“Retained a 'Long' rating on ICICI Bank, raising its target price to ₹1,690 for March 2027. The bank continues to show best-in-class execution with resilient margins, sector-leading profitability, and strong loan growth. However, further re-rating hinges on sustaining high double-digit loan growth with stable RoAs, which may be challenging given corporate loan growth, bottomed-out cost of funds, and normalizing credit costs.”