ICRA

Why is ICRA Ltd falling/rising?

As of 31-Aug, ICRA Ltd's stock price is slightly rising at 4,927.00, but it has a year-to-date decline of 18.79% and is trading below all moving averages, indicating a bearish trend. Despite being net-debt free and having high institutional holdings, investor interest is waning, and the company's financial performance remains concerning.

As of 31-Aug, ICRA Ltd's stock price is experiencing a slight rise, currently at 4,927.00, reflecting a change of 9.05 (0.18%) upward. This increase comes after two consecutive days of gains, where the stock has risen by 1.94%. However, despite this recent uptick, the stock has shown poor long-term performance, with a year-to-date decline of 18.79% and a one-year drop of 21.15%, significantly underperforming the benchmark Sensex, which has only decreased by 3.57% over the same period.<BR><BR>The stock is currently trading below all its moving averages, indicating a bearish trend. Additionally, there has been a notable decline in investor participation, with delivery volume falling by 17.69% compared to the five-day average, suggesting reduced interest from investors. Furthermore, while the company is net-debt free and has high institutional holdings at 31.17%, which typically indicates a level of confidence from more sophisticated investors, the overall sentiment remains cautious due to the company's flat financial results and poor growth metrics.<BR><BR>The company's operating profit growth over the last five years has been modest at an annual rate of 19.15%, and recent financials reveal concerning figures, such as the lowest cash and cash equivalents at Rs 42.49 crore and a low debtors turnover ratio of 7.65 times. The stock's expensive valuation, with a price-to-book ratio of 4, combined with a PEG ratio of 2.1, further complicates its attractiveness to investors. Thus, while there is a slight rise in the stock price recently, the broader context of its performance and market indicators suggests a challenging environment for ICRA Ltd.

Who are in the management team of ICRA?

The management team of ICRA includes key members such as Dhruba Narayan Ghosh (Chairman Emeritus), Arun Duggal (Chairman), and Ramnath Krishnan (Managing Director & Group CEO), along with several independent directors and other directors, bringing diverse expertise to the company.

The management team of ICRA includes the following key members:<BR><BR>1. **Dhruba Narayan Ghosh** - Chairman Emeritus<BR>2. **Arun Duggal** - Chairman & Independent Director<BR>3. **Ranjana Agarwal** - Independent Director<BR>4. **S Shakeb Rahman** - Company Secretary & Compliance Officer<BR>5. **Radhika Haribhakti** - Independent Director<BR>6. **Michael Foley** - Director<BR>7. **Wendy H H Cheong** - Director<BR>8. **Stephen Arthur Long** - Director<BR>9. **Shivani Priya Mohini Kak** - Director<BR>10. **Ramnath Krishnan** - Managing Director & Group CEO<BR><BR>This team brings a diverse range of expertise and leadership to the company.

What does ICRA do?

ICRA Ltd is an independent provider of investment information and credit risk assessment services in the Capital Markets industry, with a market cap of INR 4,735 Cr. As of June 2026, it reported net sales of 163 Cr and a net profit of 56 Cr.

Overview: <BR>ICRA Ltd is a leading independent provider of investment information and credit risk assessment services in the Capital Markets industry, categorized as a Small Cap company.<BR><BR>History: <BR>ICRA was established as an independent and professional investment information and credit rating agency in collaboration with leading financial institutions. The latest quarterly results reported are for June 2026, showing net sales and profit figures.<BR><BR>Financial Snapshot: <BR>Most recent Net Sales: 163 Cr (Quarterly Results - Jun 2026) <BR>Most recent Net Profit: 56 Cr (Quarterly Results - Jun 2026) <BR>Market-cap value: INR 4,735 Cr (Small Cap)<BR><BR>Key Metrics: <BR>P/E: 24.00 <BR>Industry P/E: 35 <BR>Dividend Yield: 2.14% <BR>Debt-Equity: -0.64 <BR>Return on Equity: 15.79% <BR>Price to Book: 4.01 <BR><BR>Contact Details: <BR>Address: B-710 Statesman House, 148 Barakhamba Road New Delhi New Delhi : 110001 <BR>Email: investors@icraindia.com/info@icrain <BR>Website: http://www.icra.in

Who are the peers of the ICRA?

ICRA's peers include UTI AMC, Indian Energy Ex, IIFL Capital, CARE Ratings, Share India Sec., Monarch Networth, and Geojit Fin. Ser. ICRA has a lower 1-year return of -21.15% compared to its peers, with IIFL Capital showing the highest return at 13.59%.

