
About Icra Limited
Data last updated:
Icra Limited is a public limited company based in New Delhi, Delhi, India. It operates in the credit rating agencies segment of the financial services sector. It was incorporated on 16 January 1991 and has been in existence for over 35 years.
The company is registered with the Registrar of Companies (ROC), Delhi, under CIN L74999DL1991PLC042749. Its GSTIN is 07AAACI0218B3ZC (Delhi). The company holds 18 GST registrations, of which 8 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 532835 and NSE: ICRA.
The company has an authorised share capital of ₹15 Cr and a paid-up capital of ₹9.65 Cr. It is led by directors including Ramnath Krishnan (Managing Director) and Pradip Manilal Kanakia.
Its last annual general meeting (AGM) was held on 31 July 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at B – 710 Statesman House 148 Barakhamba Road, New Delhi, Delhi, India – 110001.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹599.51 Cr, a growth of 20.4% compared to the previous year. For the same year it recorded a net profit of ₹186.72 Cr (net margin 31.1%) and EBITDA of ₹208.1 Cr (EBITDA margin 34.7%). The net worth stands at ₹1,180.74 Cr (up 12.1% YoY). Total assets are valued at ₹1,217.8 Cr (up 9.9% YoY).
The company has about 472 employees on its provident fund (EPFO) records. Its group structure includes 3 subsidiaries.
The company is associated with 3 brands: ICRA Analytics, ICRA and Moody's. Court records list 69 cases involving the company, including 6 filed by the company and 63 filed against it; 13 cases are pending. The company has 68 deals on record (65 market trades, 1 buyback, 1 ipo); the latest was in April 2026. The company has 12 MSME Form 1 returns on record between 2019 and 2024, listing 108 overdue payments to 38 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website icra.in.
Company details
CIN history
Icra has one previous CIN (Corporate Identification Number): U74999DL1991PLC042749. The current CIN is L74999DL1991PLC042749, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L74999DL1991PLC042749 | Current |
| U74999DL1991PLC042749 | Previous |
Contact details
Icra Limited's registered office is in New Delhi, Delhi. Its website is icra.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressB – 710 Statesman House 148 Barakhamba Road, New Delhi, Delhi, India – 110001
- IndustryFinancial Services, Credit Rating Agencies
To see the full contact details of Icra Limited, buy the company report.
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
Brands
Icra operates multiple associated brands including ICRA Analytics, ICRA, and Moody's. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Provider of risk management and consulting services | icraanalytics.com | |
| Investment research services are provided in the financial sector. | icra.in | |
| Financial databases for credit ratings and analytics are maintained. | moodys.com |
Business activity
The main business activity of Icra is financial and insurance service. In detail, this covers other financial activities.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| K | Financial and insurance Service | K8 | Other financial activities |
To see the full business activity and turnover split of Icra Limited, buy the company report.
