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ICRA Limited
(ICRA)
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Rating:72Outperform
Price Target:
₹4,777.00
▼(-0.62% Downside)
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 profitability and revenue growth
Net margins of roughly 27%–34% and generally solid revenue growth, including about 16% in FY2026, show that ICRA converts its rating and analytics offering into substantial earnings. This combination supports reinvestment and resilience while preserving capacity to serve multiple market segments.
Negative Factors
Gross margin volatility
FY2026 shows a notably lower gross margin than FY2025 despite continued bottom-line profitability. A sustained mix, pricing, or cost shift could reduce the benefit of revenue growth and make future earnings less predictable, so margin durability remains an important fundamental watchpoint.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability and revenue growth
Net margins of roughly 27%–34% and generally solid revenue growth, including about 16% in FY2026, show that ICRA converts its rating and analytics offering into substantial earnings. This combination supports reinvestment and resilience while preserving capacity to serve multiple market segments.
Read all positive factors
ICRA Limited (ICRA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹41.54B
Dividend Yield2.41%
Average Volume (3M)1.48K
Price to Earnings (P/E)21.5
Beta (1Y)0.93
Revenue Growth25.74%
EPS Growth10.32%
CountryIN
Employees1,130
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)202.90
Shares Outstanding9,651,231
10 Day Avg. Volume2,605
30 Day Avg. Volume1,475
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 | 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 | 0.00 | 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 | 0.00 | 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
Negative
4806.60
Price Trends
4805.19
Negative
4969.02
Negative
5274.51
Negative
Market Momentum
-157.85
Positive
33.75
Neutral
31.21
Neutral
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 4806.6 is above the 20-day moving average (MA) of 4537.86, above the 50-day MA of 4805.19, and below the 200-day MA of 5274.51, indicating a bearish trend. The MACD of -157.85 indicates Positive momentum. The RSI at 33.75 is Neutral, neither overbought nor oversold. The STOCH value of 31.21 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | ₹48.63B | 26.84 | ― | 1.38% | 17.62% | 24.43% | |
77 Outperform | ₹329.67B | 37.40 | ― | 1.39% | 22.03% | 21.52% | |
72 Outperform | ₹41.54B | 21.47 | ― | 2.41% | 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
4,356.60
-1,802.97
-29.27%
IN:CARERATING
CARE Ratings Ltd
1,587.15
85.03
5.66%
IN:CRISIL
CRISIL Limited
4,519.50
-129.12
-2.78%
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.