ICRA Limited (ICRA) AI Stock Analysis

ICRA Limited

(NSE:ICRA)

Select Model

Rating:80.15Outperform

Price Target:INR 4,949.00▲(15.08% Upside)

Action:reiterated

Date:08/19/26

The overall score is driven primarily by ICRA’s excellent financial profile, combining strong profitability, low leverage, and consistently positive cash generation. Technical indicators show a soft price trend without severe downside momentum, tempering the otherwise robust fundamentals. Valuation appears reasonable for the quality of the business, supporting the score but not pushing it to the highest tier.

Positive Factors

High and durable profitabilityConsistently high net margins and strong operating profitability indicate that ICRA’s rating, research, and advisory activities generate substantial earnings from its operations. This profitability provides resilience, supports reinvestment, and gives the company capacity to absorb moderate changes in business mix or costs.

Negative Factors

Gross margin volatilityThe sharp gross-margin step-down introduces uncertainty about the sustainability of ICRA’s operating economics. If mix, pricing, or cost pressure persists, it could limit incremental profit growth and reduce the operating leverage that would otherwise enhance earnings as revenue expands.

ICRA Limited (ICRA) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 41.41B
Dividend Yield: 2.44%
Average Volume (3M): 1,401
Price to Earnings (P/E): 21.2
Beta (1Y): 0.95
Revenue Growth: 25.74%
EPS Growth: 10.32%
Country: India
Employees: 1,111
Sector: General
Sector Strength: 55
Industry: Financial - Data & Stock Exchanges

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; Consulting S...

ICRA Limited Financial Statement Overview

Summary

Financial performance is very strong, with revenue roughly doubling over six years, consistently high margins, low leverage, and steadily rising cash flows, despite some recent margin compression and cash flow volatility.

Income Statement

86Very Positive

Balance Sheet

93Very Positive

Cash Flow

88Very Positive

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	6.38B	6.00B	4.97B	4.46B	4.03B	3.40B
Gross Profit	1.96B	1.87B	2.44B	1.83B	1.96B	1.75B
EBITDA	2.74B	2.83B	2.55B	2.24B	1.92B	1.61B
Net Income	1.95B	1.82B	1.70B	1.51B	1.35B	1.12B
Balance Sheet
Total Assets	0	14.86B	12.94B	11.87B	11.01B	9.78B
Cash, Cash Equivalents and Short-Term Investments	8.07B	7.69B	10.51B	5.75B	5.03B	3.70B
Total Debt	0	184.01M	131.35M	126.83M	130.28M	140.26M
Total Liabilities	-11.85B	3.01B	2.37B	2.06B	1.46B	1.31B
Stockholders Equity	11.85B	11.81B	10.53B	9.76B	9.50B	8.44B
Cash Flow
Free Cash Flow	730.71M	1.65B	1.32B	1.00B	901.70M	921.54M
Operating Cash Flow	779.99M	1.77B	1.45B	1.07B	992.58M	973.75M
Investing Cash Flow	-436.88M	-1.30B	-168.90M	274.94M	-768.39M	-718.62M
Financing Cash Flow	-607.27M	-667.00M	-1.03B	-1.37B	-321.26M	-320.29M

ICRA Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price4300.65

Price Trends

50DMA4612.52Negative

100DMA4843.81Negative

200DMA5142.26Negative

Market Momentum

MACD-42.30Negative

RSI32.66Neutral

STOCH32.70Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ICRA, the sentiment is Negative. The current price of 4300.65 is below the 20-day moving average (MA) of 4438.76, below the 50-day MA of 4612.52, and below the 200-day MA of 5142.26, indicating a bearish trend. The MACD of -42.30 indicates Negative momentum. The RSI at 32.66 is Neutral, neither overbought nor oversold. The STOCH value of 32.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ICRA.

ICRA Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:ICRA against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:CARERATING	82Outperform	INR 49.98B	25.84	―	1.33%	18.86%	25.69%
IN:ICRA	80Outperform	INR 41.51B	21.20	―	2.44%	25.74%	10.32%
IN:CRISIL	77Outperform	INR 330.30B	37.01	―	1.42%	23.83%	19.56%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

IN:ICRA and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:ICRA	ICRA Limited	4300.65	-2091.66	-32.72%
IN:CARERATING	CARE Ratings Ltd	1658.55	76.47	4.83%
IN:CRISIL	CRISIL Limited	4516.65	-272.07	-5.68%

ICRA Limited Corporate Events

ICRA Releases Q2 and H1 FY2027 Investor Presentation

Oct 29, 2026

ICRA Limited, a prominent Indian credit rating and research firm, operates within the financial services sector, offering ratings and analytical insights to support investors, lenders and corporates in the capital markets. Its services underpin risk...

ICRA Schedules Q2 and H1 FY27 Earnings Call for November 4

Oct 28, 2026

ICRA Limited has scheduled an earnings conference call on November 4, 2026, to discuss its financial performance for the second quarter and first half of FY27 with investors and analysts. The call, accessible via domestic and international dial-in nu...

ICRA Files SEBI Dematerialisation Compliance Certificate for Q2 FY2026

Oct 7, 2026

ICRA Limited has submitted a certificate of compliance under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026, to BSE and NSE. The filing, supported by MUFG Intime India Private L...

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.

Date of analysis: Aug 23, 2026

ICRA Limited AI Stock Analysis