Financials of Icra Limited
FY 2025-26 filings availableIcra Limited reported revenue of ₹599.51 Cr (up 20.4% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 600 | 498 | 446 | 403 | 343 | 301 | 321 |
| Revenue growth | +20.4% | +11.6% | +10.6% | +17.6% | +13.9% | -6.2% | - |
| EBITDA | 208 | 178 | 149 | 143 | 121 | 81.14 | 95.84 |
| EBITDA margin | +34.7% | +35.7% | +33.3% | +35.4% | +35.2% | +27.0% | +29.9% |
| Profit before tax | 250 | 234 | 200 | 181 | 152 | 112 | 131 |
| Net profit | 187 | 170 | 151 | 135 | 112 | 80.96 | 96.32 |
| Net profit margin | +31.2% | +34.1% | +33.8% | +33.5% | +32.8% | +26.9% | +30.0% |
| EPS (₹) | 188.08 | 176.15 | 156.56 | 140.12 | 116.35 | 84.61 | 99.65 |
| Balance sheet | |||||||
| Total assets | 1,218 | 1,109 | 1,034 | 972 | 866 | 783 | 731 |
| Net worth | 1,181 | 1,053 | 976 | 950 | 844 | 758 | 702 |
| Total debt | 18.41 | 13.14 | 12.68 | 13.03 | 14.03 | 16.96 | 0.00 |
| Cash & bank | 42.49 | 282 | 156 | 242 | 310 | 399 | 527 |
| Net working capital | (34.73) | 186 | 85.47 | 173 | 261 | 363 | 525 |
| Cash flow | |||||||
| Cash from operations | 157 | 145 | 107 | 99.26 | 97.38 | 76.38 | 21.32 |
| Cash from investing | (95.49) | (16.89) | 27.53 | (76.89) | (71.87) | (32.11) | 11.15 |
| Cash from financing | (66.91) | (103) | (137) | (32.13) | (32.03) | (32.03) | (40.68) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 163 | 175 | 164 | 137 | 124 | 136 | 121 | 126 |
| Revenue growth (YoY) | +31.2% | +28.4% | +35.3% | +8.3% | +8.4% | - | - | - |
| Other income | 32.01 | 14.18 | 15.57 | 20.91 | 24.36 | 20.62 | 18.85 | 20.05 |
| EBITDA | 55.10 | 69.56 | 50.27 | 48.53 | 39.75 | 59.16 | 42.16 | 41.26 |
| EBITDA margin | +33.7% | +39.8% | +30.7% | +35.5% | +31.9% | +43.4% | +34.9% | +32.7% |
| Depreciation | 10.54 | 10.00 | 9.96 | 4.21 | 4.09 | 4.48 | 4.19 | 4.01 |
| Interest | 0.45 | 0.94 | 0.98 | 0.87 | 1.65 | 1.24 | 1.07 | 0.34 |
| Profit before tax | 76.12 | 72.80 | 54.90 | 64.36 | 58.37 | 74.06 | 55.75 | 56.96 |
| Tax | 19.66 | 20.11 | 15.85 | 16.34 | 15.61 | 18.07 | 13.53 | 19.85 |
| Net profit | 56.46 | 52.69 | 39.05 | 48.02 | 42.76 | 55.99 | 42.22 | 37.11 |
| EPS (₹) | 58.27 | 54.43 | 40.27 | 49.57 | 44.05 | 57.86 | 43.63 | 38.11 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 328 | 287 | 251 | 223 | 195 | 181 | 208 |
| Revenue growth | +14.5% | +14.1% | +12.9% | +14.3% | +7.4% | -12.8% | - |
| EBITDA | 117 | 96.55 | 67.63 | 59.94 | 54.77 | 42.31 | 58.51 |
| EBITDA margin | +35.6% | +33.7% | +26.9% | +26.9% | +28.1% | +23.3% | +28.2% |
| Profit before tax | 171 | 189 | 147 | 117 | 93.34 | 71.65 | 92.04 |
| Net profit | 128 | 148 | 123 | 95.87 | 69.64 | 52.20 | 64.96 |
| Net profit margin | +39.1% | +51.7% | +48.8% | +43.1% | +35.8% | +28.8% | +31.3% |
| EPS (₹) | 131.29 | 153.55 | 127.61 | 99.40 | 75.96 | 54.86 | 67.33 |
| Balance sheet | |||||||
| Total assets | 894 | 817 | 752 | 750 | 680 | 632 | 600 |
| Net worth | 885 | 804 | 741 | 737 | 665 | 615 | 583 |
