ICRA Limited

BSE: ICRA532835ISIN INE725G01011

Financial Services
Ratings
BSE 1000

Share price

₹4,441.00+86.90 (+2.00%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹6,548.75
52W low: ₹4,199.25
Off 52W high: -32.19%
1M return: +3.19%
3M return: -13.50%
6M return: -17.85%
1Y return: -31.56%
20D avg volume: 690
50 DMA: ₹4,580.40
200 DMA: ₹5,188.22

Key ratios Consolidated

Market cap: ₹4,286 Cr
Current price: ₹4,441.00
52W high / low: ₹6,548.75 / ₹4,199.25
Face value: ₹10.00
P/E: 21.36
P/B: 3.60
EPS (TTM): ₹207.90
Book value / share: ₹1,233.30
ROE: —
ROCE: 20.50%
Operating margin: —
Net margin: —
Debt / equity: 0.00
Net debt: ₹-29.09 Cr
Interest cover: 57.53
Dividend yield: 2.36%
Dividend / share (TTM): ₹105.00
Payout: 50.51%
Cash conversion cycle: 39.3 days

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	177.86	163.37	174.85	163.59	136.58	124.49	136.21	120.87	126.12	114.82	123.97	114.59
	17.39	27.63	14.18	15.57	20.91	24.36	20.62	18.85	20.05	17.89	23.68	17.17
	195.25	190.99	189.03	179.16	157.49	148.85	156.84	139.73	146.16	132.71	147.64	131.76
	123.26	119.26	116.24	117.33	93.12	90.48	82.78	83.97	89.21	85.50	85.52	91.03
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	89.35	87.26	84.27	83.64	72.49	69.72	61.14	64.63	70.39	64.98	60.24	66.97
	0.39	0.45	0.94	0.98	0.87	1.65	1.24	1.07	0.34	2.15	6.93	2.85
	10.77	10.54	10.00	9.96	4.21	4.09	4.48	4.19	4.01	3.71	4.47	3.84
	22.74	21.01	21.02	22.76	15.56	15.03	15.92	14.09	14.47	14.66	13.88	17.38
	71.99	71.73	72.80	61.83	64.37	58.37	74.06	55.75	56.95	47.21	62.13	40.73
	0.00	4.39	0.00	-6.92	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	71.99	76.12	72.80	54.91	64.37	58.37	74.06	55.75	56.95	47.21	62.13	40.73
	19.55	19.66	20.11	15.85	16.35	15.61	18.07	13.53	19.85	11.32	15.07	8.31
	52.44	56.46	52.69	39.06	48.02	42.76	55.99	42.22	37.10	35.89	47.06	32.41
	54.20	58.36	54.50	40.34	49.68	44.11	57.94	43.69	38.18	36.92	48.72	33.42
Key metrics
	83.15	87.11	83.74	65.85	69.45	64.11	79.78	61.01	61.30	53.07	73.53	47.42
	46.80%	53.30%	47.90%	40.30%	50.80%	51.50%	58.60%	50.50%	48.60%	46.20%	59.30%	41.40%
	29.50%	34.60%	30.10%	23.90%	35.20%	34.30%	41.10%	34.90%	29.40%	31.30%	38.00%	28.30%
	5.80%	—	5.90%	—	5.60%	—	6.70%	—	—	—	—	—
	30.20%	31.20%	28.40%	35.30%	8.30%	8.40%	9.90%	5.50%	—	—	—	—
	9.20%	32.00%	-5.90%	-7.50%	29.40%	19.10%	19.00%	30.30%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	679.67	599.51	498.02	446.12	403.23	342.81
	74.77	75.02	77.41	74.97	49.55	40.88
	754.43	674.53	575.43	521.08	452.78	383.68
	476.09	417.17	341.46	321.22	271.56	231.59
	0.00	0.00	0.00	—	—	—
	0.00	0.00	0.00	—	—	—
	344.52	310.12	261.13	240.36	207.56	179.25
	2.76	4.43	4.80	10.41	1.41	1.56
	41.27	28.26	16.39	13.46	9.83	7.81
	87.53	74.37	59.14	56.99	52.76	42.97
	278.35	257.36	233.97	199.86	181.22	152.09
	-2.53	-6.92	0.00	0.00	0.00	0.00
	275.82	250.45	233.97	199.86	181.22	152.09
	75.17	67.91	62.77	47.62	44.49	38.55
	200.65	182.53	171.20	152.24	136.72	113.53
	207.40	188.63	176.73	157.07	140.59	116.74
Key metrics
	319.85	283.14	255.16	223.73	192.46	161.46
	47.06%	47.20%	51.20%	50.20%	47.70%	47.10%
	29.52%	30.40%	34.40%	34.10%	33.90%	33.10%
	—	20.50%	21.40%	—	—	—
	31.17%	20.40%	11.60%	10.60%	17.60%	—
	6.17%	6.60%	12.50%	11.40%	20.40%	—
	—	144.77	132.48	—	—	—
	—	0.86	0.85	—	—	—
	—	0.00	0.00	—	—	—
	—	-29.09	-33.96	—	—	—
	—	39.3	28.2	—	—	—
Balance sheet
	—	1,486	1,294	—	—	—
