ICRA Ltd logo

ICRA Ltd

ICRA NSE

Key Fundamentals

MicrocapRating ServicesFinancial Services
Market Cap
₹4,844 Cr
Volatility
Moderate
P/E Ratio
24.6
EBITDA
₹290 Cr
Return on Equity
15.4%
Debt to Equity
0.02
Book Value
₹1,223.41
EPS
₹151.59
52W High
₹6,982
52W Low
₹4,692

Insights

Beta

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

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Tapetide Score

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Technical Indicators

Key Insights

Strengths

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

Growth Rate

Revenue Growth
17.22% ↗
Net Income Growth
6.60% ↘
Cash Flow Change
8.54% ↗
ROE
-4.88% ↘
ROCE
-4.07% ↘
EBITDA Margin (Avg.)
-3.02% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 43d ago
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 8
  • 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
  • PE of 28x is elevated for a company delivering only 10-11% profit CAGR over 3 and 10-year horizons, implying limited valuation upside
  • 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

Anthropic anthropic claude-opus-4.6 43d ago
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.

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.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
103
105
115
124
115
126
121
136
124
137
164
175
163
Expenses
68
71
84
74
80
85
79
77
85
88
106
105
108
Operating Profit
35
34
30
50
35
41
42
59
40
49
57
70
55
OPM %
34%
32%
26%
40%
31%
33%
35%
43%
32%
36%
35%
40%
34%
Other Income
18
16
17
24
18
20
19
21
24
21
9
14
32
Interest
0
0
3
7
2
0
1
1
2
1
1
1
0
Depreciation
2
3
4
4
4
4
4
4
4
4
10
10
11
PBT
50
47
41
62
47
57
56
74
58
64
55
73
76
Tax %
18%
32%
20%
24%
24%
35%
24%
24%
27%
25%
29%
28%
26%
Net Profit
41
32
32
47
36
37
42
56
43
48
39
53
56
EPS in Rs
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
Figures in ₹ Crores

Profit & Loss

  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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

  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
Figures in ₹ Crores

Cash Flow

  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
Figures in ₹ Crores

Ratios

  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%

Shareholding Pattern

As of Jun 2026
Promoters 51.87%
DIIs 24.27%
Public 11.64%
FIIs 6.90%
Others 5.32%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
51.87%
51.87%
51.87%
51.87%
51.87%
51.87%
51.87%
51.87%
51.87%
51.87%
51.87%
51.87%
51.87%
51.87%
51.87%
51.87%
51.87%
51.87%
51.87%
51.87%
51.87%
51.87%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
8.42%
8.58%
8.77%
9.06%
8.78%
8.66%
6.87%
7.24%
7.92%
6.90%
DIIs
26.53%
26.16%
26.59%
26.16%
25.94%
25.80%
24.57%
25.26%
24.77%
20.92%
24.02%
20.33%
24.08%
23.63%
24.13%
23.92%
24.17%
24.38%
26.16%
25.54%
24.52%
24.27%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
6.47%
7.02%
6.97%
7.88%
8.49%
8.49%
9.53%
11.32%
11.82%
11.99%
11.91%
11.70%
11.53%
11.62%
11.04%
10.91%
10.93%
10.87%
10.89%
10.89%
11.04%
11.64%
Others
15.14%
14.95%
14.57%
14.09%
13.70%
13.84%
14.03%
11.55%
11.55%
15.23%
12.21%
16.11%
4.11%
4.31%
4.20%
4.24%
4.26%
4.23%
4.21%
4.46%
4.65%
5.32%
No. of Shareholders
13,770
15,957
15,487
15,661
15,373
15,435
16,103
16,684
17,242
17,046
17,520
17,415
17,547
18,526
19,138
19,757
20,521
21,176
21,818
21,929
22,189
23,802

Documents

1
Concall - May 2017 May 2017
2
Concall - Aug 2017 Aug 2017
3
Concall - Nov 2017 Nov 2017
4
Concall - Feb 2018 Feb 2018
5
Concall - May 2018 May 2018

Frequently Asked Questions about ICRA Ltd

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.[1] It is involved in rating, management consulting and outsourcing and information se...
Where is ICRA Ltd (ICRA) listed?
ICRA Ltd is listed on the Indian stock exchanges. It is listed on NSE: ICRA and BSE: 532835. You can view its live share price, financials, and ratios on Tapetide.
Which sector does ICRA Ltd belong to?
ICRA Ltd operates in the Financial Services sector within the Rating Services industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of ICRA Ltd?
ICRA Ltd has a market capitalisation of approximately ₹4843.57 Cr. Based on this, it is classified as a Small Cap stock.
What is the PE ratio of ICRA Ltd?
The Price-to-Earnings (PE) ratio of ICRA Ltd is 24.60. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of ICRA Ltd?
Over the past 52 weeks, ICRA Ltd has traded between a low of ₹4,692 and a high of ₹6,982. This range helps investors understand the stock's price volatility and recent trading levels.
Does ICRA Ltd pay dividends?
Yes, ICRA Ltd has a dividend yield of 2.08%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of ICRA Ltd?
ICRA Ltd has a Return on Equity (ROE) of 15.40%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research ICRA Ltd on Tapetide?
On Tapetide, you can view ICRA Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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.[1] It is involved in rating, management consulting and outsourcing and information services etc.[2]

Website icra.in
CEO Mr. Ramnath Krishnan
Employees 1,130
Listed 2007-04-13
Face Value ₹ 10
Issued Size 96,51,231

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