ICICI Lombard Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management said on revenue, margins and capex.
- Revenue
- ₹6,869Cr
- +11.7% YoY
- +7.4% QoQ
- Net profit
- ₹820Cr
- +18.2% YoY
- +9.8% QoQ
- Margin
- 15%
- 0 pp YoY
- 0 pp QoQ
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The short version
Growth momentum is expected to sustain into Q3 and H2 FY2026, supported by regulatory reforms and positive industry trends. The management expects significant growth opportunities in Q3 and H2 FY2026, supported by regulatory reforms and improved market conditions.
From ICICI Lombard's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Growth momentum is expected to sustain into Q3 and H2 FY2026, supported by regulatory reforms and positive industry trends.
- Incremental market share gains anticipated, reversing recent losses, aligning with overall industry growth.
- Motor segment growth expected to improve post GST rate cuts and festive demand, with H2 projected stronger than H1.
- Retail Health insurance showing strong growth (25.2% in H1 FY2026), with market share surpassing 4%, expected to maintain upward trajectory due to GST reforms.
- Commercial lines, especially Fire segment, witnessing robust growth (27.3% in Q2 FY2026; 36.4% in September), expected to continue strong performance.
2 more points from ICICI Lombard's call on revenue
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Profitability & Margins
The management expects significant growth opportunities in Q3 and H2 FY2026, supported by regulatory…
Locked: what ICICI Lombard said on margins
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Capital Expenditure Plans
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Top-ranked in Insurance
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
The company discusses its strong solvency ratio (2.73x as of Sept 30, 2025), which is well above the…
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Order Book & Pipeline
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ICICI Lombard — Quarterly revenue & net profit
ICICI Lombard Q2 FY26 results — key figures
| ₹ Cr | Q2 FY26 | Q2 FY25 | YoY | Q1 FY26 | QoQ |
|---|---|---|---|---|---|
| Revenue | 6,869 | 6,147 | +11.7% | 6,396 | +7.4% |
| Operating profit (EBITDA) | 1,044 | 940 | +11.1% | 981 | +6.4% |
| Operating margin | 15% | 15% | 0 pp | 15% | 0 pp |
| Profit before tax | 1,077 | 919 | +17.2% | 994 | +8.4% |
| Net profit (PAT) | 820 | 694 | +18.2% | 747 | +9.8% |
| EPS (₹) | 16.47 | 14.03 | +17.4% | 15.04 | +9.5% |
Source: reported quarterly figures (Screener), ₹ crore.
Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹8.2K Cr, net profit ₹946 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What ICICI Lombard's management said in earlier quarters
Others in Insurance this season
- Niva Bupa Health (Q2 FY26)
October saw over 50% growth in retail sales, driven by GST reduction from 18% to 0%, enhancing affordability and demand. Key concall takeaways from Niva Bupa…
- Star Health Insu (Q2 FY26)
Fresh business growth robust, with about 50% growth in new policies noted in October. Key concall takeaways from Star Health & Allied Insurance Company Ltd's…
- Medi Assist Healthcare Services (Q2 FY26)
The partnership with Star Health for the MAtrix claims platform shows promising volume migration, currently at 40%, with full migration ongoing. Key concall…
- Life Insurance (Q2 FY26)
Individual New Business Premium (NBP) rose 67%, propelled by bancassurance and alternate channels, with new tie-ups (e.g., AU Small Finance Bank) contributing…
Potential multibaggers · Q2 FY27
Potential multibaggers in Insurance
on management's own guidance
- Max FinancialModerate growth2
- Niva Bupa HealthGood growth1
- HDFC Life Insurance CompanyModerate growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were ICICI Lombard Q2 FY26 results?
Growth momentum is expected to sustain into Q3 and H2 FY2026, supported by regulatory reforms and positive industry trends. The management expects significant growth opportunities in Q3 and H2 FY2026, supported by regulatory reforms and improved market conditions.
What is ICICI Lombard share price analysis?
ICICI Lombard currently shows a neutral. The stock trades at a P/E of 33.5 with a market cap of ₹81,423 Cr. Investors should review the full earnings analysis for detailed insights.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.