ICRA Ltd Q4 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 31 May 2026 | Capital Markets | Market Cap: ₹4.9K Cr
The acquisition of Fintellix provides a strong platform for growth in the Research and Analytics (R&A) segment over the next 2-3 years, helping offset moderation in knowledge services. Ratings business is expected to maintain steady growth with potential double-digit revenue growth leading to some margin improvement due to operating leverage.
From ICRA Ltd's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹4,965
Market Cap
₹4.9K Cr
P/E Ratio
25.2
Revenue Rank
Margin Rank
How does ICRA Ltd rank in Capital Markets?
Compare ICRA Ltd against every Capital Markets company this quarter on revenue, margins and earnings-call signals.
ICRA Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹175 Cr, net profit ₹53 Cr.
Full financials →📊 Revenue & Sales Performance
Rank 3- →The acquisition of Fintellix provides a strong platform for growth in the Research and Analytics (R&A) segment over the next 2-3 years, helping offset moderation in knowledge services.
- →The Ratings business expects double-digit revenue growth, driven primarily by growth in bank credit, despite subdued bond market activity.
- →Non-Knowledge Services (non-KS) parts of Analytics are expected to maintain modest growth; however, growth has been muted in some areas like knowledge services.
- →The company is focused on expanding globally, enhancing product offerings especially in regulatory, risk modeling, and data infrastructure, supported by increasing regulatory intensity and AI adoption.
- →Growth outlook remains reasonable but is not explicitly quantified, with ongoing investments in AI and technology aimed at sustaining long-term growth.
- →Capital Markets and Banking divisions will explore new adjacent areas, but the core product portfolio in non-rating businesses is largely complete.
- →Overall growth in FY27 is expected around 20%, excluding currency and other transient effects.
📈 Profitability & Margins
Rank 3- →Ratings business is expected to maintain steady growth with potential double-digit revenue growth leading to some margin improvement due to operating leverage.
- →Research and Analytics (R&A) segment to see reasonable growth driven by Fintellix acquisition and expansion in risk, regulatory, and data analytics solutions.
- →Growth in the Knowledge Services (KnowTech) sub-segment is moderating, but this is offset by growth in BankTech and CapTech verticals.
- →EBITDA margins in product-led R&A businesses (BankTech, CapTech) expected in the range of 20%-35%, with margin profile evolving due to geographic and business mix shifts.
- →Overall company growth for FY26 was around 20%, and steady-state growth in operating profits is expected at a similar magnitude (~20%), excluding one-time effects.
- →No specific guidance on EPS, but dividend payouts have increased, with continued focus on balancing growth investments and shareholder returns.
- →Strategic focus on AI adoption and scaling product-led solutions is expected to drive sustainable profit growth.
🏗️ Capital Expenditure Plans
No information- →The company continues ongoing investments in analytics platforms, compliance capabilities, and scalable delivery frameworks to support evolving market needs and drive long-term growth in the research and analytics business (Page 4).
- →Internal product evolution is planned, especially integrating AI advancements and next iterations of existing products to bridge gaps and enhance offerings (Page 11).
- →While the product portfolio in non-rating businesses is largely complete, exploration of adjacencies and new areas for growth continues, implying possible future strategic investments (Page 11).
- →No specific capex or large-scale strategic investment figures or plans were disclosed, but the company follows a disciplined capital allocation framework with Board review and approval for acquisitions and investments (Page 14).
- →Dividend payouts have increased steadily, and alternative capital allocation options, including potential buybacks, are being evaluated amid changing tax rules (Page 11).
💰 Fundraising & Capital Structure
No information- →There is no explicit mention in the provided transcript of any current or future fundraising plans through debt or equity.
- →The discussion around capital allocation indicates a strong cash position with over INR 700 crores of net cash.
- →Management notes they are open to evaluating capital allocation options, including returning money to shareholders, but no concrete fundraising plans are shared.
- →Dividend payout has been consistently increased, with considerations ongoing regarding alternate uses of cash.
- →No specific mention of plans for new debt or equity issuance in the near future.
📋 Order Book & Pipeline
No informationKey Metrics
Revenue
Margin
Capex
Fundraise
Order Book
Frequently Asked Questions
What were ICRA Ltd Q4 FY26 results?
The acquisition of Fintellix provides a strong platform for growth in the Research and Analytics (R&A) segment over the next 2-3 years, helping offset moderation in knowledge services. Ratings business is expected to maintain steady growth with potential double-digit revenue growth leading to some margin improvement due to operating leverage.
What is ICRA Ltd share price analysis?
ICRA Ltd currently shows a below-average growth signal. The stock trades at a P/E of 25.2 with a market cap of ₹4,943 Cr. Investors should review the full earnings analysis for detailed insights.
Is ICRA Ltd planning capital expenditure?
The company continues ongoing investments in analytics platforms, compliance capabilities, and scalable delivery frameworks to support evolving market needs and drive long-term growth in the research and analytics business (Page 4).
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.