ICRA Limited (ICRA) AI Stock Analysis

• Market Cap: ₹58.57B
• Dividend Yield: 0.97%
• Average Volume (3M): 1.58K
• Price to Earnings (P/E): 31.0
• Beta (1Y): 0.90
• Revenue Growth: 8.06%
• EPS Growth: 24.52%
• Country: IN
• Employees: 1,238
• Sector: Services
• Sector Strength: N/A
• Industry: Financial - Data & Stock Exchanges
• EPS (TTM): 49.69
• Shares Outstanding: 9,651,231
• 10 Day Avg. Volume: 94
• 30 Day Avg. Volume: 1,578
• PEG Ratio: 2.51
• Price to Book (P/B): 5.07
• Price to Sales (P/S): 10.73
• P/FCF Ratio: 40.33
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 72 Outperform
• Price Target: ₹6,975.00 ▲(10.79% Upside)

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

Revenue Growth

Consistent revenue growth indicates a strong market position and effective business strategies, supporting long-term financial stability.

Balance Sheet Health

A strong balance sheet with low leverage enhances financial security and provides flexibility for future investments and growth.

Cash Generation Ability

Strong cash flow generation supports operational needs and strategic initiatives, ensuring the company can sustain growth and manage risks effectively.

Negative Factors

Volatility in Cash Flow

Volatility in cash flow components can impact financial planning and stability, potentially affecting the company's ability to fund future growth.

Decline in Gross Profit

A decline in gross profit may indicate rising costs or pricing pressures, which could affect profitability if not addressed.

Cash Outflows

Significant cash outflows for financing activities can strain liquidity and limit the company's ability to invest in growth opportunities.

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 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 Money

ICRA generates revenue primarily through its credit rating services, which involve assessing the credit risk of various entities and instruments. The company charges fees for conducting these ratings, which are typically recurring as clients may require periodic reassessments. Additionally, ICRA earns income from research services, which include market analysis and sector reports that are sold to clients for strategic decision-making. Data analytics and risk advisory services also contribute to its revenue, as businesses seek insights into market trends and risk management strategies. Furthermore, ICRA benefits from partnerships with financial institutions and regulatory bodies, enhancing its credibility and expanding its client base, which in turn supports its revenue growth.

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

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

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

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.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.07B	4.97B	4.46B	4.03B	3.40B	2.98B
Gross Profit	2.49B	2.44B	1.83B	1.96B	1.75B	1.41B
EBITDA	2.66B	2.55B	2.24B	1.92B	1.61B	1.24B
Net Income	1.77B	1.70B	1.51B	1.35B	1.12B	816.60M
Balance Sheet
Total Assets	0.00	12.94B	11.87B	11.01B	9.78B	8.96B
Cash, Cash Equivalents and Short-Term Investments	10.51B	10.51B	5.75B	5.03B	3.70B	4.17B
Total Debt	0.00	131.35M	126.83M	130.28M	140.26M	169.61M
Total Liabilities	-10.58B	2.37B	2.06B	1.46B	1.31B	1.35B
Stockholders Equity	10.58B	10.53B	9.76B	9.50B	8.44B	7.58B
Cash Flow
Free Cash Flow	0.00	1.32B	1.00B	901.70M	921.54M	728.71M
Operating Cash Flow	0.00	1.45B	1.07B	992.58M	973.75M	763.84M
Investing Cash Flow	0.00	-168.90M	274.94M	-768.39M	-718.62M	-321.14M
Financing Cash Flow	0.00	-1.03B	-1.37B	-321.26M	-320.29M	-320.31M

ICRA Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 6295.50
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 6152.22, above the 50-day MA of 6193.81, and above the 200-day MA of 6241.34, indicating a neutral trend. The MACD of 29.87 indicates Negative momentum. The RSI at 53.26 is Neutral, neither overbought nor oversold. The STOCH value of 64.45 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CARERATING	75 Outperform	₹48.68B	31.76	―	1.23%	19.50%	33.27%
ICRA	72 Outperform	₹58.57B	31.05	―	0.97%	8.06%	24.52%
CRISIL	61 Neutral	₹346.87B	46.30	―	1.38%	6.61%	11.88%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%

ICRA Limited Corporate Events

ICRA Limited Announces Auditor Change for Fintellix Subsidiary

ICRA Limited has announced a change in auditors for its subsidiary, Fintellix India Private Limited. Deloitte Haskins & Sells, a prominent chartered accountancy firm, has been recommended as the new statutory auditor to address a casual vacancy. This decision exemplifies ICRA’s commitment to maintaining robust governance and leveraging the services of reputable audit firms, ensuring transparency and trust for its stakeholders.

ICRA Limited Schedules Investor Meeting with Ventura Securities

ICRA Limited has announced a scheduled virtual meeting with Ventura Securities Ltd on December 9, 2025, as part of its ongoing engagement with analysts and institutional investors. This meeting is part of ICRA’s commitment to transparency and communication with stakeholders, ensuring that discussions are based on publicly available information without sharing unpublished price-sensitive data.

ICRA Limited Schedules Analyst Meeting with TenCore Partners

ICRA Limited has announced a scheduled one-on-one meeting with TenCore Partners on October 31, 2025, in Mumbai. This meeting is part of their ongoing engagement with analysts and institutional investors, ensuring transparency and adherence to regulatory requirements without disclosing any unpublished price-sensitive information.

ICRA Limited Schedules Earnings Call for Q2 & H1 FY26 Results

ICRA Limited announced that it will hold an earnings conference call on October 29, 2025, to discuss its Q2 and half-year financial results for the fiscal year 2026. This call is part of ICRA’s commitment to transparency and communication with its stakeholders, potentially impacting investor confidence and market positioning.