ICRA Ltd.
•Add ratio to table
ABOUT
KEY POINTS
Revenue Breakup Mar 2014 • Rating Services: 100.0%
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 21.8%
- Working capital cycle has improved - days down from 888 to 448
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
CONS
- A large part of profit comes from other income (37.6% of PBT)
- Recent results are weak - TTM profit is down 16.8% versus prior year
- Operating margins have contracted to 36.2% from 56.4%
- Stock is trading at 5.5x its book value
- Expensive relative to growth - PEG of 3.6
- Growth is decelerating - 3Y profit CAGR (9.7%) trails the 5Y trend (19.1%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| CRISIL | 4682.85 | 38.73 | 34245.69 | 1.30 | 216.46 | 26.16 | 1075.39 | 27.56 | 37.98 | 28.63 |
| CARERATING | 1726.30 | 29.27 | 5199.34 | 1.27 | 32.99 | 24.52 | 111.68 | 18.92 | 27.36 | 31.01 |
| ICRA | 4789.95 | 23.68 | 4622.89 | 2.19 | 56.46 | 32.04 | 163.37 | 31.23 | 22.80 | 33.72 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 58 | 58 | 64 | 70 | 63 | 72 | 71 | 81 | 72 | 82 | 85 | 89 | 82 | |
| 42 | 44 | 52 | 44 | 46 | 51 | 48 | 44 | 52 | 54 | 53 | 50 | 57 | |
| Operating Profit | 16 | 14 | 12 | 26 | 17 | 21 | 23 | 36 | 20 | 28 | 31 | 40 | 25 |
| OPM % | 27.08% | 23.82% | 18.54% | 37.00% | 26.42% | 29.38% | 31.81% | 44.83% | 27.45% | 34.51% | 36.80% | 44.40% | 30.67% |
| 16 | 41 | 16 | 18 | 17 | 46 | 20 | 20 | 22 | 16 | 12 | 12 | 14 | |
| Interest | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Profit before Tax | 30 | 53 | 23 | 41 | 31 | 65 | 40 | 53 | 40 | 42 | 41 | 49 | 48 |
| Tax % | 12.97% | 17.63% | 12.93% | 18.30% | 21.08% | 22.52% | 21.37% | 20.87% | 23.98% | 26.05% | 28.27% | 25.74% | 26.46% |
| Net Profit | 26 | 43 | 20 | 34 | 25 | 50 | 31 | 42 | 30 | 31 | 29 | 36 | 35 |
| 27.07 | 45.06 | 21.01 | 34.89 | 25.69 | 52.32 | 32.33 | 43.71 | 31.34 | 32.11 | 30.41 | 37.82 | 36.46 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 211 | 222 | 230 | 208 | 181 | 195 | 223 | 251 | 287 | 328 | 338 | |
| 129 | 124 | 141 | 149 | 139 | 140 | 163 | 184 | 190 | 209 | 214 | |
| Operating Profit | 82 | 98 | 89 | 59 | 42 | 55 | 60 | 68 | 97 | 119 | 124 |
| OPM % | 38.72% | 44.03% | 38.68% | 28.16% | 23.34% | 28.13% | 26.93% | 26.92% | 33.67% | 36.24% | 36.77% |
| 56 | 51 | 45 | 41 | 36 | 45 | 66 | 91 | 102 | 62 | 54 | |
| Interest | 0 | 0 | 0 | 2 | 2 | 2 | 1 | 4 | 2 | 1 | 1 |
| Depreciation | 3 | 3 | 2 | 5 | 5 | 5 | 7 | 8 | 8 | 9 | 9 |
| Profit before Tax | 134 | 146 | 131 | 92 | 72 | 93 | 117 | 147 | 189 | 171 | 179 |
| Tax % | 26.92% | 31.21% | 26.78% | 29.41% | 26.12% | 21.47% | 18.10% | 16.13% | 21.57% | 26.01% | 26.58% |
| Net Profit | 98 | 100 | 96 | 65 | 53 | 73 | 96 | 123 | 148 | 127 | 132 |
| EPS | 99.21 | 101.87 | 98.32 | 67.55 | 55.04 | 76.21 | 99.73 | 127.61 | 153.55 | 131.29 | — |
| Dividend Payout % | 27.29% | 29.61% | 30.17% | 40.10% | 49.22% | 36.86% | 130.79% | 78.36% | 39.08% | 79.97% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 5%
- 5 Years:
- 13%
- 3 Years:
- 14%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 8%
- 5 Years:
- 19%
- 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:
- 15%
- 3 Years:
- 17%
- Last Year:
- 15%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 490 | 560 | 539 | 573 | 605 | 655 | 727 | 730 | 790 | 869 | |
| 0 | 2 | 1 | 16 | 13 | 11 | 10 | 7 | 7 | 4 | |
| Trade Payables | 5 | 3 | 5 | 9 | 3 | 6 | 6 | 5 | 5 | 7 |
| 344 | 389 | 389 | 401 | 429 | 430 | 436 | 478 | 544 | 592 | |
| Total Liabilities | 849 | 964 | 944 | 1,009 | 1,060 | 1,112 | 1,188 | 1,230 | 1,356 | 1,482 |
| 13 | 12 | 11 | 29 | 25 | 26 | 27 | 23 | 26 | 25 | |
| 337 | 365 | 208 | 131 | 204 | 481 | 658 | 682 | 656 | 739 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23 | 26 | 28 | |
| Cash & Bank | 183 | 195 | 339 | 435 | 323 | 207 | 119 | 95 | 174 | 12 |
| 316 | 392 | 386 | 414 | 508 | 399 | 385 | 406 | 474 | 677 | |
| Total Assets | 849 | 964 | 944 | 1,009 | 1,060 | 1,112 | 1,188 | 1,230 | 1,356 | 1,482 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 80 | 96 | 95 | 31 | 72 | 62 | 77 | 57 | 94 | 102 | |
| Cash from Investing | 24 | -7 | 56 | 24 | -12 | -14 | -24 | 71 | 10 | -33 |
| Cash from Financing | -68 | -31 | -120 | -38 | -30 | -30 | -31 | -130 | -101 | -63 |
| 1 | 14 | -4 | -11 | 11 | -6 | -2 | -3 | 3 | 7 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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
Loading news…
AI Stock Analyst
ICRA Ltd.
Sign in to Chat with AI
Log in with your 5nance account to ask institutional questions about performance, financials, and outlook.
✨ Sign In to ChatFree 5nance Account