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ICRA

ICRA NSE
₹4,445.80 +96.20 (+2.21%)
P/E
21.98
View as Markdown
MCP
Close 4 Nov 2026 ₹4,445.80 −1,980.70 −30.8% 1Y
Start ₹6,426.50

Key Fundamentals

MicrocapFinancial Services

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
23.00%
Debt to Equity
0.02
EPS (TTM)
₹202.30
Book Value
₹1,233.30
Market Cap
—
P/E (TTM)
21.98
P/B
3.60
ROE
16.70%
Dividend Yield
2.41%
EBITDA
₹290 Cr
52W High
₹6,547.00
52W Low
₹4,198.20
Day Range
₹4,349.60 – ₹4,469.70
Volume
6,275

Peer Comparison

Financial Services › Rating Services › Ratings

ICRA peer comparison
CARE Ratings
₹1,628.3027.52₹4,938 Cr4.900.61%19.70%26.30%₹491 Cr₹180 Cr
ICRA (this company)
₹4,445.8021.98₹4,248 Cr3.602.41%16.70%23.00%₹638 Cr₹196 Cr
Median 2 companies₹3,037.0524.75₹4,593 Cr4.251.51%18.20%24.65%₹565 Cr₹188 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

54 Average

Data confidence 100/100

Category scores

Quality
66
Strong
Returns, margins, earnings quality 22% weight
Valuation
52
Average
Cheap vs sector & own history 24% weight
Growth
77
Strong
Sales & profit trajectory 9% weight
Financial Health
83
Strong
Solvency, leverage, coverage 9% weight
Momentum
20
Poor
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 51.2%

No weaknesses listed

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish964
OscillatorsBearish261
Moving AveragesStrong Bearish703

Key readings

RSI (14)
47.94
Neutral
MACD (12,26,9)
−44.27
Bullish
SMA (50)
4,578.92
Bearish
SMA (200)
5,189.19
Bearish

As of

Analyst Rating

Based on 1 analysts
BUY100%

1 of 1 analyst rates Buy, 0 Hold, 0 Sell.

As of

BUY
1
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+5.81%
5Y+14.79%
3Y+14.19%
1Y+20.48%
TTM+26.04%

Net profit

Net profit growth by window
10Y+9.19%
5Y+17.13%
3Y+10.13%
1Y+7.02%
TTM+10.11%

Operating cash flow

Operating cash flow growth by window
10Y+8.26%
5Y+15.62%
3Y+16.62%
1Y+8.28%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+6.21 pp
5Y+8.92 pp
3Y+0.35 pp
1Y+0.09 pp
TTM+0.25 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹333 Cr
Mar 2018₹309 Cr
Mar 2019₹328 Cr
Mar 2020₹321 Cr
Mar 2021₹301 Cr
Mar 2022₹343 Cr
Mar 2023₹403 Cr
Mar 2024₹446 Cr
Mar 2025₹498 Cr
Mar 2026₹600 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹89.00 Cr
Mar 2018₹101 Cr
Mar 2019₹106 Cr
Mar 2020₹97.00 Cr
Mar 2021₹83.00 Cr
Mar 2022₹114 Cr
Mar 2023₹137 Cr
Mar 2024₹152 Cr
Mar 2025₹171 Cr
Mar 2026₹183 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹253 Cr −12.7% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
AI opinion · based on fundamentals
Risk medium

ICRA Ltd, a Moody's-backed credit rating agency, trades at a market cap of Rs 5,077 crore with a PE of 28x and ROE of 17% (last year). The company is virtually debt-free with a healthy 51.2% dividend payout, though its stock has declined 22% over the past year and working capital days have deteriorated sharply from 85 to 391 days.

