ICRA Ltd.

•

₹ 4,964.82.01%

2026-08-21

icra.inBSE: 532835NSE: ICRA

Market Cap₹ 4,704 Cr.

Current Price₹ 4,965

High / Low₹ 6,982 / 4,692

Stock P/E0.0

Book Value₹ 947

Price to Book5.50

Dividend Yield2.15 %

ROCE20.4 %

ROE15.1 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2014 • Rating Services: 100.0%

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 3.9
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

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	4478.70	37.04	32752.74	1.36	216.46	26.16	1075.39	27.56	37.98	28.63
2.	CARERATING	1698.75	28.78	5112.20	1.30	32.99	24.52	111.68	18.92	27.36	31.01
3.	ICRA	4874.30	24.10	4704.30	2.15	56.46	32.04	163.37	31.23	22.80	33.72

Detailed Comparison with:

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	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	16	41	16	18	17	46	20	20	22	16	14	12	18
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
	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	45	21	35	26	52	32	44	31	32	30	38	4
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

: 58
: 42
Operating Profit: —
OPM %: —
Other Income: 16
Interest: 0
Depreciation: 2
: 30
Tax %: 12.97%
Net Profit: 26
: 27
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 58
: 44
Operating Profit: —
OPM %: —
Other Income: 41
Interest: 0
Depreciation: 2
: 53
Tax %: 17.63%
Net Profit: 43
: 45
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 64
: 52
Operating Profit: —
OPM %: —
Other Income: 16
Interest: 3
Depreciation: 2
: 23
Tax %: 12.93%
Net Profit: 20
: 21
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 70
: 44
Operating Profit: —
OPM %: —
Other Income: 18
Interest: 0
Depreciation: 2
: 41
Tax %: 18.30%
Net Profit: 34
: 35
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 63
: 46
Operating Profit: —
OPM %: —
Other Income: 17
Interest: 0
Depreciation: 2
: 31
Tax %: 21.08%
Net Profit: 25
: 26
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 72
: 51
Operating Profit: —
OPM %: —
Other Income: 46
Interest: 0
Depreciation: 2
: 65
Tax %: 22.52%
Net Profit: 50
: 52
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 71
: 48
Operating Profit: —
OPM %: —
Other Income: 20
Interest: 0
Depreciation: 2
: 40
Tax %: 21.37%
Net Profit: 31
: 32
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 81
: 44
Operating Profit: —
OPM %: —
Other Income: 20
Interest: 0
Depreciation: 2
: 53
Tax %: 20.87%
Net Profit: 42
: 44
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 72
: 52
Operating Profit: —
OPM %: —
Other Income: 22
Interest: 0
Depreciation: 2
: 40
Tax %: 23.98%
Net Profit: 30
: 31
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 82
: 54
Operating Profit: —
OPM %: —
Other Income: 16
Interest: 0
Depreciation: 2
: 42
Tax %: 26.05%
Net Profit: 31
: 32
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 85
: 53
Operating Profit: —
OPM %: —
Other Income: 14
Interest: 0
Depreciation: 2
: 41
Tax %: 28.27%
Net Profit: 29
: 30
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 89
: 50
Operating Profit: —
OPM %: —
Other Income: 12
Interest: 0
Depreciation: 2
: 49
Tax %: 25.74%
Net Profit: 36
: 38
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 82
: 57
Operating Profit: —
OPM %: —
Other Income: 18
Interest: 0
Depreciation: 2
: 48
Tax %: 26.46%
Net Profit: 35
: 4
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 10
Reserves: 0
Promoter Pledge %: 0.00%

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	130	149	134	99	79	100	126	159	199	183	—
OPM %	62	67	58	48	43	51	56	63	69	56	—
Other Income	49	51	45	41	36	45	66	91	102	64	61
Interest	0	0	0	2	2	2	1	4	2	1	1
Depreciation	3	3	2	5	5	5	7	8	8	9	9
	134	146	131	92	72	93	117	147	189	171	179
Tax %	27	31	27	29	26	21	18	16	22	26	27
Net Profit	98	100	96	65	53	73	96	123	148	127	132
EPS	99	102	98	68	55	76	100	128	154	131	—
Dividend Payout %	27	30	30	40	49	37	131	78	39	80	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	99	101	99	67	55	76	99	128	154	131	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	99	101	99	67	55	76	99	128	154	131	—