Peers: The peers of ICRA are UTI AMC, Indian Energy Ex, IIFL Capital, CARE Ratings, Share India Sec., Monarch Networth, and Geojit Fin. Ser.<BR><BR>Quality Snapshot: Excellent management risk is observed at Indian Energy Ex, while Good management risk is found at UTI AMC, CARE Ratings, and ICRA. Average management risk is present at IIFL Capital, Share India Sec., Monarch Networth, and Geojit Fin. Ser. Growth is rated as Good for IIFL Capital, Share India Sec., and Monarch Networth, while Below Average growth is noted for UTI AMC, Indian Energy Ex, CARE Ratings, ICRA, and Geojit Fin. Ser. All peers have an Excellent capital structure.<BR><BR>Return Snapshot: IIFL Capital has the highest 1-year return at 13.59%, while ICRA has the lowest at -21.15%. Compared to its peers, ICRA's return is significantly lower. Additionally, UTI AMC and ICRA have negative six-month returns.

How big is ICRA?

As of 31st August, ICRA Ltd has a market capitalization of 4,735.00 Cr, with recent net sales of 638.39 Cr and a net profit of 195.24 Cr. Shareholder's funds are 1,180.74 Cr and total assets amount to 1,480.78 Cr as of March 2026.

As of 31st August, ICRA Ltd has a market capitalization of 4,735.00 Cr, categorizing it as a Small Cap company.<BR><BR>In the latest four quarters, ICRA reported Net Sales of 638.39 Cr and a Net Profit of 195.24 Cr.<BR><BR>The latest annual period for the balance sheet is March 2026, with Shareholder's Funds amounting to 1,180.74 Cr and Total Assets of 1,480.78 Cr.

Which are the latest news on ICRA?

Are ICRA Ltd latest results good or bad?

ICRA Ltd's latest results show strong year-on-year growth in net profit and revenue, but a sequential decline in revenue and significant contraction in operating margins raise concerns about operational performance and earnings sustainability. Investors should be cautious due to these underlying challenges.

ICRA Ltd's latest results present a mixed picture. On one hand, the company reported a net profit of ₹56.16 crore for Q1 FY27, which reflects a strong year-on-year growth of 32.33%. Additionally, revenue growth was impressive at 31.23% compared to the same quarter last year. However, there are significant concerns regarding operational performance.<BR><BR>The revenue for the quarter was ₹163.37 crore, which represents a sequential decline of 6.57% from the previous quarter. More troubling is the sharp contraction in operating margins, which fell to 33.72% from 39.78% in the prior quarter, marking a decline of 606 basis points. This decline raises questions about the company's pricing power and cost management.<BR><BR>Furthermore, ICRA's reliance on other income, which constituted 38.52% of profit before tax, raises concerns about the sustainability and quality of its earnings. The return on equity (ROE) at 15.79% is also relatively low compared to industry standards, indicating inefficiencies in capital deployment.<BR><BR>Overall, while ICRA's headline figures show growth, the underlying operational challenges and margin compression suggest that the results may not be as positive as they initially appear. Investors should be cautious and monitor how the company addresses these issues in the coming quarters.

Should I buy, sell or hold ICRA Ltd?

When is the next results date for ICRA Ltd?

The next results date for ICRA Ltd is 21 May 2026.

The next results date for ICRA Ltd is scheduled for 21 May 2026.

Is ICRA technically bullish or bearish?

As of November 18, 2025, ICRA's technical trend is mildly bearish, influenced by bearish signals from the weekly MACD and KST, despite some mixed indicators from Dow Theory and daily moving averages.

As of 18 November 2025, the technical trend for ICRA has changed from sideways to mildly bearish. The current stance is mildly bearish, driven by the weekly MACD and KST both indicating bearish signals, while the monthly MACD and KST show a mildly bearish outlook. The Dow Theory reflects a mixed view with a mildly bearish signal on the weekly chart and a mildly bullish signal on the monthly chart. The daily moving averages are mildly bullish, but overall, the bearish indicators dominate. The stock has underperformed against the Sensex in the short and medium term, further supporting the bearish sentiment.

How has been the historical performance of ICRA?

ICRA has shown consistent financial growth, with net sales increasing from 301.06 Cr in Mar'21 to 498.02 Cr in Mar'25, and profit before tax rising from 112.01 Cr to 233.97 Cr in the same period. The company's total assets and cash flow from operating activities have also improved significantly, indicating strong operational performance and financial health.

