ICRA Ltd(ICRA)

NSE: ICRABSE: 532835

₹ 4,475-0.08%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,319 crNext results: 29 Oct 2026Website: www.icra.in/Updated: 24 Oct 2026

About

ICRA Ltd is an Indian credit rating agency and analytics company, a subsidiary of Moody's Corporation, offering credit ratings, risk analytics, and research services across India and select international markets. In FY26, consolidated revenue reached ₹599.5 crore, growing 20.4% year-on-year. ICRA operates two segments - Ratings and Research & Analytics - serving banks, NBFCs, corporates, and institutional clients.^[1][2]

Business segments

Ratings and ancillary services contributed 55.9% of FY26 consolidated revenue (₹336.45 crore), covering credit ratings for corporates, banks, NBFCs, structured finance and public finance instruments.^[3]
Research and Analytics contributed 44.1% of FY26 consolidated revenue (₹265.81 crore), spanning offshore knowledge services, risk and regulatory technology, and market data and valuations.^[3]

Research and Analytics structure

The R&A segment was restructured into three verticals in FY26: KnowTech (offshore knowledge and data services), BankTech (risk, regulatory and supervisory technology), and CapTech (market data, valuations and investment intelligence).^[1]
KnowTech (formerly Knowledge Services) saw muted growth in FY26 due to discontinuation of certain client engagements and increasing automation trends.^[1]
BankTech includes RMS, Fintellix and D2K businesses; it targets EBITDA margins of 20 - 35% depending on the mix of India versus developed-market revenue.^[1]

Key operating numbers

Ratings segment EBIT was ₹124.19 crore at a 36.9% EBIT margin in FY26; R&A segment EBIT was ₹59.77 crore at a 22.5% EBIT margin.^[3]
Ratings segment results rose from ₹126.4 crore (FY25) to ₹190.9 crore (FY26), driven by operating leverage as employee cost growth remained below revenue growth.^[1]
Credit ratio (upgrades to downgrades) stood at 2.8x in H1 FY26, with 214 entities upgraded and 75 downgraded; investment-grade default rate was 0.2%.^[4]
Bond issuances grew 30.7% YoY in H1 FY26 (vs. 4.6% in the prior period), hitting a quarterly high in Q1 FY26 supported by rate cuts and a shift from bank credit.^[4][5]
Bank credit outstanding grew 10.4% YoY in H1 FY26, compared with 12.9% in the prior period; commercial paper activity softened in Q3 FY26 due to tight liquidity conditions.^[4]

ESG ratings

ICRA ESG Ratings published 7 ratings in H1 FY26, already exceeding the total number issued across all of the prior full year, indicating accelerating demand for ESG assessments.^[4]

Fintellix acquisition

ICRA acquired 98.75% of Fintellix, a Bengaluru-based RegTech and risk solutions company, for a total consideration of ₹253.25 crore (₹245.64 crore for the stake) in an all-cash deal completed in H1 FY26.^[4]
Fintellix had revenue of ~₹91 crore and ~20% EBIDA margin in FY25, with operations in India, the UK, the US and South Africa; it was consolidated into ICRA from October 2025.^[4][1]
Fintellix contributed ₹24.9 crore revenue and ₹4.8 crore EBITDA in Q3 FY26, and carried an EBITDA margin of ~26% in FY26; it is the primary driver of R&A's 56.8% YoY revenue growth in Q4 FY26.^[6][1]

Customers and distribution

Ratings clients span corporates, banks, NBFCs, housing finance companies and structured finance originators, with securitisation activity in H1 FY26 supported by gold loan, microfinance and vehicle asset classes.^[6]
R&A clients include domestic and international financial institutions; Fintellix and D2K give ICRA a presence in the Middle East and US for risk technology products.^[4][1]

Technology and AI

ICRA has deployed AI-powered agents in select Ratings processes and integrated AI layers into analytical tools offered by subsidiaries to improve operational efficiency.^[1]
A unified IT and product engineering organisation supports all three R&A verticals (KnowTech, BankTech, CapTech) to enable scalable technology-led growth.^[1]

Recent developments

The board recommended a total dividend of ₹105 per share for FY26, comprising ₹70 normal dividend (up from ₹60 in prior years) and ₹35 special dividend marking ICRA's 35th anniversary.^[1]
The R&A segment's revenue mix is shifting toward BankTech and CapTech, which carry structurally lower margins than KnowTech, causing a moderation in R&A segment-level margins even as absolute EBITDA grows.^[1]
RBI's ECL framework transition, effective 1 April 2027, is expected to sustain demand for BankTech risk modelling, data infrastructure and model validation solutions.^[1]

Market Cap

₹4,319 Cr

High / Low

₹6,615 / 4,199

Stock P/E

22.2

Price / Book

3.7

Book Value

₹1,223

EPS

₹188.1

No. of Shares

0.97 Cr

ROE

16.3%

Sales

₹600 Cr

Net Profit

₹183 Cr

Promoter holding

51.9%

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ICRA Ltd(ICRA)

About

Business segments

Research and Analytics structure

Key operating numbers

ESG ratings

Fintellix acquisition

Customers and distribution

Technology and AI

Recent developments

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