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ICICI Securities

NSEI:ISEC
Snowflake Description

Adequate balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ISEC
NSEI
₹70B
Market Cap
  1. Home
  2. IN
  3. Diversified Financials
Company description

ICICI Securities Limited provides institutional and retail broking, merchant banking, and advisory services to corporates, financial institutions, high net-worth individuals, and retail investors in India. The last earnings update was 65 days ago. More info.


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ISEC Share Price and Events
7 Day Returns
-0%
NSEI:ISEC
1.9%
IN Capital Markets
1.5%
IN Market
1 Year Returns
-33.6%
NSEI:ISEC
-27.4%
IN Capital Markets
1.6%
IN Market
ISEC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
ICICI Securities (ISEC) -0% 2.1% -9.9% -33.6% - -
IN Capital Markets 1.9% -6.5% -6.4% -27.4% 31.9% 38.9%
IN Market 1.5% -1.5% -0.2% 1.6% 31.3% 36.4%
1 Year Return vs Industry and Market
  • ISEC underperformed the Capital Markets industry which returned -27.4% over the past year.
  • ISEC underperformed the Market in India which returned 1.6% over the past year.
Price Volatility
Industry
5yr Volatility vs Market

Value

 Is ICICI Securities undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of ICICI Securities to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for ICICI Securities.

NSEI:ISEC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= ₹25.89 * 58.5%
₹15.14
Book Value of Equity per Share Median Book Value from the past 5 years. ₹25.89
Discount Rate (Cost of Equity) See below 14.5%
Perpetual Growth Rate 10-Year IN Government Bond Rate 7.6%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NSEI:ISEC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year IN Govt Bond Rate 7.6%
Equity Risk Premium S&P Global 8.6%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.69
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.693 (1 + (1- 35%) (6.4%))
0.814
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.81
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 7.55% + (0.814 * 8.6%)
14.55%

Discounted Cash Flow Calculation for NSEI:ISEC using Excess Returns Model Model

The calculations below outline how an intrinsic value for ICICI Securities is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NSEI:ISEC Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (58.5% – 14.55%) * ₹25.89)
₹11.37
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= ₹11.37 / (14.55% - 7.55%)
₹162.49
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= ₹25.89 + ₹162.49
₹188.38
NSEI:ISEC Discount to Share Price
Calculation Result
Value per share (INR) From above. ₹188.38
Current discount Discount to share price of ₹218.15
= -1 x (₹218.15 - ₹188.38) / ₹188.38
-15.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of ICICI Securities is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for ICICI Securities's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are ICICI Securities's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NSEI:ISEC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in INR ₹15.23
NSEI:ISEC Share Price ** NSEI (2019-06-27) in INR ₹218.15
India Capital Markets Industry PE Ratio Median Figure of 179 Publicly-Listed Capital Markets Companies 15.58x
India Market PE Ratio Median Figure of 2,824 Publicly-Listed Companies 15.41x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of ICICI Securities.

NSEI:ISEC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NSEI:ISEC Share Price ÷ EPS (both in INR)

= 218.15 ÷ 15.23

14.32x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ICICI Securities is good value based on earnings compared to the IN Capital Markets industry average.
  • ICICI Securities is good value based on earnings compared to the India market.
Price based on expected Growth
Does ICICI Securities's expected growth come at a high price?
Raw Data
NSEI:ISEC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.32x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
11.8%per year
India Capital Markets Industry PEG Ratio Median Figure of 11 Publicly-Listed Capital Markets Companies 1.78x
India Market PEG Ratio Median Figure of 524 Publicly-Listed Companies 1.32x

*Line of best fit is calculated by linear regression .

NSEI:ISEC PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.32x ÷ 11.8%

1.21x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ICICI Securities is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on ICICI Securities's assets?
Raw Data
NSEI:ISEC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in INR ₹32.51
NSEI:ISEC Share Price * NSEI (2019-06-27) in INR ₹218.15
India Capital Markets Industry PB Ratio Median Figure of 267 Publicly-Listed Capital Markets Companies 0.61x
India Market PB Ratio Median Figure of 3,653 Publicly-Listed Companies 0.97x
NSEI:ISEC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NSEI:ISEC Share Price ÷ Book Value per Share (both in INR)

