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10 Yrs X-Ray 
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ICRA Ltd (ICRA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532835 NSE: ICRA Ratings | Small Cap | ICRA Share Price
₹5,123.45 -39.15 (-0.76%)
As on 22-Jul'26 16:59
ICRA Ltd (ICRA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532835 NSE: ICRA Ratings | Small Cap | ICRA Share Price
₹5,123.45 -39.15 (-0.76%)
As on 22-Jul'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹4,945 Cr.
Current Price
₹5,123.5
52-Week Low / High
₹4,905 / 6,990
TTM EPS
₹188.1
TTM Sales
₹600 Cr.
Book Value per Share
₹1,216.5
P/E Ratio
27.24
Lower than its 5-year historical median
Industry PE
49.2
Price to Book (P/B)
4.21
Lower than its 5-year historical median
Price to Sales (P/S)
8.25
Lower than its 5-year historical median
EV/EBITDA
16.90
Lower than its 5-year historical median
Dividend Yield
2.05%
Profitability Efficiency
Return on Equity (ROE)
16.42%
Outperforms industry median
Return on Capital Employed (ROCE)
22.80%
Outperforms industry median
Return on Assets (ROA)
13.17%
Operating Profit Margin
35.9%
Net Profit Margin
30.45%
Gross Profit Margin
47.6%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
20.38%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
20.97%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
6.62%
Asset Quality
Promoter Holding
51.87%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,164 Cr.
Equity
₹9.7 Cr.
Face Value
₹10
All Time Low / High
₹320.00 / 7700.00
Check Before You Invest
Quality
Very GoodValuation
UndervaluedCheck Valuation charts
Price Trend
Semi Strong
Is ICRA Ltd a good quality company?
ICRA Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does ICRA Ltd performance compare with that of its Peers?
Revenue growth of ICRA Ltd vs industry peers?
ICRA Ltd revenue CAGR is 9.18%, compared to the industry median CAGR of 10.55%, indicating slower growth and losing its market share.
Promoter shareholding and pledge status of ICRA Ltd?
Promoters hold 51.87% of the ICRA Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of ICRA Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 2.6% based on the current price.
DeciZen - make an informed investing decision on ICRA
Decision Maker
Consolidated basis
1. Right Stock
10 Year X-ray Pro
Long Term Prospect
2. Right Price
3. Right Time ⓘ
#Likely Future 5 Year CAGR.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
ICRA Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 25.2% | 26.1% | 23.5% | 19.9% | 15.6% | 19.2% | 20.4% | 21.8% | 23.5% | 22.8% | - |
| Value Creation Index ⓘ | 0.8 | 0.9 | 0.7 | 0.4 | 0.1 | 0.4 | 0.5 | 0.6 | 0.7 | 0.7 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 292 | 309 | 328 | 321 | 301 | 343 | 403 | 446 | 498 | 600 | 600 |
| Sales YoY Gr. | - | 5.9% | 6.2% | -2.1% | -6.2% | 13.9% | 17.6% | 10.6% | 11.6% | 20.4% | - |
| Adj EPS ⓘ | 89.1 | 96.6 | 108.4 | 99.3 | 84.3 | 112.6 | 138.7 | 152.8 | 171.5 | 177.7 | 188.1 |
| YoY Gr. | - | 8.4% | 12.3% | -8.4% | -15.1% | 33.5% | 23.2% | 10.2% | 12.3% | 3.6% | - |
| BVPS (₹) ⓘ | 552.2 | 660.4 | 664 | 727 | 785.1 | 874.1 | 984.6 | 1,010.2 | 1,086.6 | 1,216.5 | 1,216.5 |
| Adj Net Profit ⓘ | 88.2 | 95.6 | 105 | 95.8 | 81.4 | 109 | 134 | 147 | 166 | 171 | 181 |
| Cash Flow from Ops. ⓘ | 63.4 | 61.9 | 80.9 | 21.3 | 76.4 | 96.7 | 99.3 | 107 | 145 | 157 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 8.3% | 14.8% | 14.1% | 20.4% | ||||
| Adj EPS ⓘ | 8% | 16.1% | 8.6% | 3.6% | ||||
| BVPSⓘ | 9.2% | 9.2% | 7.3% | 12% | ||||
| Share Price | 2.8% | 6.4% | -2.4% | -24.4% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 17.2 | 15.9 | 16.2 | 14.3 | 11.2 | 13.6 | 14.9 | 15.3 | 16.3 | 15.4 | 15.5 |
