Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹29132 Cr.
Stock P/E
17
P/B
5.9
Current Price
₹895.7
Book Value
₹ 152.8
Face Value
5
52W High
—
52W Low
—
Dividend Yield
3.24%

ICICI Securities Overview

Business

ICICI Securities Ltd. (ISEC) is a leading integrated financial services firm in India, offering a wide range of services to retail and institutional clients. Its core business revolves around providing access to financial markets and products. This includes equity and derivatives broking, distribution of various financial products (mutual funds, insurance, bonds, alternative investments), wealth management and advisory services, and investment banking services (equity capital markets, debt capital markets, mergers & acquisitions advisory). The company primarily makes money through brokerage commissions from trading activities, fees and commissions from distributing third-party financial products, and fees from its investment banking and wealth management services.

Revenue Mix

ICICI Securities operates through four main segments:

Broking: This is the largest segment, encompassing retail and institutional equities, derivatives, and commodities trading.

Distribution: Involves the distribution of various financial products like mutual funds, insurance, fixed-income products, and alternative investments to retail and high-net-worth individuals.

Investment Banking: Provides advisory and execution services for equity capital market (IPOs, FPOs, QIPs), debt capital market issuances, and mergers & acquisitions.

Private Wealth Management: Offers comprehensive wealth advisory and portfolio management services to high-net-worth clients.

While specific revenue percentages fluctuate, Broking consistently contributes the largest share of overall revenue, followed by Distribution and Investment Banking.

Industry

The Indian financial services industry, particularly stockbroking, is highly competitive and dynamic. It comprises large bank-backed brokers, independent full-service brokers, discount brokers, and emerging fintech players. ICICI Securities is one of India's largest full-service integrated financial services providers. Backed by its promoter, ICICI Bank, it holds a strong position in retail equity broking, institutional broking, and investment banking. Its positioning is that of a premium, trustworthy, and comprehensive financial services provider, leveraging its brand recognition and integrated platform. It competes with other bank-backed brokers (e.g., HDFC Securities, Kotak Securities) as well as large independent players (e.g., Motilal Oswal) and discount brokers (e.g., Zerodha, Groww).

MOAT

ICICI Securities benefits from several durable advantages:

Brand & Trust: Strong brand recognition and inherent trust derived from its parentage, ICICI Bank, one of India's largest private sector banks.

Scale & Reach: Extensive client base, large market share in key segments, and a wide physical and digital distribution network.

Cross-sell & Synergy: Ability to leverage ICICI Bank's vast customer base for cross-selling various financial products and services, creating a sticky ecosystem.

Integrated Model: Offers a comprehensive suite of services (broking, distribution, wealth management, investment banking) under one roof, providing a holistic solution to clients.

Technology & Innovation: Significant investment in digital platforms and technology, enhancing client experience and operational efficiency.

Growth Drivers

Financialization of Savings: A structural shift in India from physical assets (gold, real estate) to financial assets (equities, mutual funds), driving long-term demand for financial products.

Rising Retail Participation: Increasing investor awareness and disposable incomes, coupled with simplified digital onboarding processes, are bringing more retail investors into the equity markets.

Digitization & Technology Adoption: Continued adoption of digital platforms makes investing more accessible and affordable, expanding the reach to Tier 2 and Tier 3 cities.

Wealth Creation & Management: A growing pool of high-net-worth individuals requiring sophisticated wealth management and advisory services.

Robust Capital Market Activity: A buoyant market for IPOs, QIPs, and other fundraising activities directly benefits the investment banking segment.

Risks

Market Volatility & Downturns: Prolonged periods of market downturns or high volatility can significantly reduce trading volumes, client participation, and brokerage income.

Regulatory Changes: SEBI's frequent changes in regulations concerning brokerage caps, margin requirements, product distribution norms, or listing requirements can impact profitability and business models.

Intense Competition: Fierce competition from discount brokers leading to continuous fee compression, and aggressive marketing by new fintech players, can erode market share and margins.

Technology & Cybersecurity Risks: Reliance on technology exposes the company to risks of system outages, data breaches, and rapid technological obsolescence requiring continuous investment.

Economic Slowdown: A general economic slowdown can reduce corporate fundraising activity, consumer disposable income, and overall investor sentiment.

Reputational Risk: Any adverse developments concerning its parent, ICICI Bank, or a major financial market scandal could impact the company's brand and client trust.

