ICRA financials and balance sheet

NSE: ICRABSE: 532835Capital MarketsSmall Cap

₹4,472.40₹8.40 (0.19%)BSE ₹4,474.45

Share price at the NSE close on 23 Oct 2026. Previous close ₹4,480.80.

52-week range of traded prices to 23 Oct 2026

₹4,198.20Low, 30 Sep 2026₹6,620.00High, 29 Oct 2025

Next results date: the board meets on 29 Oct 2026 to consider: financial results.

Market cap: ₹4,316 Cr756th largest listed
P/E: 22.1
P/B: 3.7
Dividend yield: 2.35%
ROE: 17.5%
ROCE: 16.5%
Debt to equity: 0.00
Volume, NSE: 16,90362.6% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.ICRA annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹600 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 4.5% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue600
Employee costs−310
Other expenses−74
Operating profit215
Depreciation−28
Other income+75
One-off items−6.9
Finance costs−4.4
Profit before tax250
Tax−68
Net profit183

What the company owns

Current investments₹727 Cr
Plant, investments and other assets₹638 Cr
Receivables₹78 Cr
Cash and bank₹42 Cr

What pays for it: net worth and liabilities

Net worth₹1,185 Cr
Other liabilities₹287 Cr
Owed to suppliers₹14 Cr
Borrowings₹1 Cr

ICRA business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.ICRA segment results by quarter

Revenue by segment

₹602 CrTotal

Ratings & ancillary services₹336 Cr55.9% of total
Research and analytics₹266 Cr44.1% of total

