Icra Limited
NSE: ICRA · Capital Markets · sector
₹4,492.90NSE close 2026-10-26
Key numbers
Market cap₹4,336 cr
Price₹4,492.90
52w high / low₹6,620 / ₹4,198
P/E22.1xSector median 36.0x
P/B3.7xSector median 6.8x
Book value₹1,223.4
Dividend yield1.36%Sector median 0.90%
ROE17.5%Sector median 23.6%
ROCE23.0%Sector median 23.0%
OPM35.7%Sector median 39.8%
Debt / equity0.00xSector median 0.00x
EV/EBITDA15.7xSector median 22.5x
Interest cover84.2x
Current ratio3.80x
Sales growth 3y+14.1%Sector median +21.8%
Profit growth 3y+9.9%Sector median +20.6%
PEG2.16x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 11 companies in Capital Markets (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹769 cr vs borrowings ₹1 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 84.2x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 4 of the last 4 years (FY26, FY25, FY24, FY23).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 40% of net profit in the last 12 months.
- Dividend paid in 5 of the last 5 financial years.
- Price ₹4,492.90 on 2026-10-26: -32.1% from the 52-week high, +7.0% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹7,237.70 · low ₹4,318.30
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 126 | 121 | 136 | 124 | 137 | 164 | 175 | 163 |
| EBITDA | 41 | 42 | 59 | 40 | 49 | 50 | 70 | 59 |
| OPM % | 32.7% | 34.9% | 43.4% | 31.9% | 35.5% | 30.7% | 39.8% | 36.4% |
| Other income | 20 | 19 | 21 | 24 | 21 | 16 | 14 | 28 |
| Net profit | 37 | 42 | 56 | 42 | 48 | 39 | 52 | 56 |
| EPS (₹) | 38.18 | 43.69 | 57.94 | 44.11 | 49.68 | 40.34 | 54.50 | 58.36 |
| Revenue YoY | +8.3% | +35.3% | +28.4% | +31.2% | ||||
| Profit YoY | +30.2% | -7.6% | -5.9% | +32.3% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY21 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 301 | 403 | 446 | 498 | 600 | 638 |
| EBITDA | 81 | 143 | 149 | 178 | 208 | 228 |
| Net profit | 82 | 137 | 152 | 170 | 182 | 195 |
| EPS (₹) | 84.89 | 140.59 | 157.07 | 176.73 | 188.63 | 202.88 |
| Revenue growth | +33.9% | +10.6% | +11.6% | +20.4% | +25.7% | |
| Profit growth | +67.4% | +11.3% | +11.7% | +6.8% | +10.3% | |
| Dividend / share (₹) | 27.00 | 28.00 | 40.00 | 100.00 | 60.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +14.1% | – | +25.7% |
| Net profit | +9.9% | – | +10.3% |
| EPS | +10.3% | – | – |
| Share price | – | -20.4% (2y) | -29.4% |
Balance sheet
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Shareholders' equity | 950 | 976 | 1,053 | 1,181 |
| Borrowings | 0 | 2 | 1 | 1 |
| Cash & equivalents | 505 | 579 | 1,053 | 769 |
| Total assets | 1,101 | 1,188 | 1,294 | 1,486 |
| Fixed assets | 28 | 40 | 40 | 46 |
| Capital work in progress | 0 | 0 | 0 | 0 |
| Investments | 425 | 390 | 1 | 3 |
| Receivables | 38 | 53 | 48 | 78 |
| Inventory | 0 | 0 | 0 | 0 |
| Payables | 8 | 7 | 9 | 14 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Cash from operations | 99 | 107 | 145 | 157 |
| Cash from investing | -77 | 27 | -17 | -95 |
| Cash from financing | -32 | -137 | -103 | -67 |
| Capex | 9 | 7 | 12 | 12 |
| Free cash flow | 90 | 100 | 132 | 145 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| ROE % | 14.4% | 15.6% | 16.1% | 15.4% |
| ROCE % | 19.2% | 21.5% | 22.6% | 21.6% |
| Debtor days | 34 | 43 | 35 | 48 |
| Inventory days | 0 | 0 | 0 | 0 |
| Payable days | 8 | 6 | 7 | 8 |
| Cash conversion cycle (days) | 26 | 37 | 28 | 40 |
| Working capital days | 411 | 436 | 697 | 417 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 51.87% |
| FIIs | 8.00% |
| DIIs | 20.12% |
| of which Mutual funds | 16.62% |
| of which Insurance | 1.51% |
| Public (non-institutions) | 19.78% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 51.87% | 51.87% | 51.87% | 51.87% | 51.87% | 51.87% | 51.87% | 51.87% |
| Promoter group | % |
|---|---|
| Moody's Investment Company India Private Limited | 31.66% |
| Moody's Singapore PTE Ltd | 20.20% |
| Public holders above 1% | % |
|---|---|
| Nippon Life India Trustee Ltd-a/c Nippon India Small CAP Fund | 8.39% |
| Parag Parikh Flexi CAP Fund | 3.04% |
| Canara Robeco Mutual Fund A/C Canara Robeco Small CAP Fund | 2.28% |
| ICICI Prudential Smallcap Fund | 1.74% |
| Pari Washington India Master Fund, Ltd. | 1.71% |
| Government Pension Fund Global | 1.60% |
| Tencore Partners Master Ltd. | 1.48% |
| General Insurance Corporation of India | 1.41% |
| Robeco Capital Growth Funds | 1.12% |
27,725 shareholders. Pledged: 0.00% of promoter shares.
