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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/E34.7
Book Value₹ 947
Price to Book5.50
Dividend Yield2.22 %
ROCE20.4 %
ROE15.1 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2014 • Rating Services: 100.0%

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 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

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

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
58586470637271817282858982
42445244465148445254535057
Operating Profit16141226172123362028314025
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%
16411618174620202216121214
Interest0030000000000
Depreciation2222222222222
Profit before Tax30532341316540534042414948
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 Profit26432034255031423031293635
27.0745.0621.0134.8925.6952.3232.3343.7131.3432.1130.4137.8236.46

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
211222230208181195223251287328338
129124141149139140163184190209214
Operating Profit829889594255606897119124
OPM %38.72%44.03%38.68%28.16%23.34%28.13%26.93%26.92%33.67%36.24%36.77%
56514541364566911026254
Interest00022214211
Depreciation33255578899
Profit before Tax134146131927293117147189171179
Tax %26.92%31.21%26.78%29.41%26.12%21.47%18.10%16.13%21.57%26.01%26.58%
Net Profit981009665537396123148127132
EPS99.21101.8798.3267.5555.0476.2199.73127.61153.55131.29—
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

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
490560539573605655727730790869
02116131110774
Trade Payables5359366557
344389389401429430436478544592
Total Liabilities8499649441,0091,0601,1121,1881,2301,3561,482
13121129252627232625
337365208131204481658682656739
0000000232628
Cash & Bank1831953394353232071199517412
316392386414508399385406474677
Total Assets8499649441,0091,0601,1121,1881,2301,3561,482

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
809695317262775794102
Cash from Investing24-75624-12-14-247110-33
Cash from Financing-68-31-120-38-30-30-31-130-101-63
114-4-1111-6-2-337

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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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