Profit by segment

Ratings & ancillary services₹124 Cr67.5% of total
Research and analytics₹60 Cr32.5% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Ratings & ancillary services
Revenue, ₹ crore
234
214
188
203
230
258
295
336
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
89
55
39
52
59
68
100
124
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Research and analytics
Revenue, ₹ crore
205
266
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
61
60
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	331	325	302	344	404	447	499	602
Company revenue, as in its results	328	321	301	343	403	446	498	600
Revenue	234	214	188	203	230	258	295	336
Revenue growth	–	−8.6%	−12.4%	7.9%	13.6%	12.0%	14.4%	14.2%
Profit	89	55	39	52	59	68	100	124
Profit growth	–	−38.2%	−29.7%	33.8%	12.6%	15.9%	47.8%	23.7%
Margin	38.1%	25.8%	20.7%	25.7%	25.5%	26.4%	34.1%	36.9%
Assets	46	80	55	53	58	66	75	112
Liabilities	104	112	114	111	123	141	156	156
Capital employed	−58	−33	−60	−59	−66	−74	−81	−44
Revenue	–	–	–	–	–	–	205	266
Revenue growth	–	–	–	–	–	–	–	29.8%
Profit	–	–	–	–	–	–	61	60
Profit growth	–	–	–	–	–	–	–	−2.0%
Margin	–	–	–	–	–	–	29.8%	22.5%
Return on capital	–	–	–	–	–	–	83.4%	19.3%
Assets	–	–	–	–	–	–	102	371
Liabilities	–	–	–	–	–	–	29	62
Capital employed	–	–	–	–	–	–	73	309
Revenue	21	25	19	6	6	16	–	–
Revenue growth	–	20.0%	−25.1%	–	−7.7%	186.0%	–	–
Profit	−6	−2	−2	−3	−2	−4	–	–
Margin	−27.6%	−7.9%	−9.5%	−50.2%	−40.3%	−21.4%	–	–
Return on capital	−185.2%	−26.3%	−27.3%	−98.5%	−119.5%	−6.5%	–	–
Assets	12	17	13	6	5	61	–	–
Liabilities	8	10	7	3	3	7	–	–
Capital employed	3	7	6	3	2	54	–	–
Revenue	–	–	–	118	150	155	–	–
Revenue growth	–	–	–	–	27.5%	3.0%	–	–
Profit	–	–	–	60	75	72	–	–
Profit growth	–	–	–	–	24.1%	−3.6%	–	–
Margin	–	–	–	51.2%	49.8%	46.6%	–	–
Return on capital	–	–	–	245.5%	246.2%	252.5%	–	–
Assets	–	–	–	36	45	42	–	–
Liabilities	–	–	–	12	15	13	–	–
Capital employed	–	–	–	25	30	29	–	–
Revenue	–	–	–	17	18	18	–	–
Revenue growth	–	–	–	–	6.8%	−1.2%	–	–
Profit	–	–	–	4	2	1	–	–
Profit growth	–	–	–	–	−43.6%	−48.7%	–	–
Margin	–	–	–	20.7%	11.0%	5.7%	–	–
Return on capital	–	–	–	171.3%	57.3%	29.2%	–	–
Assets	–	–	–	6	8	9	–	–
Liabilities	–	–	–	4	4	5	–	–
Capital employed	–	–	–	2	3	4	–	–
Revenue	76	85	96	–	–	–	–	–
Revenue growth	–	13.0%	12.4%	–	–	–	–	–
Profit	26	33	34	–	–	–	–	–
Profit growth	–	25.7%	3.6%	–	–	–	–	–
Margin	34.3%	38.1%	35.1%	–	–	–	–	–
Return on capital	81.4%	83.9%	84.4%	–	–	–	–	–
Assets	44	55	53	–	–	–	–	–
Liabilities	12	16	13	–	–	–	–	–
Capital employed	32	39	40	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.ICRA quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 15 Jul	Mar 2021Filed 7 May	Mar 2022Filed 13 May	Mar 2023Filed 25 May	Mar 2024Filed 24 May	Mar 2025Filed 16 Jun	Mar 2026Filed 21 May
Revenue from operations	333	309	328	321	301	343	403	446	498	600
	–	194	215	225	220	222	260	297	320	384
Materials and goods bought	–	–	0	0	0	0	0	0	0	0
Employee costs	–	143	160	162	172	179	208	240	261	310
Other expenses	–	51	54	64	48	43	53	57	59	74
Operating profit before depreciation	–	115	113	96	81	121	143	149	178	215
Operating margin	–	37.3%	34.6%	29.8%	26.9%	35.2%	35.4%	33.3%	35.7%	35.9%
Materials, % of revenue	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Employee costs, % of revenue	–	46.1%	48.9%	50.4%	57.0%	52.3%	51.5%	53.9%	52.4%	51.7%
Other expenses, % of revenue	–	16.6%	16.6%	19.8%	16.0%	12.5%	13.1%	12.8%	11.9%	12.4%
Depreciation and amortisation	9	8	6	10	10	8	10	13	16	28
Operating profit after depreciation	–	108	108	86	71	113	133	135	161	187
Other income	25	49	45	48	43	41	50	75	77	75
Finance costs	–	0	1	2	2	2	1	10	5	4
Profit before one-off items and tax	117	157	152	131	112	152	181	200	234	257
One-off items	0	0	0	0	0	0	0	0	0	−7
Profit before tax	117	157	152	131	112	152	181	200	234	250
	42	56	47	34	29	39	44	48	63	68
Current tax	–	54	44	37	29	37	42	45	54	64
Deferred tax	–	2	3	−3	1	1	3	3	9	4
	74	101	105	97	83	114	137	152	171	183
Belonging to the company's shareholders	74	101	104	96	82	112	137	152	170	182
Belonging to outside owners of subsidiaries	–	–	1	1	1	1	–	–	1	1
Other comprehensive income	–	–	0	−1	0	0	−2	−1	−1	0
Total comprehensive income	–	–	104	97	83	113	135	151	171	182
Net margin	22.3%	32.8%	31.9%	30.3%	27.5%	33.1%	33.9%	34.1%	34.4%	30.4%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2017: the statement does not state its finance costs, which operating profit is worked out from, so operating profit is not given.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 10 May	Mar 2020Filed 15 Jul	Mar 2021Filed 7 May	Mar 2022Filed 13 May	Mar 2023Filed 25 May	Mar 2024Filed 24 May	Mar 2025Filed 16 Jun	Mar 2026Filed 21 May
	640	704	761	848	955	981	1,058	1,185
	638	702	758	844	950	976	1,053	1,181
Share capital	10	10	10	10	10	10	10	10
Reserves	628	692	748	834	941	967	1,044	1,171
Belonging to outside owners of subsidiaries	2	3	3	4	5	4	4	4
	0	0	0	0	0	2	1	1
Repayable after a year	0	0	0	0	0	1	1	0
Repayable within a year	0	0	0	0	0	1	1	0
	120	115	116	115	132	152	177	244
Trade payables	10	16	8	9	8	7	9	14
Other financial liabilities	17	12	12	8	9	11	69	110
Other liabilities	62	61	66	61	72	81	94	111
Provisions	27	24	29	37	42	51	3	4
Tax owed	3	3	1	1	0	0	2	5
	8	26	19	15	14	55	59	57
Other financial liabilities	2	19	15	12	11	45	42	14
Other liabilities	0	0	0	0	–	0	0	–
Provisions	6	7	3	3	3	4	3	11
Deferred tax	0	0	0	0	0	5	13	32
	767	846	896	978	1,101	1,188	1,294	1,486
Held for sale or for a demerger	–	0	–	–	–	–	–	–
	204	114	390	527	515	503	166	557
Plant in use, after depreciation	32	53	44	39	28	40	40	46
Plant being built	0	0	0	0	0	0	0	0
Intangible assets	0	1	1	5	18	21	19	101
Goodwill	1	1	1	1	1	30	30	166
Intangible assets being developed	1	2	3	2	1	1	4	2
Investments	104	24	158	392	425	390	1	3
Loans given	4	4	4	0	0	0	0	0
Other financial assets	42	21	171	83	37	16	38	199
Deferred tax	2	6	6	5	2	3	2	5
Other assets	16	1	1	1	1	1	31	36
	564	732	506	451	586	685	1,128	929
Trade receivables	34	57	48	26	38	53	48	78
Cash and cash equivalents	24	16	28	22	12	10	35	30
Other bank balances	383	511	371	288	229	145	246	13
Current investments	77	80	19	62	263	423	772	727
Loans given	1	0	1	0	0	0	0	0
Other financial assets	33	42	16	20	3	3	6	51
Tax paid in advance	0	12	11	15	21	28	0	2
Other assets	11	14	12	17	19	23	22	28
Net debt	−485	−606	−418	−372	−505	−577	−1,052	−769