= 218.15 ÷ 32.51

6.71x

* Primary Listing of ICICI Securities.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ICICI Securities is overvalued based on assets compared to the IN Capital Markets industry average.
X
Value checks
We assess ICICI Securities's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. ICICI Securities has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is ICICI Securities expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
11.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is ICICI Securities expected to grow at an attractive rate?
  • ICICI Securities's earnings growth is expected to exceed the low risk savings rate of 7.6%.
Growth vs Market Checks
  • ICICI Securities's earnings growth is positive but not above the India market average.
  • ICICI Securities's revenue growth is expected to exceed the India market average.
Annual Growth Rates Comparison
Raw Data
NSEI:ISEC Future Growth Rates Data Sources
Data Point Source Value (per year)
NSEI:ISEC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 11.8%
NSEI:ISEC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 10.8%
India Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 9.4%
India Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 12.7%
India Market Earnings Growth Rate Market Cap Weighted Average 16.6%
India Market Revenue Growth Rate Market Cap Weighted Average 9.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NSEI:ISEC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in INR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NSEI:ISEC Future Estimates Data
Date (Data in INR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-03-31
2021-03-31 20,844 6,177 1
2020-03-31 17,961 5,026 1
NSEI:ISEC Past Financials Data
Date (Data in INR Millions) Revenue Cash Flow Net Income *
2019-03-31 16,847 22,893 4,907
2018-12-31 17,617 5,245
2018-09-30 18,462 5,772
2018-06-30 18,414 5,731
2018-03-31 18,104 712 5,577
2017-12-31 16,867 1,885 4,847
2017-09-30 15,561 1,056 4,196
2017-06-30 14,400 3,733
2017-03-31 13,756 1,653 3,386

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • ICICI Securities's earnings are expected to grow by 11.8% yearly, however this is not considered high growth (20% yearly).
  • ICICI Securities's revenue is expected to grow by 10.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NSEI:ISEC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from ICICI Securities Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NSEI:ISEC Future Estimates Data
Date (Data in INR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-03-31
2021-03-31 19.00 19.00 19.00 1.00
2020-03-31 16.00 16.00 16.00 1.00
NSEI:ISEC Past Financials Data
Date (Data in INR Millions) EPS *
2019-03-31 15.23
2018-12-31 16.29
2018-09-30 17.92
2018-06-30 17.78
2018-03-31 17.32
2017-12-31 15.05
2017-09-30 13.03
2017-06-30 11.59
2017-03-31 10.51

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • ICICI Securities is expected to make outstanding use of shareholders’ funds in the future (Return on Equity greater than 40%).
X
Future performance checks
We assess ICICI Securities's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the India market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the India market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
ICICI Securities has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has ICICI Securities performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare ICICI Securities's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • ICICI Securities has delivered over 20% year on year earnings growth in the past 5 years.
  • ICICI Securities's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • ICICI Securities's 1-year earnings growth is negative, it can't be compared to the IN Capital Markets industry average.
Earnings and Revenue History
ICICI Securities's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from ICICI Securities Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NSEI:ISEC Past Revenue, Cash Flow and Net Income Data
Date (Data in INR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 16,846.80 4,907.30 5,544.90
2018-12-31 17,617.20 5,245.30 6,276.20
2018-09-30 18,462.40 5,772.30 6,188.70
2018-06-30 18,413.70 5,731.20 5,509.60
2018-03-31 18,104.40 5,577.30 6,237.70
2017-12-31 16,866.60 4,847.20 5,941.90
2017-09-30 15,560.80 4,195.70 5,859.80
2017-06-30 14,399.60 3,732.60 5,684.00
2017-03-31 13,756.20 3,385.90 5,737.80
2016-03-31 10,983.80 2,387.20 4,822.80
2015-03-31 11,787.50 2,938.70 4,924.30
2014-03-31 7,878.00 834.20 4,218.90
2013-03-31 6,726.30 637.50 3,705.70

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • ICICI Securities made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%).
  • ICICI Securities used its assets more efficiently than the IN Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if ICICI Securities improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess ICICI Securities's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
ICICI Securities has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is ICICI Securities's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up ICICI Securities's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • ICICI Securities is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • ICICI Securities's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of ICICI Securities's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 9.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from ICICI Securities Company Filings, last reported 2 months ago.