Mar 2017

: 211
: 129
Operating Profit: 130
OPM %: 62
Other Income: 49
Interest: 0
Depreciation: 3
: 134
Tax %: 27
Net Profit: 98
EPS: 99
Dividend Payout %: 27
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 99
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 99

Mar 2018

: 222
: 124
Operating Profit: 149
OPM %: 67
Other Income: 51
Interest: 0
Depreciation: 3
: 146
Tax %: 31
Net Profit: 100
EPS: 102
Dividend Payout %: 30
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 101
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 101

Mar 2019

: 230
: 141
Operating Profit: 134
OPM %: 58
Other Income: 45
Interest: 0
Depreciation: 2
: 131
Tax %: 27
Net Profit: 96
EPS: 98
Dividend Payout %: 30
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 99
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 99

Mar 2020

: 208
: 149
Operating Profit: 99
OPM %: 48
Other Income: 41
Interest: 2
Depreciation: 5
: 92
Tax %: 29
Net Profit: 65
EPS: 68
Dividend Payout %: 40
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 67
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 67

Mar 2021

: 181
: 139
Operating Profit: 79
OPM %: 43
Other Income: 36
Interest: 2
Depreciation: 5
: 72
Tax %: 26
Net Profit: 53
EPS: 55
Dividend Payout %: 49
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 55
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 55

Mar 2022

: 195
: 140
Operating Profit: 100
OPM %: 51
Other Income: 45
Interest: 2
Depreciation: 5
: 93
Tax %: 21
Net Profit: 73
EPS: 76
Dividend Payout %: 37
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 76
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 76

Mar 2023

: 223
: 163
Operating Profit: 126
OPM %: 56
Other Income: 66
Interest: 1
Depreciation: 7
: 117
Tax %: 18
Net Profit: 96
EPS: 100
Dividend Payout %: 131
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 99
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 99

Mar 2024

: 251
: 184
Operating Profit: 159
OPM %: 63
Other Income: 91
Interest: 4
Depreciation: 8
: 147
Tax %: 16
Net Profit: 123
EPS: 128
Dividend Payout %: 78
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 128
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 128

Mar 2025

: 287
: 190
Operating Profit: 199
OPM %: 69
Other Income: 102
Interest: 2
Depreciation: 8
: 189
Tax %: 22
Net Profit: 148
EPS: 154
Dividend Payout %: 39
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 154
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 154

Mar 2026

: 328
: 209
Operating Profit: 183
OPM %: 56
Other Income: 64
Interest: 1
Depreciation: 9
: 171
Tax %: 26
Net Profit: 127
EPS: 131
Dividend Payout %: 80
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 131
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 131

TTM

: 338
: 214
Operating Profit: —
OPM %: —
Other Income: 61
Interest: 1
Depreciation: 9
: 179
Tax %: 27
Net Profit: 132
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:: 5%
5 Years:: 13%
3 Years:: 14%

COMPOUNDED PROFIT GROWTH

10 Years:: 8%
5 Years:: 19%
3 Years:: 10%

STOCK PRICE CAGR

10 Years:: 3%
5 Years:: 7%
3 Years:: -7%
1 Year:: -22%

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
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	10	10	10	10	10	10	10	10	10	10
	490	560	539	573	605	655	727	730	790	869
Trade Payables	5	3	5	9	3	6	6	5	5	7
	344	391	391	417	442	441	446	485	551	596
Total Liabilities	849	964	944	1,009	1,060	1,112	1,188	1,230	1,356	1,482
ASSETS	-	-	-	-	-	-	-	-	-	-
	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
Total Debt	0	0	0	0	0	0	0	0	0	0
Net Working Capital	303	244	365	495	286	212	252	267	698	403
Contingent Liabilities	13	10	11	10	10	13	3	3	1	0
Book Value per Share	504.61	575.44	568.06	603.58	636.79	688.81	763.21	766.67	828.72	910.20
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	0	0	0
Net Working Capital	303	244	365	495	286	212	252	267	698	403
Contingent Liabilities	13	10	11	10	10	13	3	3	1	0
Book Value per Share	504.61	575.44	568.06	603.58	636.79	688.81	763.21	766.67	828.72	910.20
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
: 490
Trade Payables: 5
: 344
Total Liabilities: 849
: 13
: 337
: 0
Cash & Bank: 183
: 316
Total Assets: 849
Total Debt: 0
Net Working Capital: 303
Contingent Liabilities: 13
Book Value per Share: 504.61
Face Value: 10.00
Total Debt: 0
Net Working Capital: 303
Contingent Liabilities: 13
Book Value per Share: 504.61
Face Value: 10.00