Management & Ownership

ICICI Securities Ltd. is promoted by ICICI Bank Ltd., which holds a majority stake in the company. The management team typically comprises seasoned professionals with extensive experience in the financial services sector, benefiting from the robust corporate governance framework associated with a leading banking group. The company is publicly listed, with a significant portion of its shares held by public and institutional investors.

Outlook

ICICI Securities is well-positioned to capitalize on India's long-term structural growth drivers, including the ongoing financialization of savings, rising retail participation in capital markets, and increasing wealth creation. Its integrated business model, strong brand, and synergistic relationship with ICICI Bank provide a significant competitive edge and cross-selling opportunities. The company is expected to benefit from continued digitization trends that expand market reach and enhance customer experience.

However, the company faces inherent challenges. The stockbroking industry is subject to intense competition, leading to pressure on brokerage fees and margins. Regulatory changes can introduce uncertainty and impact business models. Market volatility and economic downturns remain significant risks that can affect trading volumes and overall business performance. Sustained innovation and technology investment will be crucial to maintain its competitive standing against agile fintech players and other established financial institutions.

ICICI Securities Share Price

Live · BSE / NSE · Inception: 1995
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

ICICI Securities Quarterly Results

#(Fig in Cr.) Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024
Operating Revenue 858 879 885 934 1249 1323 1543 1641 1707 1586
Other Income 7 1 0 0 -0 1 1 3 0 -0
Total Income 866 880 885 934 1249 1323 1544 1644 1707 1586
Total Expenditure 335 330 337 363 439 412 464 506 539 417
Operating Profit 531 550 548 571 810 912 1080 1138 1169 1169
Interest Expense 108 153 175 185 215 261 327 394 419 454
Depreciation 19 19 21 22 26 27 34 37 39 39
Profit Before Tax 404 377 353 364 569 624 720 708 711 676
Provision for Tax 103 96 91 94 146 158 183 181 182 172
Profit After Tax 300 281 263 271 424 466 537 527 529 504
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 300 281 263 271 424 466 537 527 529 504
Adjusted Earnings Per Share 9.3 8.7 8.1 8.4 13.1 14.4 16.6 16.3 16.3 15.5

ICICI Securities Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Operating Revenue 1125 1404 1861 1706 1703 2586 3435 3416 5049 6332 5890 6477
Other Income 0 0 0 23 22 4 11 10 2 3 18 4
Total Income 1125 1404 1861 1728 1724 2590 3446 3425 5051 6335 5908 6481
Total Expenditure 709 838 944 914 824 998 1257 1313 1678 1874 1727 1926
Operating Profit 416 566 917 815 901 1592 2189 2112 3373 4461 4181 4556
Interest Expense 26 29 50 42 86 107 274 536 987 1699 1723 1594
Depreciation 16 15 15 15 61 54 63 75 109 157 160 149
Profit Before Tax 374 522 852 757 753 1431 1853 1501 2278 2605 2297 2815
Provision for Tax 135 183 299 267 211 363 470 383 581 664 584 718
Profit After Tax 239 339 553 491 542 1068 1383 1118 1697 1941 1713 2097
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 239 339 553 491 542 1068 1383 1118 1697 1941 1713 2097
Adjusted Earnings Per Share 7.4 10.5 17.2 15.2 16.8 33.1 42.8 34.6 52.5 80.3 70.9 64.7

ICICI Securities Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 398 490 848 1047 1210 1822 2431 2853 3923 5422 6295
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 0 0 0 11 2 513
Current Liability 910 1441 1983 3551 3150 6298 11201 12699 21950 24934 28281
Other Liabilities & Provisions 39 1008 1240 1257 1757 1721 2509 2894 3134 3773 4988
Total Liabilities 1347 2939 4072 5855 6117 9842 16140 18446 29017 34131 40076
Loans 0 0 0 0 0 0 0 0 11934 12856 14561
Investments 1 2 4 3 2 3 11 8 19 42 65
Fixed Assets 35 35 38 44 198 161 184 258 529 663 618
Other Loans 129 1085 1397 1428 1918 1859 2703 3095 3034 3595 4804
Other Non Current Assets 30 84 4 4 8 8 14 31 191 52 209
Current Assets 1151 1733 2629 4377 3990 7811 13228 15054 13309 16923 19819
Total Assets 1347 2939 4072 5855 6117 9842 16140 18446 29017 34131 40076

