Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
ICICI Lombard General Insurance Company Limited
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 1.48x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash.
Fixed-asset turnover is 32.29x. Compare it with other names in the same basket.
Physical asset ratio
1.1%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 8.39BpropertyPlantAndEquipmentNetInventoryINR 0.00Not reported, treated as 0Total assetsINR 761.11BtotalAssetsInventory was not reported and is treated as zero.Result 1.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
32.29xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 270.88BtotalRevenueNet PP&EINR 8.39BpropertyPlantAndEquipmentNetResult 32.29x
Revenue per dollar of the physical asset base.
Capex / D&A
1.48xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 2.43BcapitalExpendituresD&AINR 1.65BreconciledDepreciationResult 1.48x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
INR 325.13Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 761.11BtotalAssetsGoodwillINR 0.00goodWillIntangiblesINR 3.10BintangibleAssetsLiabilitiesINR 594.86BtotalLiabTangible bookINR 163.15BShares501,799,000commonStockSharesOutstandingResult INR 325.13
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
4.86xPrice / tangible bookPrice / tangible book per sharePriceINR 1.58KLatest quoteTangible book / shareINR 325.132026-03-31Result 4.86x
Price INR 1.58K.
Fixed-charge coverage
34.09xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 36.59BebitdaCapexINR 2.43BcapitalExpendituresInterestINR 910.40MinterestExpenseShort-term debtINR 91.60MshortTermDebtEBITDA − capexINR 34.16BPrincipal due is short-term debt.Result 34.09x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.0%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flowINR 23.79BfreeCashFlowMarket capINR 789.85BMarketCapitalizationResult 3.0%
Latest free cash flow divided by current market cap (INR 789.85B).
ROIC
23.2%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 36.59BoperatingIncomeTax expenseINR 8.87BincomeTaxExpensePretax incomeINR 36.59BincomeBeforeTaxTax rate24.2%EquityINR 166.34BtotalStockholderEquityDebtINR 91.60MshortLongTermDebtTotalCashINR 46.73BcashAndShortTermInvestmentsInvested capitalINR 119.70BResult 23.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 4.36x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 1.2%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 4.03BpropertyPlantEquipmentInventoryINR 0.00Not reported, treated as 0Total assetsINR 334.03BtotalAssetsInventory was not reported and is treated as zero.Result 1.2% | 27.66xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenueINR 111.46BtotalRevenueNet PP&EINR 4.03BpropertyPlantEquipmentResult 27.66x | 1.95xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapexINR 1.17BcapitalExpendituresD&AINR 599.92MdepreciationAndAmortizationResult 1.95x | INR 116.95Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 334.03BtotalAssetsGoodwillINR 0.00goodWillIntangiblesINR 798.64MintangibleAssetsLiabilitiesINR 280.02BtotalLiabTangible bookINR 53.20BShares454,943,000commonStockSharesOutstandingResult INR 116.95 | 8.97xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 17.28BebitdaCapexINR 1.17BcapitalExpendituresInterestINR 695.03MinterestExpenseShort-term debtINR 1.10BshortTermDebtEBITDA − capexINR 16.11BPrincipal due is short-term debt.Result 8.97x | INR 28.59BFree cash flow · 2019-03-31Reported free cash flowOperating cash flowINR 29.76BtotalCashFromOperatingActivitiesCapexINR 1.17BcapitalExpendituresFree cash flowINR 28.59BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 28.59B | 18.8%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 15.98BoperatingIncomeTax expenseINR 5.49BincomeTaxExpensePretax incomeINR 15.98BincomeBeforeTaxTax rate34.4%EquityINR 54.00BtotalStockholderEquityDebtINR 5.95BshortLongTermDebtTotalCashINR 4.02BcashAndShortTermInvestmentsInvested capitalINR 55.94BResult 18.8% | 3.97xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating incomeINR 15.98BoperatingIncomeNet PP&EINR 4.03BpropertyPlantEquipmentResult 3.97x |
