ICRA Ltd

ICRA

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Market Cap

₹ 5,835 Cr

P/E

31.03

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

STABLE

Profitability

HIGH MARGIN

Technicals

Bearish

Risk

LOW RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

ICRA Limited is a prominent agency in financial and investment information services with a core business in credit rating across various sectors.

The company reported a strong financial performance in H1 FY26, with a 8.4% growth in revenue and a 24.4% increase in PAT, driven by its diversified segment performance.

Significant strategic acquisition of Fintellix enhances ICRA's risk tech capabilities, positioning it as a preferred partner for risk and investment analytics.

Despite global economic uncertainties, ICRA maintained a robust credit ratio of 2.8 in the first half due to strong client profiles and reduced project risks.

ICRA expanded its market presence and portfolio through strategic collaborations with Bitsight and the introduction of new products like EQ360 and InfRE360 for data analytics.

Sector

Credit Rating Agencies

Industry

Finance - Investment / Others

Market Cap

5,835 Cr

Volatility

Low Risk

P/E Ratio

31.0

Industry P/E

30.0

PEG Ratio

2.6

P/B Ratio

5.4

52W High

7,135.35

52W Low

5,085.90

Sales CAGR

11.64%

13.77%

6.65%

10Y

4.35%

Profit CAGR

12.45%

26.44%

17.93%

10Y

10.27%

ROE

TTM

17.29%

15.24%

14.13%

10Y

14.64%

ROCE

TTM

22.66%

20.24%

18.88%

10Y

20.28%

Technicals

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Forecasts

No. of Analysts

9

1Y Price Target

7038.00 ▲ 16.82%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Sell

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ICRA	6045.40	5,835 Cr	31.03	5.37	0.99	17.29	22.66	13.85
CARERATING	1529.90	4,593 Cr	30.05	5.33	1.17	17.73	24.14	14.98
SHAREINDIA	178.50	3,943 Cr	14.19	1.57	0.75	11.07	15.55	6.43
KIRLOSIND	3335.50	3,505 Cr	22.94	0.51	0.39	2.42	7.76	2.79
KICL	4974.00	2,174 Cr	48.67	0.24	0.00	0.50	0.71	0.46
SPANDANA	270.95	2,171 Cr	—	0.87	0.00	-66.63	-23.16	-26.13
PIFL	37.26	1,934 Cr	465.88	2.22	0.00	0.51	0.12	0.12

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	103	105	115	124	115	126	121	136	124	137
Expenses	68	71	84	74	80	85	79	77	85	88
Operating Profit	35	34	30	50	35	41	42	59	40	49
OPM %	33.71	32.47	26.40	40.21	30.64	32.71	34.88	43.43	31.92	35.54
Other Income	18	16	17	24	18	20	19	21	24	21
Interest	0.32	0.31	2.85	6.93	2.15	0.34	1.07	1.24	1.65	0.87
Depreciation	2.32	2.84	3.84	4.47	3.71	4.01	4.19	4.48	4.09	4.21
Profit Before Tax	50	47	41	62	47	57	56	74	58	64
Tax %	18.32	31.99	20.43	24.26	23.98	34.86	24.27	24.40	26.74	25.40
Net Profit	41	32	32	47	36	37	42	56	43	48
EPS in Rs	41.90	33.03	33.42	48.64	36.90	38.11	43.63	57.86	44.05	49.57

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	333	309	328	321	301	343	403	446	498	508
Expenses	232	194	215	225	220	222	260	297	320	325
Operating Profit	101	115	113	96	81	121	143	149	178	182
OPM %	30.41	37.26	34.43	29.85	26.95	35.18	35.44	33.35	35.69	35.91
Other Income	40	49	45	48	43	41	50	75	77	84
Interest	0.04	0.10	0.07	2.04	2.06	1.56	1.41	10	4.80	4.30
Depreciation	8.54	7.53	5.62	10	9.92	7.81	9.83	13	16	17
Profit Before Tax	132	157	152	131	112	152	181	200	234	245
Tax %	32.89	35.47	30.32	26.04	26.18	25.35	24.55	23.83	26.83	27.36
Net Profit	89	101	106	97	83	114	137	152	171	178
EPS in Rs	94.07	104.92	108.73	99.98	84.89	116.74	140.59	156.99	176.50	195.11
Dividend Payout %	30.11	29.34	27.78	27.01	31.81	23.98	92.47	63.70	33.99	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	10	9.92	9.90	9.65	9.65	9.65	9.65	9.65	9.65	9.65
Reserves	466	539	645	631	692	748	834	941	967	1,044
Borrowings	0.00	0.00	0.00	0.00	0.00	17	14	13	13	13
Other Liabilities	151	111	116	128	144	121	121	138	199	228
Total Liabilities	627	660	771	769	846	896	978	1,101	1,188	1,294
Fixed Assets	92	37	36	34	54	46	46	47	91	90
CWIP	0.71	0.81	0.20	1.40	2.04	3.41	1.55	1.34	0.91	3.51
Investments	185	311	338	181	104	177	454	689	813	773
Other Assets	350	312	396	552	685	669	478	364	282	428
Total Assets	627	660	771	769	846	896	978	1,101	1,188	1,294

