ICRA
ICRA Limited
Credit rating and research services provider under Moody's group
Financial Services›Financial Services›Capital Markets›Ratings
icra.in(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹4494.50
Market cap
4,325 Cr
Stock P/E
22.2
P/B
3.66
Dividend yield
1.4%
ROE (FY26)
15.3%
ROCE (FY26)
21.5%
Operating margin (FY26)
31.2%
Debt / equity (FY26)
0.0005
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
ICRA is an Indian credit rating agency that rates the debt and bank borrowing of companies and financial institutions, and also sells risk, data and regulatory-technology solutions to banks and other financial institutions.
Company snapshot
2ndBy market cap
Ranked among 2 companies in Ratings.
Segment mix
Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 59.8% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| Ratings & ancilliary services | 59.8% | 72 Cr | 23 Cr | 82 Cr |
| Research & Analytics | 40.7% | 49 Cr | 15 Cr | 91 Cr |
What we see
Positives
- ✓Net margin of 30.4% — the business keeps a healthy share of every rupee it earns.
3 more signals from the filings.Sign in free to see them all
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 105 Cr | 115 Cr | 124 Cr | 115 Cr | 126 Cr | 121 Cr | 136 Cr | 124 Cr | 137 Cr | 164 Cr | 175 Cr | 163 Cr |
| Operating expenses (approx.) | 71 Cr | 84 Cr | 74 Cr | 80 Cr | 85 Cr | 79 Cr | 77 Cr | 85 Cr | 88 Cr | 106 Cr | 105 Cr | 108 Cr |
| EBITDA | 34 Cr | 30 Cr | 50 Cr | 35 Cr | 41 Cr | 42 Cr | 59 Cr | 40 Cr | 49 Cr | 57 Cr | 70 Cr | 55 Cr |
| OPM % | 32.5% | 26.4% | 40.2% | 30.6% | 32.7% | 34.9% | 43.4% | 31.9% | 35.5% | 35.0% | 39.8% | 33.7% |
| Other income | 16 Cr | 17 Cr | 24 Cr | 18 Cr | 20 Cr | 19 Cr | 21 Cr | 24 Cr | 21 Cr | 16 Cr | 14 Cr | 28 Cr |
| Interest | 0.31 Cr | 3 Cr | 7 Cr | 2 Cr | 0.34 Cr | 1 Cr | 1 Cr | 2 Cr | 0.87 Cr | 0.98 Cr | 0.94 Cr | 0.45 Cr |
| Depreciation | 3 Cr | 4 Cr | 4 Cr | 4 Cr | 4 Cr | 4 Cr | 4 Cr | 4 Cr | 4 Cr | 10 Cr | 10 Cr | 11 Cr |
| Profit before tax | 47 Cr | 41 Cr | 62 Cr | 47 Cr | 57 Cr | 56 Cr | 74 Cr | 58 Cr | 64 Cr | 55 Cr | 73 Cr | 76 Cr |
| Tax % | 32.0% | 20.4% | 24.3% | 24.0% | 34.8% | 24.3% | 24.4% | 26.7% | 25.4% | 28.9% | 27.6% | 25.8% |
| Net profit | 32 Cr | 32 Cr | 47 Cr | 36 Cr | 37 Cr | 42 Cr | 56 Cr | 43 Cr | 48 Cr | 39 Cr | 53 Cr | 56 Cr |
| EPS (₹) | ₹33.03 | ₹33.42 | ₹48.72 | ₹36.92 | ₹38.18 | ₹43.69 | ₹57.94 | ₹44.11 | ₹49.68 | ₹40.34 | ₹54.50 | ₹58.36 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 333 Cr | 309 Cr | 328 Cr | 321 Cr | 301 Cr | 343 Cr | 403 Cr | 446 Cr | 498 Cr | 600 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 232 Cr | 194 Cr | 215 Cr | 225 Cr | 220 Cr | 222 Cr | 260 Cr | 297 Cr | 320 Cr | 384 Cr | Sign in free for the trailing twelve months |
| EBITDA | 101 Cr | 115 Cr | 113 Cr | 96 Cr | 81 Cr | 121 Cr | 143 Cr | 149 Cr | 178 Cr | 215 Cr | Sign in free for the trailing twelve months |
| OPM % | 30.4% | 37.3% | 34.6% | 29.8% | 26.9% | 35.2% | 35.4% | 33.3% | 35.7% | 35.9% | Sign in free for the trailing twelve months |
| Other income | 40 Cr | 49 Cr | 45 Cr | 48 Cr | 43 Cr | 41 Cr | 50 Cr | 75 Cr | 77 Cr | 75 Cr | Sign in free for the trailing twelve months |
| Interest | 0.04 Cr | 0.10 Cr | 0.51 Cr | 2 Cr | 2 Cr | 2 Cr | 1 Cr | 10 Cr | 5 Cr | 4 Cr | Sign in free for the trailing twelve months |