| 2020 | 1.1%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 4.18BpropertyPlantEquipmentInventoryINR 0.00Not reported, treated as 0Total assetsINR 370.42BtotalAssetsInventory was not reported and is treated as zero.Result 1.1% | 27.66xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenueINR 115.54BtotalRevenueNet PP&EINR 4.18BpropertyPlantEquipmentResult 27.66x | 3.37xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapexINR 3.03BcapitalExpendituresD&AINR 900.30MdepreciationAndAmortizationResult 3.37x | INR 126.39Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 370.42BtotalAssetsGoodwillINR 0.00goodWillIntangiblesINR 2.78BintangibleAssetsLiabilitiesINR 310.03BtotalLiabTangible bookINR 57.62BShares455,852,000commonStockSharesOutstandingResult INR 126.39 | 8.55xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 18.70BebitdaCapexINR 3.03BcapitalExpendituresInterestINR 833.28MinterestExpenseShort-term debtINR 999.44MshortTermDebtEBITDA − capexINR 15.67BPrincipal due is short-term debt.Result 8.55x | INR 31.30BFree cash flow · 2020-03-31Reported free cash flowOperating cash flowINR 34.33BtotalCashFromOperatingActivitiesCapexINR 3.03BcapitalExpendituresFree cash flowINR 31.30BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 31.30B | 18.1%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 16.97BoperatingIncomeTax expenseINR 5.03BincomeTaxExpensePretax incomeINR 16.97BincomeBeforeTaxTax rate29.7%EquityINR 60.39BtotalStockholderEquityDebtINR 5.85BshortLongTermDebtTotalCashINR 326.36McashInvested capitalINR 65.92BResult 18.1% | 4.06xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating incomeINR 16.97BoperatingIncomeNet PP&EINR 4.18BpropertyPlantEquipmentResult 4.06x |
| 2021 | 1.1%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 4.16BpropertyPlantEquipmentInventoryINR 0.00Not reported, treated as 0Total assetsINR 392.98BtotalAssetsInventory was not reported and is treated as zero.Result 1.1% | 31.12xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenueINR 129.52BtotalRevenueNet PP&EINR 4.16BpropertyPlantEquipmentResult 31.12x | 0.61xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapexINR 790.16McapitalExpendituresD&AINR 1.30BdepreciationAndAmortizationResult 0.61x | INR 161.30Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 392.98BtotalAssetsGoodwillINR 0.00goodWillIntangiblesINR 2.36BintangibleAssetsLiabilitiesINR 316.99BtotalLiabTangible bookINR 73.63BShares456,442,000commonStockSharesOutstandingResult INR 161.30 | 12.92xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 21.71BebitdaCapexINR 790.16McapitalExpendituresInterestINR 866.96MinterestExpenseShort-term debtINR 751.62MshortTermDebtEBITDA − capexINR 20.92BPrincipal due is short-term debt.Result 12.92x | INR 16.95BFree cash flow · 2021-03-31Reported free cash flowOperating cash flowINR 17.74BtotalCashFromOperatingActivitiesCapexINR 790.16McapitalExpendituresFree cash flowINR 16.95BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 16.95B | 18.6%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 19.54BoperatingIncomeTax expenseINR 4.81BincomeTaxExpensePretax incomeINR 19.54BincomeBeforeTaxTax rate24.6%EquityINR 75.99BtotalStockholderEquityDebtINR 5.60BshortLongTermDebtTotalCashINR 2.28BcashInvested capitalINR 79.31BResult 18.6% | 4.69xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating incomeINR 19.54BoperatingIncomeNet PP&EINR 4.16BpropertyPlantEquipmentResult 4.69x |
| 2022 | 0.8%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 3.99BpropertyPlantEquipmentInventoryINR 0.00Not reported, treated as 0Total assetsINR 508.48BtotalAssetsInventory was not reported and is treated as zero.Result 0.8% | 41.54xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenueINR 165.59BtotalRevenueNet PP&EINR 3.99BpropertyPlantEquipmentResult 41.54x | 0.54xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapexINR 758.66McapitalExpendituresD&AINR 1.41BdepreciationAndAmortizationResult 0.54x | INR 182.56Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 508.48BtotalAssetsGoodwillINR 0.00goodWillIntangiblesINR 2.08BintangibleAssetsLiabilitiesINR 416.56BtotalLiabTangible bookINR 89.85BShares492,166,000commonStockSharesOutstandingResult INR 182.56 | 10.10xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 19.20BebitdaCapexINR 