| Op. Profit Mgn % ⓘ | 34.2 | 37.3 | 34.4 | 29.9 | 27.1 | 35.2 | 35.4 | 33.4 | 35.7 | 35.9 | 35.9 |
| Net Profit Mgn % ⓘ | 30.3 | 31.1 | 32.1 | 30.2 | 27.4 | 32.1 | 33.6 | 33.3 | 33.5 | 28.8 | 30.3 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Cap Days ⓘ | 140 | 158 | 168 | 166 | 252 | 227 | 128 | 99 | 98 | 164 | 319 |
| Cash Conv. Cycle ⓘ | 30 | 26 | 23 | 27 | 42 | 24 | 16 | 26 | 26 | 26 | 254 |
Profit And Loss
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 292 | 309 | 328 | 321 | 301 | 343 | 403 | 446 | 498 | 600 |
| Operating Expenses ⓘ + | 193 | 194 | 215 | 225 | 220 | 222 | 260 | 297 | 320 | 384 |
| Operating Profit ⓘ | 98 | 115 | 113 | 96 | 81 | 121 | 143 | 149 | 178 | 215 |
| Operating Profit Margin (%) | 33.7% | 37.3% | 34.4% | 29.8% | 26.9% | 35.2% | 35.4% | 33.3% | 35.7% | 35.9% |
| Other Income ⓘ + | 40 | 49 | 45 | 48 | 43 | 41 | 50 | 75 | 77 | 75 |
| Interest ⓘ | 0 | 0 | 0 | 2 | 2 | 2 | 1 | 10 | 5 | 4 |
| Depreciation ⓘ | 9 | 8 | 6 | 10 | 10 | 8 | 10 | 13 | 16 | 28 |
| Profit Before Tax ⓘ | 129 | 157 | 152 | 131 | 112 | 152 | 181 | 200 | 234 | 250 |
| Tax ⓘ | 42 | 56 | 46 | 34 | 29 | 39 | 44 | 48 | 63 | 68 |
| Profit After Tax | 88 | 101 | 106 | 97 | 83 | 114 | 137 | 152 | 171 | 183 |
| PAT Margin (%) | 30.0% | 32.8% | 32.3% | 30.3% | 27.5% | 33.1% | 33.9% | 34.1% | 34.4% | 30.5% |
| Adjusted EPS (₹) | 89.4 | 101.7 | 109.2 | 99.7 | 84.6 | 116.4 | 140.1 | 156.6 | 176.2 | 188.1 |
| Dividend Payout Ratio (%) | 30.20% | 29.50% | 27.50% | 27.10% | 31.90% | 24.10% | 92.80% | 63.90% | 34.10% | 55.80% |
Valuation of ICRA - Consolidated
Analyst's Notes
No data found!
Balance Sheet
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 547 | 654 | 641 | 702 | 758 | 844 | 950 | 975 | 1,049 | 1,174 | |
| Debt + | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 1 | 0 | |
| Minority Interest | 1 | 1 | 2 | 3 | 3 | 4 | 5 | 4 | 4 | 4 | |
| Trade Payables | 8 | 8 | 10 | 16 | 8 | 9 | 8 | 7 | 9 | 14 | |
| Others Liabilities ⓘ | 100 | 104 | 112 | 119 | 121 | 117 | 135 | 196 | 229 | 288 | |
| Total Liabilities ⓘ | 656 | 767 | 765 | 839 | 890 | 974 | 1,099 | 1,184 | 1,292 | 1,481 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 37 | 36 | 34 | 54 | 46 | 46 | 47 | 91 | 90 | 313 | |
| CWIP ⓘ | 1 | 0 | 1 | 2 | 3 | 2 | 1 | 1 | 4 | 2 | |
| Investments ⓘ | 311 | 338 | 181 | 104 | 177 | 454 | 689 | 813 | 773 | 730 | |
| Inventories | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Receivables | 34 | 41 | 34 | 57 | 48 | 26 | 38 | 51 | 48 | 78 | |
| Cash Equivalents | 203 | 231 | 407 | 527 | 399 | 310 | 241 | 156 | 282 | 42 | |
| Others Assets ⓘ | 72 | 121 | 107 | 95 | 217 | 136 | 82 | 72 | 97 | 315 | |
| Total Assets ⓘ | 656 | 767 | 765 | 839 | 890 | 974 | 1,099 | 1,184 | 1,292 | 1,481 | |
Cash Flow
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 63 | 62 | 81 | 21 | 76 | 97 | 99 | 107 | 145 | 157 |
| Cash Flow From Investing Activity ⓘ + | 10 | -54 | 45 | 11 | -32 | -72 | -77 | 27 | -17 | -110 |
| Cash Flow From Financing Activity ⓘ + | -69 | 4 | -121 | -41 | -32 | -31 | -32 | -137 | -103 | -67 |
| Net Cash Flow ⓘ | 5 | 12 | 5 | -8 | 12 | -7 | -10 | -2 | 25 | -20 |
Financial Ratio
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 17.2 | 16.85 | 16.36 | 14.49 | 11.33 | 14.18 | 15.24 | 15.82 | 16.92 | 16.42 |
| ROCE (%) | 25.24 | 26.06 | 23.48 | 19.89 | 15.63 | 19.19 | 20.36 | 21.81 | 23.49 | 22.8 |
| Asset Turnover Ratio | 0.46 | 0.43 | 0.43 | 0.4 | 0.35 | 0.37 | 0.39 | 0.39 | 0.4 | 0.43 |
| PAT to CFO Conversion(x) | 0.72 | 0.61 | 0.76 | 0.22 | 0.92 | 0.85 | 0.72 | 0.7 | 0.85 | 0.86 |
| Working Capital Days | ||||||||||
| Receivable Days | 51.20 | 44.10 | 41.40 | 51.70 | 63.50 | 39.40 | 29.20 | 36.50 | 36.20 | 38.40 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Top 5 Mutual Funds Holding
