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ICRA Q2 FY27 Share Price & Earnings Call Analysis

₹4,437.60-0.58% today
Market cap
₹4,283 Cr
P/E
21.81
ROE
16.72%
PEG
1.92
Price to sales
6.71
Debt to equity
0.02
52W high / low
₹6,531 / ₹4,232
Sales growth (5Y)
14.77%
EBITDA margin
36.09%
Net profit margin
31.32%
Promoter holding
51.86%
Sales (last year)
₹638 Cr

ICRA Limited was set up in 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional investment Information and Credit Rating Agency.[1] It is involved in rating, management consulting and outsourcing and information services etc.[2]

Guidance scorecard · Q2 FY27 call

What ICRA's management guided
and where it ranks in Capital Markets

Revenue10–20%MarginsFlatCapexWhat management saidFundraisingWhat management saidOrder bookWhat management said

RevenueQ4 FY26 call

10–20%
  • 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.

2 more points from ICRA's call on revenue

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Full Q4 FY26 analysis

MarginsQ4 FY26 call

Flat

See what ICRA said on margins — free account, 30 seconds.

Full Q4 FY26 analysis

CapexQ4 FY26 call

  • 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.
  • Internal product evolution is planned, especially integrating AI advancements and next iterations of existing products to bridge gaps and enhance offerings.
  • 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.
  • Dividend payouts have increased steadily, and alternative capital allocation options, including potential buybacks, are being evaluated amid changing tax rules.
Full Q4 FY26 analysis

FundraisingQ4 FY26 call

See what ICRA said on fundraising — free account, 30 seconds.

Full Q4 FY26 analysis

Order bookQ4 FY26 call

  • Growth in risk management and market data verticals within Research & Analytics has been healthy, indicating ongoing project wins.
  • Post-acquisition integration of Fintellix and D2K is progressing, expanding footprint and solution offerings in large customers, which may boost order intake.
  • There are ongoing regulatory-driven opportunities and greenfield projects in capital markets and banking divisions.
  • Management emphasizes pursuing new adjacencies and evolving product offerings to capture fresh opportunities.
Full Q4 FY26 analysis
Full Capital Markets ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Capital Markets
on management's own guidance

  1. Nippon Life Ind.Good growth
    2
  2. BSEGood growth
    1
  3. Motil.Oswal.Fin.Good growth
    3
See all potential multibaggersWhere does ICRA rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Capital Markets companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
1BSE20–40%Flat₹1.37L Cr48.4
2Nippon Life Ind.20–40%Flat₹68,184 Cr41.6
3Motil.Oswal.Fin.20–40%Flat₹63,771 Cr32.2
420–40%Flat₹31,481 Cr29.1
520–40%Flat₹15,334 Cr43.8
620–40%Flat₹12,638 Cr51.6

Sign up free to see every company in the sector ranking and track ICRA.

Pro shows every company guiding 40%+ revenue growth →Full Capital Markets ranking

Financials of ICRA

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

ICRA

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +51.86%51.86%51.86%51.86%51.86%51.86%51.86%51.86%51.86%51.86%51.86%51.86%
FIIs +8.22%8.42%8.59%8.77%9.06%8.78%8.66%6.87%7.25%7.92%6.90%8.01%
DIIs +24.21%24.05%23.60%24.09%23.92%24.17%24.38%26.15%25.55%24.51%24.27%20.12%
Public +15.38%15.34%15.62%14.94%14.82%14.86%14.78%14.82%15.06%15.41%16.70%19.78%
Others +0.33%0.33%0.33%0.32%0.32%0.32%0.32%0.29%0.29%0.29%0.27%0.23%
No. of Shareholders17,41517,54718,52619,13819,75720,52121,17621,81821,92922,18923,80227,725

Financials of ICRA

Quarterly Results

Quarter-by-quarter operating performance

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales +103105115124115126121136124137164175163
Expenses +68718474808579778588106105108
Operating Profit35343050354142594049577055
OPM %34%32%26%40%31%33%35%43%32%36%35%40%34%
Other Income +1816172418201921242191432
Interest0037201121110
Depreciation2344444444101011
Profit before tax50474162475756745864557376
Tax %18%32%20%24%24%35%24%24%27%25%29%28%26%
Net Profit +41323247363742564348395356
EPS in Rs41.7732.9233.3148.5636.8038.0543.5557.7543.9749.5440.2254.3558.19

Financials of ICRA

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +322341333309328321301343403446498600638
Expenses +252240231194215225220222260297320384408
Operating Profit701011021151139681121143149178215230
OPM %22%30%31%37%34%30%27%35%35%33%36%36%36%
Other Income +42273949454843415075776876
Interest21000222110543
Depreciation1010986101081013162835
Profit before tax100118132157152131112152181200234250268
Tax %35%35%33%35%30%26%26%25%25%24%27%27%
Net Profit +6676891011069783114137152171183196
EPS in Rs65.4576.2489.29101.68109.2199.6684.61116.35140.13156.55176.15188.08202.30
Dividend Payout %37%33%30%29%27%27%32%24%93%64%34%56%

Financials of ICRA

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital101010101010101010101010
Reserves4194665396456316927488349419671,0441,171
Borrowings +1000000171413131318
Other Liabilities +144151111116128144121121138195225282
Total Liabilities5836276607717698468969781,1011,1841,2921,481
Fixed Assets +9192373634544646479190313
CWIP011012321142
Investments257185311338182104177454689813773730
Other Assets +234350312396552685669478364278426436
Total Assets5836276607717698468969781,1011,1841,2921,481

Financials of ICRA

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +677163628121769799107145157
Cash from Investing Activity +-31-40-12-544511-32-72-7728-17-95
Cash from Financing Activity +-29-40-694-121-41-32-31-32-137-103-67
Net Cash Flow7-9-17125-812-7-10-225-5
Free Cash Flow636160638117749190100133145
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit141%114%104%98%109%59%131%114%103%106%113%103%

Financials of ICRA

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days615137483865582834423548
Inventory Days
Days Payable
Cash Conversion Cycle615137483865582834423548
Working Capital Days-64-66-45-41-44-2-48-55-64-61-74-52
ROCE %21%24%26%25%23%20%15%19%20%21%23%23%

Guidance history

How ICRA's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q4 FY26 call →10–20%Flat———
Q2 FY26 call →10–20%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

12out of 100

Momentum score · price trend

12 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−32.1%20%
Last 6 months−18.2%22%
Last 3 months−9.9%40%

The price is 38.8% below its all-time high of ₹7,252.85 (18 Oct 2024). Stocks more than 20% below their peak have their score halved, so 25 became 12.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For ICRA: 0.4 × 20 + 0.4 × 22 + 0.2 × 40 = 25, halved to 12 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What ICRA's management said in earlier quarters

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