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 7 May	Mar 2022Filed 13 May	Mar 2023Filed 25 May	Mar 2024Filed 24 May	Mar 2025Filed 16 Jun	Mar 2026Filed 21 May
	76	97	99	107	145	157
	106	139	147	158	200	221
	20	17	−2	9	18	7
Receivables	9	16	−16	−13	2	−5
Payables	−8	1	−1	0	2	3
Other working capital	19	−1	15	23	14	10
Tax paid	−30	−41	−48	−51	−55	−64
Capital spending	4	5	9	7	12	12
Free cash flow	73	92	90	100	132	145
	−32	−72	−77	27	−17	−95
Plant and property sold	1	0	0	0	0	0
Companies bought	0	0	0	−15	0	−231
Interest received	48	23	26	25	14	20
	−32	−32	−32	−137	−103	−67
Borrowings repaid	0	0	0	−5	0	0
Interest paid	−2	−2	−1	0	0	−2
Lease payments	−4	−4	0	−5	−5	−6
Dividends paid	26	26	28	126	97	59
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	12	−7	−10	−2	25	−5

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.ICRA dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 15 Jul	Mar 2021Filed 7 May	Mar 2022Filed 13 May	Mar 2023Filed 25 May	Mar 2024Filed 24 May	Mar 2025Filed 16 Jun	Mar 2026Filed 21 May
Earnings per share	–	₹102.39	₹106.63	₹99.98	₹84.89	₹116.74	₹140.59	₹157.07	₹176.73	₹188.63
Diluted earnings per share	–	₹102.25	₹106.58	₹99.98	₹84.89	₹116.74	₹140.59	₹156.99	₹176.50	₹188.32
Dividend per share	₹27.00	₹30.00	₹30.00	₹27.00	₹27.00	₹28.00	₹130.00	₹100.00	₹60.00	₹105.00
Book value per share	–	–	₹660.96	₹726.97	₹785.11	₹874.10	₹984.62	₹1,011.78	₹1,091.29	₹1,223.41
Dividend payout	36.0%	29.4%	27.8%	27.1%	31.9%	24.1%	91.8%	63.4%	34.1%	55.8%
Shareholder yield	–	–	–	–	0.8%	0.6%	0.7%	2.4%	1.8%	1.2%
Market cap at the year end (₹ crore)	4,115	3,612	2,859	2,070	3,156	4,087	4,268	5,254	5,313	4,829

Earnings per share is left blank for the year to Mar 2017: the earnings per share is stated as 0 while the period's profit or loss comes to at least half a paisa a share, so the 0 stands in for a figure the filing does not give.

