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 ₹ 5,188 Cr.
- Current Price ₹ 5,375
- High / Low ₹ 7,135 / 4,905
- Stock P/E 40.4
- Book Value ₹ 917
- Dividend Yield 1.12 %
- ROCE 20.4 %
- ROE 15.2 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 65.8%
Cons
- Earnings include an other income of Rs.62.3 Cr.
- Working capital days have increased from 63.4 days to 434 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
Part of BSE Financial Services BSE 1000
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 181 | 195 | 211 | 222 | 230 | 208 | 181 | 195 | 223 | 251 | 287 | 328 | |
| 129 | 118 | 129 | 124 | 141 | 149 | 139 | 140 | 163 | 184 | 190 | 209 | |
| Operating Profit | 52 | 77 | 82 | 98 | 89 | 59 | 42 | 55 | 60 | 68 | 97 | 119 |
| OPM % | 29% | 40% | 39% | 44% | 39% | 28% | 23% | 28% | 27% | 27% | 34% | 36% |
| 28 | 20 | 56 | 51 | 45 | 41 | 36 | 45 | 66 | 91 | 102 | 62 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 2 | 2 | 2 | 1 | 4 | 2 | 1 |
| Depreciation | 4 | 4 | 3 | 3 | 2 | 5 | 5 | 5 | 7 | 8 | 8 | 9 |
| Profit before tax | 76 | 94 | 134 | 146 | 131 | 92 | 72 | 93 | 117 | 147 | 189 | 171 |
| Tax % | 34% | 35% | 27% | 31% | 27% | 29% | 26% | 21% | 18% | 16% | 22% | 26% |
| 50 | 61 | 98 | 100 | 96 | 65 | 53 | 73 | 96 | 123 | 148 | 127 | |
| EPS in Rs | 50.42 | 61.47 | 98.77 | 101.30 | 99.44 | 67.33 | 54.86 | 75.96 | 99.40 | 127.61 | 153.55 | 131.29 |
| Dividend Payout % | 48% | 41% | 27% | 30% | 30% | 40% | 49% | 37% | 131% | 78% | 39% | 80% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 5% |
| 5 Years: | 13% |
| 3 Years: | 14% |
| TTM: | 14% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 8% |
| 5 Years: | 20% |
| 3 Years: | 10% |
| TTM: | -13% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 2% |
| 5 Years: | 11% |
| 3 Years: | 3% |
| 1 Year: | -20% |
| Return on Equity | |
|---|---|
| 10 Years: | 15% |
| 5 Years: | 15% |
| 3 Years: | 17% |
| Last Year: | 15% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
| Reserves | 367 | 398 | 492 | 561 | 539 | 573 | 605 | 655 | 727 | 732 | 795 | 875 |
| 0 | 0 | 0 | 0 | 0 | 0 | 16 | 14 | 13 | 10 | 11 | 8 | |
| 117 | 125 | 93 | 94 | 99 | 101 | 86 | 88 | 101 | 118 | 137 | 146 | |
| Total Liabilities | 494 | 534 | 595 | 664 | 647 | 684 | 717 | 767 | 851 | 869 | 953 | 1,038 |
| 17 | 15 | 13 | 12 | 11 | 29 | 25 | 26 | 27 | 23 | 26 | 26 | |
| CWIP | 0 | 0 | 0 | 0 | 1 | 2 | 2 | 1 | 1 | 1 | 1 | 0 |
| Investments | 344 | 271 | 337 | 365 | 208 | 131 | 204 | 481 | 658 | 682 | 656 | 739 |
| 134 | 247 | 245 | 287 | 427 | 522 | 486 | 260 | 165 | 163 | 269 | 273 | |
| Total Assets | 494 | 534 | 595 | 664 | 647 | 684 | 717 | 767 | 851 | 869 | 953 | 1,038 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 58 | 56 | 45 | 52 | 60 | 3 | 53 | 39 | 53 | 57 | 94 | 102 | |
| -29 | -31 | 24 | -7 | 56 | 24 | -12 | -14 | -24 | 71 | 10 | -33 | |
| -27 | -29 | -68 | -31 | -120 | -38 | -30 | -30 | -31 | -130 | -101 | -63 | |
| Net Cash Flow | 2 | -4 | 1 | 14 | -4 | -11 | 11 | -6 | -2 | -3 | 3 | 7 |
| Free Cash Flow | 55 | 53 | 44 | 54 | 63 | 2 | 53 | 35 | 46 | 53 | 87 | 96 |
| CFO/OP | 162% | 115% | 98% | 98% | 106% | 52% | 170% | 112% | 128% | 126% | 133% | 120% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 44 | 31 | 32 | 36 | 31 | 59 | 32 | 19 | 21 | 34 | 34 | 31 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 44 | 31 | 32 | 36 | 31 | 59 | 32 | 19 | 21 | 34 | 34 | 31 |
| Working Capital Days | -165 | -166 | -99 | -80 | -81 | -35 | -113 | -108 | -131 | -124 | -121 | 434 |
| ROCE % | 18% | 22% | 28% | 26% | 23% | 17% | 12% | 14% | 17% | 20% | 24% | 20% |
Insights
In beta| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
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| Standalone Employee Headcount Number |
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| Revenue per Employee (Standalone) INR Crore |
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| Live issuer ratings Number |
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| Fresh Bank Loans Rated - Number of Entities Number |
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| Fresh Debt Rated - Volume INR Billion |
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| Default Rate % |
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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
1d - ICRA uploaded transcript of Q4 and FY26 results earnings call held on May 25, 2026.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
25 May - Audio recording of ICRA's May 25, 2026 Q4 and FY26 earnings call uploaded; transcript due soon.
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Compliances-Reg.24(A)-Annual Secretarial Compliance
25 May - ICRA filed FY2026 secretarial compliance report; no deviations, with one SEBI appeal pending.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 25 May
- Announcement under Regulation 30 (LODR)-Investor Presentation 22 May
Annual reports
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Financial Year 2025
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Financial Year 2024
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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
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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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
Concalls
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May 2026Transcript PPT
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Jan 2026TranscriptAI SummaryPPT
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Nov 2025Transcript PPT REC
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Oct 2023Transcript PPT
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Oct 2022TranscriptAI SummaryPPT
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Oct 2021TranscriptAI SummaryPPT
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Nov 2020TranscriptAI SummaryPPT
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Oct 2019TranscriptAI SummaryPPT
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Nov 2018TranscriptAI SummaryPPT
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Nov 2017TranscriptAI SummaryPPT
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Nov 2016TranscriptAI SummaryPPT
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Feb 2016TranscriptAI SummaryPPT
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Nov 2015TranscriptAI SummaryPPT
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Aug 2015TranscriptAI SummaryPPT
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]
ESG Rating - ICRA embarked upon ESG ratings in 2024 after receiving registration as a Category-I ESG Rating Provider (ERP) from SEBI. In Sept 2024, ICRA assigned its first ESG rating.[2]
Industry Research - The company provides unique research offerings for 60+ sectors in India with 250+ ratings analysts with an in-depth understanding to write industry reports, leveraging their insights gained from rating companies. The research reports are tailored to meet the requirements of banks, mutual funds, insurance companies, PEs, venture funds and corporates.[3]