Peers in Capital Markets
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| MCX | ₹79,351 cr | 65.0x | 27.9x | 65.2% | – | 72.1% | +72.4% | 0.19% |
| ANANDRATHI | ₹37,027 cr | 81.2x | 28.9x | 43.5% | – | 35.5% | +27.9% | 0.30% |
| CAMS | ₹16,419 cr | 33.1x | 12.4x | 40.6% | – | 45.8% | +16.0% | 1.85% |
| KFINTECH | ₹14,327 cr | 41.8x | 8.6x | 22.2% | – | 38.0% | +21.8% | 0.90% |
| NSDL | ₹13,996 cr | 36.0x | 5.9x | 16.4% | 22.1% | 25.2% | – | 0.28% |
| PRUDENT | ₹11,511 cr | 48.7x | 15.7x | 37.5% | – | – | +34.5% | 0.09% |
| IEX | ₹9,221 cr | 18.2x | 6.8x | 40.5% | – | 84.8% | +15.4% | 2.89% |
| CARERATING | ₹4,750 cr | 26.7x | 5.1x | 20.4% | 26.3% | 41.6% | +19.2% | 1.22% |
| ICRA | ₹4,336 cr | 22.1x | 3.7x | 17.5% | 23.0% | 35.7% | +14.1% | 1.36% |
| SODHACAP | ₹52 cr | 19.6x | 5.2x | 23.6% | 31.8% | 68.0% | – | – |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Ratings and ancillary services | ₹336 cr | 55.9% | ₹124 cr | 36.9% |
| Research and analytics | ₹266 cr | 44.1% | ₹60 cr | 22.5% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-07-23 | Dividend | Dividend - Rs 70 Per Share/Special Dividend - Rs 35 Per Share |
| 2025-07-25 | Dividend | Annual General Meeting/Dividend - Rs 60 Per Share |
| 2024-07-19 | Dividend | Annual General Meeting/Dividend - Rs 100 Per Share |
| 2023-07-28 | Dividend | Annual General Meeting/Dividend - Rs 40 Per Share/Special Dividend - Rs 90 Per Share |
| 2022-07-28 | Dividend | Dividend - Rs 28 Per Share |
| 2021-07-22 | Dividend | Dividend - Rs 27 Per Share |
| 2020-09-16 | Dividend | Annual General Meeting/Dividend - Rs 27 Per Share |
| 2019-09-24 | Dividend | Dividend - Rs 30 Per Share |
| 2018-08-03 | Dividend | Annual General Meeting / Dividend- Rs 30 Per Share |
| 2017-07-28 | Dividend | Dividend - Rs 27/- Per Share |
| 2016-08-05 | Dividend | Dividend Rs.25/- Per Share |
| 2015-08-06 | Dividend | Annual General Meeting / Dividend - Rs 24/- Per Share |
| 2014-08-06 | Dividend | Annual General Meeting/Dividend Rs 23 Per Share |
| 2013-07-26 | Dividend | Annual General Meeting And Dividend Rs.22/- Per Share |
| 2012-07-27 | Dividend | Annual General Meeting And Dividend - Rs.20/- Per Share |
| 2011-08-05 | Dividend | Dividend-Rs.17/- Per Share |
| 2010-08-05 | Dividend | Dividend-Rs.17/- Per Share |
| 2009-07-30 | Other | Agm/Div-Fin Rs.7+Spl Rs.5 |
| 2008-07-24 | Dividend | Agm/Dividend-Rs.10 Per Sh |
| 2007-07-23 | Dividend | Agm/Dividend-45% |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Ratings & Ancillary services: Rating, research and other services
- Research & Analytics: Other data processing, hosting and related activities N.E.C.
| Sector | Financial Services |
| Industry | Capital Markets |
| Sub-industry | Ratings |
| Symbol | ICRA |
| BSE code | 532835 |
| ISIN | INE725G01011 |
| Face value | ₹10.0 |
| Incorporated | 1991-01-16 |
| Website | www.icra.in |
| Plants (India / abroad) | 0 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.