ICRA Ltd.

•

₹ 4,964.82.01%

2026-08-21

icra.inBSE: 532835NSE: ICRA

Market Cap₹ 4,719 Cr.

Current Price₹ 4,867

High / Low₹ 6,982 / 4,692

Stock P/E24.2

Book Value₹ 1,275

Price to Book4.11

Dividend Yield2.15 %

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%

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 2.4

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

EDIT COLUMNS

Financial ServicesRatingsRatings

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	CRISIL	4501.15	37.22	32916.92	1.36	216.46	26.16	1075.39	27.56	37.98	28.63
2.	CARERATING	1705.70	28.89	5133.12	1.29	32.99	24.52	111.68	18.92	27.36	31.01
3.	ICRA	4889.05	24.17	4718.54	2.15	56.46	32.04	163.37	31.23	22.80	33.72

Detailed Comparison with:

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	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	18	16	17	24	18	20	19	21	24	21	16	14	28
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
	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
	42	33	33	49	37	38	44	58	44	50	40	54	6
Equity Capital	10	10	10	10	10	10	10	10	10	10	10	10	10
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	10	10	10	10	10	10	10	10	10	10	10	10	10
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Jun 2023

: 103
: 68
Operating Profit: —
OPM %: —
Other Income: 18
Interest: 0
Depreciation: 2
: 50
Tax %: 18.32%
Net Profit: 0
: 42
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 105
: 71
Operating Profit: —
OPM %: —
Other Income: 16
Interest: 0
Depreciation: 3
: 47
Tax %: 31.99%
Net Profit: 0
: 33
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 115
: 84
Operating Profit: —
OPM %: —
Other Income: 17
Interest: 3
Depreciation: 4
: 41
Tax %: 20.43%
Net Profit: 0
: 33
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 124
: 74
Operating Profit: —
OPM %: —
Other Income: 24
Interest: 7
Depreciation: 4
: 62
Tax %: 24.26%
Net Profit: 0
: 49
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 115
: 80
Operating Profit: —
OPM %: —
Other Income: 18
Interest: 2
Depreciation: 4
: 47
Tax %: 23.98%
Net Profit: 36
: 37
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 126
: 85
Operating Profit: —
OPM %: —
Other Income: 20
Interest: 0
Depreciation: 4
: 57
Tax %: 34.86%
Net Profit: 37
: 38
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 121
: 79
Operating Profit: —
OPM %: —
Other Income: 19
Interest: 1
Depreciation: 4
: 56
Tax %: 24.27%
Net Profit: 42
: 44
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 136
: 77
Operating Profit: —
OPM %: —
Other Income: 21
Interest: 1
Depreciation: 4
: 74
Tax %: 24.40%
Net Profit: 56
: 58
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 124
: 85
Operating Profit: —
OPM %: —
Other Income: 24
Interest: 2
Depreciation: 4
: 58
Tax %: 26.74%
Net Profit: 43
: 44
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 137
: 88
Operating Profit: —
OPM %: —
Other Income: 21
Interest: 1
Depreciation: 4
: 64
Tax %: 25.40%
Net Profit: 48
: 50
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 164
: 106
Operating Profit: —
OPM %: —
Other Income: 16
Interest: 1
Depreciation: 10
: 55
Tax %: 28.87%
Net Profit: 39
: 40
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 175
: 105
Operating Profit: —
OPM %: —
Other Income: 14
Interest: 1
Depreciation: 10
: 73
Tax %: 27.62%
Net Profit: 53
: 54
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 163
: 119
Operating Profit: —
OPM %: —
Other Income: 28
Interest: 0
Depreciation: 11
: 76
Tax %: 25.83%
Net Profit: 56
: 6
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

