Guidance ledger · Q4 FY26

ICICI Bank Ltd ICICIBANK

3 revisions on record · 1 lowered · 1 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

→ narrowed Net interest margin trajectory Q3 FY26 → Q4 FY26

~~4.30% Q3FY26, range-bound~~ → 4.32% Q4FY26, range-bound in FY27

“We do expect NIMs to be range-bound in FY27”

↑ raised Loan growth outlook Q3 FY26 → Q4 FY26

~~Q4 momentum sustaining (Q3FY26)~~ → All-round growth at 15.8% YoY (Q4FY26), no FY27 number

“we have probably had a quarter where we have seen all -round growth”

↓ lowered Operating expense vs revenue jaws Q3 FY26 → Q4 FY26

~~Cost pace moderating (Q3FY26)~~ → Opex below top-line as FY27 objective

“we would want to have opex growth at a level which is below the top line growth”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.