| Depreciation | 9 Cr | 8 Cr | 6 Cr | 10 Cr | 10 Cr | 8 Cr | 10 Cr | 13 Cr | 16 Cr | 28 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 132 Cr | 157 Cr | 152 Cr | 131 Cr | 112 Cr | 152 Cr | 181 Cr | 200 Cr | 234 Cr | 250 Cr | Sign in free for the trailing twelve months |
| Tax % | 32.9% | 35.5% | 31.2% | 26.0% | 26.2% | 25.4% | 24.6% | 23.8% | 26.8% | 27.1% | Sign in free for the trailing twelve months |
| Net profit | 89 Cr | 101 Cr | 105 Cr | 97 Cr | 83 Cr | 114 Cr | 137 Cr | 152 Cr | 171 Cr | 183 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹89.95 | ₹102.39 | ₹106.63 | ₹99.98 | ₹84.89 | ₹116.74 | ₹140.59 | ₹157.07 | ₹176.73 | ₹188.63 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | 31.8% | 23.3% | 20.4% | 83.0% | 56.9% | 32.2% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 10 Cr | 10 Cr | 10 Cr | 10 Cr | 10 Cr | 10 Cr | 10 Cr | 10 Cr | 10 Cr | 10 Cr |
| Reserves | 539 Cr | 645 Cr | 628 Cr | 692 Cr | 748 Cr | 834 Cr | 941 Cr | 967 Cr | 1,044 Cr | 1,171 Cr |
| Borrowings | — | — | — | — | — | — | — | 2 Cr | 1 Cr | 0.63 Cr |
| Other liabilities | 110 Cr | 114 Cr | 128 Cr | 141 Cr | 135 Cr | 131 Cr | 146 Cr | 205 Cr | 235 Cr | 300 Cr |
| Total liabilities | 660 Cr | 771 Cr | 767 Cr | 846 Cr | 896 Cr | 978 Cr | 1,101 Cr | 1,188 Cr | 1,294 Cr | 1,486 Cr |
| Fixed assets (net) | 33 Cr | 35 Cr | 32 Cr | 53 Cr | 44 Cr | 39 Cr | 28 Cr | 40 Cr | 40 Cr | 46 Cr |
| CWIP | — | — | 0 Cr | 0 Cr | 0.17 Cr | 0 Cr | 0 Cr | 0.12 Cr | 0 Cr | 0 Cr |
| Investments | 311 Cr | 338 Cr | 181 Cr | 104 Cr | 177 Cr | 454 Cr | 689 Cr | 813 Cr | 773 Cr | 730 Cr |
| Loans & advances | — | — | 0.54 Cr | 0.36 Cr | 0.98 Cr | 0.02 Cr | 0.02 Cr | 0.0080 Cr | 0.0050 Cr | 0.0051 Cr |
| Trade receivables | 34 Cr | 41 Cr | 34 Cr | 57 Cr | 48 Cr | 26 Cr | 38 Cr | 53 Cr | 48 Cr | 78 Cr |
| Cash & bank | 8 Cr | 20 Cr | 24 Cr | 16 Cr | 28 Cr | 22 Cr | 12 Cr | 10 Cr | 35 Cr | 30 Cr |
| Other assets | 275 Cr | 337 Cr | 495 Cr | 615 Cr | 598 Cr | 437 Cr | 335 Cr | 270 Cr | 398 Cr | 603 Cr |
| Total assets | 660 Cr | 771 Cr | 767 Cr | 846 Cr | 896 Cr | 978 Cr | 1,101 Cr | 1,188 Cr | 1,294 Cr | 1,486 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 63 Cr | 62 Cr | — | 21 Cr | 76 Cr | 97 Cr | 99 Cr | 107 Cr | 145 Cr | 157 Cr |
| Cash from investing | 10 Cr | -54 Cr | — | 11 Cr | -32 Cr | -72 Cr | -77 Cr | 27 Cr | -17 Cr | -95 Cr |
| Cash from financing | -69 Cr | 4 Cr | — | -41 Cr | -32 Cr | -32 Cr | -32 Cr | -137 Cr | -103 Cr | -67 Cr |
| Net cash flow | 5 Cr | 12 Cr | — | -8 Cr | 12 Cr | -7 Cr | -10 Cr | -2 Cr | 25 Cr | -5 Cr |
| Free cash flow (OCF − Capex) | 58 Cr | 58 Cr | — | 17 Cr | 73 Cr | 92 Cr | 90 Cr | 100 Cr | 132 Cr | 145 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 24.1% | 23.9% | 23.8% | 19.0% | 15.0% | 18.1% | 19.1% | 21.4% | 22.6% | 21.5% |
| ROE % | 16.1% | 15.4% | 16.3% | 13.7% | 10.7% | 13.2% | 14.3% | 15.5% | 16.1% | 15.3% |
| Debtor days | 37 | 48 | 38 | 65 | 57 | 28 | 34 | 43 | 35 | 48 |
| Inventory days | — | — | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days payable | 9 | 9 | 12 | 18 | 9 | 10 | 8 | 6 | 7 | 8 |
| Cash conversion cycle | 28 | 39 | 26 | 47 | 48 | 18 | 27 | 37 | 28 | 39 |
| Debt / equity | — | — | — | — | — | — | — | 0.0018 | 0.0011 | 0.0005 |
| Current ratio | 4.24 | 3.76 | 4.68 | 6.36 | 4.36 | 3.91 | 4.45 | 4.51 | 6.37 | 3.80 |
| Net debt / EBITDA | -0.07 | — | -0.22 | -0.17 | -0.35 | -0.18 | -0.09 | -0.06 | -0.19 | -0.14 |