ICICI LOMBARD GENERAL INSURANCE COMPANY valuation — what today's price assumes
Ten years of ICICI LOMBARD GENERAL INSURANCE COMPANY (ICICIGI)'s results, the ratios that matter for this business, and the growth and returns today's share price already implies — all built from its filed accounts.
We do not publish one number for ICICI LOMBARD GENERAL INSURANCE COMPANY — and here is why.
ICICI LOMBARD GENERAL INSURANCE COMPANY is really several different businesses under one roof, and they do not work the same way. Adding them together into a single “fair value” would produce a figure that describes none of them. So we value each part on its own terms instead of printing one number that looks tidy and means little.
What the market is assuming
Worked backwards from today's share price: the return on equity today’s price implies for ICICI LOMBARD GENERAL INSURANCE COMPANY, against what the model assumes.
How to read this. The number on the left is the return on equity today’s share price quietly takes for granted. The number on the right is what the model actually assumes. When the two are far apart, that gap is the bet you would be taking.
The numbers behind them
Revenue and net profit as filed, in ₹ crore.
| Year | Revenue | Net profit | Margin |
|---|---|---|---|
| FY2025 | 22,937 | 2,508 | 10.9% |
| FY2026 | 25,895 | 2,772 | 10.7% |
How this company gets valued — and why
Our model and the market disagree so far apart on this company that the model is the more likely one to be wrong. Rather than publish a number we cannot stand behind, we show the workings and say so.
Estimate withheld — model and market disagree too farUnderstand this method
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The complete valuation
Unlock the complete valuation report
- ✓Fair value per share — with the full working behind it
- ✓Bull, base and bear cases — and what moves between them
- ✓Every assumption — growth, margins, cost of capital, with sources
- ✓Peer comparison — how rivals are priced on the same measures
- ✓Downloadable PDF report — the full write-up, yours to keep
Compare with peers
The same valuation, run side by side.
ICICI LOMBARD GENERAL INSURANCE COMPANY vs ICICI Prudential LifeGeneral insurance against life, inside the same group.→ICICI LOMBARD GENERAL INSURANCE COMPANY vs HDFC LifeUnderwriting motor and health against selling life cover.→ICICI LOMBARD GENERAL INSURANCE COMPANY vs ICICI BankThe parent bank, on the same excess-return lens.→Frequently asked
Is ICICI LOMBARD GENERAL INSURANCE COMPANY overvalued?
At ₹1,428 the market is pricing in roughly 35.0% sustained ROE, against the ~487.1% its own record supports. That is less than it has delivered — on these numbers the market is asking the business for less than its own record, which usually means it doubts the record repeats.
What is the intrinsic value of ICICI LOMBARD GENERAL INSURANCE COMPANY?
This business is a group of operations with different economics, so a single blended figure would describe none of them. The parts are valued separately and the breakdown is in the report, rather than one number that cannot be defended.
How does FairStocks calculate fair value?
From published financial statements. The method is chosen to fit the business — a bank on excess return, a regulated utility on its rate base, a conglomerate by its parts — and every assumption is shown with its source. When the numbers do not support an estimate, no estimate is published. This is an educational research tool: it reports what the model computed and does not recommend buying or selling anything.
What assumptions are used to value ICICI LOMBARD GENERAL INSURANCE COMPANY?
A cost of capital of 10.98%, growth drawn from the company's own record rather than from guidance, and the valuation method that fits the business. All of them are listed in the report, with how much each one moves the answer.