ICICI Bank Limited (IBN) Cash Flow Statement
Where IBN’s cash came from and went, FY2026
March 31, 2026 · Indian rupees- Cash from operations
- ₹673.25B −18.1% vs FY2025
- Capital expenditures
- ₹37.30B 1.2% of revenue
- Free cash flow
- ₹635.95B 20.4% margin
- Returned to shareholders
- ₹78.53B 12% of free cash flow
- Change in cash
- ₹509.57B cash at year-end ₹2.65T
Drawn to scale: where the cash came from and how it was used. Hover for values.
IBN operating cash flow, capex and free cash flow
IBN cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | ₹376.50BFY2017 | ₹673.25BFY2026 | +6.7%/yr | |
| Capital expenditures | ₹12.74BFY2017 | ₹37.30BFY2026 | +12.7%/yr | |
| Free cash flow | ₹363.76BFY2017 | ₹635.95BFY2026 | +6.4%/yr | |
| Free cash flow margin | 32.1%FY2017 | 20.4%FY2026 | −11.7 pts | |
| Operating cash flow / net income | 3.82FY2017 | 0.91FY2026 | −2.90 | |
| Stock-based compensation | ₹180.9MFY2017 | ₹9.69BFY2026 | +55.6%/yr | |
| Dividends paid | ₹33.12BFY2017 | ₹78.53BFY2026 | +10.1%/yr | |
| Share buybacks (net) | ₹0FY2017 | ₹0FY2025 | — | |
| Capex / revenue | 1.1%FY2017 | 1.2%FY2026 | +0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
IBN cash flow by activity
IBN net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
IBN cash flow statement in Indian rupees
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | ₹735.92B | ₹516.28B | ₹596.84B | ₹335.68B | ₹240.49B | ₹169.29B | ₹59.73B | ₹42.09B | ₹77.83B | ₹98.58B |
| Depreciation & amortization | ₹31.23B | ₹26.90B | ₹19.96B | ₹14.79B | ₹14.71B | ₹13.70B | ₹10.45B | ₹10.45B | ₹10.39B | ₹10.44B |
| Stock-based compensation | ₹9.69B | ₹7.90B | ₹7.03B | ₹2.67B | ₹77.6M | ₹114.1M | ₹79.4M | ₹79.4M | ₹131.1M | ₹180.9M |
| Change in working capital | −₹561.4M | ₹227.42B | ₹1.04T | ₹175.17B | ₹1.02T | ₹482.65B | ₹298.90B | ₹280.18B | ₹96.70B | ₹205.04B |
| Other non-cash items | −₹103.01B | ₹43.69B | −₹87.33B | ₹52.80B | ₹104.97B | ₹129.89B | ₹117.54B | ₹133.18B | ₹114.29B | ₹62.26B |
| Cash from operating activities | ₹673.25B | ₹822.20B | ₹1.57T | ₹581.11B | ₹1.38T | ₹795.65B | ₹486.71B | ₹465.98B | ₹299.35B | ₹376.50B |
| Investing activities | ||||||||||
| Capital expenditures | −₹37.30B | −₹48.26B | −₹36.79B | −₹18.60B | −₹16.88B | −₹18.73B | −₹11.48B | −₹11.36B | −₹10.52B | −₹12.74B |
| Investments (net) | −₹94.67B | −₹772.88B | −₹1.46T | −₹680.05B | −₹393.21B | −₹613.11B | −₹423.08B | −₹301.47B | −₹505.73B | −₹16.06B |
| Acquisitions & other investing | ₹1.83B | −₹1.54T | ₹36.79B | ₹18.60B | ₹16.88B | ₹1.97B | ₹11.48B | −₹914.89B | −₹836.74B | −₹449.10B |
| Cash from investing activities | −₹130.14B | −₹2.37T | −₹1.46T | −₹680.05B | −₹393.21B | −₹629.87B | −₹423.08B | −₹1.23T | −₹1.35T | −₹477.90B |
| Financing activities | ||||||||||
| Dividends paid | −₹78.53B | −₹71.24B | −₹55.99B | −₹13.85B | −₹13.85B | −₹8.86B | −₹11.69B | −₹11.56B | −₹17.32B | −₹33.12B |
| Share repurchases & issuance (net) | — | ₹14.38B | ₹11.71B | ₹9.42B | ₹13.85B | ₹154.60B | ₹5.49B | −₹654.53B | ₹3.94B | ₹1.77B |
| Net borrowing (repayment) | ₹18.32B | ₹111.93B | ₹181.92B | ₹273.28B | ₹180.38B | −₹701.27B | ₹33.29B | −₹191.77B | ₹409.98B | −₹322.24B |
| Shares issued | ₹13.61B | ₹14.38B | ₹11.71B | ₹9.42B | ₹7.98B | ₹154.60B | ₹5.49B | ₹3.49B | ₹0 | ₹0 |
| Other financing | ₹0 | ₹1.99T | −₹11.71B | −₹103.76B | −₹735.03B | ₹430.85B | −₹232.56B | ₹1.60T | ₹742.68B | ₹605.53B |
| Cash from financing activities | −₹46.61B | ₹2.06T | ₹137.65B | ₹174.51B | −₹546.67B | ₹29.92B | −₹199.97B | ₹747.16B | ₹1.14T | ₹251.95B |
| Summary | ||||||||||
| Net change in cash | ₹509.57B | ₹512.55B | ₹263.12B | ₹355.55B | ₹197.18B | ₹404.62B | −₹16.08B | −₹16.08B | ₹85.08B | ₹154.55B |