	—	928.68	1,128	—	—	—
	—	29.72	35.12	—	—	—
	—	78.41	47.59	—	—	—
	—	0.00	0.00	—	—	—
	—	28.15	21.66	—	—	—
	—	45.92	40.44	—	—	—
	—	13.81	9.11	—	—	—
	—	244.34	177.10	—	—	—
	—	0.63	1.16	—	—	—
	—	0.25	0.53	—	—	—
	—	0.38	0.63	—	—	—
	—	1,185	1,058	—	—	—
Cash flow
	—	157.26	144.89	—	—	—
	—	-95.49	-16.89	—	—	—
	—	-66.91	-103.13	—	—	—
	—	12.49	12.41	—	—	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	96.52	81.79	89.40	84.57	82.06	72.20	80.62	70.83	72.08	63.20	70.49	64.36
	70.30	18.25	11.90	14.47	15.90	22.18	19.63	19.56	46.16	16.71	17.64	16.07
	166.81	100.04	101.31	99.04	97.96	94.38	100.25	90.38	118.24	79.91	88.13	80.42
	60.11	56.70	52.29	56.07	56.16	54.72	47.11	50.84	53.28	48.60	47.04	57.22
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	44.88	42.47	38.52	40.46	42.57	39.51	35.34	37.87	40.52	35.83	34.75	41.50
	0.16	0.18	0.21	0.25	0.24	0.27	0.45	0.46	0.42	0.39	0.44	2.70
	2.20	2.17	2.37	2.37	2.17	2.07	2.18	2.07	1.96	1.71	2.19	2.09
	12.87	11.89	11.18	13.00	11.17	12.87	9.14	10.43	10.38	10.66	9.66	10.93
	106.70	43.33	49.02	42.98	41.80	39.66	53.14	39.55	64.96	31.31	41.09	23.20
	0.00	4.39	0.00	-2.19	0.00	0.00	0.00	—	—	—	—	—
	106.70	47.72	49.02	40.79	41.80	39.66	53.14	39.55	64.96	31.31	41.09	23.20
	14.28	12.63	12.62	11.53	10.89	9.51	11.09	8.45	14.63	6.60	7.52	3.00
	92.43	35.09	36.40	29.26	30.91	30.15	42.05	31.10	50.33	24.71	33.56	20.20
	96.03	36.46	37.82	30.41	32.11	31.34	43.71	32.33	52.32	25.69	34.89	21.01
Key metrics
	109.06	50.07	51.60	43.41	44.21	42.00	55.77	42.08	67.34	33.41	43.72	27.99
	113.00%	61.20%	57.70%	51.30%	53.90%	58.20%	69.20%	59.40%	93.40%	52.90%	62.00%	43.50%
	95.80%	42.90%	40.70%	34.60%	37.70%	41.80%	52.20%	43.90%	69.80%	39.10%	47.60%	31.40%
	11.50%	—	5.50%	—	5.10%	—	6.50%	—	—	—	—	—
	17.60%	13.30%	10.90%	19.40%	13.80%	14.20%	14.40%	10.10%	—	—	—	—
	199.00%	16.40%	-13.40%	-5.90%	-38.60%	22.00%	25.30%	54.00%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	352.28	328.24	286.73	251.24	222.54	194.73
	114.92	64.45	102.05	90.96	65.57	45.42
	467.20	392.69	388.78	342.20	288.11	240.15
	225.17	219.23	199.82	195.36	170.97	146.81
	0.00	0.00	0.00	—	—	—
	0.00	0.00	0.00	—	—	—
	166.33	161.07	149.57	145.21	123.43	111.45
	0.80	0.97	1.72	3.77	1.34	1.51
	9.11	8.98	7.92	7.99	7.03	5.34
	48.94	48.22	40.61	38.39	39.17	28.50
	242.03	173.46	188.96	146.84	117.13	93.35
	2.20	-2.19	0.00	—	—	—
	244.23	171.26	188.96	146.84	117.13	93.35
	51.06	44.55	40.76	23.68	21.20	20.04
	193.18	126.71	148.19	123.16	95.93	73.31
	200.72	131.68	154.05	128.03	99.73	76.21
Key metrics
	254.14	181.21	198.60	158.60	125.50	100.20
	72.14%	55.20%	69.30%	63.10%	56.40%	51.50%
	54.84%	38.60%	51.70%	49.00%	43.10%	37.60%
	—	19.20%	23.30%	—	—	—
	15.23%	14.50%	14.10%	12.90%	14.30%	—
	43.94%	-14.50%	20.30%	28.40%	30.90%	—
	—	95.31	87.41	—	—	—
	—	0.81	0.63	—	—	—
	—	0.00	0.00	—	—	—
	—	-11.49	-4.78	—	—	—
	—	23.5	27.4	—	—	—
Balance sheet
	—	1,038	952.97	—	—	—
	—	543.53	830.81	—	—	—
	—	11.49	4.78	—	—	—
	—	28.22	26.45	—	—	—
	—	0.00	0.00	—	—	—
	—	10.24	11.14	—	—	—
	—	17.85	19.86	—	—	—
	—	7.06	4.92	—	—	—
	—	140.47	133.30	—	—	—
	—	0.00	0.00	—	—	—
	—	0.00	0.00	—	—	—
	—	0.00	0.00	—	—	—
	—	885.11	804.37	—	—	—
Cash flow
	—	102.18	93.74	—	—	—
	—	-32.52	10.14	—	—	—
	—	-62.94	-101.28	—	—	—
	—	6.87	6.33	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +13.83%
Sales CAGR 5Y: —
Profit CAGR 3Y: +9.72%
Profit CAGR 5Y: —
Sales YoY (TTM): +15.23%
Profit YoY (TTM): +43.94%