Last Visited Stocks
Announcements
ICRA Ltd FAQs
The current trading price of ICRA on 22-Jul-2026 16:59 is ₹5,123.5.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 21-Jul-2026 the market cap of ICRA stood at ₹4,944.8 Cr
The latest P/E ratio of ICRA as of 21-Jul-2026 is 39.02.
The latest P/B ratio of ICRA as of 21-Jul-2026 is 5.63.
The 52-week high of ICRA is ₹6,990 and the 52-week low is ₹4,905.2.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of ICRA is ₹328 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that ICRA Ltd is a good quality company.
The key valuation ratios of ICRA Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of ICRA Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About ICRA Ltd
ICRA (formerly Investment Information and Credit Rating Agency of India) is an independent and professional investment information and credit rating agency. It is aligned with globally recognized credit rating agency Moody’s, enhancing its credibility and igniting a spirit of innovation and excellence, propelling it towards limitless opportunities for growth and advancement. It is a leading credit rating agency in India, distinguished by its proven track record in credit assessment and research excellence. It empowers investors, lenders, and businesses with reliable insights to make informed financial decisions. The company contributes to market efficiency and enhances confidence across the financial ecosystem.
ICRA embarked upon Environmental, Social, and Governance (ESG) ratings in 2024 after receiving registration as a Category-I ESG Rating Provider (ERP) from the Securities and Exchange Board of India (SEBI). ESG ratings have emerged as critical indicators in current investment landscape, driven by increasing global focus on sustainable and responsible business practices. These ratings provide crucial insights into an organisation’s resilience against environmental risks, social responsibility, and governance standards - factors that significantly impact long-term business sustainability and stakeholder value creation.
ICRA was set up in 1991 by leading financial/investment institutions, commercial banks and financial services companies as an Independent and professional investment Information and Credit Rating Agency. Currently, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). The international Credit Rating Agency Moody’s Investors Service is ICRA’s largest shareholder. Moody's provides certain technical services to ICRA pursuant to a Technical Services Agreement. ICRA is a Public Limited Company, with its shares listed on the Bombay Stock Exchange and the National Stock Exchange.
Business area of the company
The company is primarily engaged in the business of rating and research. The company provides information and guidance to institutional and individual investors/creditors; enhance the ability of borrowers/issuers to access the money market and the capital market for tapping a larger volume of resources from a wider range of the investing public; assist the regulators in promoting transparency in the financial markets; provide intermediaries with a tool to improve efficiency in the funds raising process.
Services
- Rating & Ancillary Services
- ESG Rating
- Research & Analytics
Milestones
- 1991: Launch of credit rating services
- 1999: Moody’s acquires initial stake at ICRA
- 2004: Knowledge services set up
- 2007: ICRA get listed
- 2014: Moody’s acquires a majority stake
- 2019: Consolidation of non-rating businesses under ICRA Analytics
- 2023: Acquisition of D2K Technologies
- 2024: ICRA forays into ESG Rating
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