ICICI Securities (Delisted) financials and balance sheet

BSE: 541179Capital Markets

Last traded ₹896.20 on 21 Mar 2025

Delisted on 16 Jan 2026.

7 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.ICICI Securities annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹5,049 Cr, year to Mar 2024

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2024

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue5,049
Operating expenses−1,678
Operating profit3,372
Depreciation−109
Other income+1.9
One-off items0.0
Finance costs−987
Profit before tax2,278
Tax−581
Net profit1,697

What the company owns

Plant, investments and other assets₹13,412 Cr
Cash and bank₹11,251 Cr
Receivables₹959 Cr

What pays for it: net worth and liabilities

Borrowings₹16,680 Cr
Other liabilities₹5,020 Cr
Net worth₹3,923 Cr

ICICI Securities business segments, year to Mar 2024

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.ICICI Securities segment results by quarter

Revenue by segment

₹5,051 CrTotal

Broking & distribution₹4,481 Cr88.7% of total
Issuer services & advisory₹317 Cr6.3% of total
Treasury₹253 Cr5.0% of total

Profit by segment

Broking & distribution₹1,972 Cr86.5% of total
Issuer services & advisory₹231 Cr10.1% of total
Treasury₹77 Cr3.4% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Broking & distribution
Revenue, ₹ crore
2,358
3,052
3,131
4,481
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24
Profit, ₹ crore
1,312
1,611
1,369
1,972
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24
Issuer services & advisory
Revenue, ₹ crore
161
296
145
317
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24
Profit, ₹ crore
81
189
54
231
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24
Treasury
Revenue, ₹ crore
66
91
144
253
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24
Profit, ₹ crore
37
52
72
77
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Revenue of all businesses	1,706	1,710	2,586	3,438	3,420	5,051
Company revenue, as in its results	1,705	1,706	2,586	3,435	3,416	5,049
Revenue	–	–	2,358	3,052	3,131	4,481
Revenue growth	–	–	–	29.4%	2.6%	43.1%
Profit	–	–	1,312	1,611	1,369	1,972
Profit growth	–	–	–	22.8%	−15.0%	44.1%
Margin	–	–	55.6%	52.8%	43.7%	44.0%
Return on capital	–	–	89.4%	76.2%	54.1%	53.7%
Assets	–	–	7,207	12,667	13,398	22,910
Liabilities	–	–	5,739	10,552	10,865	19,236
Capital employed	–	–	1,469	2,115	2,533	3,674
Revenue	–	–	161	296	145	317
Revenue growth	–	–	–	83.3%	−51.0%	119.0%
Profit	–	–	81	189	54	231
Profit growth	–	–	–	133.3%	−71.3%	325.3%
Margin	–	–	50.3%	64.1%	37.5%	72.9%
Return on capital	–	–	318.1%	–	–	–
Assets	–	–	46	65	33	83
Liabilities	–	–	20	69	59	91
Capital employed	–	–	26	−4	−26	−8
Revenue	–	–	66	91	144	253
Revenue growth	–	–	–	36.6%	58.9%	75.3%
Profit	–	–	37	52	72	77
Profit growth	–	–	–	39.5%	38.4%	7.9%
Margin	–	–	56.0%	57.1%	49.8%	30.6%
Return on capital	–	–	24.2%	34.0%	41.8%	44.9%
Assets	–	–	753	748	1,963	2,479
Liabilities	–	–	599	595	1,792	2,306
Capital employed	–	–	153	153	172	172
Revenue	1,581	1,594	–	–	–	–
Revenue growth	–	0.8%	–	–	–	–
Profit	698	735	–	–	–	–
Profit growth	–	5.4%	–	–	–	–
Margin	44.1%	46.1%	–	–	–	–
Return on capital	90.5%	115.7%	–	–	–	–
Assets	4,070	3,560	–	–	–	–
Liabilities	3,300	2,924	–	–	–	–
Capital employed	771	636	–	–	–	–
Revenue	99	76	–	–	–	–
Revenue growth	–	−22.9%	–	–	–	–
Profit	25	18	–	–	–	–
Profit growth	–	−30.1%	–	–	–	–
Margin	25.5%	23.1%	–	–	–	–
Assets	23	20	–	–	–	–
Liabilities	59	51	–	–	–	–
Capital employed	−36	−31	–	–	–	–
Revenue	27	40	–	–	–	–
Revenue growth	–	50.3%	–	–	–	–
Profit	14	−15	–	–	–	–
Margin	51.6%	−37.5%	–	–	–	–
Return on capital	12.2%	−3.8%	–	–	–	–
Assets	367	653	–	–	–	–
Liabilities	254	258	–	–	–	–
Capital employed	112	395	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.ICICI Securities quarterly results

