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ICRA Limited (IN:ICRA)
:ICRA
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ICRA Limited (ICRA) AI Stock Analysis

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IN:ICRA

ICRA Limited

(ICRA)

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Outperform 75 (OpenAI - 4o)
Rating:75Outperform
Price Target:
₹7,120.00
▲(10.29% Upside)
ICRA Limited's strong financial performance is the most significant factor, supported by robust revenue growth and a solid balance sheet. The technical analysis indicates a neutral market position, while the valuation suggests a high P/E ratio with modest dividend yield. These factors collectively contribute to a solid overall stock score.

ICRA Limited (ICRA) vs. iShares MSCI India ETF (INDA)

ICRA Limited Business Overview & Revenue Model

Company DescriptionICRA Limited operates as an independent and professional investment information, and credit rating agency in India and internationally. The company operates through Rating, Research and Other Services; Consulting Services; Knowledge Services; and Market Services segments. It offers credit, bank loan, structured finance, issuer, mutual fund, industry research, fund management quality, equity grading rating, and insurance financial strength rating, line of credit rating services, as well as public issue proceeds monitoring services. The company also provides grading services to banking and finance, insurance, and hydro-electricity sectors, as well as construction, trading, aviation, and manufacturing companies; industry research services in the areas of business and profitability outlook, industry analysis, competitive landscape, impact of regulatory environment, benchmarking of companies, industry credit profile, company profile on listed players, etc.; and management consulting services, such as risk management, financial advisory, and outsourcing and policy advisory. In addition, it offers financial information products and services, as well as KPO services. The company was formerly known as Investment Information and Credit Rating Agency of India Limited. ICRA Limited was incorporated in 1991 and is headquartered in Gurugram, India.
How the Company Makes MoneyICRA Limited generates revenue primarily through fees charged for its credit rating services. These fees are paid by issuers of debt instruments who seek ICRA's ratings to enhance the marketability of their financial products and to comply with regulatory requirements. In addition to credit ratings, ICRA earns from subscription fees for its research publications and advisory services in risk management. The company's association with Moody's also enhances its credibility and allows it to leverage global best practices, which in turn can attract more business. Key revenue streams include ratings for corporate debt, bank loans, structured finance, and public finance. ICRA's earnings are further supported by its capability to offer industry reports and customized research, which are sought after by investors, regulators, and policymakers.

ICRA Limited Financial Statement Overview

Summary
ICRA Limited exhibits strong financial health with consistent revenue growth and robust profitability metrics. The balance sheet is solid with low leverage, enhancing financial security. Cash flow generation is positive, although some volatility in cash flow components calls for cautious monitoring.
Income Statement
85
Very Positive
ICRA Limited has demonstrated strong revenue growth, with a consistent upward trajectory over the past five years. The gross profit margin has remained robust, highlighting effective cost management. The EBITDA and EBIT margins are healthy, reflecting solid operational efficiency. However, the decline in gross profit compared to the previous year warrants attention.
Balance Sheet
90
Very Positive
The company maintains a strong equity position with a solid equity ratio and low debt-to-equity ratio, reflecting financial stability. Increasing stockholders' equity and a steady growth in total assets indicate a robust financial foundation. The low level of debt minimizes financial risk, which is advantageous in the current market conditions.
Cash Flow
80
Positive
ICRA Limited has shown a positive trend in free cash flow growth, supported by consistent operating cash flow. The operating cash flow to net income ratio is strong, suggesting good cash generation from operations relative to net income. However, fluctuations in investing cash flow and substantial financing cash outflows may pose potential risks.
BreakdownTTMDec 2025Dec 2023Dec 2023Dec 2021Dec 2020
Income Statement
Total Revenue4.86B4.98B4.03B4.46B3.40B2.99B
Gross Profit1.89B1.61B1.96B1.83B1.76B1.41B
EBITDA2.49B2.55B1.92B2.24B1.61B1.24B
Net Income1.61B1.70B1.35B1.51B1.12B816.60M
Balance Sheet
Total Assets0.0012.94B11.01B11.88B9.78B8.96B
Cash, Cash Equivalents and Short-Term Investments6.63B10.53B5.08B5.75B3.70B4.17B
Total Debt0.00131.35M130.28M126.83M140.26M169.61M
Total Liabilities-9.59B2.37B1.46B2.07B1.31B1.35B
Stockholders Equity9.59B10.53B9.50B9.76B8.44B7.58B
Cash Flow
Free Cash Flow0.001.32B901.70M1.00B921.54M728.71M
Operating Cash Flow0.001.45B992.58M1.07B973.75M763.84M
Investing Cash Flow0.00-168.90M-768.39M274.94M-718.62M-321.14M
Financing Cash Flow0.00-1.03B-321.26M-1.37B-320.29M-320.31M

ICRA Limited Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price6455.95
Price Trends
50DMA
6418.74
Positive
100DMA
6462.03
Negative
200DMA
6156.74
Positive
Market Momentum
MACD
57.51
Negative
RSI
49.38
Neutral
STOCH
30.05
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ICRA, the sentiment is Neutral. The current price of 6455.95 is below the 20-day moving average (MA) of 6459.49, above the 50-day MA of 6418.74, and above the 200-day MA of 6156.74, indicating a neutral trend. The MACD of 57.51 indicates Negative momentum. The RSI at 49.38 is Neutral, neither overbought nor oversold. The STOCH value of 30.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:ICRA.

ICRA Limited Peers Comparison

Overall Rating
UnderperformOutperform
Sector (55)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
75
Outperform
₹62.31B35.100.93%10.80%21.15%
67
Neutral
₹338.99B46.5826.67%1.25%6.03%11.92%
66
Neutral
₹46.70B32.7417.02%1.16%21.24%36.98%
55
Neutral
$13.29B17.4210.03%0.93%7.13%-12.93%
* Services Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
IN:ICRA
ICRA Limited
6,455.95
-691.49
-9.67%
IN:CARERATING
CARE Ratings Ltd
1,556.90
559.43
56.08%
IN:CRISIL
CRISIL Limited
4,635.45
31.31
0.68%

ICRA Limited Corporate Events

ICRA Limited Announces Virtual AGM and E-Voting Details
Jul 6, 2025

ICRA Limited announced the scheduling of its Thirty-fourth Annual General Meeting (AGM) to be held on July 31, 2025, via video conferencing. This meeting will include discussions on e-voting, reflecting the company’s commitment to leveraging technology for stakeholder engagement and compliance with regulatory requirements.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Sep 12, 2025