Motilal Oswal Recommends 'Buy' for ICICI Bank, Sets Target at Rs 1750

• ICICI Bank reported a 3QFY26 PAT of INR113.2 billion, a 9% miss on MOFSL estimates and a 4% YoY decline, due to INR12.83 billion provisions for Agri assets.
• Despite the one-off provisioning, NII, PPoP, and Adjusted PAT were in line, and margins remained stable.
• The Board approved a fresh two-year term for Mr. Sandeep Bakhshi as MD & CEO, resolving a key uncertainty for the stock.
• Motilal Oswal projects ICICI Bank to achieve a 2.2% RoA in FY26, improving to 2.3% over FY27-28E.
• Motilal Oswal reiterates ICICI Bank as a top 'BUY' in the sector with a revised target price of INR1,750 (2.7x Sep’27E ABV).

Why It Matters: Motilal Oswal recommends buying ICICI Bank with a target of Rs 1750, citing strong future RoA despite provisions.