₹ crore	Mar 2018	Mar 2019Filed 19 Jul	Mar 2020Filed 8 May	Mar 2021Filed 22 Apr	Mar 2022Filed 21 Apr	Mar 2023Filed 20 Apr	Mar 2024Filed 19 Apr
Revenue from operations	1,859	1,705	1,706	2,586	3,435	3,416	5,049
	940	913	824	994	1,250	1,313	1,678
Materials and goods bought	–	0	0	0	0	0	0
Operating profit before depreciation	920	792	882	1,592	2,185	2,103	3,372
Operating margin	49.5%	46.5%	51.7%	61.6%	63.6%	61.6%	66.8%
Depreciation and amortisation	15	15	61	54	63	75	109
Operating profit after depreciation	904	777	821	1,538	2,123	2,028	3,263
Other income	0	22	19	0	4	10	2
Finance costs	49	42	86	107	274	536	987
One-off items	0	0	0	0	0	0	0
Profit before tax	855	757	753	1,431	1,853	1,501	2,278
	297	267	211	363	470	383	581
Current tax	313	272	196	360	456	378	574
Deferred tax	−16	−6	15	3	14	5	7
Net profit	558	491	542	1,068	1,383	1,118	1,697
Other comprehensive income	–	−3	−6	3	0	0	−1
Total comprehensive income	–	488	536	1,070	1,382	1,118	1,696
Net margin	30.0%	28.8%	31.8%	41.3%	40.3%	32.7%	33.6%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2024, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 19 Jul	Mar 2020Filed 8 May	Mar 2021Filed 22 Apr	Mar 2022Filed 21 Apr	Mar 2023Filed 20 Apr	Mar 2024Filed 19 Apr	Sep 2024Half yearFiled 23 Oct
	1,047	1,210	1,822	2,431	2,853	3,923	4,465
Share capital	161	161	161	161	161	162	162
Reserves	886	1,048	1,661	2,269	2,691	3,761	4,303
Borrowings	447	1,498	3,521	7,739	9,293	16,680	22,034
Total assets	4,665	4,443	8,181	13,646	15,569	25,623	31,694
Plant in use, after depreciation	29	30	42	63	124	270	–
Plant being built	1	3	4	11	19	19	–
Trade receivables	477	89	459	385	773	959	312
Cash and cash equivalents	1,884	542	309	774	241	78	224
Other bank balances	1,265	1,869	3,570	4,843	6,550	11,174	13,355
Net debt	−2,701	−914	−358	2,123	2,502	5,428	8,455

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the year to Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2024, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 22 Apr	Mar 2022Filed 21 Apr	Mar 2023Filed 20 Apr	Mar 2024Filed 19 Apr	Sep 2024Half yearFiled 23 Oct
Cash from operations	−1,610	−2,597	−674	−5,621	−3,732
Capital spending	41	64	126	259	138
Free cash flow	−1,650	−2,662	−800	−5,880	−3,870
Cash from investing	−40	−69	−125	−257	−138
Cash from financing	1,417	3,130	266	5,715	4,016
Dividends paid	475	798	726	687	550
Shares bought back	0	0	0	0	0
Shares issued	0	11	0	0	0
Net change in cash	−233	464	−533	−163	147

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.

