ICRA Ltd

₹ 5,381 -1.47%

22 May - close price

About

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]

Key Points

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]

Website BSE NSE

Market Cap ₹ 5,193 Cr.
Current Price ₹ 5,381
High / Low ₹ 7,135 / 4,905
Stock P/E 27.8
Book Value ₹ 1,223
Dividend Yield 1.12 %
ROCE 23.0 %
ROE 16.7 %
Face Value ₹ 10.0

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Pros

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

Cons

Working capital days have increased from 85.1 days to 391 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

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	109	103	105	115	124	115	126	121	136	124	137	164	175
	71	68	71	84	74	80	85	79	77	85	88	106	105
Operating Profit	38	35	34	30	50	35	41	42	59	40	49	57	70
OPM %	35%	34%	32%	26%	40%	31%	33%	35%	43%	32%	36%	35%	40%
	16	18	16	17	24	18	20	19	21	24	21	9	14
Interest	0	0	0	3	7	2	0	1	1	2	1	1	1
Depreciation	3	2	3	4	4	4	4	4	4	4	4	10	10
Profit before tax	51	50	47	41	62	47	57	56	74	58	64	55	73
Tax %	24%	18%	32%	20%	24%	24%	35%	24%	24%	27%	25%	29%	28%
	39	41	32	32	47	36	37	42	56	43	48	39	53
EPS in Rs	39.76	41.77	32.92	33.31	48.56	36.80	38.05	43.55	57.75	43.97	49.54	40.22	54.35
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	322	341	333	309	328	321	301	343	403	446	498	600
	252	240	231	194	215	225	220	222	260	297	320	384
Operating Profit	70	101	102	115	113	96	81	121	143	149	178	215
OPM %	22%	30%	31%	37%	34%	30%	27%	35%	35%	33%	36%	36%
	42	27	39	49	45	48	43	41	50	75	77	68
Interest	2	1	0	0	0	2	2	2	1	10	5	4
Depreciation	10	10	9	8	6	10	10	8	10	13	16	28
Profit before tax	100	118	132	157	152	131	112	152	181	200	234	250
Tax %	35%	35%	33%	35%	30%	26%	26%	25%	25%	24%	27%	27%
	66	76	89	101	106	97	83	114	137	152	171	183
EPS in Rs	65.45	76.24	89.29	101.68	109.21	99.66	84.61	116.35	140.13	156.55	176.15	188.08
Dividend Payout %	37%	33%	30%	29%	27%	27%	32%	24%	93%	64%	34%	56%

Compounded Sales Growth
10 Years:	6%
5 Years:	15%
3 Years:	14%
TTM:	20%

Compounded Profit Growth
10 Years:	10%
5 Years:	18%
3 Years:	11%
TTM:	10%

Stock Price CAGR
10 Years:	2%
5 Years:	11%
3 Years:	4%
1 Year:	-15%

Return on Equity
10 Years:	15%
5 Years:	16%
3 Years:	16%
Last Year:	17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	419	466	539	645	631	692	748	834	941	967	1,044	1,171
	10	-0	-0	-0	-0	-0	17	14	13	13	13	18
	144	151	111	116	128	144	121	121	138	195	225	287
Total Liabilities	583	627	660	771	769	846	896	978	1,101	1,184	1,292	1,486
	91	92	37	36	34	54	46	46	47	91	90	315
CWIP	0	1	1	0	1	2	3	2	1	1	4	-0
Investments	257	185	311	338	182	104	177	454	689	813	773	730
	234	350	312	396	552	685	669	478	364	278	426	442
Total Assets	583	627	660	771	769	846	896	978	1,101	1,184	1,292	1,486

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	67	71	63	62	81	21	76	97	99	107	145	157
	-31	-40	-12	-54	45	11	-32	-72	-77	28	-17	-110
	-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	-20
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%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	61	51	37	48	38	65	58	28	34	42	35	48
Inventory Days
Days Payable
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	-75	391
ROCE %	21%	24%	26%	25%	23%	20%	15%	19%	20%	21%	23%	23%

Insights

In beta

Mar 2014

Mar 2015

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Mar 2020

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Mar 2025

Standalone Employee Headcount
Number ・Standalone data

xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx
	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx		x.xx
	xx.xx	xx.xx			xxx.xx		xx.xx		xx.xx	xx.xx	xx.xx
	x,xxx	x,xxx					x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
	xxx	x,xxx	x,xxx		x,xxx		x,xxx				x,xxx
x,xxx	x,xxx	x,xxx	x,xxx
x,xxx	x,xxx	x,xxx	xx,xxx
											x
											x.xx

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Revenue per Employee (Standalone)
INR Crore ・Standalone data

Aggregated rated debt
INR Trillion ・Standalone data

Total Group Employee Strength
Number

Live issuer ratings
Number ・Standalone data

Fresh Bank Loans Rated - Number of Entities
Number ・Standalone data

Fresh Debt Rated - Volume
INR Billion ・Standalone data

Credit Ratio (Upgrades to Downgrades)
Ratio ・Standalone data

Default Rate
% ・Standalone data

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

2 Recently

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	51.86%	51.86%	51.86%	51.86%	51.86%	51.86%	51.86%	51.86%	51.86%	51.86%	51.86%	51.86%
	7.71%	8.15%	8.22%	8.42%	8.59%	8.77%	9.06%	8.78%	8.66%	6.87%	7.25%	7.92%
	24.30%	23.98%	24.21%	24.05%	23.60%	24.09%	23.92%	24.17%	24.38%	26.15%	25.55%	24.51%
	15.79%	15.66%	15.38%	15.34%	15.62%	14.94%	14.82%	14.86%	14.78%	14.82%	15.06%	15.41%
	0.33%	0.33%	0.33%	0.33%	0.33%	0.32%	0.32%	0.32%	0.32%	0.29%	0.29%	0.29%
No. of Shareholders	17,046	17,520	17,415	17,547	18,526	19,138	19,757	20,521	21,176	21,818	21,929	22,189

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	50.46%	50.55%	51.87%	51.87%	51.87%	51.87%	51.86%	51.86%	51.86%	51.86%
	8.75%	10.73%	9.11%	10.03%	9.76%	7.55%	7.64%	8.42%	8.78%	7.92%
	27.84%	28.31%	28.59%	29.91%	29.30%	28.84%	24.73%	24.05%	24.17%	24.51%
	11.54%	10.00%	10.11%	7.87%	8.74%	11.42%	15.43%	15.34%	14.86%	15.41%
	1.41%	0.41%	0.33%	0.33%	0.33%	0.33%	0.33%	0.33%	0.32%	0.29%
No. of Shareholders	14,709	12,518	13,343	12,486	13,772	15,373	17,242	17,547	20,521	22,189

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

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