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Dossier · ICRA LIMITED · 29 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
ICRA LIMITED NSE: ICRA · BSE: 532835
Financial Services › Financial Services › Capital Markets › Ratings
ICRA LIMITED
StateQ1 FY27 filed
Last close · 28 Oct 2026₹4,455.20
Market cap₹4.3k cr
TTM P/E · P/B · EV/EBITDA22.0 · 3.63 · 13.9
Provides credit ratings and risk analytics services to Indian and overseas clients, organised into two reporting segments. Ratings and ancillary services generated ₹336.45 crore (55.9% of segment revenue) in FY26, EBIT of ₹124.19 crore, and covers corporate, bank, and structured finance rating assignments, with FY26 activity showing 388 upgrades against 124 downgrades (a credit ratio of 3.1x). Research and analytics generated ₹265.81 crore (44.1% of segment revenue), EBIT of ₹59.77 crore, and has been restructured into BankTech, CapTech and KnowTech sub-units, supplying risk modelling, data infrastructure, regulatory and compliance solutions to banks and financial institutions; this segment's growth was lifted by the consolidation of Fintellix from October 2025. The wider group includes ICRA Analytics, ICRA Fintellix, D2K Technologies, ICRA ESG Ratings and ICRA Nepal, with a freshly unified brand identity covering credit ratings, analytics, research, advisory and ESG services. Employee cost is the dominant expense at 51.7% of revenue, with other operating expenses at 12.4% and depreciation at 4.7%, reflecting an asset-light, professional-services model. Roughly one-third of revenue (~USD 18 million) is dollar-denominated against a rupee cost base, and the company operates 18 national and 3 international offices with 1,212 employees. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Ratings and ancillary services (56%), Research and analytics (44%). Asset-light, services-led credit rating and analytics business with employee-heavy cost structure
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · consolidated
FY22
FY23
FY24
FY25
FY26
Revenue
343
403
446
498
600
EBITDA (ex other income)
121
143
149
178
208
margin %
35.2
35.4
33.3
35.7
34.7
Owners' profit
112
137
152
170
182
EPS, as reported (₹)
116.74
140.59
157.07
176.73
188.63
ROE % · ROCE %
13.4 · 17.8
14.3 · 18.8
15.5 · 20.3
16.2 · 21.4
15.4 · 20.5
Debt / equity (x)
0.00
0.00
0.00
0.00
0.00
Cash from operations
97
99
107
145
157
Capex
(5)
(9)
(7)
(12)
(12)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · ICRA LIMITED · 29 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
₹ crore
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Revenue
126
121
136
124
137
164
175
163
Profit before tax
57
56
74
58
64
55
73
76
Net profit
37
42
56
43
48
39
53
56
EPS (₹)
38.18
43.69
57.94
44.11
49.68
40.34
54.50
58.36
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Segment revenue, FY26
Segment
Revenue, ₹ crore
Share %
Ratings and ancillary services
166
27.5
Research and analytics
84
14.0
Ratings & ancillary services
171
28.3
Research & Analytics
182
30.1
Total, before eliminations
602
100.0
Source: the filed segment block, four quarters summed.
Exhibit 4: Peers — basic industry group, by market cap
Company
M.cap ₹ cr
P/E
P/B
EV/EBITDA
ROE %
ROCE %
Rev CAGR 5y %
EBITDA m. %
CARE RATINGS LIMITED
4,847
27.3
5.14
19.1
18.4
23.8
13.7
44.3
ICRA LIMITED ◆
4,300
22.0
3.63
15.1
15.4
20.2
14.8
53.3
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 5: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
22.0
19.6
31 of 58
47%
P/B
3.6
2.8
39 of 65
41%
ROCE
20.2
16.0
13 of 33
63%
ROE
15.4
11.4
26 of 65
61%
Debt / Equity
0.0
0.0
11 of 30
66%
EBITDA margin
53.3
45.7
26 of 64
60%
Revenue growth
31.2
23.1
20 of 58
67%
Profit growth
32.0
17.6
24 of 61
62%
Market cap
4300
940
22 of 69
69%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · ICRA LIMITED · 29 October 2026Page 3 of 3
Exhibit 6: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
28 Oct 2026 · ICRA to discuss Q2 and H1 FY27 results on November 4
board shareholder meetings
low
—
—
19 Oct 2026 · Notice published in newspapers about physical shares demat window
compliance
minimal
—
—
9 Oct 2026 · ICRA board meeting set for Oct 29 to consider Q2 and H1 FY26 results
results
low
—
—
8 Oct 2026 · ICRA appoints Ritesh Gupta as CBO-Designate, L. Shivakumar to retire
management changes
medium
—
—
7 Oct 2026 · Routine quarterly compliance certificate under SEBI Regulation 74(5)
compliance
minimal
—
—
23 Sept 2026 · ICRA trading window closes from Sep 30 until 48 hours after Q2 results
compliance
minimal
—
—
17 Sept 2026 · ICRA to meet TrustLine Holdings virtually on Sept 18, 2026
board shareholder meetings
low
—
—
16 Sept 2026 · ICRA schedules investor meeting with Swyom India Alpha Fund
board shareholder meetings
low
—
—
27 Aug 2026 · ICRA announces schedule of investor meetings in early September 2026
business updates
low
—
—
21 Aug 2026 · ICRA schedules analyst and institutional investor meetings
board shareholder meetings
low
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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More audited years; no estimates
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
