ICRA Limited (IN:ICRA)
:ICRA
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ICRA Limited
(ICRA)
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Rating:72Outperform
Price Target:
₹5,623.00
▼(-10.68% Downside)
Action:UpgradedDate:10/28/25
ICRA Limited's strong financial performance is the primary driver of its stock score, supported by robust revenue growth and a solid balance sheet. Technical analysis indicates a neutral trend, with no clear momentum. The valuation suggests the stock is relatively expensive, which may limit upside potential.
Positive Factors
Consistent revenue growth
ICRA shows sustained top-line expansion (15.46% revenue growth) and a multi-year upward revenue trajectory. Durable revenue momentum from ratings and surveillance supports predictable cash inflows, funds product investment, and underpins medium-term earnings resilience.
Negative Factors
Recent gross profit decline
A recent decline in gross profit narrows margin cushions and may reflect pricing pressure or rising direct costs. If this trend continues it could erode EBIT/EBITDA margins, reduce free cash generation and limit reinvestment capacity or returns to shareholders over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent revenue growth
ICRA shows sustained top-line expansion (15.46% revenue growth) and a multi-year upward revenue trajectory. Durable revenue momentum from ratings and surveillance supports predictable cash inflows, funds product investment, and underpins medium-term earnings resilience.
Read all positive factors
ICRA Limited (ICRA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹49.37B
Dividend Yield0.97%
Average Volume (3M)1.58K
Price to Earnings (P/E)37.6
Beta (1Y)0.85
Revenue Growth8.06%
EPS Growth24.52%
CountryIN
Employees1,238
SectorServices
Sector StrengthN/A
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)40.35
Shares Outstanding9,651,231
10 Day Avg. Volume94
30 Day Avg. Volume1,578
Financial Highlights & Ratios
PEG Ratio2.51
Price to Book (P/B)5.07
Price to Sales (P/S)10.75
P/FCF Ratio40.33
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)220.62
Revenue Forecast (FY)₹7.29B
ICRA Limited Business Overview & Revenue Model
Company Description
ICRA 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 ...
How the Company Makes Money
ICRA primarily makes money by charging fees for credit rating and related services. Its main revenue stream is ratings and surveillance fees paid by issuers/borrowers (and, in some cases, arrangers or other transaction participants) for assigning ...
ICRA Limited Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
80
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.17B | 4.97B | 4.46B | 4.03B | 3.40B | 2.98B |
| Gross Profit | 2.38B | 2.44B | 1.83B | 1.96B | 1.75B | 1.41B |
| EBITDA | 2.74B | 2.55B | 2.24B | 1.92B | 1.61B | 1.24B |
| Net Income | 1.88B | 1.70B | 1.51B | 1.35B | 1.12B | 816.60M |
Balance Sheet | ||||||
| Total Assets | 13.64B | 12.94B | 11.87B | 11.01B | 9.78B | 8.96B |
| Cash, Cash Equivalents and Short-Term Investments | 10.96B | 10.51B | 5.75B | 5.03B | 3.70B | 4.17B |
| Total Debt | 122.46M | 131.35M | 126.83M | 130.28M | 140.26M | 169.61M |
| Total Liabilities | 2.72B | 2.37B | 2.06B | 1.46B | 1.31B | 1.35B |
| Stockholders Equity | 10.87B | 10.53B | 9.76B | 9.50B | 8.44B | 7.58B |
Cash Flow | ||||||
| Free Cash Flow | 730.71M | 1.32B | 1.00B | 901.70M | 921.54M | 728.71M |
| Operating Cash Flow | 779.99M | 1.45B | 1.07B | 992.58M | 973.75M | 763.84M |
| Investing Cash Flow | -436.88M | -168.90M | 274.94M | -768.39M | -718.62M | -321.14M |
| Financing Cash Flow | -607.27M | -1.03B | -1.37B | -321.26M | -320.29M | -320.31M |
ICRA Limited Technical Analysis
Negative
6295.50
Price Trends
5650.34
Negative
5899.08
Negative
6185.01
Negative
Market Momentum
-161.12
Negative
38.01
Neutral
34.82
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ICRA, the sentiment is Negative. The current price of 6295.5 is above the 20-day moving average (MA) of 5272.43, above the 50-day MA of 5650.34, and above the 200-day MA of 6185.01, indicating a bearish trend. The MACD of -161.12 indicates Negative momentum. The RSI at 38.01 is Neutral, neither overbought nor oversold. The STOCH value of 34.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | ₹45.00B | 33.44 | ― | 1.23% | 19.50% | 33.27% | |
72 Outperform | ₹49.37B | 37.64 | ― | 0.97% | 8.06% | 24.52% | |
68 Neutral | ₹271.15B | 41.26 | ― | 1.38% | 6.61% | 11.88% | |
55 Neutral | $13.29B | 17.42 | 10.03% | 0.93% | 7.13% | -12.93% |
* Services Sector Average
IN:ICRA
ICRA Limited
5,115.50
-398.73
-7.23%
IN:CARERATING
CARE Ratings Ltd
1,497.50
342.95
29.70%
IN:CRISIL
CRISIL Limited
3,707.75
-539.33
-12.70%
ICRA Limited Corporate Events
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...
ICRA Files Q3 FY2026 Investor Presentation with Stock Exchanges
Jan 28, 2026
ICRA Limited has released its investor presentation for the third quarter of fiscal year 2026, in compliance with Securities and Exchange Board of India listing regulations, and submitted the document to both BSE and the National Stock Exchange of...
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.