ICRA Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Rating Services: 56.0% • Research & Analytics: 44.0%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 22.7%
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 32.0% YoY, showing strong momentum
- Company has been maintaining a healthy dividend payout of 55.8%
CONS
- Receivables are growing faster than sales - a possible quality concern
- A large part of profit comes from other income (30.0% of PBT)
- Operating margins have contracted to 35.9% from 47.7%
- Expensive relative to growth - PEG of 2.3
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| CRISIL | 4720.35 | 39.04 | 34519.93 | 1.29 | 216.46 | 26.16 | 1075.39 | 27.56 | 37.98 | 28.63 |
| CARERATING | 1695.30 | 28.74 | 5105.97 | 1.30 | 32.99 | 24.52 | 111.68 | 18.92 | 27.36 | 31.01 |
| ICRA | 4734.20 | 23.40 | 4569.09 | 2.22 | 56.46 | 32.04 | 163.37 | 31.23 | 22.80 | 33.72 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 103 | 105 | 115 | 124 | 115 | 126 | 121 | 136 | 124 | 137 | 164 | 175 | 163 | |
| 68 | 71 | 84 | 74 | 80 | 85 | 79 | 77 | 85 | 88 | 106 | 105 | 119 | |
| Operating Profit | 35 | 34 | 30 | 50 | 35 | 41 | 42 | 59 | 40 | 49 | 57 | 70 | 44 |
| OPM % | 33.71% | 32.47% | 26.40% | 40.21% | 30.64% | 32.71% | 34.88% | 43.43% | 31.93% | 35.53% | 34.96% | 39.78% | 27.00% |
| 18 | 16 | 17 | 24 | 18 | 20 | 19 | 21 | 24 | 21 | 9 | 14 | 23 | |
| Interest | 0 | 0 | 3 | 7 | 2 | 0 | 1 | 1 | 2 | 1 | 1 | 1 | 0 |
| Depreciation | 2 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 10 | 10 | 11 |
| Profit before Tax | 50 | 47 | 41 | 62 | 47 | 57 | 56 | 74 | 58 | 64 | 55 | 73 | 76 |
| Tax % | 18.32% | 31.99% | 20.43% | 24.26% | 23.98% | 34.86% | 24.27% | 24.40% | 26.74% | 25.40% | 28.87% | 27.62% | 25.83% |
| Net Profit | 0 | 0 | 0 | 0 | 36 | 37 | 42 | 56 | 43 | 48 | 39 | 53 | 56 |
| 41.90 | 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
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 292 | 309 | 328 | 321 | 301 | 343 | 403 | 446 | 498 | 600 | 638 | |
| 193 | 194 | 215 | 225 | 220 | 222 | 260 | 297 | 320 | 384 | 419 | |
| Operating Profit | 98 | 115 | 113 | 96 | 81 | 121 | 143 | 149 | 178 | 215 | 219 |
| OPM % | 33.73% | 37.26% | 34.43% | 29.85% | 26.95% | 35.18% | 35.44% | 33.35% | 35.69% | 35.87% | 34.37% |
| 40 | 49 | 45 | 48 | 43 | 41 | 50 | 75 | 77 | 68 | 67 | |
| Interest | 0 | 0 | 0 | 2 | 2 | 2 | 1 | 10 | 5 | 4 | 3 |
| Depreciation | 9 | 8 | 6 | 10 | 10 | 8 | 10 | 13 | 16 | 28 | 35 |
| Profit before Tax | 129 | 157 | 152 | 131 | 112 | 152 | 181 | 200 | 234 | 250 | 268 |
| Tax % | 32.31% | 35.47% | 30.32% | 26.04% | 26.18% | 25.35% | 24.55% | 23.83% | 26.83% | 27.12% | 26.83% |
| Net Profit | 88 | 101 | 106 | 97 | 83 | 114 | 137 | 152 | 171 | 183 | 196 |
| EPS | 89.68 | 102.25 | 107.98 | 99.98 | 84.89 | 116.74 | 140.59 | 156.56 | 176.15 | 188.08 | — |
| Dividend Payout % | 30.19% | 29.50% | 27.47% | 27.09% | 31.91% | 24.07% | 92.78% | 63.88% | 34.06% | 55.83% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 8%
- 5 Years:
- 15%
- 3 Years:
- 14%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 9%
- 5 Years:
- 17%
- 3 Years:
- 10%
STOCK PRICE CAGR
- 10 Years:
- 2%
- 5 Years:
- 6%
- 3 Years:
- -6%
- 1 Year:
- -25%
RETURN ON EQUITY
- 10 Years:
- 15%
- 5 Years:
- 16%
- 3 Years:
- 16%
- Last Year:
- 16%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 |
| Minority Interest | 1 | 1 | 2 | 3 | 3 | 4 | 5 | 4 | 4 | 4 |
| 537 | 644 | 631 | 692 | 748 | 834 | 941 | 965 | 1,039 | 1,164 | |
| 0 | 2 | 2 | 19 | 15 | 12 | 11 | 46 | 43 | 14 | |
| Trade Payables | 8 | 8 | 10 | 16 | 8 | 9 | 8 | 7 | 9 | 14 |
| 100 | 102 | 111 | 100 | 106 | 105 | 124 | 151 | 187 | 274 | |
| Total Liabilities | 656 | 767 | 765 | 839 | 890 | 974 | 1,099 | 1,184 | 1,292 | 1,481 |
| 37 | 36 | 34 | 54 | 46 | 46 | 47 | 91 | 90 | 313 | |
| 311 | 338 | 181 | 104 | 177 | 454 | 689 | 813 | 773 | 730 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 51 | 48 | 78 | |
| Cash & Bank | 203 | 231 | 407 | 527 | 399 | 310 | 241 | 156 | 282 | 42 |
| 106 | 162 | 143 | 154 | 267 | 164 | 121 | 73 | 100 | 318 | |
| Total Assets | 656 | 767 | 765 | 839 | 890 | 974 | 1,099 | 1,184 | 1,292 | 1,481 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 106 | 113 | 123 | 57 | 106 | 138 | 147 | 107 | 145 | 157 | |
| Cash from Investing | 10 | -54 | 45 | 11 | -32 | -72 | -77 | 27 | -17 | -110 |
| Cash from Financing | -69 | 4 | -121 | -41 | -32 | -31 | -32 | -137 | -103 | -67 |
| 5 | 12 | 5 | -8 | 12 | -7 | -10 | -2 | 25 | -20 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-27 - ICRA Limited has informed the Exchange about Schedule of meet
2026-08-21 - ICRA Limited has informed the Exchange about Schedule of meet
2026-08-20 - ICRA Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-07 - ICRA Limited has informed the Exchange about Schedule of meet
2026-07-31 - ICRA Limited has informed the Exchange about Schedule of meet
2026-07-31 - ICRA Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-30 - ICRA Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on July 30, 2026. Further, the company has informed the Exchange regarding voting results.
2026-07-30 - ICRA Limited has informed the Exchange about Investor Presentation
2026-07-30 - ICRA Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on July 30, 2026
News
Recent coverage and analyst commentary for ICRA
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