ICICI Lombard Q4 FY26 Results: Date, Estimates 2026

Why ICICI Lombard’s Q4 FY26 print matters

ICICI Lombard General Insurance (NSE: ICICIGI) is preparing to announce its Q4 FY26 financial results for the period ended March 31, 2026. The quarter is important because it closes the full-year FY26 numbers and typically sets the baseline for FY27 estimates. Investors are also watching for the final dividend recommendation, which often comes with the audited results. With the stock at ₹1,780 in early April 2026, the upcoming update is a key event for market participants tracking India’s general insurance cycle. The stock is below its 52-week high of ₹1,960 and above its 52-week low of ₹1,480, and it has delivered a 1-year return of -6%.

Q4 FY26 results date and board meeting (expected)

The company’s board of directors is scheduled to meet in May 2026 (expected) to approve the audited statements and consider a final dividend recommendation. The results will cover the quarter ended March 31, 2026. While the exact date is stated as expected, the meeting is positioned as the key milestone when audited numbers and any dividend proposal should be discussed. For investors, this is also the point where management commentary typically shapes expectations for FY27.

Street estimates: revenue, PAT and combined ratio

Analyst estimates for Q4 FY26 revenue stand at ₹6,600-7,000 crore, versus ₹6,212 crore in Q3. Profit after tax (PAT) is expected at ₹610-660 crore. Margin projections are centred on a combined ratio of 102-104%, compared with 103.2% in Q3. The estimates highlight a quarter where both scale and underwriting discipline will be closely evaluated together. The combined ratio range implies the market is not pricing in a sharp improvement, but it is watching for stability.

Growth expectations: GWP and the seasonal Q4 setup

ICICI Lombard enters Q4 FY26 with expectations of gross written premium (GWP) growth of 14-18% year-on-year. Q4 is described as seasonally important for the insurance sector, and conversion of the pipeline into recognised revenue is positioned as the first test. Investors will compare the revenue print against the ₹6,600-7,000 crore estimate band and assess how much of the quarter’s growth came from core underwriting versus other levers.

Margin trajectory: what can move the combined ratio

For Q4 FY26, the combined ratio is expected at 102-104% versus 103.2% in Q3. The article flags input cost trends, employee expenses and pricing power as determinants of whether the company can sustain or improve on Q3 levels. This matters because even small shifts in combined ratio can materially change the underwriting contribution in a general insurer. Management’s commentary on claims trends and pricing conditions tends to be as important as the headline ratio.

PAT quality: operating profit versus one-offs

Net profit for Q4 FY26 is estimated at ₹610-660 crore. Investors are expected to assess whether PAT is driven by operational improvement or non-recurring items. The article notes that a clean recurring profit print is typically received most positively by institutional investors. Recent context from FY25 also shows why this distinction matters, as quarterly outcomes can be influenced by investment-market-linked capital gains.

FY27 guidance: growth, margins and capital plans

The article describes FY27 guidance as the most consequential post-results output, covering revenue growth bands, margin targets and capex plans. It also notes that in the current global macro environment, credible FY27 guidance carries significant weight for the stock’s re-rating potential. Separately, a report referenced in the text says the insurer has reiterated an intent to grow 100-200 basis points faster than the industry in FY27 while sustaining return on equity (ROE) of 18-20%. That positioning is backed by demand expectations across motor and health segments following recent GST changes, while acknowledging near-term profitability pressure from higher claims and one-off costs.

Dividend watch: what the market expects

ICICI Lombard is expected to consider a final dividend of ₹10-13 per share along with the audited results. The article frames the dividend quantum as a signal of management’s confidence in free cash flow generation and as an input into FY27 capital allocation expectations. As a reference point from the supplied context, the company proposed a final dividend of ₹7.00 per share for FY25, taking the total dividend payout for the year to ₹12.50 (versus ₹11.00 in FY24).

Share price, valuation context and analyst targets

ICICI Lombard is trading at ₹1,780, with a 52-week high of ₹1,960 and a 52-week low of ₹1,480. Market capitalisation is stated at ₹87,800 crore. The article also cites analyst targets in the ₹2,000 to ₹2,100 range. With the 1-year return at -6%, investors are positioned to treat Q4 numbers and FY27 guidance as the key decision points for whether the stock’s recovery momentum can sustain.

Key background: FY25 underwriting and industry datapoints

The supplied context includes detailed FY25 and industry datapoints that frame what investors may compare against in FY26. For FY25, ICICI Lombard’s gross direct premium income (GDPI) was ₹26,833 crore versus ₹24,776 crore in FY24, a growth of 8.3% compared with industry growth of 6.2%. Q4 FY25 GDPI was ₹6,211 crore versus ₹6,073 crore in Q4 FY24, a growth of 2.3% compared with industry growth of 1.7%. The combined ratio improved to 102.8% in FY25 from 103.3% in FY24, and FY25 PAT rose 30.7% year-on-year to ₹2,508 crore, with return on average equity (ROAE) at 19.1%.

The context also flags how investment income can swing quarterly results. Capital gains in FY25 were ₹802 crore (up from ₹551 crore), but capital gains in Q4 FY25 were ₹6 crore versus ₹156 crore in Q4 FY24. That drop is cited as a reason quarterly profit can look volatile even when underwriting is stable.

Five risks investors are watching into Q4 FY26

The article explicitly highlights an earnings miss risk: if Q4 FY26 results miss estimates, the stock could correct sharply, with revenue (₹6,600-7,000 crore) and PAT (₹610-660 crore) as the primary watchpoints. Beyond that, the supplied context points to profitability pressure from higher claims and one-off costs, and margin volatility linked to competitive pricing and claims trends. It also shows the role of capital gains swings in quarterly PAT, given the sharp Q4 FY25 capital gains decline to ₹6 crore. Another risk flagged is that health and crop claims trends require monitoring, as Q4 FY25 showed stress in health and crop portfolios in the referenced discussion. Finally, the valuation commentary in the context notes that premium valuation can limit near-term re-rating potential and leaves less room for error if margins slip.

Key numbers to track (summary table)

Conclusion: what comes next

ICICI Lombard’s Q4 FY26 results in May 2026 (expected) will be watched for delivery versus revenue and PAT estimates, and for combined ratio stability around the 102-104% band. The board meeting is also expected to address a final dividend, with the market pencilling in ₹10-13 per share. Beyond the quarter, FY27 guidance on growth and margin targets is positioned as the most important catalyst for investors assessing valuation support and the stock’s next move. The next confirmed step in the timeline is the board meeting in May 2026 (expected), where audited numbers and any dividend recommendation should be considered.