NSEI:ISEC Past Debt and Equity Data
Date (Data in INR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 10,472.70 4,490.00 34,049.40
2018-12-31 9,244.70 0.00
2018-09-30 9,659.00 5,204.00 16,648.00
2018-06-30 9,816.00 0.00
2018-03-31 8,341.80 6,725.10 15,349.80
2017-12-31 6,751.20 8,607.10 14,594.00
2017-09-30 5,936.60 6,840.20 11,777.90
2017-06-30
2017-03-31 4,895.80 3,954.10 9,134.50
2016-03-31 3,981.60 1,728.60 7,806.90
2015-03-31 3,523.10 2,265.30 8,868.70
2014-03-31 2,493.60 3,171.30 6,243.60
2013-03-31 2,617.70 2,199.10 4,780.10
  • ICICI Securities's level of debt (42.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (126.9% vs 42.9% today).
  • Debt is well covered by operating cash flow (509.9%, greater than 20% of total debt).
  • Unable to confirm if the interest payments on ICICI Securities's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess ICICI Securities's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. ICICI Securities has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is ICICI Securities's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.23%
Current annual income from ICICI Securities dividends. Estimated to be 5.02% next year.
If you bought ₹2,000 of ICICI Securities shares you are expected to receive ₹105 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • ICICI Securities's pays a higher dividend yield than the bottom 25% of dividend payers in India (0.54%).
  • ICICI Securities's dividend is above the markets top 25% of dividend payers in India (2.08%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NSEI:ISEC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
India Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 59 Stocks 1.7%
India Market Average Dividend Yield Market Cap Weighted Average of 1447 Stocks 1.4%
India Minimum Threshold Dividend Yield 10th Percentile 0.3%
India Bottom 25% Dividend Yield 25th Percentile 0.5%
India Top 25% Dividend Yield 75th Percentile 2.1%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NSEI:ISEC Future Dividends Estimate Data
Date (Data in ₹) Dividend per Share (annual) Avg. No. Analysts
2022-03-31 12.54 1.00
2021-03-31 11.34 2.00
2020-03-31 9.74 2.00
NSEI:ISEC Past Annualized Dividends Data
Date (Data in ₹) Dividend per share (annual) Avg. Yield (%)
2019-04-23 11.400 5.293
2019-01-14 7.400 3.364
2018-10-19 7.400 2.875
2018-07-23 7.400 2.426
2018-04-16 7.800 2.176

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • It is too early to tell whether ICICI Securities has stable dividend payments.
  • ICICI Securities only just started paying a dividend, it is too early to tell if payments are increasing.
Current Payout to shareholders
What portion of ICICI Securities's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.6x coverage).
X
Income/ dividend checks
We assess ICICI Securities's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can ICICI Securities afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. ICICI Securities has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of ICICI Securities's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Vijay Chandok
AGE 50
TENURE AS CEO 0.1 years
CEO Bio

Mr. Vijay Kumar Chandok has been Managing Director, Chief Executive Officer and Additional Director of ICICI Securities Ltd. since May 07, 2019. Mr. Chandok has been an Executive Director of ICICI Bank Limited since July 28, 2016. Mr. Chandok’s responsibilities include SME business, Commercial banking and International Banking Group of ICICI Bank. Mr. Chandok joined the ICICI Group in 1993. In his 23 years with the ICICI Group, he has worked in corporate banking, prior to leading the SME business and the International Banking Group. He was also the Head of ICICI Bank’s Retail Assets and Rural & Agri Banking Group and Vice Chairman of ICICI Home Finance Company Limited from 2008 to 2009. He also led the integration of the erstwhile Sangli Bank with ICICI Bank. He served as Non-Executive Director at ICICI Bank UK PLC until May 6, 2019 and served as a Director at ICICI Bank Canada until April 2019. He also chairs the ICICI Investment Management Company Limited which managed the Emerging India Fund and Private Equity Fund. In the International Banking space (IBG), Mr. Chandok has been focusing on strengthening the Bank’s franchise across overseas locations (16 locations including subsidiaries in UK & Canada) through leveraging the economic corridors between India and the rest of the world, initiating and developing banking relationships with MNC corporates and building a stable and diversified international funding base. He holds a Master’s degree in Management Studies from Narsee Monjee Institute of Management Studies, Mumbai. He also holds a Bachelor of Technology in Mechanical Engineering from the Indian Institute of Technology (Banaras Hindu University), Varanasi (formerly IT-BHU).