Consolidated

Sales CAGR 3Y: +14.13%
Sales CAGR 5Y: —
Profit CAGR 3Y: +10.11%
Profit CAGR 5Y: —
Sales YoY (TTM): +31.17%
Profit YoY (TTM): +6.17%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 51.86%

Holder	Type	Holding	Previous	Change
MOODY'S INVESTMENT COMPANY INDIA PRIVATE LIMITED	Promoter	31.66%	—	—
MOODY'S SINGAPORE PTE LTD	Promoter	20.20%	—	—
NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA SMALL CAP FUND	Public	8.39%	—	—
PARAG PARIKH FLEXI CAP FUND	Public	3.04%	—	—
CANARA ROBECO MUTUAL FUND A/C CANARA ROBECO SMALL CAP FUND	Public	2.28%	—	—
ICICI PRUDENTIAL SMALLCAP FUND	Public	1.74%	—	—
PARI WASHINGTON INDIA MASTER FUND, LTD.	Public	1.71%	—	—
GOVERNMENT PENSION FUND GLOBAL	Public	1.60%	—	—
TENCORE PARTNERS MASTER LTD.	Public	1.48%	—	—
GENERAL INSURANCE CORPORATION OF INDIA	Public	1.41%	—	—
ROBECO CAPITAL GROWTH FUNDS	Public	1.12%	—	—

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
CARE Ratings Limited	4,908	1,628.85	25.11	24.10%	+18.86% TTM	+25.67% TTM	+1.78%
ICRA Limited	4,286	4,441.00	21.36	20.50%	+31.17% TTM	+6.17% TTM	-31.56%

