ICRA Limited
₹4,300.65-₹141.25 (-3.2%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹5,761 Cr
- P/E
- 42.9x
- EV / EBITDA
- 36.1x
- Revenue
- ₹287 Cr
- Net margin
- 49.0%
- ROCE
- 10.2%
Price chart
Technical chartScreen technicals →-33.9% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- +1.4%
- 3M
- -12.7%
- 6M
- -20.7%
- 1Y
- -33.9%
- 5Y
- +22.6%
52-week range
Day change -₹141.25 (-3.2%) from ₹4,442 to ₹4,301 · Last close Oct 30, 2026
Best weekday to invest, historically
The same weekly amount in ICRA, bought on each weekday since 2021.
AI Summary
Indian StockStrengths1
- Healthy return on equity of 18.4%
Concerns1
- Other income is 61.9% of PBT — a large share of earnings is non-operating
Rule-based from financial data. Not advice.
About the company
ICRA Limited operates as an independent and professional investment information, and credit rating agency in India and internationally. The company operates through Ratings and Ancillary Services; and Research and Analytics segments.
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ICRA Limited operates as an independent and professional investment information, and credit rating agency in India and internationally. The company operates through Ratings and Ancillary Services; and Research and Analytics segments. It offers research, and industry and economic research; data management and analytics, cash flow waterfall modelling, model validation and testing, credit risk analysis, and business transformation; market data and risk consulting services; and management consulting, and outsourcing and information services. The company also provides credit rating services for various issuers including manufacturing, service, non-banking finance, and infrastructure companies, as well as bank and financial institutions, municipal and other local bodies, state government, and small and medium sector entities; and financial sector ratings, which includes term loans, debentures, public deposits, working capital demand loans, cash credit from banks, commercial paper, mibor-linked loans, and others. It offers structured finance ratings for assessment of risk associated with individual components of structured instruments, including asset-backed securitization, collateralized debt obligation, mortgage backed securitization, future flow transaction, and partial guarantee structures; and infrastructure sector ratings to debt programs of issuers in power, roads, telecommunication, and other infrastructure related sectors. The company also provides other ratings, which includes mutual funds, public finance, infrastructure expected loss, infrastructure investment trust, independent credit evaluation, and market liked debenture. It offers credit perspectives detailed analysis, including key rating consideration, rating sensitivity factor, rating rationale, company profile, business update and outlook, financial update and outlook, etc.; and software solutions. ICRA Limited was incorporated in 1991 and is headquartered in Gurugram, India.
- Sector
- Financial Services
- Shares outstanding
- 96.0 L shares
- ISIN
- INE725G01011
- BSE code
- 532835
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹5,761 Cr
- P/E
- 42.9x
- P/B
- 7.1x
- EV / EBITDA
- 36.1x
- EV / Sales
- 22.9x
- P/S
- 23.0x
- Earnings yield
- 2.3%
- 52-week high
- ₹6,527.65
- 52-week low
- ₹4,241.80
Profitability
- Operating margin
- 27.1%
- Net margin
- 49.0%
- EBITDA margin
- 63.3%
- ROE
- 18.4%
- ROCE
- 10.2%
- ROA
- 14.2%
- Dividend payout
- 78.0%
- Tax rate
- 16.0%
- Other income, % of PBT
- 61.9%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹287 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 14.3%
- Revenue CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 3.8%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹159 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 26.2%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 20.3%
- Net profit CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 13.6%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹57.0 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 7.5%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹3.00 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 2.1%
Solvency and efficiency
- Current ratio
- 7.16
- Debt / Assets
- 0.01
- Debt / EBITDA
- 0.06
- Financial leverage
- 1.17
- CFO / Net profit
- 0.46
- Cash / Market cap
- 2.8%
- Cash per share
- ₹169.76
- Asset turnover
- 0.29
- Fixed asset turnover
- 10.91
- Capital intensity
- 0.09
- Debtor days
- 34 days
- Cash conversion cycle
- 34 days
Where the revenue went
Of every ₹100 of FY2025 revenue, ₹52 was left as net profit.