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	138	164	158	144	124	161	192	224	255	290	—
OPM %	47	53	48	45	41	47	48	50	51	48	—
Other Income	40	49	45	48	43	41	50	75	77	75	78
Interest	0	0	0	2	2	2	1	10	5	4	3
Depreciation	9	8	6	10	10	8	10	13	16	28	35
	129	157	152	131	112	152	181	200	234	250	268
Tax %	32	35	30	26	26	25	25	24	27	27	27
Net Profit	88	101	106	97	83	114	137	152	171	183	196
EPS	90	102	108	100	85	117	141	157	176	188	—
Dividend Payout %	30	30	27	27	32	24	93	64	34	56	—
Minority Interest	-0	-0	-1	-1	-1	-1	-1	-1	-1	-1	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	89	102	109	100	85	116	140	157	176	188	—
Minority Interest	-0	-0	-1	-1	-1	-1	-1	-1	-1	-1	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	89	102	109	100	85	116	140	157	176	188	—

Mar 2017

: 292
: 193
Operating Profit: 138
OPM %: 47
Other Income: 40
Interest: 0
Depreciation: 9
: 129
Tax %: 32
Net Profit: 88
EPS: 90
Dividend Payout %: 30
Minority Interest: -0
Share of Associates: 0
Adjusted EPS: 89
Minority Interest: -0
Share of Associates: 0
Adjusted EPS: 89

Mar 2018

: 309
: 194
Operating Profit: 164
OPM %: 53
Other Income: 49
Interest: 0
Depreciation: 8
: 157
Tax %: 35
Net Profit: 101
EPS: 102
Dividend Payout %: 30
Minority Interest: -0
Share of Associates: 0
Adjusted EPS: 102
Minority Interest: -0
Share of Associates: 0
Adjusted EPS: 102

Mar 2019

: 328
: 215
Operating Profit: 158
OPM %: 48
Other Income: 45
Interest: 0
Depreciation: 6
: 152
Tax %: 30
Net Profit: 106
EPS: 108
Dividend Payout %: 27
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 109
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 109

Mar 2020

: 321
: 225
Operating Profit: 144
OPM %: 45
Other Income: 48
Interest: 2
Depreciation: 10
: 131
Tax %: 26
Net Profit: 97
EPS: 100
Dividend Payout %: 27
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 100
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 100

Mar 2021

: 301
: 220
Operating Profit: 124
OPM %: 41
Other Income: 43
Interest: 2
Depreciation: 10
: 112
Tax %: 26
Net Profit: 83
EPS: 85
Dividend Payout %: 32
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 85
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 85

Mar 2022

: 343
: 222
Operating Profit: 161
OPM %: 47
Other Income: 41
Interest: 2
Depreciation: 8
: 152
Tax %: 25
Net Profit: 114
EPS: 117
Dividend Payout %: 24
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 116
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 116

Mar 2023

: 403
: 260
Operating Profit: 192
OPM %: 48
Other Income: 50
Interest: 1
Depreciation: 10
: 181
Tax %: 25
Net Profit: 137
EPS: 141
Dividend Payout %: 93
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 140
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 140

Mar 2024

: 446
: 297
Operating Profit: 224
OPM %: 50
Other Income: 75
Interest: 10
Depreciation: 13
: 200
Tax %: 24
Net Profit: 152
EPS: 157
Dividend Payout %: 64
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 157
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 157

Mar 2025

: 498
: 320
Operating Profit: 255
OPM %: 51
Other Income: 77
Interest: 5
Depreciation: 16
: 234
Tax %: 27
Net Profit: 171
EPS: 176
Dividend Payout %: 34
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 176
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 176

Mar 2026

: 600
: 384
Operating Profit: 290
OPM %: 48
Other Income: 75
Interest: 4
Depreciation: 28
: 250
Tax %: 27
Net Profit: 183
EPS: 188
Dividend Payout %: 56
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 188
Minority Interest: -1
Share of Associates: 0
Adjusted EPS: 188

