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ICRA Ltd.

RatingsRatings

www.icra.in BSE: 532835NSE: ICRA

₹4,618.00BSE1.31%

16 Sep, 4:01 PM

₹4,618.00

₹4.45K Cr

22.79

3.62

16.42%

₹4,679.10

₹4,579.95

₹6,981.95

₹4,579.95

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Price Performance

Peer Comparison

Name
CRISIL LTD CRISIL	4,610.00	37.82	33,712.94	1.33	216.46	26.16%	1,075.39	27.56%	37.99
CARERATING CARERATING	1,650.05	27.97	4,969.69	1.33	32.99	24.52%	111.68	18.93%	27.36
ICRA Ltd. ICRA	4,618.00	22.79	4,449.36	2.28	56.46	32.04%	163.37	31.23%	22.80

Quarterly Results

consolidated figures in ₹ Crores · Quarterly

Particulars	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	123.97	114.82	126.12	120.87	136.21	124.49	136.58	163.59	174.85	163.37
Expenses	74.12	79.64	84.86	78.71	77.05	84.74	88.05	106.40	105.29	108.27
	49.85	35.18	41.26	42.16	59.16	39.75	48.53	57.19	69.56	55.09
	40.21%	30.64%	32.72%	34.88%	43.43%	31.93%	35.53%	34.96%	39.78%	33.72%
	23.68	17.89	20.04	18.85	20.62	24.36	20.91	8.65	14.18	32.01
Interest	6.93	2.15	0.34	1.07	1.24	1.65	0.87	0.98	0.94	0.45
	4.47	3.71	4.01	4.19	4.48	4.09	4.21	9.96	10.00	10.55
	62.13	47.21	56.95	55.75	74.06	58.37	64.37	54.91	72.80	76.12
	24.25%	23.98%	34.85%	24.27%	24.40%	26.74%	25.39%	28.86%	27.62%	25.83%
	46.87	35.52	36.72	42.03	55.74	42.44	47.81	38.82	52.45	56.16
	48.56	36.80	38.05	43.55	57.75	43.97	49.54	40.22	54.35	58.19

Profit & Loss

consolidated figures in ₹ Crores · Annual

Particulars	FY 2021-22 (Mar)	FY 2022-23 (Mar)	FY 2023-24 (Mar)	FY 2024-25 (Mar)	FY 2025-26 (Mar)
No of Months	12.00	12.00	12.00	12.00	12.00
INCOME :
Operating Income	342.81	403.23	446.11	498.02	599.51
Operating Income (Net)	342.81	403.23	446.11	498.02	599.51
EXPENDITURE :
Power & Fuel Cost	0.90	1.40	1.53	1.47	1.60
Employee Cost	179.25	207.56	240.36	261.13	310.12
Operating Expenses	13.95	15.10	6.61	5.26	6.26
General and Administration Expenses	22.38	27.22	43.88	47.05	61.41
Selling and Distribution Expenses	0.23	0.30	0.26	0.18	0.39
Miscellaneous Expenses	5.52	8.75	4.72	5.18	4.71
	222.22	260.32	297.35	320.26	384.48
Operating Profit (Excl OI)	120.58	142.91	148.76	177.76	215.03
	40.88	49.55	74.97	77.41	75.02
	161.46	192.46	223.73	255.17	290.05
Interest	1.56	1.41	10.41	4.80	4.43
PBDT	159.90	191.05	213.32	250.37	285.62
	7.81	9.83	13.46	16.39	28.26
Profit Before Taxation & Exceptional Items	152.09	181.22	199.86	233.97	257.36
Exceptional Income / Expenses					-6.92
	152.09	181.22	199.86	233.97	250.45
Provision for Tax	38.55	44.49	47.62	62.77	67.91
	113.53	136.73	152.24	171.20	182.53
Extra items				0.00	0.00
Minority Interest	-1.24	-1.49	-1.15	-1.19	-1.02
Consolidated Net Profit	112.29	135.24	151.09	170.01	181.52
Profit Balance B/F	634.24	720.56	828.86	854.80	928.58
Appropriations	746.53	855.80	979.96	1,024.81	1,110.09
Equity Dividend %	280.00%	1,300.00%	1,000.00%	600.00%	1,050.00%
	116.35	140.12	156.56	176.15	188.08
Adjusted EPS	116.35	140.12	156.56	176.15	188.08

