ICRA

ICRA share price & financials

Price
₹5,197
Market cap
₹4.6k Cr
Sector
Financial Services
Calls analysed
6
Latest concall · Q4 FY26 · call held 25 May 2026

ICRA Q4 FY26

Consolidated PBT ₹72.8 cr

What went well

  • Consolidated revenue increased by 28.4% year-on-year in Q4 FY26, demonstrating strong performance.
  • Research and Analytics segment recorded a significant 56.8% year-on-year increase in Q4 FY26, driven by the Fintellix acquisition and demand for analytics solutions.
  • Ratings business maintained steady growth of 10.6% year-on-year in Q4 FY26 and 14.2% for FY26, supported by improved credit activity.

What to watch

  • Muted growth in knowledge services (part of Research & Analytics) was observed, impacting overall R&A growth excluding Fintellix.
  • The Moody's non-ratings business is expected to see moderation in growth, with no higher double-digit growth anticipated.
Read the full call →

What ICRA Limited does

ICRA is an independent investment information and credit rating agency, aligned with global rating agency Moody's (its largest shareholder via a Technical Services Agreement). It assigns and monitors credit ratings for corporate debt, financial-sector entities, structured finance, infrastructure and InvITs, mutual fund schemes and public finance, and has extended into ESG ratings after registering as a SEBI Category-I ESG Rating Provider. Beyond ratings, the group's Research & Analytics business — organised into KnowTech (data and knowledge-process services), BankTech (risk, regulatory and supervisory technology) and CapTech (market data, valuation and investment intelligence) — serves banks, NBFCs, mutual funds, insurers and corporates. It has expanded these analytics capabilities through the acquisitions of D2K Technologies (FY2024) and Fintellix (FY2026).

Segments

  • Ratings & Ancillary Services
  • Research & Analytics (R&A)
Live-rated issuers
2,631 issuers
Structured finance cases monitored
~1,90,000 cases
Entities' financial statements analysed annually
48,000+ entities
Ratings analysts
250+ analysts
Research reports published
600+ reports across 60+ sectors
Office network
11 locations across India (Gurugram, New Delhi, Mumbai, Navi Mumbai, Pune, Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata)
Founded 1991Headquarters Gurugram, Haryana Company website

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.

All 11 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 13.9%, net profit up 16.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue72 71 81 72 82 +14%85 +20%89 +10%82 +14%
EBITDA21 23 36 20 28 +33%31 +35%40 +11%27 +35%
Net profit50 31 42 30 31 −38%29 −6%36 −14%35 +17%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −25.1% 1Y

₹5.0k₹5.5k₹6.0k₹6.5kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 29 Oct 2025Q4 FY26 — 25 May 2026

1Y: ₹6,314.5 on 10 Sept 2025 → ₹4,728.9. High ₹6,734 (16 Sept 2025), low ₹4,712.5 (28 Jul 2026).

How the price took the results

close before → close after

Q4 FY26
+0.9%
25 May
Q2 FY26
+3.8%
29 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 6.7% a year over 3 years, FY23 to FY26. Operating margin widened to 36.3%.

Year endingFY23FY24FY25FY26
Revenue₹404 Cr₹250 Cr₹287 Cr₹328 Cr
Operating profit₹142 Cr₹68 Cr₹97 Cr₹119 Cr
Operating margin35.1%27.2%33.8%36.3%
Interest₹0 Cr₹3 Cr₹0 Cr₹0 Cr
Depreciation₹10 Cr₹8 Cr₹8 Cr₹8 Cr
Net profit₹137 Cr₹123 Cr₹148 Cr₹126 Cr
Net margin33.9%49.2%51.6%38.4%
Cash from operations₹53 Cr₹57 Cr₹94 Cr₹102 Cr
Free cash flow₹46 Cr₹53 Cr₹87 Cr₹96 Cr
ROCE17.0%20.0%24.0%20.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹10 Cr₹10 Cr₹10 Cr₹10 Cr₹10 Cr₹10 Cr
Reserves₹605 Cr₹655 Cr₹727 Cr₹732 Cr₹1.1k Cr₹875 Cr
Borrowings₹16 Cr₹14 Cr₹13 Cr₹10 Cr₹12 Cr₹8 Cr
Other liabilities₹86 Cr₹88 Cr₹101 Cr₹118 Cr₹265 Cr₹146 Cr
Total liabilities₹717 Cr₹767 Cr₹851 Cr₹869 Cr₹1.4k Cr₹1.0k Cr
Fixed assets₹25 Cr₹26 Cr₹27 Cr₹23 Cr₹90 Cr₹25 Cr
Capital work in progress₹2 Cr₹1 Cr₹1 Cr₹1 Cr₹0 Cr₹1 Cr
Investments₹204 Cr₹481 Cr₹658 Cr₹682 Cr₹911 Cr₹739 Cr
Other assets₹486 Cr₹260 Cr₹165 Cr₹163 Cr₹363 Cr₹273 Cr
Total assets₹717 Cr₹767 Cr₹851 Cr₹869 Cr₹1.4k Cr₹1.0k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +1.92 pp while FIIs trimmed −1.76 pp. The shareholder count grew 12% to 23,802.

