Elara raises target for ICICI Lombard stock to INR 1,985

Published on 10/25/2026 at 00:08 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Q2 profit reached INR 10.31 billion, up 27.50 percent year over year. ICICI Lombard stock faces a 104.50 percent combined ratio.

Earnings and analyst view

Elara Securities lifted its target from INR 1,925 to INR 1,985 on October 20, 2026.
Second-quarter profit reached INR 10.31 billion, up 27.50 percent year over year.
The INR 7.00 interim dividend had a record date of October 23, 2026, with payment due by November 12, 2026.

ICICI Lombard, INE765G01017, Illustration mit AI erstellt.

ICICI Lombard (ISIN INE765G01017) received a revised INR 1,985 price target from Elara Securities, up from INR 1,925 in the October 20, 2026 research update. The firm kept its Accumulate rating, while the second-quarter figures showed stronger profit but continued underwriting pressure.

Target rises after Q2 results

According to EquityBulls, Elara based the revised target on higher investment income and an easing motor third-party loss ratio. Its Q2 FY27 review put net earned premium at INR 66.5 billion, up 17.70 percent year over year, while profit after tax rose 15.50 percent to INR 9.50 billion.

The operating counterweight was a 107.00 percent combined ratio in Q2 FY27, compared with 105.10 percent in Q2 FY26. Elara also cited a 61.70 percent motor loss ratio and a 2.75 times solvency ratio, leaving claims performance and health losses as key valuation tests.

What does underwriting reveal?

Moneycontrol reported on October 14, 2026 that profit after tax reached INR 10.31 billion in the second quarter of FY27, up 27.50 percent year over year. Gross direct premium income increased 3.00 percent to INR 67.92 billion, while growth excluding crop and mass health insurance reached 13.90 percent.

The chronology is clear. On October 14, 2026, Q2 profit reached INR 10.31 billion, according to Moneycontrol. On October 20, 2026, Elara raised its target from INR 1,925 to INR 1,985. On October 21, 2026, the CFO told The Hindu BusinessLine that growth excluding crop insurance reached 13.90 percent in Q2 FY27.

Dividend dates set the next markers

The interim dividend was INR 7.00 per share, with October 23, 2026 as the record date and payment due by November 12, 2026, according to MarketScreener. For investors, the earnings debate now turns on whether premium growth can accelerate without pushing the combined ratio higher.

Stock stays tied to claims trends

ICICI Lombard closed at INR 1,592.00 on the NSE on October 23, 2026. Its market capitalization was INR 795.4 billion on that date, while the 52-week range stood at INR 1,423.10 to INR 2,064.90. The target revision and dividend offer support, but the 104.50 percent combined ratio keeps underwriting central to the valuation.