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 ₹ 5,110 Cr.
- Current Price ₹ 5,298
- High / Low ₹ 7,135 / 4,905
- Stock P/E 27.4
- Book Value ₹ 1,223
- Dividend Yield 1.32 %
- ROCE 23.0 %
- ROE 16.7 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 51.2%
Cons
* 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
Consolidated Figures in Rs. Crores / View Standalone
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: | 3% |
| 5 Years: | 9% |
| 3 Years: | -1% |
| 1 Year: | -22% |
| 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 | 282 | |
| Total Liabilities | 583 | 627 | 660 | 771 | 769 | 846 | 896 | 978 | 1,101 | 1,184 | 1,292 | 1,481 |
| 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 |
| 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 |
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 | -95 | |
| -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% |
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 | -74 | -52 |
| ROCE % | 21% | 24% | 26% | 25% | 23% | 20% | 15% | 19% | 20% | 21% | 23% | 23% |
Insights
In beta| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Credit Ratio (Upgrades to Downgrades) ratio |
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| Downgrade Rate % |
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| Investment Grade Default Rate (1-Year) % |
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| Overall Default Rate (1-Year) % |
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| Rating Reaffirmation Rate % |
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| Upgrade Rate % |
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| Total Permanent Employees (ICRA Limited Standalone) count ・Standalone data |
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| Research & Analytics Revenue Share % |
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Extracted by Screener AI
Documents
Announcements
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Board Meeting Intimation for Consideration And Approval Of The Unaudited Financial Results
1d - ICRA board to meet on July 30, 2026 to approve Q1 FY27 results.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Jul
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Intimation Regarding Letters To Shareholders Whose Email Id Are Not Registered
3 Jul - ICRA sends AGM notice and FY2025-26 annual report; AGM on July 30, 2026, with e-voting July 27-29.
- AGM On July 30, 2026 3 Jul
- Reg. 34 (1) Annual Report. 3 Jul
Annual reports
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Financial Year 2026
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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
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Financial Year 2013
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Concalls
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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]