Promoters
51.9%
FIIs
6.9%
DIIs
24.3%
Public
16.7%
Others
0.3%

Since Jun 2025

  • Public +1.92 pp
  • FIIs −1.76 pp
  • DIIs −0.11 pp

How it drifted, 12 quarters

Over this window FIIs fell from 8.2% to 6.9% — −1.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 51.9%, FIIs 8.2%, DIIs 24.0%, Public 15.7%, Others 0.3%.Dec '23: Promoters 51.9%, FIIs 8.2%, DIIs 24.2%, Public 15.4%, Others 0.3%.Mar '24: Promoters 51.9%, FIIs 8.4%, DIIs 24.1%, Public 15.3%, Others 0.3%.Jun '24: Promoters 51.9%, FIIs 8.6%, DIIs 23.6%, Public 15.6%, Others 0.3%.Sep '24: Promoters 51.9%, FIIs 8.8%, DIIs 24.1%, Public 14.9%, Others 0.3%.Dec '24: Promoters 51.9%, FIIs 9.1%, DIIs 23.9%, Public 14.8%, Others 0.3%.Mar '25: Promoters 51.9%, FIIs 8.8%, DIIs 24.2%, Public 14.9%, Others 0.3%.Jun '25: Promoters 51.9%, FIIs 8.7%, DIIs 24.4%, Public 14.8%, Others 0.3%.Sep '25: Promoters 51.9%, FIIs 6.9%, DIIs 26.1%, Public 14.8%, Others 0.3%.Dec '25: Promoters 51.9%, FIIs 7.3%, DIIs 25.6%, Public 15.1%, Others 0.3%.Mar '26: Promoters 51.9%, FIIs 7.9%, DIIs 24.5%, Public 15.4%, Others 0.3%.Jun '26: Promoters 51.9%, FIIs 6.9%, DIIs 24.3%, Public 16.7%, Others 0.3%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 4 holders trimming and 3 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of ICRA Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Moody's Investment Company India Private Limited 31.66%unchanged
Moody's Singapore Pte Ltd 20.20%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund8.39%+1.51 pp
Parag Parikh Flexi Cap Fund Mutual fund3.04%unchanged
Canara Robeco Mutual Fund A/C Canara Robeco Large And Mid Cap Fund Mutual fund2.82%unchanged
SBI Infrastructure Fund Mutual fund2.52%newly disclosed
PARI WASHINGTON INDIA MASTER nFUND, LTD. FPI fund2.19%−0.92 pp
Tencore Partners Master Ltd. FPI fund1.76%−0.12 pp
Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Mnc Fund Mutual fund1.49%−0.18 pp
General Insurance Corporation Of India Insurer1.15%unchanged
Robeco Capital Growth Funds Global fund house1.12%unchanged
Pari Washington Investment Fund AIF1.06%−0.68 pp

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in ICRA

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 2 sold out — net −1.01 L shares (−11.1%).

Held by funds
₹398 Cr
1 schemes
Biggest holder
Nippon India Small Cap Fund
₹398 Cr · 0.5% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹398 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net −1.01 L shares (−11.1%)

Funds are sitting on
-17%
vs est. average cost
Held by funds
₹398 Cr
1 schemes · ≈ 9.2% of the company

Shares held by these funds +1654%

Aug '24 9.10 L shares Jul '26

All earnings calls (6)

Read the Q4 FY26 call →

Learn to analyse ICRA Limited

Guides on how to read this kind of business and the numbers that matter.