| Cash at end of period | ₹2.65T | ₹2.14T | ₹1.63T | ₹1.83T | ₹1.48T | ₹1.28T | ₹873.91B | ₹873.91B | ₹889.99B | ₹804.91B |
| Free cash flow | ₹635.95B | ₹773.94B | ₹1.54T | ₹562.51B | ₹1.36T | ₹776.91B | ₹475.23B | ₹454.62B | ₹288.84B | ₹363.76B |
| Free cash flow margin | 20.4% | 26.3% | 65.3% | 30.5% | 117.2% | 48.2% | 31.8% | 34.6% | 24.3% | 32.1% |
| Capex / revenue | 1.2% | 1.6% | 1.6% | 1.0% | 1.5% | 1.2% | 0.8% | 0.9% | 0.9% | 1.1% |
| Operating cash flow / net income | 0.91 | 1.59 | 2.64 | 1.73 | 5.74 | 4.70 | 8.15 | 11.07 | 3.85 | 3.82 |
| Sep '25 | Mar '25 | Sep '24 | Mar '24 | Sep '23 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | ₹133.57B | ₹135.02B | ₹129.39B | ₹116.72B | ₹109.60B |
| Depreciation & amortization | ₹14.69B | ₹26.90B | ₹12.90B | ₹19.96B | ₹7.18B |
| Stock-based compensation | — | — | — | ₹7.03B | — |
| Change in working capital | −₹560.20B | ₹500.29B | ₹111.50B | ₹920.26B | −₹314.83B |
| Other non-cash items | ₹238.33B | ₹565.84B | ₹197.20B | ₹516.59B | ₹200.08B |
| Cash from operating activities | −₹173.61B | ₹1.23T | ₹450.99B | ₹1.58T | ₹2.03B |
| Investing activities | |||||
| Capital expenditures | −₹20.44B | −₹47.70B | −₹27.90B | −₹36.79B | −₹18.87B |
| Acquisitions & other investing | −₹167.63B | −₹725.18B | −₹466.45B | −₹1.42T | −₹15.84B |
| Cash from investing activities | −₹188.07B | −₹772.88B | −₹494.34B | −₹1.46T | −₹34.72B |
| Financing activities | |||||
| Dividends paid | −₹78.53B | −₹70.41B | −₹70.41B | −₹55.99B | −₹55.99B |
| Share repurchases & issuance (net) | ₹7.85B | ₹14.38B | ₹8.03B | ₹11.71B | ₹6.25B |
| Shares issued | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 |
| Other financing | −₹36.78B | ₹111.93B | ₹121.38B | ₹181.92B | ₹8.14B |
| Cash from financing activities | −₹107.46B | ₹55.89B | ₹59.00B | ₹137.65B | −₹41.60B |
| Summary | |||||
| Net change in cash | −₹464.55B | ₹512.55B | ₹16.16B | ₹263.12B | −₹73.55B |
| Free cash flow | −₹194.05B | ₹1.18T | ₹423.09B | ₹1.54T | −₹16.85B |
| Free cash flow margin | −25.5% | 148.0% | 58.0% | 232.3% | −2.9% |
| Capex / revenue | 2.7% | 6.0% | 3.8% | 5.5% | 3.3% |
| Operating cash flow / net income | −1.30 | 9.10 | 3.49 | 13.54 | 0.02 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Indian rupees as reported; data from EODHD.
IBN cash generation
In fiscal 2026 (ended March 31, 2026), ICICI Bank generated ₹673.3 billion of cash from operations (down 18.1%) and spent ₹37.3 billion on capital expenditures, leaving free cash flow of ₹636.0 billion, 20.4% of revenue. It returned ₹78.5 billion to shareholders through dividends (₹78.5 billion) and net share buybacks (₹0). Cash and equivalents rose by ₹509.6 billion over the year.
Related: IBN income statement, IBN balance sheet, IBN dividend history. See the IBN stock overview for the latest quote and news.
IBN cash flow FAQ
What is ICICI Bank's free cash flow?
ICICI Bank's free cash flow was ₹636.0 billion in fiscal 2026: ₹673.3 billion of operating cash flow minus ₹37.3 billion of capital expenditures It was ₹773.9 billion a year earlier..
How much cash does ICICI Bank generate from operations?
ICICI Bank generated ₹673.3 billion of cash from operating activities in fiscal 2026, 0.91 times its net income of ₹735.9 billion.
How much does ICICI Bank spend on capital expenditures?
ICICI Bank spent ₹37.3 billion on capital expenditures in fiscal 2026, 1.2% of revenue, compared with ₹48.3 billion the year before.
How much does ICICI Bank pay in dividends?
ICICI Bank paid ₹78.5 billion in dividends in fiscal 2026, 12.3% of free cash flow.