ICRA Limited (ICRA) AI Stock Analysis

• Market Cap: ₹51.54B
• Dividend Yield: 0.97%
• Average Volume (3M): 1.58K
• Price to Earnings (P/E): 37.6
• Beta (1Y): 0.85
• 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): 40.50
• 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): 10.75
• 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): 225.81
• Revenue Forecast (FY): ₹7.29B

• Rating: 72 Outperform
• Price Target: ₹5,875.00 ▼(-6.68% Downside)
• Action: Upgraded Date: 10/28/25
• Date: Action: Upgraded 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

Recurring revenue model

ICRA's core business is fee-based ratings and ongoing surveillance plus subscription analytics. This creates predictable, recurring revenue and high client retention across corporates, banks and structured finance, supporting stable cash generation and long-term revenue visibility.

Negative Factors

Cash flow volatility

Operating cash flow is generally solid, but swings in investing and sizeable financing outflows reduce predictability of free cash flow. This can limit capacity for discretionary investment, dividends or buffers during downturns and makes multi‑period cash planning less certain.

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 ...

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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 ...

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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

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

• Technical Analysis Sentiment: Neutral
• Last Price: 6295.50
• 50DMA: Negative
• 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 Neutral. The current price of 6295.5 is above the 20-day moving average (MA) of 5226.57, above the 50-day MA of 5598.31, and above the 200-day MA of 6163.30, indicating a neutral trend. The MACD of -122.42 indicates Negative momentum. The RSI at 50.69 is Neutral, neither overbought nor oversold. The STOCH value of 60.78 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CARERATING	75 Outperform	₹47.35B	33.44	―	1.23%	19.50%	33.27%
ICRA	72 Outperform	₹51.54B	37.64	―	0.97%	8.06%	24.52%
CRISIL	68 Neutral	₹282.51B	41.26	―	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