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	71	63	62	81	21	76	97	99	107	145
Cash from Investing Activity	-41	-12	-54	45	11	-32	-72	-77	27	-17
Cash from Financing Activity	-40	-69	4.14	-121	-41	-32	-31	-32	-137	-103
Net Cash Flow	-9.86	-17	12	4.62	-8.21	12	-6.52	-9.71	-2.21	25

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	52.04%	52.04%	52.04%	52.04%	52.04%	52.04%	52.04%	52.03%	52.03%	52.03%	52.03%	52.02%
FIIs	7.74%	7.67%	7.73%	8.18%	8.24%	8.45%	8.61%	8.80%	9.09%	8.80%	8.69%	6.89%
DIIs	25.35%	24.85%	24.41%	24.10%	24.32%	24.16%	23.71%	24.21%	24.00%	24.25%	24.45%	26.23%
Public	14.88%	15.45%	15.82%	15.69%	15.40%	15.36%	15.64%	14.97%	14.88%	14.92%	14.83%	14.86%
Total Shareholders	16,684	17,242	17,046	17,520	17,415	17,547	18,526	19,138	19,757	20,521	21,176	21,818

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Nov 05, 2025	Ramnath krishnan	Insider - Director	Disposal	6,452.08	0.46 Cr	713	0.01
Sep 25, 2025	Ramnath krishnan	Insider - Director	Acquisition	6,661.00	0.47 Cr	713	—
Aug 26, 2025	Shamsher dewan	Insider - Designated Person	Disposal	6,259.55	0.11 Cr	179	0.00
Aug 18, 2025	Shamsher dewan	Insider - Designated Person	Acquisition	6,666.51	0.04 Cr	61	0.00
Aug 18, 2025	Shamsher dewan	Insider - Designated Person	Acquisition	6,257.00	0.08 Cr	131	0.00
Aug 13, 2025	K.ravichandran	Insider - Designated Person	Acquisition	6,257.00	0.19 Cr	302	—
Aug 13, 2025	K.ravichandran	Insider - Designated Person	Acquisition	5,710.00	0.09 Cr	150	—
Aug 13, 2025	Aditi nayar	Insider - Designated Person	Acquisition	6,219.25	0.13 Cr	203	—
Oct 29, 2024	Ramnath krishnan	Insider - Director	Disposal	7,000.04	0.25 Cr	364	—
Sep 09, 2024	Ramnath krishnan	Insider - Director	Acquisition	10.00	0.00 Cr	364	—

Projection

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Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

Regulatory Filing

3 days ago

Resignation of Statutory Auditors at Fintellix

M/s. Chandran & Raman has resigned as statutory auditors of Fintellix India Private Limited following its acquisition by ICRA Limited, effective December 12, 2025.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

Showing 1 - 8 of 40

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	103	105	115	124	115	126	121	136	124	137
Expenses	68	71	84	74	80	85	79	77	85	88
Operating Profit	35	34	30	50	35	41	42	59	40	49
OPM %	33.71	32.47	26.40	40.21	30.64	32.71	34.88	43.43	31.92	35.54
Other Income	18	16	17	24	18	20	19	21	24	21
Interest	0.32	0.31	2.85	6.93	2.15	0.34	1.07	1.24	1.65	0.87
Depreciation	2.32	2.84	3.84	4.47	3.71	4.01	4.19	4.48	4.09	4.21
Profit Before Tax	50	47	41	62	47	57	56	74	58	64
Tax %	18.32	31.99	20.43	24.26	23.98	34.86	24.27	24.40	26.74	25.40
Net Profit	41	32	32	47	36	37	42	56	43	48
EPS in Rs	41.90	33.03	33.42	48.64	36.90	38.11	43.63	57.86	44.05	49.57

