ICRA Ltd
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]
- Market Cap ₹ 6,507 Cr.
- Current Price ₹ 6,746
- High / Low ₹ 7,735 / 5,015
- Stock P/E 43.9
- Book Value ₹ 833
- Dividend Yield 0.89 %
- ROCE 24.3 %
- ROE 19.2 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 82.7%
Cons
- Stock is trading at 8.09 times its book value
- The company has delivered a poor sales growth of 6.65% over past five years.
- Earnings include an other income of Rs.102 Cr.
- Working capital days have increased from 142 days to 672 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Financial Services Financial Services Capital Markets Ratings
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 163 | 181 | 195 | 211 | 222 | 230 | 208 | 181 | 195 | 223 | 251 | 287 | |
| 96 | 129 | 118 | 129 | 124 | 141 | 149 | 139 | 140 | 163 | 184 | 190 | |
| Operating Profit | 67 | 52 | 77 | 82 | 98 | 89 | 59 | 42 | 55 | 60 | 68 | 97 |
| OPM % | 41% | 29% | 40% | 39% | 44% | 39% | 28% | 23% | 28% | 27% | 27% | 34% |
| 17 | 28 | 20 | 56 | 51 | 45 | 41 | 36 | 45 | 66 | 91 | 102 | |
| Interest | -0 | -0 | -0 | 0 | 0 | 0 | 2 | 2 | 2 | 1 | 4 | 2 |
| Depreciation | 2 | 4 | 4 | 3 | 3 | 2 | 5 | 5 | 5 | 7 | 8 | 8 |
| Profit before tax | 82 | 76 | 94 | 134 | 146 | 131 | 92 | 72 | 93 | 117 | 147 | 189 |
| Tax % | 28% | 34% | 35% | 27% | 31% | 27% | 29% | 26% | 21% | 18% | 16% | 22% |
| 59 | 50 | 61 | 98 | 100 | 96 | 65 | 53 | 73 | 96 | 123 | 148 | |
| EPS in Rs | 58.73 | 50.42 | 61.47 | 98.77 | 101.30 | 99.44 | 67.33 | 54.86 | 75.96 | 99.40 | 127.61 | 153.55 |
| Dividend Payout % | 39% | 48% | 41% | 27% | 30% | 30% | 40% | 49% | 37% | 131% | 78% | 39% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 5% |
| 5 Years: | 7% |
| 3 Years: | 14% |
| TTM: | 14% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 13% |
| 5 Years: | 18% |
| 3 Years: | 26% |
| TTM: | 21% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 5% |
| 5 Years: | 21% |
| 3 Years: | 20% |
| 1 Year: | 20% |
| Return on Equity | |
|---|---|
| 10 Years: | 15% |
| 5 Years: | 14% |
| 3 Years: | 17% |
| Last Year: | 19% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
| Reserves | 346 | 367 | 398 | 492 | 561 | 539 | 573 | 605 | 655 | 727 | 732 | 795 |
| -0 | -0 | -0 | -0 | -0 | -0 | -0 | 16 | 14 | 13 | 10 | 11 | |
| 90 | 117 | 125 | 93 | 94 | 99 | 101 | 86 | 88 | 101 | 118 | 137 | |
| Total Liabilities | 445 | 494 | 534 | 595 | 664 | 647 | 684 | 717 | 767 | 851 | 869 | 953 |
| 17 | 17 | 15 | 13 | 12 | 11 | 29 | 25 | 26 | 27 | 23 | 28 | |
| CWIP | -0 | -0 | -0 | -0 | -0 | 1 | 2 | 2 | 1 | 1 | 1 | -0 |
| Investments | 372 | 344 | 271 | 337 | 365 | 208 | 131 | 204 | 481 | 658 | 682 | 656 |
| 57 | 134 | 247 | 245 | 287 | 427 | 522 | 486 | 260 | 165 | 163 | 269 | |
| Total Assets | 445 | 494 | 534 | 595 | 664 | 647 | 684 | 717 | 767 | 851 | 869 | 953 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 53 | 58 | 56 | 45 | 52 | 60 | 3 | 53 | 39 | 53 | 57 | 94 | |
| -31 | -29 | -31 | 24 | -7 | 56 | 24 | -12 | -14 | -24 | 71 | 10 | |
| -26 | -27 | -29 | -68 | -31 | -120 | -38 | -30 | -30 | -31 | -130 | -101 | |
| Net Cash Flow | -3 | 2 | -4 | 1 | 14 | -4 | -11 | 11 | -6 | -2 | -3 | 3 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 26 | 44 | 31 | 32 | 36 | 31 | 59 | 32 | 19 | 21 | 34 | 34 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 26 | 44 | 31 | 32 | 36 | 31 | 59 | 32 | 19 | 21 | 34 | 34 |
| Working Capital Days | -149 | -165 | -166 | -99 | -80 | -81 | -35 | -108 | -103 | -126 | -119 | 672 |
| ROCE % | 20% | 18% | 22% | 28% | 26% | 23% | 17% | 12% | 14% | 17% | 20% | 24% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
10m - Schedule of analyst and investor meetings from June 17-20, 2025, disclosed by ICRA.