Bull Case 8
  • Company is almost debt-free, providing financial flexibility and low balance sheet risk in a capital-light business model
  • TTM sales growth of 20% indicates strong revenue momentum, ahead of the 3-year CAGR of 14% and 5-year CAGR of 15%
  • Consistent ROE profile at 16-17% over 3, 5, and 10-year periods demonstrates stable return generation
  • Healthy dividend payout ratio of 51.2% with a current dividend yield of 1.99%, reflecting shareholder-friendly capital allocation
  • Compounded profit growth of 18% over 5 years outpaces 10-year profit CAGR of 10%, suggesting improving profitability trajectory
  • Moody's parentage (majority stake) provides global credibility, methodological support, and brand strength in India's credit rating duopoly
  • 10-year compounded sales CAGR of 6% has accelerated to 15% over 5 years, indicating a structural step-up in business growth
  • Price-to-book of 4.33x is reasonable for a capital-light, high-ROE financial services franchise with dominant market positioning
Bear Case 7
  • Working capital days have surged from 85.1 days to 391 days, signalling potential collection issues or revenue recognition concerns
  • Stock has declined 22% over the past 1 year, significantly underperforming broader markets and indicating negative sentiment
  • TTM profit growth of 10% lags TTM sales growth of 20%, suggesting margin compression or rising operating costs
  • 3-year stock CAGR of -1% indicates the stock has delivered no returns over a meaningful holding period despite earnings growth
  • 10-year stock CAGR of just 3% shows prolonged underperformance relative to compounded profit growth of 10% over the same period
  • Small market cap of Rs 5,077 crore limits institutional interest and liquidity compared to larger financial services peers
  • 52-week high and low data unavailable, but 22% one-year decline suggests the stock may be near its 52-week low with uncertain technical support

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

121d ago

TL;DR: ICRA is returning significant capital to shareholders with a ₹105 dividend (including ₹35 special), signalling strong cash generation. The D2K acquisition consolidates ownership in a revenue-generating subsidiary. No material headwinds are visible in recent filings. The trend is stable with a shareholder-friendly posture heading into the July 30 AGM.

Positives 2
  • ₹105 dividend including ₹35 special Jun 30

    ICRA recommended a total dividend of ₹105 per share for FY26, including a special dividend of ₹35. AGM scheduled for July 30, 2026.

  • D2K full acquisition for ₹32 crores Jun 29

    ICRA Analytics will acquire the remaining 40% stake in D2K Technologies for INR 32 crores, making it a wholly owned step-down subsidiary. D2K reported turnover of INR 23.76 crores in FY26.

Neutral 3
  • BRSR filed with full compliance Jul 3

    ICRA filed its Business Responsibility Report for FY 2025-26, reporting 100% training coverage and zero non-compliance instances.

  • New trustee for employee welfare Jul 2

    ICRA appointed Mr. Harinderjit Singh as new trustee of its Employees Welfare Trust, replacing Mr. PR Khanna who resigned.

  • Investor meetings mid-June Jun 12

    ICRA scheduled analyst and institutional investor meetings from June 15-17, 2026 across Mumbai, Bengaluru, and virtually.

Quarterly Results

₹ Cr
ICRA quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
103
105
115
124
115
126
121
136
124
137
164
175
163
178
Expenses
68
71
84
74
80
85
79
77
85
88
106
105
108
112
Operating Profit
35
34
30
50
35
41
42
59
40
49
57
70
55
66
OPM %
34%
32%
26%
40%
31%
33%
35%
43%
32%
36%
35%
40%
34%
37%
Other Income
18
16
17
24
18
20
19
21
24
21
9
14
32
17
Interest
0
0
3
7
2
0
1
1
2
1
1
1
0
0
Depreciation
2
3
4
4
4
4
4
4
4
4
10
10
11
11
PBT
50
47
41
62
47
57
56
74
58
64
55
73
76
72
Tax %
18%
32%
20%
24%
24%
35%
24%
24%
27%
25%
29%
28%
26%
27%
Net Profit
41
32
32
47
36
37
42
56
43
48
39
53
56
52
EPS (₹)
41.77
32.92
33.31
48.56
36.8
38.05
43.55
57.75
43.97
49.54
40.22
54.35
58.19
—