TTM

: 638
: 419
Operating Profit: —
OPM %: —
Other Income: 78
Interest: 3
Depreciation: 35
: 268
Tax %: 27
Net Profit: 196
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

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:: 3%
5 Years:: 6%
3 Years:: -7%
1 Year:: -23%

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
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	10	10	10	10	10	10	10	10	10	10
	537	644	631	692	748	834	941	965	1,039	1,164
Trade Payables	8	8	10	16	8	9	8	7	9	14
	101	106	114	122	125	121	140	201	234	293
Total Liabilities	656	767	765	839	890	974	1,099	1,184	1,292	1,481
ASSETS	-	-	-	-	-	-	-	-	-	-
	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
Total Debt	0	0	0	0	0	0	0	2	1	1
Net Working Capital	339	295	445	605	379	320	434	505	952	684
Contingent Liabilities	23	24	25	15	15	18	8	3	2	1
Book Value per Share	552.21	660.43	664.04	726.97	785.11	874.10	984.62	1010.22	1086.58	1216.51
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00
Total Debt	0	0	0	0	0	0	0	2	1	1
Net Working Capital	339	295	445	605	379	320	434	505	952	684
Contingent Liabilities	23	24	25	15	15	18	8	3	2	1
Book Value per Share	552.21	660.43	664.04	726.97	785.11	874.10	984.62	1010.22	1086.58	1216.51
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Mar 2017

Equity Capital: 10
: 537
Trade Payables: 8
: 101
Total Liabilities: 656
: 37
: 311
: 0
Cash & Bank: 203
: 106
Total Assets: 656
Total Debt: 0
Net Working Capital: 339
Contingent Liabilities: 23
Book Value per Share: 552.21
Face Value: 10.00
Total Debt: 0
Net Working Capital: 339
Contingent Liabilities: 23
Book Value per Share: 552.21
Face Value: 10.00

Mar 2018

Equity Capital: 10
: 644
Trade Payables: 8
: 106
Total Liabilities: 767
: 36
: 338
: 0
Cash & Bank: 231
: 162
Total Assets: 767
Total Debt: 0
Net Working Capital: 295
Contingent Liabilities: 24
Book Value per Share: 660.43
Face Value: 10.00
Total Debt: 0
Net Working Capital: 295
Contingent Liabilities: 24
Book Value per Share: 660.43
Face Value: 10.00

Mar 2019

Equity Capital: 10
: 631
Trade Payables: 10
: 114
Total Liabilities: 765
: 34
: 181
: 0
Cash & Bank: 407
: 143
Total Assets: 765
Total Debt: 0
Net Working Capital: 445
Contingent Liabilities: 25
Book Value per Share: 664.04
Face Value: 10.00
Total Debt: 0
Net Working Capital: 445
Contingent Liabilities: 25
Book Value per Share: 664.04
Face Value: 10.00

Mar 2020

Equity Capital: 10
: 692
Trade Payables: 16
: 122
Total Liabilities: 839
: 54
: 104
: 0
Cash & Bank: 527
: 154
Total Assets: 839
Total Debt: 0
Net Working Capital: 605
Contingent Liabilities: 15
Book Value per Share: 726.97
Face Value: 10.00
Total Debt: 0
Net Working Capital: 605
Contingent Liabilities: 15
Book Value per Share: 726.97
Face Value: 10.00

Mar 2021

Equity Capital: 10
: 748
Trade Payables: 8
: 125
Total Liabilities: 890
: 46
: 177
: 0
Cash & Bank: 399
: 267
Total Assets: 890
Total Debt: 0
Net Working Capital: 379
Contingent Liabilities: 15
Book Value per Share: 785.11
Face Value: 10.00
Total Debt: 0
Net Working Capital: 379
Contingent Liabilities: 15
Book Value per Share: 785.11
Face Value: 10.00

