ICRA Limited (IN:ICRA)
:ICRA
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ICRA Limited
(ICRA)
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Rating:73Outperform
Price Target:
₹6,014.00
▼(-4.47% Downside)
Action:Reiterated
Date:05/23/26
The score is primarily driven by strong financial performance (high profitability, very conservative balance sheet, and solid free cash flow). This is tempered by a mixed technical picture with the stock still below its longer-term moving averages, and a valuation that looks reasonable but not clearly cheap given a P/E around 26.5 and a modest dividend yield.
Positive Factors
High Profitability
Consistent high net margins (27%–34%) and strong operating profitability indicate durable earnings power. This margin profile supports reinvestment, consistent cash generation and resilience through economic cycles, underpinning long-term returns and funding strategic initiatives.
Negative Factors
Cash Conversion Variability
OCF consistently below net income signals working-capital timing and cash conversion variability. Over time this can constrain free cash availability for capex, M&A or shareholder returns during periods of tight liquidity, despite healthy reported earnings and free cash flow trends.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability
Consistent high net margins (27%–34%) and strong operating profitability indicate durable earnings power. This margin profile supports reinvestment, consistent cash generation and resilience through economic cycles, underpinning long-term returns and funding strategic initiatives.
Read all positive factors
ICRA Limited (ICRA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹51.30B
Dividend Yield0.97%
Average Volume (3M)1.58K
Price to Earnings (P/E)27.7
Beta (1Y)0.87
Revenue Growth20.38%
EPS Growth6.82%
CountryIN
Employees1,238
SectorServices
Sector StrengthN/A
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)195.43
Shares Outstanding9,651,231
10 Day Avg. Volume94
30 Day Avg. Volume1,578
Financial Highlights & Ratios
PEG Ratio3.93
Price to Book (P/B)4.08
Price to Sales (P/S)8.03
P/FCF Ratio29.25
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)224.46
Revenue Forecast (FY)₹7.28B
ICRA Limited Business Overview & Revenue Model
Company Description
ICRA Limited functions as an independent and professional firm specializing in investment information and credit ratings, operating both in India and internationally. Its activities are segmented into Rating, Research and Other Services; Consultin...
How the Company Makes Money
ICRA primarily earns revenue by charging fees for credit rating services. These fees are typically paid by issuers/borrowers (or arrangers/sponsors in certain transactions) for assigning and maintaining ratings on debt instruments and credit facil...
ICRA Limited Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
93
Very Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.17B | 6.00B | 4.97B | 4.46B | 4.03B | 3.40B |
| Gross Profit | 2.38B | 1.87B | 2.44B | 1.83B | 1.96B | 1.75B |
| EBITDA | 2.74B | 2.83B | 2.55B | 2.24B | 1.92B | 1.61B |
| Net Income | 1.88B | 1.82B | 1.70B | 1.51B | 1.35B | 1.12B |
Balance Sheet | ||||||
| Total Assets | 13.64B | 14.86B | 12.94B | 11.87B | 11.01B | 9.78B |
| Cash, Cash Equivalents and Short-Term Investments | 10.96B | 7.69B | 10.51B | 5.75B | 5.03B | 3.70B |
| Total Debt | 122.46M | 184.01M | 131.35M | 126.83M | 130.28M | 140.26M |
| Total Liabilities | 2.72B | 3.01B | 2.37B | 2.06B | 1.46B | 1.31B |
| Stockholders Equity | 10.87B | 11.81B | 10.53B | 9.76B | 9.50B | 8.44B |
Cash Flow | ||||||
| Free Cash Flow | 730.71M | 1.65B | 1.32B | 1.00B | 901.70M | 921.54M |
| Operating Cash Flow | 779.99M | 1.77B | 1.45B | 1.07B | 992.58M | 973.75M |
| Investing Cash Flow | -436.88M | -1.30B | -168.90M | 274.94M | -768.39M | -718.62M |
| Financing Cash Flow | -607.27M | -667.00M | -1.03B | -1.37B | -321.26M | -320.29M |
ICRA Limited Technical Analysis
Positive
6295.50
Price Trends
5328.98
Negative
5471.49
Negative
5863.94
Negative
Market Momentum
-39.01
Negative
56.54
Neutral
63.44
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ICRA, the sentiment is Positive. The current price of 6295.5 is above the 20-day moving average (MA) of 5214.22, above the 50-day MA of 5328.98, and above the 200-day MA of 5863.94, indicating a neutral trend. The MACD of -39.01 indicates Negative momentum. The RSI at 56.54 is Neutral, neither overbought nor oversold. The STOCH value of 63.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:ICRA.
ICRA Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ₹51.64B | 8.89 | ― | 1.23% | 17.59% | 24.33% | |
73 Outperform | ₹51.30B | 27.70 | ― | 0.97% | 20.38% | 6.82% | |
68 Neutral | ₹302.35B | 35.90 | ― | 1.38% | 16.74% | 18.86% | |
55 Neutral | $13.29B | 17.42 | 10.03% | 0.93% | 7.13% | -12.93% |
* Services Sector Average
IN:ICRA
ICRA Limited
5,315.90
-1,267.96
-19.26%
IN:CARERATING
CARE Ratings Ltd
1,718.55
-102.39
-5.62%
IN:CRISIL
CRISIL Limited
4,134.35
-1,569.63
-27.52%
ICRA Limited Corporate Events
ICRA files SEBI Regulation 74(5) compliance certificate for March quarter
Apr 6, 2026
ICRA Limited has informed the stock exchanges that it has obtained the required certificate under Regulation 74(5) of the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026...
ICRA Closes Trading Window Ahead of FY26 Results
Mar 2, 2026
ICRA Limited has announced that its trading window for dealing in the company’s shares will be closed from March 13, 2026, until 48 hours after the declaration of its standalone and consolidated financial results for the fourth quarter and f...
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.