CEO Compensation
  • Insufficient data for Vijay to compare compensation growth.
  • Insufficient data for Vijay to establish whether their remuneration is reasonable compared to companies of similar size in India.
Management Team Tenure

Average tenure and age of the ICICI Securities management team in years:

7.4
Average Tenure
50
Average Age
  • The average tenure for the ICICI Securities management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Harvinder Jaspal

TITLE
Chief Financial Officer
COMPENSATION
₹7M

Raju Nanwani

TITLE
Senior VP & Company Secretary
COMPENSATION
₹9M

Ajay Saraf

TITLE
Head of Investment Banking & Equities Division and Executive Director
COMPENSATION
₹28M
AGE
48

Vijay Chandok

TITLE
MD, CEO & Additional Director
AGE
50
TENURE
0.1 yrs

Vaijayanti Naik

TITLE
Head of Human Resources

Anupam Guha

TITLE
Head of Private Wealth Management
TENURE
10.6 yrs

Mridul Mehta

TITLE
Executive Vice President

Jaideep Goswami

TITLE
Head of Institutional Equities
AGE
51
TENURE
7.8 yrs

L. Govind

TITLE
Head of Structured Products and Corporate Debt Restructuring
TENURE
7.1 yrs

Gautam Benjamin

TITLE
EVP and Head of Financial Sponsors Group
Board of Directors Tenure

Average tenure and age of the ICICI Securities board of directors in years:

1.6
Average Tenure
58
Average Age
  • The average tenure for the ICICI Securities board of directors is less than 3 years, this suggests a new board.
Board of Directors

Narayanan Kannan

TITLE
AGE
53

Vinod Dhall

TITLE
Chairman of the Board
COMPENSATION
₹2M
AGE
74
TENURE
0.7 yrs

Ajay Saraf

TITLE
Head of Investment Banking & Equities Division and Executive Director
COMPENSATION
₹28M
AGE
48
TENURE
8.1 yrs

Vijay Chandok

TITLE
MD, CEO & Additional Director
AGE
50
TENURE
0.1 yrs

Sriram Iyer

TITLE
Chairman of ICICI Securities Holding Inc
TENURE
2.9 yrs

Ripujit Chaudhuri

TITLE
Chairman of ICICI Securities Inc
TENURE
1.6 yrs

Ashvin Parekh

TITLE
Independent Director
COMPENSATION
₹2M
AGE
65
TENURE
2.8 yrs

Vijayalakshmi Iyer

TITLE
Independent Director
COMPENSATION
₹200K
AGE
63
TENURE
1.6 yrs

Anup Bagchi

TITLE
Non-Executive Additional Director
COMPENSATION
₹9M
AGE
47
TENURE
0.7 yrs

Subrata Mukherji

TITLE
Independent Director
COMPENSATION
₹340K
AGE
65
TENURE
1.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (₹) Value (₹)
X
Management checks
We assess ICICI Securities's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. ICICI Securities has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Those Who Purchased ICICI Securities (NSE:ISEC) Shares A Year Ago Have A 36% Loss To Show For It

Investors in ICICI Securities Limited (NSE:ISEC) have tasted that bitter downside in the last year, as the share price dropped 36%. … Unhappily, ICICI Securities had to report a 12% decline in EPS over the last year. … NSEI:ISEC Past and Future Earnings, June 6th 2019 It might be well worthwhile taking a look at our free report on ICICI Securities's earnings, revenue and cash flow.

Simply Wall St -

Here's What ICICI Securities Limited's (NSE:ISEC) P/E Is Telling Us

This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … ICICI Securities has a price to earnings ratio of 14.86, based on the last twelve months. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

Does ICICI Securities Limited (NSE:ISEC) Have A Place In Your Portfolio?

Recently, ICICI Securities Limited (NSE:ISEC) has started paying dividends to shareholders. … Let's take a look at ICICI Securities in more detail. … View our latest analysis for ICICI Securities

Simply Wall St -

Why I Like ICICI Securities Limited (NSE:ISEC)

Help shape the future of investing tools and you could win a $250 gift card! … In the case of ICICI Securities Limited (NSE:ISEC), there's … that has been able to sustain great financial health over the past.