Answer:<BR>The historical performance of ICRA shows a consistent growth trend in net sales, with figures rising from 301.06 Cr in Mar'21 to 498.02 Cr in Mar'25. Total operating income has similarly increased, reaching 498.02 Cr in Mar'25, up from 446.11 Cr in Mar'24 and 403.23 Cr in Mar'23. The company's operating profit (PBDIT) also reflects this upward trajectory, growing from 81.13 Cr in Mar'21 to 255.16 Cr in Mar'25. Profit before tax has seen a substantial increase, climbing from 112.01 Cr in Mar'21 to 233.97 Cr in Mar'25, while profit after tax rose from 82.68 Cr in Mar'21 to 171.20 Cr in Mar'25. The earnings per share (EPS) have improved significantly as well, from 84.62 in Mar'21 to 176.18 in Mar'25. <BR><BR>In terms of assets and liabilities, total assets increased from 839.11 Cr in Mar'20 to 1,291.80 Cr in Mar'25, while total liabilities also rose from 839.11 Cr to 1,291.80 Cr during the same period. The company's cash flow from operating activities has shown a positive trend, increasing from 21.00 Cr in Mar'20 to 144.00 Cr in Mar'25, contributing to a net cash inflow of 24.00 Cr in Mar'25. Overall, ICRA has demonstrated strong financial growth across various metrics, indicating a robust performance over the years. <BR><BR>Breakdown:<BR>ICRA's financial performance over the years has been marked by significant growth in key areas. Net sales have steadily increased from 301.06 Cr in Mar'21 to 498.02 Cr in Mar'25, reflecting a strong demand for its services. Total operating income has mirrored this growth, reaching 498.02 Cr in Mar'25. Operating profit (PBDIT) has also shown a remarkable rise, from 81.13 Cr in Mar'21 to 255.16 Cr in Mar'25, indicating improved operational efficiency. Profit before tax has surged from 112.01 Cr in Mar'21 to 233.97 Cr in Mar'25, while profit after tax has increased from 82.68 Cr to 171.20 Cr in the same timeframe. The earnings per share have seen a notable rise, enhancing shareholder value. On the balance sheet, total assets and liabilities have both grown, reflecting the company's expanding operations. Cash flow from operating activities has improved significantly, contributing to a positive net cash inflow in Mar'25, showcasing ICRA's strong financial health and operational success.

Who are the top shareholders of the ICRA?

The top shareholders of ICRA include Moody's Investment Company India Private Limited with 31.66%, mutual funds with 17.33%, foreign institutional investors at 8.78%, and Pari Washington India Master Fund, Ltd. with 6.95%. Individual investors collectively hold 10.93% of the shares.

The top shareholders of ICRA include several key players. The largest shareholder is Moody's Investment Company India Private Limited, which holds 31.66% of the shares. Following that, the company has mutual funds holding a combined 17.33% across 10 schemes, and foreign institutional investors (FIIs) own 8.78% through 63 different entities. The highest public shareholder is Pari Washington India Master Fund, Ltd., with a 6.95% stake. Additionally, individual investors collectively hold 10.93% of the shares.

Is ICRA overvalued or undervalued?

As of August 24, 2020, ICRA is considered very expensive and overvalued based on its high financial ratios, despite strong performance and a high ROCE, making it potentially imprudent to invest at this time.

As of 24 August 2020, ICRA's valuation grade has moved from expensive to very expensive, indicating a significant shift in its perceived value. The company is currently overvalued based on its key financial ratios, including a PE ratio of 37.22, an EV to EBITDA ratio of 29.75, and a PEG ratio of 2.97. These metrics suggest that the stock is trading at a premium compared to its earnings and growth potential.<BR><BR>In comparison to its peers, ICRA's valuation appears elevated, with CRISIL showing a PE ratio of 55.38 and CARE Ratings at 38.63, both also categorized as very expensive. Despite ICRA's impressive ROCE of 1209.60%, the overall valuation suggests that it may not be a prudent investment at this time. Additionally, while ICRA has outperformed the Sensex over the past year with a return of 22.02% compared to the Sensex's 7.62%, the current valuation still points towards overvaluation in the context of its financial metrics.

Has ICRA declared dividend?

ICRA Ltd has declared a 1000% dividend, amounting to ₹100 per share, with an ex-date of July 19, 2024. The company has shown strong total returns over various periods, particularly a total return of 156.62% over the past five years.

ICRA Ltd has declared a 1000% dividend.<BR><BR>Dividend Details:<BR>- Percentage announced: 1000%<BR>- Amount per share: 100 per share<BR>- Ex-date: 19 Jul 24<BR><BR>Dividend Yield: 1.54%.<BR><BR>Total Returns by Period:<BR>In the last 6 months, ICRA experienced a price return of -2.73%, with no dividend return, resulting in a total return of -2.73%.<BR><BR>Over the past year, the company achieved a price return of 19.35% and a dividend return of 1.78%, leading to a total return of 21.13%.<BR><BR>In the two-year period, ICRA saw a price return of 34.15% and a dividend return of 2.83%, culminating in a total return of 36.98%.<BR><BR>For the three-year period, the price return was 69.07% with a dividend return of 4.52%, resulting in a total return of 73.59%.<BR><BR>Over four years, ICRA had a price return of 105.31% and a dividend return of 6.02%, achieving a total return of 111.33%.<BR><BR>In the five-year period, the company recorded a price return of 147.73% and a dividend return of 8.89%, leading to a total return of 156.62%.<BR><BR>Overall, ICRA has declared a significant dividend, and the total returns over various periods indicate a strong performance, particularly over the longer term, reflecting both price appreciation and dividend contributions.