retail customers, small businesses and corporates. It also earns fees from cards, payments, wealth products and insurance distribution.
The bank has invested heavily in digital channels, which helps it add customers and manage costs. It also holds stakes in life insurance, general insurance and asset management businesses.
Followers of the ICICI Bank share price usually track loan growth, net interest margin, the share of low-cost deposits and asset quality.
How the Established Players Stack Up
State Bank of India is the largest public sector bank in India by assets, deposits and branches. It compounded at 21.7% a year, on a market cap of Rs 9,61,338 crore and an ROE of 13.36%.
Axis Bank is a Mumbai-based private sector bank with strength in corporate banking, retail lending and credit cards. It compounded at 8.7% a year, on a market cap of Rs 4,08,279 crore and an ROE of 13.04%.
What Should Investors Track Next?
Three things are worth watching on the ICICI Bank share price. First, the pace of loan growth. Second, movement in net interest margin as interest rates change. Third, asset quality across retail and business loans.
At a P/E of 18 and a price to book of 2.97, the stock trades above the industry P/E of 13. A higher multiple means expectations are meaningful, so follow quarterly results closely.
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How to Compare Bank Stocks Yourself
You can repeat this exercise for any pair of stocks, including the ICICI Bank stock against its peers. Note the adjusted closing price on the base date, take the latest close, divide one by the other, raise the result to the power of one third and subtract one. Then place the CAGR next to market cap, P/E against the industry P/E, ROE and debt to equity. Benchmark the result against the Nifty 50 as well, so you know whether the stock beat the broader market.
A stock that scores well on growth but weakly on quality, or the reverse, deserves closer study before it enters a portfolio. When tracking the ICICI Bank share price, the same four checks give a more complete picture than price alone.
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A Private Lender With the Highest ROE and Market Cap in Its Group
The ICICI Bank share price compounded at 19.2% a year over three years, ahead of Axis Bank at 8.7% and behind SBI at 21.7%. Its ROE of 15.39% is the highest of the three.
SBI brings the faster return at the lowest P/E, while Axis Bank brings a lower multiple than ICICI Bank. The choice depends on which banking model you prefer.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
What is the ICICI Bank share price today?
Ans. ICICI Bank closed at Rs 1,589 on 9 November 2026, according to NSE data. It has a market cap of Rs 11,38,218 crore and a P/E of 18.12. Check live quotes before acting, as prices change every trading day.
What is the 3-year CAGR of the ICICI Bank stock?
Ans. ICICI Bank delivered a price CAGR of 19.2% over three years, moving from Rs 937.35 on 9 November 2023 to Rs 1,589.00 on 9 November 2026. The figure excludes dividends and uses adjusted closing prices.
Is ICICI Bank better than Axis Bank?
Ans. ICICI Bank delivered a higher three-year CAGR at 19.2% than Axis Bank at 8.7%. ICICI Bank is much larger by market cap at Rs 11,38,218 crore against Rs 4,08,279 crore and has a higher ROE at 15.39% against 13.04%, while Axis Bank trades at a lower P/E of 13.59 against 18.12. The better choice depends on your view of each bank.
What does ICICI Bank do?
Ans. ICICI Bank is a Mumbai-headquartered private sector bank with a large retail franchise, a strong digital platform and subsidiaries in insurance and asset management.
What is the return on equity of the ICICI Bank stock?
Ans. The return on equity of the ICICI Bank stock is 15.39% and its price to book ratio is 2.97. For a lender, ROE and the price to book ratio are the two numbers that show how well the bank turns shareholder capital into profit and how much the market pays for it. Always check the latest results for current figures.
Is ICICI Bank expensive compared with the industry?
Ans. ICICI Bank trades at a P/E of 18.12 against an industry P/E of 12.66. A higher multiple reflects expectations of faster growth, which the company must deliver through earnings.
Which bank stock gave the highest return in 3 years?
Ans. Among the companies compared here, State Bank of India delivered the highest three-year CAGR at 21.7%, followed by ICICI Bank at 19.2%. Past returns do not guarantee future performance.
How do I calculate CAGR for a stock?
Ans. Divide the latest price by the starting price, raise the result to the power of one divided by the number of years, and subtract one. Multiply by 100 for a percentage. Use split and bonus adjusted prices for accurate results.