Mar 2022

Equity Capital: 10
: 834
Trade Payables: 9
: 121
Total Liabilities: 974
: 46
: 454
: 0
Cash & Bank: 310
: 164
Total Assets: 974
Total Debt: 0
Net Working Capital: 320
Contingent Liabilities: 18
Book Value per Share: 874.10
Face Value: 10.00
Total Debt: 0
Net Working Capital: 320
Contingent Liabilities: 18
Book Value per Share: 874.10
Face Value: 10.00

Mar 2023

Equity Capital: 10
: 941
Trade Payables: 8
: 140
Total Liabilities: 1,099
: 47
: 689
: 0
Cash & Bank: 241
: 121
Total Assets: 1,099
Total Debt: 0
Net Working Capital: 434
Contingent Liabilities: 8
Book Value per Share: 984.62
Face Value: 10.00
Total Debt: 0
Net Working Capital: 434
Contingent Liabilities: 8
Book Value per Share: 984.62
Face Value: 10.00

Mar 2024

Equity Capital: 10
: 965
Trade Payables: 7
: 201
Total Liabilities: 1,184
: 91
: 813
: 51
Cash & Bank: 156
: 73
Total Assets: 1,184
Total Debt: 2
Net Working Capital: 505
Contingent Liabilities: 3
Book Value per Share: 1010.22
Face Value: 10.00
Total Debt: 2
Net Working Capital: 505
Contingent Liabilities: 3
Book Value per Share: 1010.22
Face Value: 10.00

Mar 2025

Equity Capital: 10
: 1,039
Trade Payables: 9
: 234
Total Liabilities: 1,292
: 90
: 773
: 48
Cash & Bank: 282
: 100
Total Assets: 1,292
Total Debt: 1
Net Working Capital: 952
Contingent Liabilities: 2
Book Value per Share: 1086.58
Face Value: 10.00
Total Debt: 1
Net Working Capital: 952
Contingent Liabilities: 2
Book Value per Share: 1086.58
Face Value: 10.00

Mar 2026

Equity Capital: 10
: 1,164
Trade Payables: 14
: 293
Total Liabilities: 1,481
: 313
: 730
: 78
Cash & Bank: 42
: 318
Total Assets: 1,481
Total Debt: 1
Net Working Capital: 684
Contingent Liabilities: 1
Book Value per Share: 1216.51
Face Value: 10.00
Total Debt: 1
Net Working Capital: 684
Contingent Liabilities: 1
Book Value per Share: 1216.51
Face Value: 10.00

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
	63	62	81	21	76	97	99	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
Free Cash Flow	63	55	79	-9	76	91	93	54	134	-83
OCF / Net Profit	0.72	0.61	0.76	0.22	0.92	0.85	0.73	0.70	0.85	0.86
Cumulative 5-Year FCF	0	0	0	0	265	292	330	306	449	289
OCF / Net Profit	0.72	0.61	0.76	0.22	0.92	0.85	0.73	0.70	0.85	0.86
Cumulative 5-Year FCF	0	0	0	0	265	292	330	306	449	289

Mar 2017

: 63
Cash from Investing: 10
Cash from Financing: -69
: 5
Free Cash Flow: 63
OCF / Net Profit: 0.72
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.72
Cumulative 5-Year FCF: 0

Mar 2018

: 62
Cash from Investing: -54
Cash from Financing: 4
: 12
Free Cash Flow: 55
OCF / Net Profit: 0.61
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.61
Cumulative 5-Year FCF: 0

Mar 2019

: 81
Cash from Investing: 45
Cash from Financing: -121
: 5
Free Cash Flow: 79
OCF / Net Profit: 0.76
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.76
Cumulative 5-Year FCF: 0

Mar 2020

: 21
Cash from Investing: 11
Cash from Financing: -41
: -8
Free Cash Flow: -9
OCF / Net Profit: 0.22
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.22
Cumulative 5-Year FCF: 0