Balance Sheet

consolidated figures in ₹ Crores

Particulars	FY 2021-22 (Mar)	FY 2022-23 (Mar)	FY 2023-24 (Mar)	FY 2024-25 (Mar)	FY 2025-26 (Mar)
	9.65	9.65	9.65	9.65	9.65
Share Warrants & Outstandings			1.51	4.55	6.66
Total Reserves	833.96	940.63	965.33	1,039.03	1,164.43
Reserve excluding Revaluation Reserve	833.96	940.63	965.33	1,039.03	1,164.43
Revaluation reserve	0.00		0.00	0.00
	843.61	950.28	976.49	1,053.23	1,180.74
Minority Interest	4.11	4.65	4.49	4.42	4.40
Secured Loans			1.02	0.63	0.38
Deferred Tax Assets / Liabilities	-4.63	-2.28	2.05	10.49	26.56
Other Long Term Liabilities	12.15	11.41	44.98	41.90	13.79
Long Term Provisions	3.11	2.73	3.14	3.44	10.58
Total Non-Current Liabilities	10.63	11.86	51.18	56.46	51.31
Trade Payables	9.24	8.38	7.41	9.11	13.81
Other Current Liabilities	68.99	80.91	133.03	164.03	221.29
Short Term Borrowings			0.49	0.26
Short Term Provisions	37.26	42.45	10.93	4.28	9.24
Total Current Liabilities	115.49	131.74	151.86	177.69	244.34
Total Liabilities	973.85	1,098.54	1,184.02	1,291.80	1,480.78
Gross Block	85.38	91.58	144.35	154.92	395.50
Less: Accumulated Depreciation	39.78	44.48	53.03	65.29	82.69
Net Block	45.60	47.10	91.32	89.63	312.81
Capital Work in Progress			0.12
Non Current Investments	391.66	425.15	390.20	1.25	2.51
Long Term Investment	391.66	425.15	390.20	1.25	2.51
Long Term Loans & Advances	20.14	26.07	33.24	35.67	44.71
Other Non Current Assets	78.95	33.42	11.90	31.61	189.84
Total Non-Current Assets	537.90	533.09	527.56	161.68	552.10
Currents Investments	62.15	263.36	423.24	771.50	727.00
Sundry Debtors	26.50	38.05	51.09	47.59	78.41
Cash and Bank	310.13	241.50	155.54	281.53	42.49
Other Current Assets	34.35	17.55	15.62	13.74	16.81
Short Term Loans and Advances	2.81	4.99	10.97	15.76	63.98
Total Current Assets	435.95	565.45	656.46	1,130.12	928.68
Net Current Assets (Including Current Investments)	320.45	433.70	504.59	952.43	684.35
Total Assets	973.85	1,098.54	1,184.02	1,291.80	1,480.78
Contingent Liabilities	17.81	7.69	3.19	1.58	0.57
Total Debt	0.00	0.00	1.80	1.16	0.63
	874.10	984.62	1,010.22	1,086.58	1,216.51
Adjusted Book Value	874.10	984.62	1,010.22	1,086.58	1,216.51

