ICICI Bank (ICICIBC) reported 4QFY26 PAT of INR137b (4% beat on MOFSLe), aided by strong core performance and negligible provisions. NIMs improved by 2bp QoQ to 4.32% (5bp positive impact from interest on IT refund vs. 1bp in 3Q). Adj NIMs stood in line with est. 4Q RoA stood at 2.4%, while FY26 RoA was best-in-class at 2.32%. We believe ICICIBC is well positioned to sustain avg. RoA of 2.25% over FY27-28E, led by steady business growth, resilient margins and controlled credit cost.