Icra Limited (ICRA) · mywealthgrid

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About

Icra Limited is a credit rating agency operating in India's capital markets. With ₹5,107 Cr market capitalization and zero debt, it is a capital-light, profitable business; recent quarters show operating margins of 33–44% and consistent net profitability ranging ₹29–₹56 Cr.

Face value: ₹10

Market cap

₹4,189 Cr

P/E

21.5×

P/B

3.5×

Dividend yield

3.8%

ROE

16.3%

ROCE

22.2%

Debt / equity

OPM

35.9%

EPS (TTM)

₹202.3

Book value

₹1,223.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margins fluctuate sharply (33.54% to 44.4% across recent quarters) with no clear trend; verify drivers of this volatility and earnings predictability.
Stock down 14.51% over one year while trading at PE 26.16 despite sustained profitability and regular dividends; assess whether valuation embeds growth concerns.
Single-product business (credit ratings) concentrates revenue exposure to corporate debt capital markets and credit cycles; verify diversification beyond traditional ratings.
FII shareholding declined from 7.92% (Mar '26) to 6.9% (Jun '26); monitor for signals of institutional caution on growth or execution.

Generated analysis · source review pending

Growth drivers

Operating margins sustained at 33–44% range indicate cost discipline; growth depends on rating volumes in corporate debt markets, securitization, and emerging categories like green bonds—verify issuance trends.
ROE of 16.25% and zero debt provide capacity for reinvestment or acquisitions in adjacent services; verify if capital deployment is planned or if cash is returned to shareholders.
Quarterly net profitability stable at ₹29–₹56 Cr across seven quarters shows cash generation; verify whether revenue is growing alongside this and what proportion funds dividends versus reinvestment.
Regular dividends declared for four consecutive years (2023–2026) signal consistent cash conversion; verify dividend payout ratio and whether it leaves room for growth investment.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹4,318.3+0.5%1Y

Quick read

rule-based

Pros

+High return on capital employed of 21.8%
+Healthy operating margin of 35.9%
+Profit CAGR of 17.3% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 59.1×
+Dividend yield of 3.8%
+Dividend payout of 82% of profit

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

72/100

Business quality: 80
Growth: 72

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
National Stock Exchange of India LtdNSENSE	₹4,30,972 Cr	₹4,35,023 Cr	₹16,601 Cr	—	—	₹10,302 Cr	62.1%	3.3%	33%	—
ICICI Prudential Asset Management Company LimitedICICIAMCICICIAMC	₹1,52,462 Cr	₹1,52,462 Cr	₹5,765 Cr	₹4,294 Cr	74.5%	₹3,298 Cr	57.2%	—	85.8%	—
Billionbrains Garage Ventures LimitedGROWWGROWW	₹1,12,994 Cr	₹1,13,218 Cr	₹5,242 Cr	₹3,234 Cr	59.1%	₹2,440 Cr	44.9%	29.4%	21.6%	-1,528
Sbi Funds Management LimitedSBIFUNDSSBIFUNDS	₹1,01,911 Cr	—	₹4,389 Cr	₹3,472 Cr	79.1%	₹3,067 Cr	69.9%	—	43%	—
Multi Commodity Exchange Of India LimitedMCXMCX	₹81,702 Cr	₹81,702 Cr	₹2,302 Cr	₹1,643 Cr	71.3%	₹1,332 Cr	57.8%	46.7%	56.3%	-321
Nippon Life India Asset Management LimitedNAM-INDIANAM-INDIA	₹66,871 Cr	₹66,871 Cr	₹2,869 Cr	₹1,915 Cr	66.3%	₹1,637 Cr	56.5%	—	34.5%	—
Motilal Oswal Financial Services LimitedMOTILALOFSMOTILALOFS	₹59,602 Cr	₹80,857 Cr	₹10,063 Cr	₹4,120 Cr	41.3%	₹1,980 Cr	20%	—	15.6%	—
360 One Wam Limited360ONE360ONE	₹42,297 Cr	₹57,749 Cr	₹4,638 Cr	₹2,875 Cr	62.1%	₹1,262 Cr	27.9%	—	14.4%	—
Nuvama Wealth Management LimitedNUVAMANUVAMA	₹31,051 Cr	₹42,594 Cr	₹4,884 Cr	₹2,554 Cr	52.7%	₹1,083 Cr	22.5%	—	27.4%	—
Aditya Birla Sun Life Amc LimitedABSLAMCABSLAMC	₹28,680 Cr	₹28,680 Cr	₹1,861 Cr	₹1,096 Cr	59.9%	₹1,007 Cr	52.9%	—	25.1%	—
Angel One LimitedANGELONEANGELONE	₹25,280 Cr	₹33,159 Cr	₹5,426 Cr	₹2,028 Cr	35.4%	₹1,032 Cr	17.8%	—	15.6%	—
Anand Rathi Wealth LimitedANANDRATHIANANDRATHI	₹17,575 Cr	₹17,592 Cr	₹1,197 Cr	₹462 Cr	41.9%	₹465 Cr	34.6%	59.1%	47.4%	14

