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 ₹ 6,371 Cr.
- Current Price ₹ 6,608
- High / Low ₹ 7,735 / 5,015
- Stock P/E 37.5
- Book Value ₹ 1,091
- Dividend Yield 0.91 %
- ROCE 23.1 %
- ROE 16.8 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 63.6%
Cons
- The company has delivered a poor sales growth of 9.18% over past five years.
- Earnings include an other income of Rs.77.4 Cr.
- Working capital days have increased from 125 days to 494 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 283 | 322 | 341 | 333 | 309 | 328 | 321 | 301 | 343 | 403 | 446 | 498 | |
| 197 | 252 | 240 | 231 | 194 | 215 | 225 | 220 | 222 | 260 | 297 | 320 | |
| Operating Profit | 86 | 70 | 101 | 102 | 115 | 113 | 96 | 81 | 121 | 143 | 149 | 178 |
| OPM % | 30% | 22% | 30% | 31% | 37% | 34% | 30% | 27% | 35% | 35% | 33% | 36% |
| 19 | 42 | 27 | 39 | 49 | 45 | 48 | 43 | 41 | 50 | 75 | 77 | |
| Interest | 1 | 2 | 1 | 0 | 0 | 0 | 2 | 2 | 2 | 1 | 10 | 5 |
| Depreciation | 6 | 10 | 10 | 9 | 8 | 6 | 10 | 10 | 8 | 10 | 13 | 16 |
| Profit before tax | 98 | 100 | 118 | 132 | 157 | 152 | 131 | 112 | 152 | 181 | 200 | 234 |
| Tax % | 30% | 35% | 35% | 33% | 35% | 30% | 26% | 26% | 25% | 25% | 24% | 27% |
| 69 | 66 | 76 | 89 | 101 | 106 | 97 | 83 | 114 | 137 | 152 | 171 | |
| EPS in Rs | 68.93 | 65.45 | 76.24 | 89.29 | 101.68 | 109.21 | 99.66 | 84.61 | 116.35 | 140.13 | 156.55 | 176.15 |
| Dividend Payout % | 33% | 37% | 33% | 30% | 29% | 27% | 27% | 32% | 24% | 93% | 64% | 34% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 4% |
| 5 Years: | 9% |
| 3 Years: | 13% |
| TTM: | 12% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 12% |
| 5 Years: | 12% |
| 3 Years: | 15% |
| TTM: | 13% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 5% |
| 5 Years: | 20% |
| 3 Years: | 19% |
| 1 Year: | 21% |
| Return on Equity | |
|---|---|
| 10 Years: | 15% |
| 5 Years: | 15% |
| 3 Years: | 16% |
| Last Year: | 17% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 378 | 419 | 466 | 539 | 645 | 631 | 692 | 748 | 834 | 941 | 967 | 1,044 |
| 16 | 10 | 0 | 0 | 0 | 0 | 0 | 17 | 14 | 13 | 13 | 13 | |
| 109 | 144 | 151 | 111 | 116 | 128 | 144 | 121 | 121 | 138 | 196 | 228 | |
| Total Liabilities | 513 | 583 | 627 | 660 | 771 | 769 | 846 | 896 | 978 | 1,101 | 1,185 | 1,294 |
| 89 | 91 | 92 | 37 | 36 | 34 | 54 | 46 | 46 | 47 | 91 | 93 | |
| CWIP | 7 | 0 | 1 | 1 | 0 | 1 | 2 | 3 | 2 | 1 | 1 | 0 |
| Investments | 277 | 257 | 185 | 311 | 338 | 182 | 104 | 177 | 454 | 689 | 813 | 773 |
| 140 | 234 | 350 | 312 | 396 | 552 | 685 | 669 | 478 | 364 | 280 | 428 | |
| Total Assets | 513 | 583 | 627 | 660 | 771 | 769 | 846 | 896 | 978 | 1,101 | 1,185 | 1,294 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 100 | 67 | 71 | 63 | 62 | 81 | 21 | 76 | 97 | 99 | 107 | 145 | |
| -72 | -31 | -40 | -12 | -54 | 45 | 11 | -32 | -72 | -77 | 28 | -17 | |
| -27 | -29 | -40 | -69 | 4 | -121 | -41 | -32 | -31 | -32 | -137 | -103 | |
| Net Cash Flow | 1 | 7 | -9 | -17 | 12 | 5 | -8 | 12 | -7 | -10 | -2 | 25 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 55 | 61 | 51 | 37 | 48 | 38 | 65 | 58 | 28 | 34 | 43 | 35 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 55 | 61 | 51 | 37 | 48 | 38 | 65 | 58 | 28 | 34 | 43 | 35 |
| Working Capital Days | -54 | -64 | -66 | -45 | -41 | -44 | -2 | -44 | -52 | -62 | -57 | 494 |
| ROCE % | 23% | 21% | 24% | 26% | 25% | 23% | 20% | 15% | 19% | 20% | 21% | 23% |
Documents
Announcements
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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.
- Announcement under Regulation 30 (LODR)-Investor Presentation 30 May
- Announcement under Regulation 30 (LODR)-Newspaper Publication 30 May
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
29 May - ICRA Q4 FY2025 revenue up 9.8%, PAT up 19.1%; final dividend Rs.60/share recommended.
Annual reports
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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
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Financial Year 2012
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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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Oct 2023Transcript PPT
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Oct 2019TranscriptNotesPPT
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Nov 2018TranscriptNotesPPT
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Nov 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]