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Announcement under Regulation 30 (LODR)-Acquisition
23h - ICRA to acquire 100% of Fintellix for USD 26 million, enhancing risk analytics portfolio.
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Outcome Of The Board Meeting
23h - ICRA acquires 100% of Fintellix for USD 26 million, enhancing risk analytics portfolio.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
5 Jun - ICRA reports 11.6% revenue, 12.5% PAT growth in FY25; recommends INR 60 dividend; strategic partnerships and outlook shared.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
2 Jun - ICRA uploaded Q4 & FY25 earnings call audio; transcript to follow as per regulations.
Annual reports
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Financial Year 2024
from bse
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
from bse
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
from bse
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Financial Year 2016
from bse
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Financial Year 2015
from bse
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Financial Year 2014
from bse
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Financial Year 2013
from nse
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Financial Year 2013
from bse
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Financial Year 2012
from bse
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Financial Year 2012
from nse
Concalls
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Jun 2025Transcript PPT
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Feb 2025TranscriptNotesPPT
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Nov 2024TranscriptPPT
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Nov 2024Transcript PPT
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Jul 2024TranscriptNotesPPT
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May 2024Transcript PPT
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Jan 2024TranscriptNotesPPT
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Oct 2023Transcript PPT
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Aug 2023TranscriptNotesPPT
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May 2023Transcript PPT
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Feb 2023TranscriptNotesPPT
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Oct 2022TranscriptNotesPPT
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Aug 2022TranscriptNotesPPT
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May 2022TranscriptNotesPPT
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Jan 2022TranscriptNotesPPT
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Oct 2021TranscriptNotesPPT
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Jul 2021TranscriptNotesPPT
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May 2021TranscriptNotesPPT
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May 2021TranscriptNotesPPT
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Feb 2021TranscriptNotesPPT
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Nov 2020TranscriptNotesPPT
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Aug 2020TranscriptNotesPPT
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Jul 2020TranscriptNotesPPT
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Feb 2020TranscriptNotesPPT
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Oct 2019TranscriptNotesPPT
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Aug 2019TranscriptNotesPPT
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May 2019TranscriptNotesPPT
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Jan 2019TranscriptNotesPPT
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Nov 2018TranscriptNotesPPT
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May 2018TranscriptNotesPPT
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Feb 2018TranscriptNotesPPT
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Nov 2017TranscriptNotesPPT
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Aug 2017TranscriptNotesPPT
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May 2017TranscriptNotesPPT
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Feb 2017TranscriptNotesPPT
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Nov 2016TranscriptNotesPPT
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Aug 2016TranscriptNotesPPT
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May 2016TranscriptNotesPPT
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Feb 2016TranscriptNotesPPT
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Nov 2015TranscriptNotesPPT
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Aug 2015TranscriptNotesPPT
Range of Services
Rating Services - ICRA is one of India's most experienced credit rating agencies. It rates debt instruments issued by manufacturing companies, commercial banks, non-banking finance companies, financial institutions, public sector undertakings, and municipalities, among others.[1]
Industry Research - The company provides research services across the economy, industry, and companies. It researches 55 industries with the reports providing in-depth analysis across business and profitability outlook, industry analysis, competitive landscape, regulatory environment, etc. [1]