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	309	328	321	301	343	403	446	498	600
	194	215	225	220	222	260	297	320	384
	115	113	96	81	121	143	149	178	215
OPM %	37.3%	34.6%	29.9%	27%	35.2%	35.4%	33.4%	35.7%	35.9%
Depreciation	8	6	10	10	8	10	13	16	28
Interest	0	1	2	2	2	1	10	5	4
	49	45	48	43	41	50	75	77	68
Profit before tax	157	152	131	112	152	181	200	234	250
Tax	56	47	34	29	39	44	48	63	68
Tax %	35.5%	31.2%	26%	26.2%	25.4%	24.6%	23.8%	26.8%	27.1%
	101	105	97	83	114	137	152	171	183
PAT margin %	32.8%	31.9%	30.3%	27.5%	33.1%	33.9%	34.1%	34.4%	30.5%
EPS (₹)	102.4	106.6	100	84.9	116.7	140.6	157.1	176.7	188.6
EPS adjusted (₹)	—	—	—	84.6	116.4	141.7	157.8	176.2	188.1
	29.3%	28.1%	27%	31.8%	24%	92.5%	63.7%	34%	55.7%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	10	10	10	10	10	10	10
Reserves	466	748	834	941	967	1,044	1,171
Minority interest	—	3	4	5	4	4	4
	-0	0	0	0	2	1	1
	151	135	131	146	205	235	300
Total equity & liabilities	627	896	978	1,101	1,188	1,294	1,486
	49	46	46	47	91	90	313
CWIP	—	0	—	0	0	0	0
Investments	185	177	454	689	813	773	730
	394	673	479	365	283	432	444
Total assets	627	896	978	1,101	1,188	1,294	1,486

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Ratings and ancillary services	336.45	124.19	111.97	155.62	—	—
Research and analytics	265.81	59.77

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	34.6%	29.9%	27%	35.2%	35.4%	33.4%	35.7%	35.9%
EBIT margin %	32.8%	26.6%	23.7%	32.9%	33%	30.3%	32.4%	31.2%
PAT margin %	31.9%	30.3%	27.5%	33.1%	33.9%	34.1%	34.4%	30.5%
Working capital
Receivable days	—	—	58	28	34	43	35	48
Inventory days	—	—	0	0	0	0	0	0
Payable days	—	—	13	15	12	9	10	13
NWC days	—	—	45	13	23	34	24	35
Leverage
Current ratio	—	—	4.26	3.77	4.45	4.51	6.37	3.8
Debt to EBITDA	—	—	0	0	0	0.01	0.01	0
Debt to equity	—	—	0	0	0	0	0	0
Interest coverage	299.1	65.5	55.4	98.5	129.5	20.2	49.7	59.1
Asset turnover	—	—	0.34	0.35	0.37	0.38	0.38	0.4
Return ratios
Return on assets %	—	—	9.2%	11.6%	12.4%	12.8%	13.2%	12.3%
Return on capital employed %	—	—	14.6%	18.7%	19.9%	21%	22.2%	22.2%
Return on equity %	—	—	10.9%	13.5%	14.4%	15.6%	16.3%	15.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	51.87%	51.87%	51.87%	51.87%	51.87%	51.87%	51.87%	51.87%	51.87%	51.87%	51.87%	51.87%
	8.15%	8.22%	8.42%	8.58%	8.77%	9.06%	8.78%	8.66%	6.87%	7.25%	7.92%	6.9%
	24.02%	24.23%	24.08%	23.63%	24.13%	23.92%	24.17%	24.38%	26.16%	25.54%	24.52%	24.27%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	15.63%	15.35%	15.3%	15.59%	14.91%	14.84%	14.87%	14.78%	14.82%	15.06%	15.41%	16.69%
No. of shareholders	—	—	—	—	—	—	—	—	21,818	21,929	22,189	23,802

Promoter holding up 0 percentage points since Sep 2023.