Sep 2026: from the results filed on 29 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
ICRA profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
322
341
333
309
328
321
301
343
403
446
498
600
638
Expenses
252
240
231
194
215
225
220
222
260
297
320
384
408
Operating Profit
70
101
102
115
113
96
81
121
143
149
178
215
230
OPM %
22%
30%
31%
37%
34%
30%
27%
35%
35%
33%
36%
36%
36%
Other Income
42
27
39
49
45
48
43
41
50
75
77
68
76
Interest
2
1
0
0
0
2
2
2
1
10
5
4
3
Depreciation
10
10
9
8
6
10
10
8
10
13
16
28
35
PBT
100
118
132
157
152
131
112
152
181
200
234
250
268
Tax %
35%
35%
33%
35%
30%
26%
26%
25%
25%
24%
27%
27%
—
Net Profit
66
76
89
101
106
97
83
114
137
152
171
183
196
EPS (₹)
65.45
76.24
89.29
102
109
99.66
84.61
116
140
157
176
188
202
Div. Payout %
37%
33%
30%
29%
27%
27%
32%
24%
93%
64%
34%
56%
—

Balance Sheet

₹ Cr
ICRA balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
10
10
10
10
10
10
10
10
10
10
10
10
Reserves
419
466
539
645
631
692
748
834
941
967
1,044
1,171
Borrowings
10
0
0
0
0
0
17
14
13
13
13
18
Other Liabilities
144
151
111
116
128
144
121
121
138
195
225
282
Total Liabilities
583
627
660
771
769
846
896
978
1,101
1,184
1,292
1,481
Fixed Assets
91
92
37
36
34
54
46
46
47
91
90
313
CWIP
0
1
1
0
1
2
3
2
1
1
4
2
Investments
257
185
311
338
182
104
177
454
689
813
773
730
Other Assets
234
350
312
396
552
685
669
478
364
278
426
436
Total Assets
583
627
660
771
769
846
896
978
1,101
1,184
1,292
1,481

Cash Flow

₹ Cr
ICRA cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
67
71
63
62
81
21
76
97
99
107
145
157
Investing
−31
−40
−12
−54
45
11
−32
−72
−77
28
−17
−95
Financing
−29
−40
−69
4
−121
−41
−32
−31
−32
−137
−103
−67
Net Cash Flow
7
−9
−17
12
5
−8
12
−7
−10
−2
25
−5
Free Cash Flow
63
61
60
63
81
17
74
91
90
100
133
145
CFO/OP
141
114
104
98
109
59
131
114
103
106
113
103

Ratios

ICRA financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
61
51
37
48
38
65
58
28
34
42
35
48
Cash Conversion Cycle
61
51
37
48
38
65
58
28
34
42
35
48
Working Capital Days
−64
−66
−45
−41
−44
−2
−48
−55
−64
−61
−74
−52
ROCE %
21%
24%
26%
25%
23%
20%
15%
19%
20%
21%
23%
23%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view ICRA insights

59 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 51.87%
  • DIIs 20.12%
  • Public 14.19%
  • FIIs 8.00%
  • Others 5.83%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about ICRA

What does ICRA Ltd do?
ICRA Limited was set up in 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional investment Information and Credit Rating Agency.
Where is ICRA Ltd (ICRA) listed?
ICRA Ltd trades as ICRA on the NSE and under code 532835 on the BSE.
Which sector does ICRA Ltd belong to?
ICRA Ltd is classified under the Financial Services sector, in the Rating Services industry.
What is the PE ratio of ICRA Ltd?
ICRA Ltd trades at a PE ratio of 21.98 as of 4 Nov 2026, on earnings per share of ₹202.3, against a book value of ₹1,233.3 per share.
What is the 52-week high and low of ICRA Ltd?
Over the last 52 weeks ICRA Ltd has traded between ₹4,198.2 and ₹6,547 as of 4 Nov 2026.
Does ICRA Ltd pay dividends?
ICRA Ltd has a dividend yield of 2.41%.
What is the Return on Equity (ROE) of ICRA Ltd?
ICRA Ltd reported a return on equity of 16.70%. Its debt-to-equity ratio is 0.02.

Company Information

ICRA Limited was set up in 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional investment Information and Credit Rating Agency. It is involved in rating, management consulting and outsourcing and information services etc.

Website icra.in
CEO Mr. Ramnath Krishnan
Employees 1,130
Listed 13 Apr 2007
Face Value ₹10

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