| From | To | Amount |
|---|---|---|
| Sales | Expenses | ₹190 Cr |
| Sales | Operating profit | ₹97 Cr |
| Operating profit | Interest | ₹2 Cr |
| Operating profit | Depreciation | ₹8 Cr |
| Operating profit | Profit before tax | ₹87 Cr |
| Other income | Profit before tax | ₹102 Cr |
| Profit before tax | Tax and other | ₹41 Cr |
| Profit before tax | Net profit | ₹148 Cr |
Revenue and net profit
Revenue grew 14.3% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹181 Cr | ₹53 Cr |
| FY2022 | ₹195 Cr | ₹73 Cr |
| FY2023 | ₹223 Cr | ₹96 Cr |
| FY2024 | ₹251 Cr | ₹123 Cr |
| FY2025 | ₹287 Cr | ₹148 Cr |
Cash flows
FY2025: ₹94.0 Cr from operations, ₹104 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | ₹53 Cr | ₹41 Cr |
| FY2022 | ₹39 Cr | ₹25 Cr |
| FY2023 | ₹53 Cr | ₹29 Cr |
| FY2024 | ₹57 Cr | ₹128 Cr |
| FY2025 | ₹94 Cr | ₹104 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹287 Cr+14.3%1Y
- Net profit
- ₹148 Cr+20.3%1Y
- Cash from operations
- ₹94 Cr+64.9%1Y
- Free cash flow
- ₹104 Cr-18.8%1Y
- Revenue CAGR, 5Y
- 3.8%
- EBITDA CAGR, 5Y
- 9.7%
- Net profit CAGR, 5Y
- 13.6%
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹287 Cr | ₹97 Cr | — | ₹148 Cr | ₹94 Cr | ₹104 Cr | 18.4% | +14.3% | +20.3% |
Monthly returns
Month-by-month returns of ICRA across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹953 Cr |
| Equity capital | ₹10 Cr |
| Reserves | ₹795 Cr |
| Borrowings | ₹11 Cr |
| Other liabilities | ₹137 Cr |
| Assets | ₹953 Cr |
| Fixed assets | ₹26 Cr |
| Capital work in progress | ₹1 Cr |
| Investments | ₹656 Cr |
| Other assets | ₹269 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
ICRA trades at 42.9x earnings against a peer median of 26.9x (a 59% premium).
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| ICRA LimitedICRAthis companyP/E ↑ premium | ₹5,761 Cr | 42.9x | 7.1x | 18.4% | 36.1x |
| Karnataka Bank Ltd.KTKBANK | ₹7,044 Cr | 6.1x | 0.6x | 10.5% | — |
| Fedbank Financial Services LimitedFEDFINA | ₹6,065 Cr | 24.7x | 2.2x | 8.8% | — |
| DCB Bank LimitedDCBBANK | ₹5,931 Cr | 8.9x | 1.0x | 10.8% | — |
| MAS Financial Services LimitedMASFIN | ₹5,668 Cr | 17.0x | 2.0x | 11.8% | — |
| Canara Robeco Asset Management Company LimitedCRAMC | ₹5,595 Cr | 29.6x | — | 31.8% | 27.7x |
| Pilani Investment And Industries Corporation LimitedPILANIINVS | ₹5,445 Cr | 51.4x | 0.3x | 1.1% | 20.2x |
| INFIBEAM AVENUES LIMITEDCCAVENUE | ₹5,344 Cr | 41.1x | 1.1x | 4.8% | 19.1x |
| CARE Ratings LimitedCARERATING | ₹4,862 Cr | 30.5x | 5.3x | 17.2% | 27.8x |
| Peer median | — | 26.9x | 2.8x | 12.3% | 33.9x |
Year-to-date ROI
ICRA since 1 January, against earlier years.
Historical volatility
ICRA's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | 23.0% |
| FY2022 | 28.0% |
| FY2023 | 27.0% |
| FY2024 | 27.0% |
| FY2025 | 34.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹287 Cr |
| Costs | |
| Interest | ₹2 Cr |
| Expenses | ₹190 Cr |
| Operating profitOperating Profit | ₹97 Cr |
| Other income and charges | |
| Profit before tax | ₹189 Cr |
| Tax | |
| Net profitNet Profit | ₹148 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹953 Cr |
| Equity capitalEquity Capital | ₹10 Cr |
| Reserves | ₹795 Cr |
| Borrowings | ₹11 Cr |
| Other liabilitiesOther Liabilities | ₹137 Cr |
| AssetsTotal Assets | ₹953 Cr |
| Fixed assetsFixed Assets | ₹26 Cr |
| Capital work in progressCWIP | ₹1 Cr |
| Investments | ₹656 Cr |
| Other assetsOther Assets | ₹269 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | ₹94 Cr |
| Investing cash flowCash from Investing Activity | ₹10 Cr |
| Financing cash flowCash from Financing Activity | -₹101 Cr |
| Change in cashNet Cash Flow | ₹3 Cr |
Learn while you research
Academy chapters picked for ICRA Limited and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Valuation Multiples ExplainedThis stock trades at a P/E of 42.9, learn when high multiples are justified.6 min read
- 04 Stock Market RisksSmall caps carry concentrated, idiosyncratic risk, learn to manage it.6 min read
- 05 Sector AnalysisBanks & financials are uniquely sensitive to rates and credit cycles.6 min read
- 06 Essential Stock RatiosP/E, P/B, EV/EBITDA, what they mean and when to use each.7 min read