Mar 2021

: 76
Cash from Investing: -32
Cash from Financing: -32
: 12
Free Cash Flow: 76
OCF / Net Profit: 0.92
Cumulative 5-Year FCF: 265
OCF / Net Profit: 0.92
Cumulative 5-Year FCF: 265

Mar 2022

: 97
Cash from Investing: -72
Cash from Financing: -31
: -7
Free Cash Flow: 91
OCF / Net Profit: 0.85
Cumulative 5-Year FCF: 292
OCF / Net Profit: 0.85
Cumulative 5-Year FCF: 292

Mar 2023

: 99
Cash from Investing: -77
Cash from Financing: -32
: -10
Free Cash Flow: 93
OCF / Net Profit: 0.73
Cumulative 5-Year FCF: 330
OCF / Net Profit: 0.73
Cumulative 5-Year FCF: 330

Mar 2024

: 107
Cash from Investing: 27
Cash from Financing: -137
: -2
Free Cash Flow: 54
OCF / Net Profit: 0.70
Cumulative 5-Year FCF: 306
OCF / Net Profit: 0.70
Cumulative 5-Year FCF: 306

Mar 2025

: 145
Cash from Investing: -17
Cash from Financing: -103
: 25
Free Cash Flow: 134
OCF / Net Profit: 0.85
Cumulative 5-Year FCF: 449
OCF / Net Profit: 0.85
Cumulative 5-Year FCF: 449

Mar 2026

: 157
Cash from Investing: -110
Cash from Financing: -67
: -20
Free Cash Flow: -83
OCF / Net Profit: 0.86
Cumulative 5-Year FCF: 289
OCF / Net Profit: 0.86
Cumulative 5-Year FCF: 289

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
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	89.43	101.68	109.21	99.65	84.61	116.35	140.12	156.56	176.15	188.08
Book Value (₹)	552.21	660.43	664.04	726.97	785.11	874.10	984.62	1010.22	1086.58	1216.51
Dividend per Share (₹)	27.00	30.00	30.00	27.00	27.00	28.00	130.00	100.00	60.00	105.00
Cash EPS (₹)	97.04	109.77	115.60	111.41	95.95	125.73	151.85	171.69	194.38	218.41
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	47.31%	53.24%	48.08%	44.79%	41.18%	47.10%	47.73%	33.35%	35.69%	35.87%
Net Margin %	30.03%	32.76%	32.29%	30.28%	27.46%	33.12%	33.91%	34.13%	34.38%	30.45%
ROE %	17.20%	16.85%	16.36%	14.49%	11.33%	14.18%	15.24%	15.82%	16.92%	16.42%
ROCE %	25.24%	26.06%	23.48%	19.89%	15.63%	19.19%	20.36%	21.81%	23.49%	22.80%
	13.71%	14.22%	13.83%	12.12%	9.56%	12.18%	13.19%	13.34%	13.83%	13.17%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	51	44	41	52	63	39	29	36	36	38
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	51	44	41	52	63	39	29	36	36	38
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	3326.29x	1514.56x	2033.59x	65.30x	55.45x	98.40x	129.30x	20.20x	49.71x	57.58x
	4.24x	3.76x	4.75x	6.26x	4.26x	3.77x	4.29x	4.32x	6.36x	3.80x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	9.52%	5.94%	6.21%	-2.13%	-6.24%	13.87%	17.63%	10.64%	11.64%	20.38%
Operating Profit Growth %	14.09%	19.21%	-4.07%	-8.83%	-13.79%	30.23%	19.20%	16.25%	14.05%	13.67%
Net Profit Growth %	19.26%	15.56%	4.71%	-8.22%	-14.97%	37.31%	20.43%	11.35%	12.46%	6.62%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	11.73%	12.52%	6.77%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	34.78x	31.36x	26.60x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	5.39x	5.08x	4.11x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.84%	1.09%	2.10%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	22.80x	19.79x	16.51x