Filings & corporate actions

Recent announcements

Audio recording of earnings conference call4 Nov 2026 · Company Update / Analyst / Investor Meet
Newspaper publication30 Oct 2026 · Company Update / Newspaper Publication
Investor presentation29 Oct 2026 · Company Update / Investor Presentation
Press release on the unaudited financial results29 Oct 2026 · Company Update / Press Release / Media Release
Unaudited financial results (standalone and consolidated) for the second quarter and half year ended September 30, 202629 Oct 2026 · Result / Financial Results
Outcome of the Board meeting29 Oct 2026 · Board Meeting / Outcome of Board Meeting
Earnings conference call to discuss 'Q2 & H1 FY27 Results' of ICRA Limited28 Oct 2026 · Company Update / Analyst / Investor Meet
Intimation regarding newspapers publication19 Oct 2026 · Company Update / Newspaper Publication
ICRA Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 29/10/2026 ,inter alia, to consider and approve the unaudited financial results (standalone ....9 Oct 2026 · Board Meeting / Board Meeting
Disclosure under regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 20158 Oct 2026 · Company Update / Change in Management
Certificate under Regulation 74(5) of SEBI (DP) Regulations, 20187 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Closure of trading window23 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Intimation of Schedule of Analyst/Institutional Investor Meeting17 Sep 2026 · Company Update / Analyst / Investor Meet
Intimation of Schedule of Analyst/Institutional Investor Meeting16 Sep 2026 · Company Update / Analyst / Investor Meet
Intimation of Schedule of Analyst/Institutional Investor Meetings27 Aug 2026 · Company Update / Analyst / Investor Meet
Intimation of Schedule of Analyst/Institutional Investor Meetings21 Aug 2026 · Company Update / Analyst / Investor Meet
Notice to the shareholders regarding a special window for transfer and dematerialisation of physical securities20 Aug 2026 · Company Update / Newspaper Publication
Intimation of schedule of investor meetings7 Aug 2026 · Company Update / Analyst / Investor Meet
Schedule of analyst/institutional investor meetings31 Jul 2026 · Company Update / Analyst / Investor Meet
Newspaper publication31 Jul 2026 · Company Update / Newspaper Publication
Voting results and scrutinizer''s report30 Jul 2026 · AGM/EGM / AGM
Investor presentation30 Jul 2026 · Company Update / Investor Presentation
Proceedings of the 35th Annual General Meeting of ICRA Limited held on July 30, 202630 Jul 2026 · AGM/EGM / AGM
Press release30 Jul 2026 · Company Update / Press Release / Media Release
Press release30 Jul 2026 · Company Update / Press Release / Media Release
Unaudited financial results30 Jul 2026 · Result / Financial Results
Outcome of the Board meeting30 Jul 2026 · Board Meeting / Outcome of Board Meeting
Update on acquisition of Fintellix India Private Limited28 Jul 2026 · Company Update / Acquisition
Certificate under regulation 74(5) of SEBI (DP) Regulations, 201811 Jul 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
ICRA Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 30/07/2026 ,inter alia, to consider and approve unaudited financial results8 Jul 2026 · Board Meeting / Board Meeting
Newspaper publication4 Jul 2026 · Company Update / Newspaper Publication
Intimation3 Jul 2026 · Company Update / General
AGM on July 30, 20263 Jul 2026 · AGM/EGM / AGM
Annual report 2025-263 Jul 2026 · Others / Reg. 34 (1) Annual Report
Deed of modification1 Jul 2026 · Company Update / General
Newspaper publication30 Jun 2026 · Company Update / Newspaper Publication
Updates on acquisition29 Jun 2026 · Company Update / Acquisition
Closure of trading window23 Jun 2026 · Insider Trading / SAST / Closure of Trading Window
Notice for transfer of equity shares to the IEPF Authority23 Jun 2026 · Company Update / Newspaper Publication
Newspaper publication17 Jun 2026 · Company Update / Newspaper Publication

Corporate actions

Purpose	Ex date	Record date	Payment date
Final Dividend - Rs. - 70.0000	23 Jul 2026	23 Jul 2026	—
Special Dividend - Rs. - 35.0000	23 Jul 2026	23 Jul 2026	—
Final Dividend - Rs. - 60.0000	25 Jul 2025	25 Jul 2025	—
Final Dividend - Rs. - 100.0000	19 Jul 2024	—	—

Board meetings

29 Oct 2026 Board Meeting - Financial Results
30 Jul 2026 Board Meeting - Financial Results