Mar 2018

Equity Capital: 10
: 560
Trade Payables: 3
: 391
Total Liabilities: 964
: 12
: 365
: 0
Cash & Bank: 195
: 392
Total Assets: 964
Total Debt: 0
Net Working Capital: 244
Contingent Liabilities: 10
Book Value per Share: 575.44
Face Value: 10.00
Total Debt: 0
Net Working Capital: 244
Contingent Liabilities: 10
Book Value per Share: 575.44
Face Value: 10.00

Mar 2019

Equity Capital: 10
: 539
Trade Payables: 5
: 391
Total Liabilities: 944
: 11
: 208
: 0
Cash & Bank: 339
: 386
Total Assets: 944
Total Debt: 0
Net Working Capital: 365
Contingent Liabilities: 11
Book Value per Share: 568.06
Face Value: 10.00
Total Debt: 0
Net Working Capital: 365
Contingent Liabilities: 11
Book Value per Share: 568.06
Face Value: 10.00

Mar 2020

Equity Capital: 10
: 573
Trade Payables: 9
: 417
Total Liabilities: 1,009
: 29
: 131
: 0
Cash & Bank: 435
: 414
Total Assets: 1,009
Total Debt: 0
Net Working Capital: 495
Contingent Liabilities: 10
Book Value per Share: 603.58
Face Value: 10.00
Total Debt: 0
Net Working Capital: 495
Contingent Liabilities: 10
Book Value per Share: 603.58
Face Value: 10.00

Mar 2021

Equity Capital: 10
: 605
Trade Payables: 3
: 442
Total Liabilities: 1,060
: 25
: 204
: 0
Cash & Bank: 323
: 508
Total Assets: 1,060
Total Debt: 0
Net Working Capital: 286
Contingent Liabilities: 10
Book Value per Share: 636.79
Face Value: 10.00
Total Debt: 0
Net Working Capital: 286
Contingent Liabilities: 10
Book Value per Share: 636.79
Face Value: 10.00

Mar 2022

Equity Capital: 10
: 655
Trade Payables: 6
: 441
Total Liabilities: 1,112
: 26
: 481
: 0
Cash & Bank: 207
: 399
Total Assets: 1,112
Total Debt: 0
Net Working Capital: 212
Contingent Liabilities: 13
Book Value per Share: 688.81
Face Value: 10.00
Total Debt: 0
Net Working Capital: 212
Contingent Liabilities: 13
Book Value per Share: 688.81
Face Value: 10.00

Mar 2023

Equity Capital: 10
: 727
Trade Payables: 6
: 446
Total Liabilities: 1,188
: 27
: 658
: 0
Cash & Bank: 119
: 385
Total Assets: 1,188
Total Debt: 0
Net Working Capital: 252
Contingent Liabilities: 3
Book Value per Share: 763.21
Face Value: 10.00
Total Debt: 0
Net Working Capital: 252
Contingent Liabilities: 3
Book Value per Share: 763.21
Face Value: 10.00

Mar 2024

Equity Capital: 10
: 730
Trade Payables: 5
: 485
Total Liabilities: 1,230
: 23
: 682
: 23
Cash & Bank: 95
: 406
Total Assets: 1,230
Total Debt: 0
Net Working Capital: 267
Contingent Liabilities: 3
Book Value per Share: 766.67
Face Value: 10.00
Total Debt: 0
Net Working Capital: 267
Contingent Liabilities: 3
Book Value per Share: 766.67
Face Value: 10.00