Ratios

Consolidated, years to March.ICRA PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 15 Jul	Mar 2021Filed 7 May	Mar 2022Filed 13 May	Mar 2023Filed 25 May	Mar 2024Filed 24 May	Mar 2025Filed 16 Jun	Mar 2026Filed 21 May
Revenue growth	−2.4%	−7.3%	6.2%	−2.1%	−6.2%	13.9%	17.6%	10.6%	11.6%	20.4%
Operating profit growth	–	–	−1.5%	−15.5%	−15.3%	48.6%	18.5%	4.1%	19.5%	21.0%
Net profit growth	−2.4%	36.0%	3.4%	−7.0%	−15.0%	37.3%	20.4%	11.3%	12.5%	6.6%
Earnings per share growth	–	–	4.1%	−6.2%	−15.1%	37.5%	20.4%	11.7%	12.5%	6.7%
	–	–	16.3%	14.4%	11.2%	14.0%	15.2%	15.8%	16.8%	16.3%
	–	–	–	−2.0 pts	−3.2 pts	2.8 pts	1.2 pts	0.6 pts	0.9 pts	−0.5 pts
From the net margin	–	–	–	−0.9 pts	−1.4 pts	2.3 pts	0.5 pts	0.1 pts	0.0 pts	−1.9 pts
From asset turnover	–	–	–	−1.1 pts	−1.7 pts	0.8 pts	0.9 pts	0.1 pts	0.5 pts	1.1 pts
From borrowing	–	–	–	0.0 pts	−0.1 pts	−0.3 pts	−0.2 pts	0.4 pts	0.5 pts	0.3 pts
Return on capital employed	–	–	16.8%	12.1%	9.4%	13.3%	13.9%	13.8%	15.2%	15.8%
Cash conversion	–	–	–	–	92.4%	85.8%	72.6%	70.3%	84.6%	86.2%
Interest cover	–	1,034.2	212.5	41.8	34.6	72.2	94.2	13.0	33.6	42.2
Debt to equity	–	–	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Receivable days	–	–	38	65	58	28	34	43	35	48
Working capital days	–	–	−46	12	−34	−39	−46	−37	−74	−52
Asset turnover	–	–	0.43	0.40	0.35	0.37	0.39	0.39	0.40	0.43
Assets per rupee of net worth	–	–	1.20	1.20	1.19	1.17	1.16	1.19	1.22	1.24
Sales per rupee of plant	–	–	10.15	6.11	6.88	8.71	14.65	11.02	12.32	13.06
Capital spending to depreciation	–	–	–	–	0.35	0.67	0.92	0.51	0.76	0.44
Plant being built, % of plant in use	–	–	0.0%	0.0%	0.4%	0.0%	0.0%	0.3%	0.0%	0.0%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 13.1%
Cash from operations against operating profit: 73.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	5.8%	14.8%	14.1%
Profit growth, yearly rate	9.1%	17.3%	9.9%
Return on equity, average	–	15.6%	16.3%
Return on capital employed, average	–	14.4%	14.9%
Operating margin, average	33.8%	35.1%	35.0%
Net margin, average	31.1%	33.2%	33.0%
Asset turnover, average	–	0.40	0.41
Interest cover, average	175.4	51.0	29.6
Debt to equity, average	–	0.00	0.00

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	606	409	157
Cash from investing	−234	−85	−95
Cash from financing	−371	−307	−67
Capital spending	46	32	12
Dividends paid	337	283	59
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	0	0	0
Borrowings repaid	6	6	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	3	5	6	4	7	5
Altman Z-scorePublished threshold 1.1	–	–	13.05	13.75	12.35	12.89	13.48	11.77	13.38	10.88
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.08	−2.90	−2.18	−1.96	−2.25	−0.94
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	4.41	9.39	10.99	1.55	3.48	8.69
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.82	0.75	0.76	0.81
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	71.31	−10.70	−58.09	25.97	28.69	−21.85	44.37
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	7.24	−9.35	3.80	−2.30	2.28	−5.20	8.89
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.00	0.15	0.00	–	0.00	0.00	0.00
Effective tax ratePublished threshold 17.16 per cent	36.34	35.47	31.21	26.04	26.18	25.35	24.55	23.83	26.83	27.12
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−1.91	−1.71	−1.61	3.24	1.74

A threshold marked as ours has no published figure; it is the line we read the check against.