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ICRA Limited
(ICRA)
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Rating:72Outperform
Price Target:
₹5,529.00
▲(15.03% Upside)
Action:Reiterated
Date:08/23/26
The score is driven primarily by very strong financial quality (high profitability, conservative balance sheet, and strong free cash flow), partially offset by weaker technical conditions (price below key moving averages and negative MACD). Valuation is reasonable but not cheap, with the dividend yield providing some support.
Positive Factors
High and durable profitability
Sustained high margins indicate a scalable, knowledge-based business with pricing power and limited capital intensity. This profitability provides resilience across credit cycles and supports continued investment in ratings, research, and analytics.
Negative Factors
Gross margin volatility
The gross-margin decline may reflect adverse mix, pricing changes, or higher delivery costs. If persistent, it could constrain operating leverage and reduce the durability of ICRA’s historically strong profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
High and durable profitability
Sustained high margins indicate a scalable, knowledge-based business with pricing power and limited capital intensity. This profitability provides resilience across credit cycles and supports continued investment in ratings, research, and analytics.
Read all positive factors
ICRA Limited (ICRA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹47.17B
Dividend Yield2.13%
Average Volume (3M)1.19K
Price to Earnings (P/E)24.1
Beta (1Y)0.96
Revenue Growth25.74%
EPS Growth10.32%
CountryIN
Employees1,130
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)188.65
Shares Outstanding9,651,231
10 Day Avg. Volume972
30 Day Avg. Volume1,190
Financial Highlights & Ratios
PEG Ratio3.93
Price to Book (P/B)4.08
Price to Sales (P/S)8.03
P/FCF Ratio29.25
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)223.8
Revenue Forecast (FY)₹7.19B
ICRA Limited Business Overview & Revenue Model
Company Description
ICRA Limited functions as an independent and professional firm specializing in investment information and credit ratings, operating both in India and internationally. Its activities are segmented into Rating, Research and Other Services; Consultin...
How the Company Makes Money
ICRA primarily makes money by charging fees for its credit rating services. These fees are typically paid by issuers or arrangers seeking ratings for debt instruments (e.g., bonds, debentures, structured finance transactions) and for issuer-level ...
ICRA Limited Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
93
Very Positive
Cash Flow
82
Very Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 6.00B | 4.97B | 4.46B | 4.03B | 3.40B |
| Gross Profit | 1.87B | 2.44B | 1.83B | 1.96B | 1.75B |
| EBITDA | 2.83B | 2.55B | 2.24B | 1.92B | 1.61B |
| Net Income | 1.82B | 1.70B | 1.51B | 1.35B | 1.12B |
Balance Sheet | |||||
| Total Assets | 14.86B | 12.94B | 11.87B | 11.01B | 9.78B |
| Cash, Cash Equivalents and Short-Term Investments | 7.69B | 10.51B | 5.75B | 5.03B | 3.70B |
| Total Debt | 184.01M | 131.35M | 126.83M | 130.28M | 140.26M |
| Total Liabilities | 3.01B | 2.37B | 2.06B | 1.46B | 1.31B |
| Stockholders Equity | 11.81B | 10.53B | 9.76B | 9.50B | 8.44B |
Cash Flow | |||||
| Free Cash Flow | 1.65B | 1.32B | 1.00B | 901.70M | 921.54M |
| Operating Cash Flow | 1.77B | 1.45B | 1.07B | 992.58M | 973.75M |
| Investing Cash Flow | -1.30B | -168.90M | 274.94M | -768.39M | -718.62M |
| Financing Cash Flow | -667.00M | -1.03B | -1.37B | -321.26M | -320.29M |
ICRA Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | ₹52.34B | 29.25 | ― | 1.27% | 17.62% | 24.43% | |
77 Outperform | ₹351.25B | 39.61 | ― | 1.32% | 22.03% | 21.52% | |
72 Outperform | ₹47.17B | 24.08 | ― | 2.13% | 25.74% | 10.32% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:ICRA
ICRA Limited
4,927.15
-1,244.23
-20.16%
IN:CARERATING
CARE Ratings Ltd
1,733.20
115.75
7.16%
IN:CRISIL
CRISIL Limited
4,784.65
-106.96
-2.19%
ICRA Limited Corporate Events
ICRA Updates Deed Governing Employees Welfare Trust
Jul 1, 2026
ICRA Limited has executed a new deed of modification related to its ICRA Employees Welfare Trust, in line with Securities and Exchange Board of India regulations on share-based employee benefits and sweat equity. The modification records changes i...
ICRA Schedules One-to-One Investor Meeting in Mumbai
Jun 5, 2026
ICRA Limited has informed the stock exchanges that it will hold a one-to-one, in-person meeting with H.J. Securities Pvt Ltd on June 8, 2025, in Mumbai as part of its engagement with analysts and institutional investors. The company noted that the...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.