Cash Flow

consolidated figures in ₹ Crores

Particulars	FY 2021-22 (Mar)	FY 2022-23 (Mar)	FY 2023-24 (Mar)	FY 2024-25 (Mar)	FY 2025-26 (Mar)
No of Months	12.00	12.00	12.00	12.00	12.00
	152.09	181.22	199.86	233.97	250.45
Adjustment	-30.71	-32.28	-51.31	-51.54	-36.87
Changes In working Capital	16.74	-2.08	9.30	17.64	7.22
Cash Flow after changes in Working Capital	138.11	146.85	157.85	200.07	220.80
Cash Flow from Operating Activities	96.66	99.26	107.01	144.89	157.26
Cash Flow from Investing Activities	-71.86	-76.84	27.49	-16.89	-110.19
Cash Flow from Financing Activitie	-31.32	-32.13	-136.71	-103.13	-66.91
Net Cash Inflow / Outflow	-6.52	-9.71	-2.21	24.88	-19.85
Opening Cash & Cash Equivalents	28.45	21.92	12.16	9.98	34.86
Cash & Cash Equivalent on Amalgamation / Take over / Merger					14.70
Effect of Foreign Exchange Fluctuations	-0.01	-0.06	0.03	0.00	0.00
Closing Cash & Cash Equivalent	21.92	12.16	9.98	34.86	29.72

Ratios

Valuation

22.79

3.62

14.28

6.97

202.29

1,275.01

Profitability

16.42

22.80

13.17

35.87

30.45

Leverage & Liquidity

0.00

3.80

57.58

Returns

2.28

0.43

Shareholding Pattern

Numbers in percentages

Particulars	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26	Jun '26
	51.87	51.87	51.87	51.87	51.87	51.87	51.86	51.87	51.87
	32.18	32.87	32.96	32.93	33.01	33.00	32.76	32.41	31.14
	15.95	15.27	15.18	15.21	15.12	15.13	15.38	15.72	16.99
	48.13	48.13	48.13	48.13	48.14	48.13	48.14	48.13	48.13
No. of Shareholders	18,526	19,138	19,757	20,521	21,176	21,818	21,929	22,189	23,802

Corporate Actions

Showing: All

Date	Type	Details	Ex-Date	Record Date
2026-07-08	Board Meeting	Quarterly Results
2026-05-21	Ex Dividend	Rs.35.0000 per share(350%)Special Dividend	2026-07-23	2026-07-23
2026-05-21	Ex Dividend	Rs.35.0000 per share(350%)Special Dividend	2026-07-23	2026-07-23

Insider Trading

Date	Person	Category	Transaction Type	Shares
2026-09-01	Amit Gupta	ESOP	Buy	346
2026-09-01	Venkatesh Viswanathan	ESOP	Buy	206
2026-08-17	Aditi Nayar	ESOP	Buy	185
2026-08-10	KRavichandran	ESOP	Buy	400
2026-06-18	Amit Gupta	ESOP	Buy	260

Sector Overview

RatingsRatings

ICRA Ltd. operates in the Ratings sector under the Ratings industry. This sector is one of the key drivers of the Indian economy and is closely tracked by the relevant Nifty sectoral index.

Company Profile

Corporate information and contact details

Key Management

9 members across the board and senior leadership

S Shakeb Rahman

Company Secretary & Compliance Officer

—

Palamadai Sundararajan Jayakumar

Chairman

₹36.25 L

Mar '26

Pradip Kanakia

Non Executive Independent Director

₹29.00 L

Mar '26

Anuranjita Kumar

Non Executive Independent Director

₹25.25 L

Mar '26

Wendy Huay Huay Cheong

Non Independent & Non Executive Director

—

Shivani Priya Mohini Kak

Non Independent & Non Executive Director

—

Stephen Arthur Long

Non Independent & Non Executive Director

—

Brian Joseph Cahill

Non Independent & Non Executive Director

—

Ramnath Krishnan

Managing Director & Group Chief Executive Officer

₹6.46 Cr

Mar '26

ICRA Latest News

News

1 of 1 article

EQUITY21 May 2026 · 18:19

ICRA reports Profit after tax of Rs 363.98 Mln, in the March 2026 quarter

ICRA

₹4,618.00

-1.31%