Mar 2017

EPS (₹): 89.43
Book Value (₹): 552.21
Dividend per Share (₹): 27.00
Cash EPS (₹): 97.04
Operating Margin %: 47.31%
Net Margin %: 30.03%
ROE %: 17.20%
ROCE %: 25.24%
: 13.71%
Debtor Days: 51
Inventory Days: 0
Payable Days: 0
: 51
Debt to Equity (x): 0.00x
Interest Coverage (x): 3326.29x
: 4.24x
Revenue Growth %: 9.52%
Operating Profit Growth %: 14.09%
Net Profit Growth %: 19.26%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 101.68
Book Value (₹): 660.43
Dividend per Share (₹): 30.00
Cash EPS (₹): 109.77
Operating Margin %: 53.24%
Net Margin %: 32.76%
ROE %: 16.85%
ROCE %: 26.06%
: 14.22%
Debtor Days: 44
Inventory Days: 0
Payable Days: 0
: 44
Debt to Equity (x): 0.00x
Interest Coverage (x): 1514.56x
: 3.76x
Revenue Growth %: 5.94%
Operating Profit Growth %: 19.21%
Net Profit Growth %: 15.56%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 109.21
Book Value (₹): 664.04
Dividend per Share (₹): 30.00
Cash EPS (₹): 115.60
Operating Margin %: 48.08%
Net Margin %: 32.29%
ROE %: 16.36%
ROCE %: 23.48%
: 13.83%
Debtor Days: 41
Inventory Days: 0
Payable Days: 0
: 41
Debt to Equity (x): 0.00x
Interest Coverage (x): 2033.59x
: 4.75x
Revenue Growth %: 6.21%
Operating Profit Growth %: -4.07%
Net Profit Growth %: 4.71%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 99.65
Book Value (₹): 726.97
Dividend per Share (₹): 27.00
Cash EPS (₹): 111.41
Operating Margin %: 44.79%
Net Margin %: 30.28%
ROE %: 14.49%
ROCE %: 19.89%
: 12.12%
Debtor Days: 52
Inventory Days: 0
Payable Days: 0
: 52
Debt to Equity (x): 0.00x
Interest Coverage (x): 65.30x
: 6.26x
Revenue Growth %: -2.13%
Operating Profit Growth %: -8.83%
Net Profit Growth %: -8.22%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 84.61
Book Value (₹): 785.11
Dividend per Share (₹): 27.00
Cash EPS (₹): 95.95
Operating Margin %: 41.18%
Net Margin %: 27.46%
ROE %: 11.33%
ROCE %: 15.63%
: 9.56%
Debtor Days: 63
Inventory Days: 0
Payable Days: 0
: 63
Debt to Equity (x): 0.00x
Interest Coverage (x): 55.45x
: 4.26x
Revenue Growth %: -6.24%
Operating Profit Growth %: -13.79%
Net Profit Growth %: -14.97%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 116.35
Book Value (₹): 874.10
Dividend per Share (₹): 28.00
Cash EPS (₹): 125.73
Operating Margin %: 47.10%
Net Margin %: 33.12%
ROE %: 14.18%
ROCE %: 19.19%
: 12.18%
Debtor Days: 39
Inventory Days: 0
Payable Days: 0
: 39
Debt to Equity (x): 0.00x
Interest Coverage (x): 98.40x
: 3.77x
Revenue Growth %: 13.87%
Operating Profit Growth %: 30.23%
Net Profit Growth %: 37.31%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 140.12
Book Value (₹): 984.62
Dividend per Share (₹): 130.00
Cash EPS (₹): 151.85
Operating Margin %: 47.73%
Net Margin %: 33.91%
ROE %: 15.24%
ROCE %: 20.36%
: 13.19%
Debtor Days: 29
Inventory Days: 0
Payable Days: 0
: 29
Debt to Equity (x): 0.00x
Interest Coverage (x): 129.30x
: 4.29x
Revenue Growth %: 17.63%
Operating Profit Growth %: 19.20%
Net Profit Growth %: 20.43%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 156.56
Book Value (₹): 1010.22
Dividend per Share (₹): 100.00
Cash EPS (₹): 171.69
Operating Margin %: 33.35%
Net Margin %: 34.13%
ROE %: 15.82%
ROCE %: 21.81%
: 13.34%
Debtor Days: 36
Inventory Days: 0
Payable Days: 0
: 36
Debt to Equity (x): 0.00x
Interest Coverage (x): 20.20x
: 4.32x
Revenue Growth %: 10.64%
Operating Profit Growth %: 16.25%
Net Profit Growth %: 11.35%
: 11.73%
P/E (x): 34.78x
P/B (x): 5.39x
Dividend Yield %: 1.84%
: 22.80x