₹ per share	Mar 2018	Mar 2019Filed 19 Jul	Mar 2020Filed 8 May	Mar 2021Filed 22 Apr	Mar 2022Filed 21 Apr	Mar 2023Filed 20 Apr	Mar 2024Filed 19 Apr
Earnings per share	₹17.31	₹15.23	₹16.83	₹33.14	₹42.86	₹34.62	₹52.51
Diluted earnings per share	₹17.31	₹15.23	₹16.81	₹33.08	₹42.69	₹34.54	₹52.22
Book value per share	–	₹32.51	₹37.55	₹56.55	₹75.32	₹88.35	₹121.31
Shareholder yield	–	–	–	3.9%	3.9%	5.3%	2.9%
Market cap at the year end (₹ crore)	–	7,796	8,906	12,335	20,046	13,819	23,517

Ratios

Consolidated, years to March.

Ratio	Mar 2018	Mar 2019Filed 19 Jul	Mar 2020Filed 8 May	Mar 2021Filed 22 Apr	Mar 2022Filed 21 Apr	Mar 2023Filed 20 Apr	Mar 2024Filed 19 Apr
Revenue growth	–	−8.3%	0.1%	51.6%	32.8%	−0.6%	47.8%
Operating profit growth	–	−13.9%	11.4%	80.5%	37.3%	−3.8%	60.3%
Net profit growth	–	−12.0%	10.4%	97.0%	29.5%	−19.2%	51.8%
Earnings per share growth	–	−12.0%	10.5%	96.9%	29.3%	−19.2%	51.7%
	–	46.9%	48.0%	70.4%	65.0%	42.3%	50.1%
	–	–	1.2 pts	22.4 pts	−5.4 pts	−22.7 pts	7.8 pts
From the net margin	–	–	4.8 pts	14.4 pts	−1.8 pts	−12.2 pts	1.1 pts
From asset turnover	–	–	1.3 pts	5.8 pts	−15.9 pts	−13.6 pts	2.1 pts
From borrowing	–	–	−5.0 pts	2.2 pts	12.3 pts	3.0 pts	4.5 pts
Return on capital employed	–	52.0%	30.3%	28.8%	20.9%	16.7%	15.8%
Cash conversion	–	–	–	−150.7%	−187.9%	−60.3%	−331.3%
Interest cover	18.3	18.4	9.5	14.3	7.8	3.8	3.3
Debt to equity	–	0.43	1.24	1.93	3.18	3.26	4.25
Receivable days	–	102	19	65	41	83	69
Asset turnover	–	0.37	0.37	0.41	0.31	0.23	0.25
Assets per rupee of net worth	–	4.45	4.04	4.16	5.13	5.53	6.08
Sales per rupee of plant	–	57.82	57.80	61.58	54.77	27.59	18.67
Capital spending to depreciation	–	–	–	0.75	1.03	1.68	2.38
Plant being built, % of plant in use	–	4.2%	11.1%	9.4%	17.5%	15.6%	6.9%

No balance sheet is on record for the year to Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2024.

Return on assets, latest year: 8.2%
Cash from operations against operating profit: −166.7%

Measure	5 years	3 years
Revenue growth, yearly rate	24.3%	25.0%
Profit growth, yearly rate	28.2%	16.7%
Return on equity, average	55.2%	52.5%
Return on capital employed, average	22.5%	17.8%
Operating margin, average	61.0%	64.0%
Net margin, average	35.9%	35.5%
Asset turnover, average	0.32	0.26
Interest cover, average	7.7	4.9
Debt to equity, average	2.77	3.56

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2024.

₹ crore	3 years	Latest year
Cash from operations	−8,893	−5,621
Cash from investing	−450	−257
Cash from financing	9,111	5,715
Capital spending	449	259
Dividends paid	2,211	687
Shares bought back	0	0
Shares issued for cash	11	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	43.05	37.10	13.12	36.78
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	−1.37	−2.12
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	0.05	0.06	0.13	0.14	0.07
Effective tax ratePublished threshold 17.16 per cent	34.76	35.19	28.01	25.37	25.38	25.55	25.50
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	0.40	−0.05	3.93

A threshold marked as ours has no published figure; it is the line we read the check against.