Simply Wall St -

Here's What ICICI Securities Limited's (NSE:ISEC) P/E Ratio Is Telling Us

This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … ICICI Securities has a price to earnings ratio of 14.44, based on the last twelve months. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

ICICI Securities Limited (NSE:ISEC): The Best Of Both Worlds

ICICI Securities Limited (NSE:ISEC) is a stock with outstanding fundamental characteristics. … When we build an investment case, we need to look at the stock with a holistic perspective. … In the case of ISEC, it

Simply Wall St -

Should You Be Tempted To Sell ICICI Securities Limited (NSE:ISEC) Because Of Its PE Ratio?

Although some investors may jump to the conclusion that you should avoid the stock or sell if you own it, understanding the assumptions behind the P/E ratio might change your mind. … I will deconstruct the P/E ratio and highlight what you need to be careful of when using the P/E ratio … Breaking down the Price-Earnings ratio

Simply Wall St -

Should ICICI Securities Limited's (NSE:ISEC) Recent Earnings Worry You?

When ICICI Securities Limited's (NSE:ISEC) announced its latest earnings (30 June 2018), I wanted to understand how these figures stacked up against its past performance. … The two benchmarks I used were ICICI Securities's average earnings over the past couple of years, and its industry performance. … Did ISEC's recent earnings growth beat the long-term trend and the industry.

Simply Wall St -

Is ICICI Securities Limited (NSE:ISEC) Still A Cheap Financial Stock?

operates in the capital markets industry, … Many aspects of banking and capital markets are being attacked by new competitors, whose key advantage is a leaner and technology-enabled operating model, allowing them to scale at a faster rate and meet changing consumer needs … Financial services analysts are forecasting for the entire industry,

Simply Wall St -

Should ICICI Securities Limited (NSE:ISEC) Be Part Of Your Dividend Portfolio?

Recently, ICICI Securities Limited (NSE:ISEC) has returned an average of 2.00% per year to shareholders in terms of dividend yield. … Let's take a look at ICICI Securities in more detail. … See our latest analysis for ICICI Securities

Simply Wall St -

Company Info

Description

ICICI Securities Limited provides institutional and retail broking, merchant banking, and advisory services to corporates, financial institutions, high net-worth individuals, and retail investors in India. It operates through three segments: Investment & Trading, Broking & Commission, and Advisory Services. The company offers retail broking services, which include equity, derivatives, currency, margin trading funding etc.; and operates ICICIdirect.com, an online broking platform to invest in equity, derivatives, currency futures, mutual funds, and other services, such as fixed deposits, loans, tax services, gold bonds, exchange traded funds, new pension systems, and life and general insurance products, as well as access to research information, stock picks, and mutual fund recommendations. It also provides private wealth management services, such as investment banking, equity research and advisory, and execution services, as well as equity linked and structured products, private equity, portfolio management, alternative investment funds, etc.; and operates approximately 200 ICICIdirect branches in 75 cities. In addition, the company offers equity capital market products, including initial public offerings (IPOs), rights issues, share buyback, delisting, open offers, and equity private placements; advisory services for acquisitions, divestitures, joint ventures, corporate restructurings, recapitalizations, spin-offs, mergers, and exchange offers; and private equity advisory services on various products, including mezzanine and private equity financing, secondary sale transactions, pre-IPO deals, and preferential allotments by listed companies. ICICI Securities Limited was formerly known as ICICI Securities and Finance Company Limited and changed its name to ICICI Securities Limited in April 2003. The company was incorporated in 1995 and is headquartered in Mumbai, India. ICICI Securities Limited is a subsidiary of ICICI Bank Limited.

Details
Name: ICICI Securities Limited
ISEC
Exchange: NSEI
Founded: 1995
₹70,178,503,990
322,141,400
Website: http://www.icicisecurities.com
Address: ICICI Securities Limited
ICICI Centre,
H.T. Parekh Marg,
Mumbai,
Maharashtra, 400020,
India
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NSEI ISEC Equity Shares National Stock Exchange of India IN INR 04. Apr 2018
BSE 541179 Equity Shares Mumbai Stock Exchange IN INR 04. Apr 2018
Number of employees
Current staff
Staff numbers
4,180
ICICI Securities employees.
Industry
Investment Banking and Brokerage
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/27 13:05
End of day share price update: 2019/06/27 00:00
Last estimates confirmation: 2019/04/24
Last earnings filing: 2019/04/23
Last earnings reported: 2019/03/31
Last annual earnings reported: 2019/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.