758.66McapitalExpendituresInterestINR 955.57MinterestExpenseShort-term debtINR 870.15MshortTermDebtEBITDA − capexINR 18.45BPrincipal due is short-term debt.Result 10.10x | INR 7.33BFree cash flow · 2022-03-31Reported free cash flowOperating cash flowINR 8.09BtotalCashFromOperatingActivitiesCapexINR 758.66McapitalExpendituresFree cash flowINR 7.33BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 7.33B | 13.7%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 16.84BoperatingIncomeTax expenseINR 4.13BincomeTaxExpensePretax incomeINR 16.84BincomeBeforeTaxTax rate24.5%EquityINR 91.93BtotalStockholderEquityDebtINR 3.42BshortLongTermDebtTotalCashINR 2.85BcashInvested capitalINR 92.50BResult 13.7% | 4.22xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating incomeINR 16.84BoperatingIncomeNet PP&EINR 3.99BpropertyPlantEquipmentResult 4.22x |
| 2023 | 1.0%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 5.64BpropertyPlantAndEquipmentNetInventoryINR 0.00Not reported, treated as 0Total assetsINR 550.86BtotalAssetsInventory was not reported and is treated as zero.Result 1.0% | 32.93xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenueINR 185.70BtotalRevenueNet PP&EINR 5.64BpropertyPlantAndEquipmentNetResult 32.93x | 0.85xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapexINR 1.21BcapitalExpendituresD&AINR 1.42BdepreciationAndAmortizationResult 0.85x | INR 208.74Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 550.86BtotalAssetsGoodwillINR 0.00goodWillIntangiblesINR 1.78BintangibleAssetsLiabilitiesINR 446.42BtotalLiabTangible bookINR 102.66BShares491,803,000commonStockSharesOutstandingResult INR 208.74 | 13.36xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 23.36BebitdaCapexINR 1.21BcapitalExpendituresInterestINR 806.23MinterestExpenseShort-term debtINR 850.85MshortTermDebtEBITDA − capexINR 22.15BPrincipal due is short-term debt.Result 13.36x | INR 21.69BFree cash flow · 2023-03-31Reported free cash flowOperating cash flowINR 22.90BtotalCashFromOperatingActivitiesCapexINR 1.21BcapitalExpendituresFree cash flowINR 21.69BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 21.69B | 16.7%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 21.13BoperatingIncomeTax expenseINR 3.83BincomeTaxExpensePretax incomeINR 21.13BincomeBeforeTaxTax rate18.2%EquityINR 104.44BtotalStockholderEquityDebtINR 1.20BshortLongTermDebtTotalCashINR 2.03BcashInvested capitalINR 103.61BResult 16.7% | 3.75xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating incomeINR 21.13BoperatingIncomeNet PP&EINR 5.64BpropertyPlantAndEquipmentNetResult 3.75x |
| 2024 | 0.9%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 5.62BpropertyPlantEquipmentInventoryINR 0.00Not reported, treated as 0Total assetsINR 633.08BtotalAssetsInventory was not reported and is treated as zero.Result 0.9% | 38.71xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenueINR 217.68BtotalRevenueNet PP&EINR 5.62BpropertyPlantEquipmentResult 38.71x | 1.42xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapexINR 1.90BcapitalExpendituresD&AINR 1.34BdepreciationAndAmortizationResult 1.42x | INR 241.93Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 633.08BtotalAssetsGoodwillINR 981.04MgoodWillIntangiblesINR 1.38BintangibleAssetsLiabilitiesINR 511.03BtotalLiabTangible bookINR 119.68BShares494,700,000commonStockSharesOutstandingResult INR 241.93 | 11.49xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 27.83BebitdaCapexINR 1.90BcapitalExpendituresInterestINR 941.40MinterestExpenseShort-term debtINR 1.32BshortTermDebtEBITDA − capexINR 25.93BPrincipal due is short-term debt.Result 11.49x | INR 22.16BFree cash flow · 2024-03-31Reported free cash flowOperating cash flowINR 24.07BtotalCashFromOperatingActivitiesCapexINR 1.90BcapitalExpendituresFree cash flowINR 22.16BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 22.16B | 20.5%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 25.55BoperatingIncomeTax expenseINR 6.37BincomeTaxExpensePretax incomeINR 25.55BincomeBeforeTaxTax rate24.9%EquityINR 122.05BtotalStockholderEquityDebtINR 1.67BshortLongTermDebtTotalCashINR 30.01BcashAndShortTermInvestmentsInvested capitalINR 93.71BResult 20.5% | 4.54xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating incomeINR 25.55BoperatingIncomeNet PP&EINR 5.62BpropertyPlantEquipmentResult 4.54x |
