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ICRA Ltd.

•
icra.inBSE: 532835NSE: ICRA
Market Cap₹ 4,565 Cr.
Current Price
High / Low₹ 6,982 / 4,666
Stock P/E23.4
Book Value₹ 1,275
Price to Book4.11
Dividend Yield2.22 %
ROCE22.8 %
ROE16.4 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Rating Services: 56.0% • Research & Analytics: 44.0%

AI Sector View

AI GENERATED

Financial Services

Buy

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.

Confidence
84%
View full sector analysis →

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

Financial ServicesRatingsRatings
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.CRISIL4694.4038.8234330.161.30216.4626.161075.3927.5637.9828.63
2.CARERATING1650.2027.984970.141.3332.9924.52111.6818.9227.3631.01
3.ICRA4730.4023.384565.422.2256.4632.04163.3731.2322.8033.72
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
103105115124115126121136124137164175163
68718474808579778588106105119
Operating Profit35343050354142594049577044
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%
1816172418201921242191423
Interest0037201121110
Depreciation2344444444101011
Profit before Tax50474162475756745864557376
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 Profit0000363742564348395356
41.9033.0333.4248.7236.9238.1843.6957.9444.1149.6840.3454.5058.36

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
292309328321301343403446498600638
193194215225220222260297320384419
Operating Profit981151139681121143149178215219
OPM %33.73%37.26%34.43%29.85%26.95%35.18%35.44%33.35%35.69%35.87%34.37%
4049454843415075776867
Interest000222110543
Depreciation986101081013162835
Profit before Tax129157152131112152181200234250268
Tax %32.31%35.47%30.32%26.04%26.18%25.35%24.55%23.83%26.83%27.12%26.83%
Net Profit881011069783114137152171183196
EPS89.68102.25107.9899.9884.89116.74140.59156.56176.15188.08—
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

Corporate actions

2026

Jul 23

₹ 7

Rs.35.0000 per share(350%)Special Dividend

2026

Jul 23

₹ 3.50

Rs.35.0000 per share(350%)Special Dividend

2025

Jul 25

₹ 6

Rs.60.0000 per share(600%)Final Dividend

2024

Jul 19

₹ 10

Rs.100.0000 per share(1000%)Final Dividend

2023

Jul 28

₹ 9

Rs.90.0000 per share(900%)Special Dividend

2023

Jul 28

₹ 4

2022

Jul 28

₹ 2.80

Rs.28.0000 per share(280%)Dividend

2021

Jul 22

₹ 2.70

Rs.27.0000 per share(270%)Dividend

2018

Aug 3

₹ 3

Rs.30.0000 per share(300%)Dividend

2017

Jul 28

₹ 2.70

Rs.27.0000 per share(270%)Dividend

2016

Aug 5

₹ 2.50

Rs.25.0000 per share(250%)Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital10101010101010101010
Minority Interest1123345444
5376446316927488349419651,0391,164
02219151211464314
Trade Payables8810168987914
100102111100106105124151187274
Total Liabilities6567677658398909741,0991,1841,2921,481
373634544646479190313
311338181104177454689813773730
0000000514878
Cash & Bank20323140752739931024115628242
10616214315426716412173100318
Total Assets6567677658398909741,0991,1841,2921,481

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
10611312357106138147107145157
Cash from Investing10-544511-32-72-7727-17-110
Cash from Financing-694-121-41-32-31-32-137-103-67
5125-812-7-10-225-20

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
51.8751.8751.8751.8751.8751.8751.8651.8751.87
8.598.779.068.788.666.877.257.926.90
23.6024.0923.8924.1424.3526.1225.5224.4824.24
Government0.000.000.000.000.000.000.000.000.00
15.9515.2715.1815.2115.1215.1315.3815.7216.99

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-27
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-27 - ICRA Limited has informed the Exchange about Schedule of meet

2026-08-21
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-21 - ICRA Limited has informed the Exchange about Schedule of meet

2026-08-20
Copy of Newspaper Publication

2026-08-20 - ICRA Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-07
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-07 - ICRA Limited has informed the Exchange about Schedule of meet

2026-07-31
Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-31 - ICRA Limited has informed the Exchange about Schedule of meet

2026-07-31
Copy of Newspaper Publication

2026-07-31 - ICRA Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-30
Shareholders meeting

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
Investor Presentation

2026-07-30 - ICRA Limited has informed the Exchange about Investor Presentation

2026-07-30
Shareholders meeting

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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