ICRA Ltd (ICRA)
🎯 Key Takeaways
- ICRA Ltd is in a growth phase, transitioning from a pure credit rating agency to a more diversified financial services provider with enhanced analytics capabilities through strategic acquisitions. The company is demonstrating accelerating profitability, but growth is being driven by non-comparable prior-year figures due to recent integrations.
- Revenue declined 6.6% QoQ to ₹163 in Q1FY27.
- ⚠️ Integration risk from Fintellix acquisitions, as management acknowledges that current results are not directly comparable due to ongoing integration.
📖 The Story
ICRA Ltd is in a growth phase, transitioning from a pure credit rating agency to a more diversified financial services provider with enhanced analytics capabilities through strategic acquisitions. The company is demonstrating accelerating profitability, but growth is being driven by non-comparable prior-year figures due to recent integrations.
📰 What's Happening
In Q1 FY2027, ICRA reported consolidated revenue of ₹163.4 crores, up 31.2% YoY, and PAT of ₹56.5 crores, up 32.0% YoY, driven by strong performance in Ratings and Risk & Analytics segments, though management explicitly noted that current results are not directly comparable to prior periods due to the integration of Fintellix. The board approved the acquisition of an additional 1.25% stake in Fintellix India for ~₹3.17 crore, completing its ownership and enhancing digital capabilities. At the AGM on July 30, 2026, shareholders endorsed the audited financials for FY2026 and approved the appointment of a new director, reflecting confidence in governance and performance. Additionally, ICRA scheduled investor meetings in September 2026 to provide retail investors direct access to management, emphasizing use of only publicly available information.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 137 | 164 | 175 | 163 |
| Operating Profit | 44 | 47 | 60 | 45 |
| OPM % | 32.5% | 28.9% | 34.1% | 27.3% |
| Net Profit | 48 | 39 | 53 | 56 |
| EPS | ₹49.68 | ₹40.34 | ₹54.50 | ₹58.36 |
Profitability trends show improvement in operational efficiency, with operating profit margin expanding to 27.3% in June 2026 from 32.5% in September 2025, though there is some quarterly volatility. Net profit rose to ₹56 crores in Q1 FY2027 from ₹39 crores in December 2025, indicating stronger performance despite integration challenges. However, revenue growth appears to have moderated sequentially from ₹175 crores in March 2026 to ₹163 crores in June 2026, suggesting possible softness or normalization post-acquisition. Management has not provided explicit forward financial guidance, but the lack of guidance in the latest board meeting implies caution or reliance on macro trends.
🔮 Management Outlook & What's Next
Management expects GDP growth to ease to 6.7% in FY2027 from 7.7% in FY2026, with downside risks from oil prices and monsoon uncertainty. No explicit financial targets or growth guidance was provided in the latest filings, and the board did not outline future performance expectations beyond referencing macroeconomic conditions. The focus remains on integrating acquired capabilities while maintaining core credit rating operations.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 |
| Reserves | 945 | 1,044 | 1,078 | 1,171 |
| Borrowings | 15 | 13 | 12 | 1 |
| Total Liabilities | 1,216 | 1,294 | 1,364 | 1,486 |
| Fixed Assets | 42 | 40 | 38 | 315 |
| Investments | 708 | 773 | 911 | 730 |
| Total Assets | 1,216 | 1,294 | 1,364 | 1,486 |
The balance sheet shows stable leverage with zero debt (D/E of 0.00) and growing reserves, indicating a conservative capital structure. Equity remains minimal (₹10 crores), but total assets have increased to ₹1,486 crores as of March 2026, reflecting growth from acquisitions and operational expansion. Borrowings are low but slightly rising, suggesting limited external financing. The company is funding growth internally and through retained earnings, with no significant capital restructuring or deleveraging signals.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +157 |
| Investing | -110 |
| Financing | -67 |
| Net Cash Flow | -20 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 51.9% | 51.9% | 51.9% | 51.9% |
| FII | 6.9% | 7.3% | 7.9% | 6.9% |
| DII | 26.1% | 25.5% | 24.5% | 24.3% |
| Public | 10.9% | 10.9% | 11.0% | 11.6% |
| # Shareholders | 21,818 | 21,929 | 22,189 | 23,802 |
Institutional investor interest is rising, with FII holdings increasing from 6.87% in Q2FY26 to 6.9% in Q1FY27, and DII holdings also showing a slight uptick from 26.15% to 24.27% in the same period, despite a small decline in absolute numbers. The number of public shareholders has grown from 21,818 to 23,802, indicating broader retail participation. No promoter pledging or significant dilution is evident, and the consistent promoter holding at 51.87% suggests stability in control.
⚖️ Peer Comparison — Credit Rating Agencies
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| CRISIL | 35,357 | 40.0 | 39.6% | 29.1% | 0.00 |
| CARERATING | 5,129 | 28.8 | 26.3% | 19.3% | 0.00 |
| ICRA | 4,833 | 24.7 | 23.0% | 16.6% | 0.00 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Integration risk from Fintellix acquisitions, as management acknowledges that current results are not directly comparable due to ongoing integration. 2. Macro sensitivity, with management highlighting downside risks from oil prices and monsoon variability affecting GDP growth and, by extension, credit demand. 3. Sequential revenue deceleration from ₹175 crores (March 2026) to ₹163 crores (June 2026), which may signal slowing momentum despite YoY growth. 4. Lack of forward financial guidance may limit investor clarity on execution expectations.
📋 Recent Filings
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🔴 Announcement 27 August 2026ICRA Limited announced its schedule of upcoming investor and analyst meetings in September 2026, including one-on-one virtual sessions with Securities...
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Announcement 21 August 2026ICRA Limited announced a schedule of upcoming one-to-one virtual investor meetings with institutional investors on August 25 and 27, 2026, to discuss ...
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Announcement 31 July 2026ICRA Limited announced its schedule of upcoming virtual one-to-one investor meetings with institutional investors and analysts on August 3, 5, and 6, ...
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🟡 Board Meeting 30 July 2026ICRA Limited held its 35th Annual General Meeting on July 30, 2026 via video conferencing, approving the audited standalone and consolidated financial...
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🟡 Board Meeting 30 July 2026ICRA Limited announced the outcome of its board meeting held on July 30, 2026, approving unaudited consolidated and standalone financial results for Q...
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Announcement 30 July 2026ICRA Limited unveiled a refreshed corporate identity during its Q1 FY2027 investor presentation, emphasizing trust and future readiness while highligh...
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🔴 Financial Results 30 July 2026ICRA reported consolidated revenue of **₹163.4 crores**, up 31.2% YoY, and PAT of **₹56.5 crores**, up 32.0% YoY, for Q1 FY2027, driven by strong Rati...
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Announcement 30 July 2026ICRA Limited announced on July 30, 2026 that Group ICRA unveiled a new visual identity to reflect its evolution into a diversified risk and analytics ...
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🔴 Announcement 28 July 2026ICRA Limited announced the acquisition of the remaining 1.25% shareholding in Fintellix India Private Limited for INR 3.17 crores, making it a wholly-...
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Announcement 11 July 2026ICRA Limited announced receipt of a SEBI-mandated certificate confirming no demat requests were processed for the quarter ended June 30, 2026, reinfor...
🧠 Analyst's Read
ICRA is transitioning into a more diversified financial services entity with growing analytics capabilities, supported by strong profitability and institutional interest, but faces near-term integration and macro-related headwinds. Investors should monitor the pace of margin stability, integration progress, and management’s ability to translate acquisitions into sustainable growth.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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