| 2025 | 0.8%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 5.41BpropertyPlantEquipmentInventoryINR 0.00Not reported, treated as 0Total assetsINR 690.20BtotalAssetsInventory was not reported and is treated as zero.Result 0.8% | 46.07xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenueINR 249.01BtotalRevenueNet PP&EINR 5.41BpropertyPlantEquipmentResult 46.07x | 1.86xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapexINR 2.31BcapitalExpendituresD&AINR 1.24BdepreciationAndAmortizationResult 1.86x | INR 293.29Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 690.20BtotalAssetsGoodwillINR 0.00goodWillIntangiblesINR 2.62BintangibleAssetsLiabilitiesINR 541.18BtotalLiabTangible bookINR 146.41BShares499,200,000commonStockSharesOutstandingResult INR 293.29 | 32.73xFixed-charge coverage · 2025-03-31(EBITDA − capex) / interestEBITDAINR 35.47BebitdaCapexINR 2.31BcapitalExpendituresInterestINR 1.01BinterestExpenseEBITDA − capexINR 33.16BShort-term debt was not reported, so the denominator is interest only.Result 32.73x | INR 9.16BFree cash flow · 2025-03-31Reported free cash flowOperating cash flowINR 11.47BtotalCashFromOperatingActivitiesCapexINR 2.31BcapitalExpendituresFree cash flowINR 9.16BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 9.16B | 16.8%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 33.21BoperatingIncomeTax expenseINR 8.13BincomeTaxExpensePretax incomeINR 33.21BincomeBeforeTaxTax rate24.5%EquityINR 149.23BtotalStockholderEquityDebtINR 816.10MshortLongTermDebtTotalCashINR 875.70McashInvested capitalINR 149.17BResult 16.8% | 6.14xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating incomeINR 33.21BoperatingIncomeNet PP&EINR 5.41BpropertyPlantEquipmentResult 6.14x |
| 2026 | 1.1%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 8.39BpropertyPlantAndEquipmentNetInventoryINR 0.00Not reported, treated as 0Total assetsINR 761.11BtotalAssetsInventory was not reported and is treated as zero.Result 1.1% | 32.29xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 270.88BtotalRevenueNet PP&EINR 8.39BpropertyPlantAndEquipmentNetResult 32.29x | 1.48xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 2.43BcapitalExpendituresD&AINR 1.65BreconciledDepreciationResult 1.48x | INR 325.13Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 761.11BtotalAssetsGoodwillINR 0.00goodWillIntangiblesINR 3.10BintangibleAssetsLiabilitiesINR 594.86BtotalLiabTangible bookINR 163.15BShares501,799,000commonStockSharesOutstandingResult INR 325.13 | 34.09xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 36.59BebitdaCapexINR 2.43BcapitalExpendituresInterestINR 910.40MinterestExpenseShort-term debtINR 91.60MshortTermDebtEBITDA − capexINR 34.16BPrincipal due is short-term debt.Result 34.09x | INR 23.79BFree cash flow · 2026-03-31Reported free cash flowOperating cash flowINR 26.22BtotalCashFromOperatingActivitiesCapexINR 2.43BcapitalExpendituresFree cash flowINR 23.79BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 23.79B | 23.2%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 36.59BoperatingIncomeTax expenseINR 8.87BincomeTaxExpensePretax incomeINR 36.59BincomeBeforeTaxTax rate24.2%EquityINR 166.34BtotalStockholderEquityDebtINR 91.60MshortLongTermDebtTotalCashINR 46.73BcashAndShortTermInvestmentsInvested capitalINR 119.70BResult 23.2% | 4.36xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating incomeINR 36.59BoperatingIncomeNet PP&EINR 8.39BpropertyPlantAndEquipmentNetResult 4.36x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Receivables are larger than the physical asset base, so a finance or credit book may sit outside the physical ratio and inside the debt used for coverage.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2026)
Net PP&E: INR 8.39B
Inventory: INR 0.00
Total assets: INR 761.11B
Goodwill: INR 0.00
Intangibles: INR 3.10B
Liabilities: INR 594.86B
Tangible book: INR 163.15B
Shares: 501,799,000
Revenue: INR 270.88B
Capex: INR 2.43B
D&A: INR 1.65B
EBITDA: INR 36.59B
Interest: INR 910.40M
Short-term debt: INR 91.60M
Free cash flow: INR 23.79B
Operating income: INR 36.59B
Invested capital: INR 119.70B
Tax rate: 24.2%