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
| ₹ 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) |
| ₹ 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 |
| 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CARE RATINGS LIMITED | 4,990 | 28.1 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 20 Aug 2026 · ICRA notice on special window for physical share dematerialisation | compliance | minimal | — | — |
| 7 Aug 2026 · ICRA schedules investor meetings with InCredAMC and Long Arc Investments | board shareholder meetings | low | — | — |
| 7 Aug 2026 · ICRA schedules investor meetings with InCredAMC and Long Arc Investments | board shareholder meetings | low | — | — |
| 31 Jul 2026 · ICRA schedules virtual investor meetings with three funds in August 2026 | board shareholder meetings | low | — | — |
| 31 Jul 2026 · ICRA Q1 FY27 results: profit up 32 percent YoY | compliance | minimal | — | — |
| 30 Jul 2026 · ICRA 35th AGM: All 4 resolutions passed; Rs 105 dividend declared | board shareholder meetings | medium | — | — |
| 30 Jul 2026 · ICRA Q1 FY27 Investor Presentation: Revenue up 31%, PAT at INR 44.6 Cr | investor communications | medium | — | — |
| 30 Jul 2026 · ICRA 35th AGM held; dividend of Rs 105 declared, new logo unveiled | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 5.29 |
| 19.6 |
| 18.4 |
| 23.8 |
| 13.7 |
| 44.3 |
| ICRA LIMITED ◆ | 4,555 | 23.3 | 3.84 | 16.0 | 15.4 | 20.2 | 14.8 | 53.3 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 23.3 | 20.3 | 35 of 62 | 44% |
| P/B | 3.8 | 3.0 | 40 of 65 | 39% |
| ROCE | 20.2 | 16.0 | 13 of 33 | 63% |
| ROE | 15.4 | 11.4 | 26 of 65 | 61% |
| Debt / Equity | 0.0 | 0.0 | 46 of 65 | 30% |
| 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 | 4555 | 990 | 23 of 69 | 68% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.
