ICICIGI Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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What the record says.
ICICI Lombard reported a strong Q3 FY26 with GDPI growth of 13.3% YoY, outperforming the industry's 11.5%, driven by robust retail health (up 85.8%) and motor (up 9.3%) segments. The retail health market share rose to 4.5% from 3.2% a year ago, fueled by GST exemption tailwinds and new-to-industry customer growth of 1.7x. Motor growth rebounded to 9.3% in Q3 from 2.2% in H1, supported by festive demand and broad-based vehicle sales. The combined ratio on an N basis improved to 103.1% (Q3 FY26) from 102.3% (Q3 FY25), excluding a one-time wage code impact of ₹55 crore. Management expects to sustain 100-200 bps growth outperformance vs industry and maintain ROE in the 18-20% range. Key risk: sustained competitive intensity in motor could pressure pricing and margins.
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Guidance to track
- Management aims to grow 100-200 basis points above industry growth across all lines, as demonstrated in Q3.
- Management targets sustaining ROE in the 18-20% range, with 9M FY26 ROE at ~19.5% on a 1-by-N basis.
- Management expects combined ratio on an N basis to remain around 103% or better, excluding one-time items.
Risks flagged
- Industry motor combined ratio worsened to 128.5% in H1 FY26 from 124.8% in H1 FY25, indicating sustained pricing pressure.
- The one-time wage code impact of ₹55 crore includes ₹17 crore of unamortized cost to be spread over 3 years, with potential further regulatory changes.
- As the retail health portfolio matures, loss ratios may increase from current levels (63-67%) over time, though management expects offset from lower acquisition costs.
Key quotes
- We are very comfortable walking away what is not making basic sense on the RO level for motor.
- The growth in retail health is broad-based across markets and supported by a surge in first-time buyers especially for tier 2 and tier three cities.
- We have absolute clarity that even if it's long-term, what we will do is what comes with one-by as a team for us we continue to operate strictly on those guidelines.
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