Mar 2025

Equity Capital: 10
: 790
Trade Payables: 5
: 551
Total Liabilities: 1,356
: 26
: 656
: 26
Cash & Bank: 174
: 474
Total Assets: 1,356
Total Debt: 0
Net Working Capital: 698
Contingent Liabilities: 1
Book Value per Share: 828.72
Face Value: 10.00
Total Debt: 0
Net Working Capital: 698
Contingent Liabilities: 1
Book Value per Share: 828.72
Face Value: 10.00

Mar 2026

Equity Capital: 10
: 869
Trade Payables: 7
: 596
Total Liabilities: 1,482
: 25
: 739
: 28
Cash & Bank: 12
: 677
Total Assets: 1,482
Total Debt: 0
Net Working Capital: 403
Contingent Liabilities: 0
Book Value per Share: 910.20
Face Value: 10.00
Total Debt: 0
Net Working Capital: 403
Contingent Liabilities: 0
Book Value per Share: 910.20
Face Value: 10.00

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
	45	52	60	3	53	39	53	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
Free Cash Flow	45	51	60	-20	52	33	48	55	84	102
OCF / Net Profit	0.46	0.52	0.63	0.05	1.00	0.53	0.55	0.46	0.63	0.81
Cumulative 5-Year FCF	0	0	0	0	188	176	173	168	272	322
OCF / Net Profit	0.46	0.52	0.63	0.05	1.00	0.53	0.55	0.46	0.63	0.81
Cumulative 5-Year FCF	0	0	0	0	188	176	173	168	272	322

Mar 2017

: 45
Cash from Investing: 24
Cash from Financing: -68
: 1
Free Cash Flow: 45
OCF / Net Profit: 0.46
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.46
Cumulative 5-Year FCF: 0

Mar 2018

: 52
Cash from Investing: -7
Cash from Financing: -31
: 14
Free Cash Flow: 51
OCF / Net Profit: 0.52
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.52
Cumulative 5-Year FCF: 0

Mar 2019

: 60
Cash from Investing: 56
Cash from Financing: -120
: -4
Free Cash Flow: 60
OCF / Net Profit: 0.63
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.63
Cumulative 5-Year FCF: 0

Mar 2020

: 3
Cash from Investing: 24
Cash from Financing: -38
: -11
Free Cash Flow: -20
OCF / Net Profit: 0.05
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.05
Cumulative 5-Year FCF: 0

Mar 2021

: 53
Cash from Investing: -12
Cash from Financing: -30
: 11
Free Cash Flow: 52
OCF / Net Profit: 1.00
Cumulative 5-Year FCF: 188
OCF / Net Profit: 1.00
Cumulative 5-Year FCF: 188

Mar 2022

: 39
Cash from Investing: -14
Cash from Financing: -30
: -6
Free Cash Flow: 33
OCF / Net Profit: 0.53
Cumulative 5-Year FCF: 176
OCF / Net Profit: 0.53
Cumulative 5-Year FCF: 176

Mar 2023

: 53
Cash from Investing: -24
Cash from Financing: -31
: -2
Free Cash Flow: 48
OCF / Net Profit: 0.55
Cumulative 5-Year FCF: 173
OCF / Net Profit: 0.55
Cumulative 5-Year FCF: 173

Mar 2024

: 57
Cash from Investing: 71
Cash from Financing: -130
: -3
Free Cash Flow: 55
OCF / Net Profit: 0.46
Cumulative 5-Year FCF: 168
OCF / Net Profit: 0.46
Cumulative 5-Year FCF: 168

Mar 2025

: 94
Cash from Investing: 10
Cash from Financing: -101
: 3
Free Cash Flow: 84
OCF / Net Profit: 0.63
Cumulative 5-Year FCF: 272
OCF / Net Profit: 0.63
Cumulative 5-Year FCF: 272

Mar 2026

: 102
Cash from Investing: -33
Cash from Financing: -63
: 7
Free Cash Flow: 102
OCF / Net Profit: 0.81
Cumulative 5-Year FCF: 322
OCF / Net Profit: 0.81
Cumulative 5-Year FCF: 322