Mar 2025

EPS (₹): 176.15
Book Value (₹): 1086.58
Dividend per Share (₹): 60.00
Cash EPS (₹): 194.38
Operating Margin %: 35.69%
Net Margin %: 34.38%
ROE %: 16.92%
ROCE %: 23.49%
: 13.83%
Debtor Days: 36
Inventory Days: 0
Payable Days: 0
: 36
Debt to Equity (x): 0.00x
Interest Coverage (x): 49.71x
: 6.36x
Revenue Growth %: 11.64%
Operating Profit Growth %: 14.05%
Net Profit Growth %: 12.46%
: 12.52%
P/E (x): 31.36x
P/B (x): 5.08x
Dividend Yield %: 1.09%
: 19.79x

Mar 2026

EPS (₹): 188.08
Book Value (₹): 1216.51
Dividend per Share (₹): 105.00
Cash EPS (₹): 218.41
Operating Margin %: 35.87%
Net Margin %: 30.45%
ROE %: 16.42%
ROCE %: 22.80%
: 13.17%
Debtor Days: 38
Inventory Days: 0
Payable Days: 0
: 38
Debt to Equity (x): 0.00x
Interest Coverage (x): 57.58x
: 3.80x
Revenue Growth %: 20.38%
Operating Profit Growth %: 13.67%
Net Profit Growth %: 6.62%
: 6.77%
P/E (x): 26.60x
P/B (x): 4.11x
Dividend Yield %: 2.10%
: 16.51x

Shareholding Pattern

Numbers in percentages

TRADES

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	51.87	51.87	51.87	51.87	51.87	51.87	51.86	51.87	51.87
	8.59	8.77	9.06	8.78	8.66	6.87	7.25	7.92	6.90
	23.60	24.09	23.89	24.14	24.35	26.12	25.52	24.48	24.24
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	15.95	15.27	15.18	15.21	15.12	15.13	15.38	15.72	16.99

Jun 2024

: 51.87
: 8.59
: 23.60
Government: 0.00
: 15.95

Sep 2024

: 51.87
: 8.77
: 24.09
Government: 0.00
: 15.27

Dec 2024

: 51.87
: 9.06
: 23.89
Government: 0.00
: 15.18

Mar 2025

: 51.87
: 8.78
: 24.14
Government: 0.00
: 15.21

Jun 2025

: 51.87
: 8.66
: 24.35
Government: 0.00
: 15.12

Sep 2025

: 51.87
: 6.87
: 26.12
Government: 0.00
: 15.13

Dec 2025

: 51.86
: 7.25
: 25.52
Government: 0.00
: 15.38

Mar 2026

: 51.87
: 7.92
: 24.48
Government: 0.00
: 15.72

Jun 2026

: 51.87
: 6.90
: 24.24
Government: 0.00
: 16.99

Documents

Announcements

Copy of Newspaper Publication
2026-08-20 - ICRA Limited has informed the Exchange about Copy of Newspaper Publication
Analysts/Institutional Investor Meet/Con. Call Updates
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Annual Reports

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Jul 2026
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Jan 2026
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