ICICIBANK

P/E Ratio: 18.7× (trailing), 19.3× (forward) P/B Ratio: 3.1–3.4× ROE: 17–18% expected (FY26–FY27) Margin Compression Risk: With rate cuts or competitive pressure, cost of funds may rise relative to lending yields. Repricing of liabilities may lag repricing of assets. Analysts are already flagging possible downward pressure on NIMs. Credit / NPA Risks: While current NPAs are under control, future macro stress (slower growth, inflation, unemployment) could strain asset quality. Interest Rate / Yield Curve Uncertainty: Fluctuations in short-term rates, yield curve flattening, or central bank policy changes can affect margins and earnings.