ICICI Securities Ltd: Recent Financial Analysis and Stock Ratings

ICICI Securities Limited, a technology-driven financial services company, has been actively involved in broking, margin trade finance, employee stock option plans (ESOP) finance, distribution of financial products, merchant banking, and advisory services. The company operates across three main segments: treasury, broking and distribution, and issuer services and advisory.

As of July 23, 2025, ICICI Securities has provided several stock ratings and target prices for various companies, reflecting its analysis and outlook on the market. Here’s a summary of the recent ratings and insights:

  • PNB Housing Finance: ICICI Securities has downgraded its stock rating to “Add,” indicating a cautious stance on the stock. This decision was reported on July 22, 2025, by both de.investing.com and investing.com.

  • RBL Bank: The bank’s recent results showed a ~40bps quarter-on-quarter dip in Net Interest Margin (NIM), double-digit Net Interest Income (NII) de-growth, and unchanged slippages. Despite these challenges, the reported Profit After Tax (PAT) of INR 2 billion, supported by significant treasury gains, led ICICI Securities to maintain a “Hold” rating with a target price of INR 250.

  • Nuvoco Vistas Corporation: With a compelling current valuation of 8.5x FY27E EV/EBITDA and a 51% year-on-year increase in Q1FY26 EBITDA, buoyed by strong cement prices, ICICI Securities has set a “Hold” rating with a target price of INR 400.

  • JSW Steel: The company’s consolidated EBITDA exceeded BB consensus estimates by 5%, driven by improvements at both standalone and subsidiary levels. ICICI Securities has maintained a “Hold” rating with a target price of INR 1010.

  • IndiaMart InterMesh: Increased ad spending has led to a ~7% year-on-year increase in traffic and ~17% growth in unique business inquiries. ICICI Securities has set a “Hold” rating with a target price of INR 2580.

  • Himadri Speciality Chemical: Despite a modest 0.7% year-on-year volume increase, likely due to capacity constraints, the company’s product mix improvement and EBITDA/kg growth of 26.8% year-on-year were positive. ICICI Securities has set a “Hold” rating with a target price of INR 500.

  • Heritage Foods: The company reported a 10.1% year-on-year revenue growth despite unseasonal rains, though EBITDA margin contracted to 6.5% in Q1FY26. ICICI Securities has set a “Hold” rating with a target price of INR 490.

  • CEAT: Strong traction in the Original Equipment (OE) business and steady replacement demand, particularly in the 2W/TBR segment, drove growth in Q1FY26. ICICI Securities has set a “Hold” rating with a target price of INR 3750.

  • Atul: The company’s Q1FY26 EBITDA rose by 5.5% year-on-year, with growth primarily from subsidiaries. ICICI Securities has set a “Hold” rating with a target price of INR 6600.

  • Zee Entertainment: Despite a 9.4% quarter-on-quarter and 16.8% year-on-year decline in advertising revenue, early signs of stabilization suggest potential recovery. ICICI Securities has upgraded its rating to “Buy” with a target price of INR 185.

  • JSW Infrastructure: The company reported muted volume growth at its ports, with organic growth flat and new acquisitions contributing. ICICI Securities has upgraded its rating to “Buy” with a target price of INR 365.

These ratings and analyses reflect ICICI Securities’ current market outlook and provide investors with insights into potential investment opportunities and risks.