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
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	98.93	101.30	99.44	67.33	54.86	75.96	99.40	127.61	153.55	131.29
Book Value (₹)	504.61	575.44	568.06	603.58	636.79	688.81	763.21	766.67	828.72	910.20
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 (₹)	102.16	103.99	101.96	72.90	60.29	81.50	106.68	135.89	161.75	140.60
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	61.87%	66.87%	58.02%	47.69%	43.38%	51.46%	56.40%	26.92%	33.67%	36.24%
Net Margin %	46.45%	45.16%	41.70%	31.27%	29.21%	37.65%	43.11%	49.02%	51.68%	38.60%
ROE %	21.69%	18.76%	17.17%	11.49%	8.85%	11.46%	13.69%	16.68%	19.25%	15.10%
ROCE %	29.47%	27.20%	23.43%	16.58%	12.26%	14.83%	16.91%	20.38%	24.67%	20.39%
	12.24%	11.06%	10.06%	6.66%	5.12%	6.75%	8.34%	10.18%	11.46%	8.93%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	30	33	33	46	50	25	19	26	32	30
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	30	33	33	46	50	25	19	26	32	30
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)	3447.41x	4216.07x	3948.79x	56.38x	42.41x	62.92x	88.27x	39.98x	110.86x	177.78x
	3.43x	2.80x	3.83x	5.52x	3.73x	2.38x	3.07x	2.93x	4.86x	2.77x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	7.95%	5.32%	3.61%	-9.71%	-12.76%	7.43%	14.28%	12.90%	14.12%	14.48%
Operating Profit Growth %	29.08%	13.82%	-10.10%	-25.79%	-20.64%	27.42%	25.26%	26.37%	25.22%	-7.65%
Net Profit Growth %	59.40%	2.40%	-4.33%	-32.29%	-18.52%	38.46%	30.86%	28.38%	20.33%	-14.49%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	28.38%	20.33%	-14.49%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	42.67x	35.97x	38.11x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	7.10x	6.66x	5.50x
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	32.53x	25.97x	26.26x