6 disclosures

Person	Deal	Shares	Value	Holding	Filed
Ramnath KrishnanDirector	SellMarket Sale	713	₹46 L	0.01% → 0.00%	5 Nov 20257(2)
Ramnath KrishnanDirector	BuyESOP	713	₹47.49 L

2 deals · 7 Apr 2026 – 7 Apr 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
7 Apr 2026	NIPPON INDIA MUTUAL FUND	Bulk	BSE	Buy	72,626	₹5,075.00	₹36.86 Cr
7 Apr 2026	NIPPON INDIA MUTUAL FUND	Bulk	NSE	Buy	72,333	₹5,075.00	₹36.71 Cr

1–2 of 2

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Palamadai Sundararajan JayakumarNon-Executive - Independent Director-Chairperson
Mr. Pradip Manilal KanakiaNon-Executive - Independent Director
Ms. Anuranjita KumarNon-Executive - Independent Director
Ms. Wendy Huay Huay CheongNon-Executive - Non Independent Director
Ms. Shivani Priya Mohini KakNon-Executive - Non Independent Director
Mr. Stephen Arthur LongNon-Executive - Non Independent Director
Mr. Brian Joseph CahillNon-Executive - Non Independent Director
Mr. Ramnath KrishnanExecutive Director-CEO-MD
Mr. Venkatesh ViswanathanGroup Chief Financial Officer
Mr. Amit Kumar GuptaGeneral Counsel
S Shakeb RahmanCompany Secretary & Compliance Officer

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 5 fund houses

Held by these funds

12.75%

of the company's equity

All mutual funds

20.48%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

8 schemes · 5 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	8.09 L	397.88	0.48%	8.343%	-0
Parag Parikh Flexi Cap Fund	PPFAS Mutual Fund	2.87 L	141.29	0.1%	2.963%	-0
Small Cap FundNEW	ICICI Prudential Mutual Fund	81,751	40.19	0.41%	0.843%	—
Banking & Financial Services Fund	ICICI Prudential Mutual Fund	23,353	11.48	0.1%	0.241%	-0
Multi Asset Allocation Fund	Bajaj Finserv Mutual Fund	19,398	9.54	0.48%	0.2%	-0
Banking and Financial Services Fund	Bajaj Finserv Mutual Fund	9,878	4.86	0.97%	0.102%	-0
Parag Parikh ELSS Tax Saver Fund	PPFAS Mutual Fund	5,803	2.85	0.05%	0.06%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	14	0.01	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Investor Presentation and earnings call

May 2026Transcript AI Summary PPT REC
Oct 2025Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

22

Final dividend23 Jul 2026 · ex-date₹70
Special dividend23 Jul 2026 · ex-date₹35
Final dividend25 Jul 2025 · ex-date₹60
Final dividend19 Jul 2024 · ex-date₹100
Final dividend28 Jul 2023 · ex-date₹40
Special dividend28 Jul 2023 · ex-date₹90
Dividend dividend28 Jul 2022 · ex-date₹28
Dividend dividend22 Jul 2021 · ex-date₹27
Dividend dividend16 Sept 2020 · ex-date₹27
Dividend dividend24 Sept 2019 · ex-date₹30
Dividend dividend3 Aug 2018 · ex-date₹30
Dividend dividend28 Jul 2017 · ex-date₹27
Dividend dividend5 Aug 2016 · ex-date₹25
Dividend dividend6 Aug 2015 · ex-date₹24
Dividend dividend6 Aug 2014 · ex-date₹23
Dividend dividend26 Jul 2013 · ex-date₹22
Dividend dividend27 Jul 2012 · ex-date₹20
Dividend dividend5 Aug 2011 · ex-date₹17
Dividend dividend5 Aug 2010 · ex-date₹17
Dividend dividend30 Jul 2009 · ex-date₹12
Dividend dividend24 Jul 2008 · ex-date₹10
Dividend dividend23 Jul 2007 · ex-date₹4.5

1

Board meeting to consider results30 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

99 announcementsExport CSV

17 Sept 2026, 6:39 pmCompany Update