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	333	309	328	321	301	343	403	446	498	508
Expenses	232	194	215	225	220	222	260	297	320	325
Operating Profit	101	115	113	96	81	121	143	149	178	182
OPM %	30.41	37.26	34.43	29.85	26.95	35.18	35.44	33.35	35.69	35.91
Other Income	40	49	45	48	43	41	50	75	77	84
Interest	0.04	0.10	0.07	2.04	2.06	1.56	1.41	10	4.80	4.30
Depreciation	8.54	7.53	5.62	10	9.92	7.81	9.83	13	16	17
Profit Before Tax	132	157	152	131	112	152	181	200	234	245
Tax %	32.89	35.47	30.32	26.04	26.18	25.35	24.55	23.83	26.83	27.36
Net Profit	89	101	106	97	83	114	137	152	171	178
EPS in Rs	94.07	104.92	108.73	99.98	84.89	116.74	140.59	156.99	176.50	195.11
Dividend Payout %	30.11	29.34	27.78	27.01	31.81	23.98	92.47	63.70	33.99	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	10	9.92	9.90	9.65	9.65	9.65	9.65	9.65	9.65	9.65
Reserves	466	539	645	631	692	748	834	941	967	1,044
Borrowings	0.00	0.00	0.00	0.00	0.00	17	14	13	13	13
Other Liabilities	151	111	116	128	144	121	121	138	199	228
Total Liabilities	627	660	771	769	846	896	978	1,101	1,188	1,294
Fixed Assets	92	37	36	34	54	46	46	47	91	90
CWIP	0.71	0.81	0.20	1.40	2.04	3.41	1.55	1.34	0.91	3.51
Investments	185	311	338	181	104	177	454	689	813	773
Other Assets	350	312	396	552	685	669	478	364	282	428
Total Assets	627	660	771	769	846	896	978	1,101	1,188	1,294

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	71	63	62	81	21	76	97	99	107	145
Cash from Investing Activity	-41	-12	-54	45	11	-32	-72	-77	27	-17
Cash from Financing Activity	-40	-69	4.14	-121	-41	-32	-31	-32	-137	-103
Net Cash Flow	-9.86	-17	12	4.62	-8.21	12	-6.52	-9.71	-2.21	25

Overview

Detailed Summary

ICRA Limited is a prominent agency in financial and investment information services with a core business in credit rating across various sectors.

The company reported a strong financial performance in H1 FY26, with a 8.4% growth in revenue and a 24.4% increase in PAT, driven by its diversified segment performance.

Significant strategic acquisition of Fintellix enhances ICRA's risk tech capabilities, positioning it as a preferred partner for risk and investment analytics.

Despite global economic uncertainties, ICRA maintained a robust credit ratio of 2.8 in the first half due to strong client profiles and reduced project risks.

ICRA expanded its market presence and portfolio through strategic collaborations with Bitsight and the introduction of new products like EQ360 and InfRE360 for data analytics.

Sector

Credit Rating Agencies

Industry

Finance - Investment / Others

Market Cap

5,835 Cr

Volatility

Low Risk

P/E Ratio

31.0

Industry P/E

30.0

PEG Ratio

2.6

P/B Ratio

5.4

52W High

7,135.35

52W Low

5,085.90

Sales CAGR

11.64%

13.77%

6.65%

10Y

4.35%

Profit CAGR

12.45%

26.44%

17.93%

10Y

10.27%

ROE

TTM

17.29%

15.24%

14.13%

10Y

14.64%

ROCE

TTM

22.66%

20.24%

18.88%

10Y

20.28%

Icra Ltd

ICRA Ltd

ICRA

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Overview

Sector

Industry

Market Cap

Volatility

P/E Ratio

Industry P/E

PEG Ratio

P/B Ratio

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Technicals

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Shareholdings

Shareholding History

Market Transactions

Projection

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Actions

Announcements

Documents

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Technicals

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7038.00 ▲ 16.82%

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Financial Statements

AI Powered Summary

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Projection

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Oscillators

Neutral

Overall

Bearish

Moving Averages

Bearish

Overall

Bearish

Shareholdings

Shareholding History

Market Transactions