Mar 2017

EPS (₹): 98.93
Book Value (₹): 504.61
Dividend per Share (₹): 27.00
Cash EPS (₹): 102.16
Operating Margin %: 61.87%
Net Margin %: 46.45%
ROE %: 21.69%
ROCE %: 29.47%
: 12.24%
Debtor Days: 30
Inventory Days: 0
Payable Days: 0
: 30
Debt to Equity (x): 0.00x
Interest Coverage (x): 3447.41x
: 3.43x
Revenue Growth %: 7.95%
Operating Profit Growth %: 29.08%
Net Profit Growth %: 59.40%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 101.30
Book Value (₹): 575.44
Dividend per Share (₹): 30.00
Cash EPS (₹): 103.99
Operating Margin %: 66.87%
Net Margin %: 45.16%
ROE %: 18.76%
ROCE %: 27.20%
: 11.06%
Debtor Days: 33
Inventory Days: 0
Payable Days: 0
: 33
Debt to Equity (x): 0.00x
Interest Coverage (x): 4216.07x
: 2.80x
Revenue Growth %: 5.32%
Operating Profit Growth %: 13.82%
Net Profit Growth %: 2.40%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 99.44
Book Value (₹): 568.06
Dividend per Share (₹): 30.00
Cash EPS (₹): 101.96
Operating Margin %: 58.02%
Net Margin %: 41.70%
ROE %: 17.17%
ROCE %: 23.43%
: 10.06%
Debtor Days: 33
Inventory Days: 0
Payable Days: 0
: 33
Debt to Equity (x): 0.00x
Interest Coverage (x): 3948.79x
: 3.83x
Revenue Growth %: 3.61%
Operating Profit Growth %: -10.10%
Net Profit Growth %: -4.33%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 67.33
Book Value (₹): 603.58
Dividend per Share (₹): 27.00
Cash EPS (₹): 72.90
Operating Margin %: 47.69%
Net Margin %: 31.27%
ROE %: 11.49%
ROCE %: 16.58%
: 6.66%
Debtor Days: 46
Inventory Days: 0
Payable Days: 0
: 46
Debt to Equity (x): 0.00x
Interest Coverage (x): 56.38x
: 5.52x
Revenue Growth %: -9.71%
Operating Profit Growth %: -25.79%
Net Profit Growth %: -32.29%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 54.86
Book Value (₹): 636.79
Dividend per Share (₹): 27.00
Cash EPS (₹): 60.29
Operating Margin %: 43.38%
Net Margin %: 29.21%
ROE %: 8.85%
ROCE %: 12.26%
: 5.12%
Debtor Days: 50
Inventory Days: 0
Payable Days: 0
: 50
Debt to Equity (x): 0.00x
Interest Coverage (x): 42.41x
: 3.73x
Revenue Growth %: -12.76%
Operating Profit Growth %: -20.64%
Net Profit Growth %: -18.52%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 75.96
Book Value (₹): 688.81
Dividend per Share (₹): 28.00
Cash EPS (₹): 81.50
Operating Margin %: 51.46%
Net Margin %: 37.65%
ROE %: 11.46%
ROCE %: 14.83%
: 6.75%
Debtor Days: 25
Inventory Days: 0
Payable Days: 0
: 25
Debt to Equity (x): 0.00x
Interest Coverage (x): 62.92x
: 2.38x
Revenue Growth %: 7.43%
Operating Profit Growth %: 27.42%
Net Profit Growth %: 38.46%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 99.40
Book Value (₹): 763.21
Dividend per Share (₹): 130.00
Cash EPS (₹): 106.68
Operating Margin %: 56.40%
Net Margin %: 43.11%
ROE %: 13.69%
ROCE %: 16.91%
: 8.34%
Debtor Days: 19
Inventory Days: 0
Payable Days: 0
: 19
Debt to Equity (x): 0.00x
Interest Coverage (x): 88.27x
: 3.07x
Revenue Growth %: 14.28%
Operating Profit Growth %: 25.26%
Net Profit Growth %: 30.86%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 127.61
Book Value (₹): 766.67
Dividend per Share (₹): 100.00
Cash EPS (₹): 135.89
Operating Margin %: 26.92%
Net Margin %: 49.02%
ROE %: 16.68%
ROCE %: 20.38%
: 10.18%
Debtor Days: 26
Inventory Days: 0
Payable Days: 0
: 26
Debt to Equity (x): 0.00x
Interest Coverage (x): 39.98x
: 2.93x
Revenue Growth %: 12.90%
Operating Profit Growth %: 26.37%
Net Profit Growth %: 28.38%
: 28.38%
P/E (x): 42.67x
P/B (x): 7.10x
Dividend Yield %: 1.84%
: 32.53x

Mar 2025

EPS (₹): 153.55
Book Value (₹): 828.72
Dividend per Share (₹): 60.00
Cash EPS (₹): 161.75
Operating Margin %: 33.67%
Net Margin %: 51.68%
ROE %: 19.25%
ROCE %: 24.67%
: 11.46%
Debtor Days: 32
Inventory Days: 0
Payable Days: 0
: 32
Debt to Equity (x): 0.00x
Interest Coverage (x): 110.86x
: 4.86x
Revenue Growth %: 14.12%
Operating Profit Growth %: 25.22%
Net Profit Growth %: 20.33%
: 20.33%
P/E (x): 35.97x
P/B (x): 6.66x
Dividend Yield %: 1.09%
: 25.97x

Mar 2026

EPS (₹): 131.29
Book Value (₹): 910.20
Dividend per Share (₹): 105.00
Cash EPS (₹): 140.60
Operating Margin %: 36.24%
Net Margin %: 38.60%
ROE %: 15.10%
ROCE %: 20.39%
: 8.93%
Debtor Days: 30
Inventory Days: 0
Payable Days: 0
: 30
Debt to Equity (x): 0.00x
Interest Coverage (x): 177.78x
: 2.77x
Revenue Growth %: 14.48%
Operating Profit Growth %: -7.65%
Net Profit Growth %: -14.49%
: -14.49%
P/E (x): 38.11x
P/B (x): 5.50x
Dividend Yield %: 2.10%
: 26.26x

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

Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-21 - ICRA Limited has informed the Exchange about Schedule of meet
Copy of Newspaper Publication
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Annual Reports

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Concalls

Jul 2026
TranscriptPPTREC
May 2026
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Jan 2026
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