ICICI Securities Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 82 26 121 177 1884 542 309 774 241 78 63
Cash Flow from Operating Activities 232 165 71 2289 -1878 -1610 -2597 -674 -5621 -1779 -1459
Cash Flow from Investing Activities -17 -17 -21 -21 -23 -40 -69 -125 -257 -208 -180
Cash Flow from Financing Activities -271 -54 6 -561 559 1417 3130 266 5715 1972 1607
Net Cash Inflow / Outflow -56 94 56 1707 -1342 -233 464 -533 -163 -15 -32
Closing Cash & Cash Equivalent 26 121 177 1884 542 309 774 241 78 63 31

ICICI Securities Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 7.41 10.51 17.18 15.23 16.83 33.14 42.85 34.62 52.47 80.34 70.89
CEPS(Rs) 7.91 10.99 17.66 15.7 18.73 34.82 44.79 36.94 55.84 86.83 77.52
DPS(Rs) 5 6.36 9.4 9.4 11 21.5 24 19 29 24 16.5
Book NAV/Share(Rs) 12.36 15.2 26.32 32.5 37.37 56.01 74.48 86.85 118.64 224.37 260.47
Net Profit Margin 21.23 24.11 29.74 28.77 31.83 41.29 40.25 32.72 33.6 30.66 29.09
Operating Margin 35.56 39.24 48.46 46.88 49.3 59.47 61.91 59.65 64.65 67.98 68.26
PBT Margin 33.27 37.18 45.8 44.4 44.22 55.32 53.94 43.95 45.11 41.15 39.01
ROA(%) 17.88 15.8 15.79 9.89 9.05 13.38 10.64 6.46 7.15 6.15 4.62
ROE(%) 63.62 76.28 82.77 51.8 48.16 70.98 65.71 42.93 51.1 41.94 29.24
ROCE(%) 69.56 75.68 74.85 52.88 39.89 38.19 27.4 18.25 19.93 18.37 13.97
Price/Earnings(x) 0 0 0 15.92 16.47 11.51 14.51 12.35 13.83 11.15 0
Price/Book(x) 0 0 0 7.46 7.42 6.81 8.35 4.92 6.12 3.99 0
Dividend Yield(%) 0 0 0 3.88 3.97 5.63 3.86 4.44 4 2.68 0
EV/Net Sales(x) -0.27 -0.23 -0.38 3 4.71 4.62 6.46 4.78 5.75 4.34 1.15
EV/Core EBITDA(x) -0.73 -0.58 -0.77 6.28 8.9 7.5 10.14 7.72 8.61 6.16 1.61
Interest Earned Growth(%) -7.02 24.87 32.53 -8.35 -0.18 51.89 32.82 -0.56 47.82 25.4 -6.98
Net Profit Growth -18.77 41.84 63.46 -11.34 10.45 97 29.49 -19.16 51.81 14.43 -11.76
EPS Growth(%) -18.77 41.84 63.46 -11.34 10.45 96.95 29.31 -19.21 51.58 53.11 -11.76
Interest Coverage(x) % 15.48 19.04 18.22 18.88 9.72 14.34 7.77 3.8 3.31 2.53 2.33

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -7% +20% +18% +18%
Operating Profit CAGR -6% +26% +21% +26%
PAT CAGR -12% +15% +10% +22%
Share Price CAGR 0% +13% +3% —
ROE Average +29% +41% +46% +57%
ROCE Average +14% +17% +20% +41%

ICICI Securities Shareholding Pattern

Latest · Dec 2024
100% held
Promoters 74.35 %
FII 11.17 %
DII (MF + Insurance) 8.49 %
Public (retail) 6 %
# Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024
Promoter 74.8674.8574.8574.8374.7974.7774.7474.6574.5974.35
FII 7.437.768.759.4810.0610.3310.439.3110.4511.17
DII 6.245.815.065.086.216.357.3810.029.078.49
Public 11.4711.5711.3510.618.948.557.446.025.896
Others 0000000000
Total 100100100100100100100100100100

ICICI Securities Peer Comparison

Finance - Stock Broking Edit Columns

ICICI Securities Quarterly Price

10-year quarterly close · BSE
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News & Updates

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ICICI Securities Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 41%

Cons

  • Stock is trading at 5.9 times its book value.
  • The company has delivered a poor profit growth of 9% over past five years.
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