ICRA

What ICRA promised, and what happened

Every commitment management made on a call, tracked from the quarter it was made — reaffirmed, revised, diluted or quietly dropped.

Guidance record · Q4 FY26

what the last two calls moved 11 tracked 1 delivered 6 missed 4 open
  • Capital Allocation delivered said Q4 FY25 Promised: And let's say, by 6 or 8 months, if we find nothing is progressing, we will definitely look at either increasing the payout ratio or in some other way, returning the cash to shareholders. Q4 FY26: The original conditional promise remains achieved. In Q4 FY26, the company further demonstrated commitment to shareholder returns by announcing a total dividend of INR 105/share, including a special dividend of INR 35/share.
  • Operating Margins missed said Q2 FY24 Promised: our aim is to improve the margins year-on-year basis. Q4 FY26: For the full FY26, PBT growth (10%) significantly lagged revenue growth (20.4%), indicating YoY margin contraction and a reversal of the trend seen in H1.
  • Non-Knowledge Services Business Size on track said Q4 FY25 Promised: Non-KS business to be similar in size to the KS business over the next 3 to 4 years. Q4 FY26: The Research & Analytics segment grew 56.8% YoY in Q4, largely driven by the Fintellix acquisition. Management explicitly noted a 'shift in the overall business mix with a higher contribution from non-KnowTech businesses', confirming progress towards the long-term goal.

The rest of the ledger

Above is what the last two calls moved. Pro opens all 11 tracked commitments for ICRA — every quarter's revision, the source quote behind each one, and the topics management has stopped answering.

See what Pro opens