| Total debt | 7.67 | 11.27 | 10.04 | 12.95 | 13.81 | 16.02 | 0.00 |
| Cash & bank | 12.33 | 174 | 95.37 | 119 | 207 | 323 | 435 |
| Net working capital | (46.06) | 82.90 | 13.50 | 41.56 | 152 | 270 | 415 |
| Cash flow | |||||||
| Cash from operations | 102 | 93.73 | 56.52 | 52.54 | 38.80 | 52.78 | 2.97 |
| Cash from investing | (32.52) | 10.14 | 70.71 | (23.51) | (14.12) | (11.79) | 24.28 |
| Cash from financing | (62.94) | (101) | (130) | (31.10) | (30.29) | (29.95) | (38.43) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 81.79 | 89.40 | 84.57 | 82.06 | 72.20 | 80.62 | 70.83 | 72.08 |
| Revenue growth (YoY) | +13.3% | +10.9% | +19.4% | +13.9% | +14.2% | - | - | - |
| Other income | 22.64 | 11.90 | 14.47 | 15.90 | 22.18 | 19.63 | 19.56 | 46.16 |
| Total expenses | 54.36 | 49.71 | 55.64 | 53.74 | 52.38 | 44.48 | 48.30 | 50.90 |
| EBITDA | 27.43 | 39.69 | 28.93 | 28.32 | 19.82 | 36.14 | 22.53 | 21.18 |
| EBITDA margin | +33.5% | +44.4% | +34.2% | +34.5% | +27.5% | +44.8% | +31.8% | +29.4% |
| Depreciation | 2.17 | 2.37 | 2.37 | 2.17 | 2.07 | 2.18 | 2.07 | 1.96 |
| Interest | 0.18 | 0.21 | 0.25 | 0.25 | 0.27 | 0.45 | 0.46 | 0.42 |
| Profit before tax | 47.72 | 49.01 | 40.78 | 41.80 | 39.66 | 53.14 | 39.56 | 64.96 |
| Tax | 12.63 | 12.62 | 11.53 | 10.89 | 9.52 | 11.08 | 8.45 | 14.64 |
Financial Statements
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 163 | 175 | 164 | 137 | 124 | 136 | 121 | 126 |
| Revenue growth (YoY) | +31.2% | +28.4% | +35.3% | +8.3% | +8.4% | - | - | - |
| Other income | 32.01 | 14.18 | 15.57 | 20.91 | 24.36 | 20.62 | 18.85 | 20.05 |
| EBITDA | 55.10 | 69.56 | 50.27 | 48.53 | 39.75 | 59.16 | 42.16 | 41.26 |
| EBITDA margin | +33.7% | +39.8% | +30.7% | +35.5% | +31.9% | +43.4% | +34.9% | +32.7% |
| Depreciation | 10.54 | 10.00 | 9.96 | 4.21 | 4.09 | 4.48 | 4.19 | 4.01 |
| Interest | 0.45 | 0.94 | 0.98 | 0.87 | 1.65 | 1.24 | 1.07 | 0.34 |
| Profit before tax | 76.12 | 72.80 | 54.90 | 64.36 | 58.37 | 74.06 | 55.75 | 56.96 |
| Tax | 19.66 | 20.11 | 15.85 | 16.34 | 15.61 | 18.07 | 13.53 | 19.85 |
| Net profit | 56.46 | 52.69 | 39.05 | 48.02 | 42.76 | 55.99 | 42.22 | 37.11 |
| EPS (₹) | 58.27 | 54.43 | 40.27 | 49.57 | 44.05 | 57.86 | 43.63 | 38.11 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 600 | 498 | 446 | 403 | 343 | 301 | 321 |
| Revenue growth | +20.4% | +11.6% | +10.6% | +17.6% | +13.9% | -6.2% | - |
| Other income | 75.02 | 77.41 | 74.97 | 49.55 | 40.88 | 42.85 | 47.97 |
| Total expenses | 391 | 320 | 297 | 260 | 222 | 220 | 225 |
| Employee cost | 310 | 261 | 240 | 208 | 179 | 172 | 162 |
| EBITDA | 208 | 178 | 149 | 143 | 121 | 81.14 | 95.84 |
| EBITDA margin | +34.7% | +35.7% | +33.3% | +35.4% | +35.2% | +27.0% | +29.9% |
| Depreciation | 28.26 | 16.39 | 13.46 | 9.83 | 7.81 | 9.92 | 10.29 |
| Interest | 4.43 | 4.80 | 10.41 | 1.41 | 1.56 | 2.06 | 2.04 |
| Profit before tax | 250 | 234 | 200 | 181 | 152 | 112 | 131 |
| Tax | 67.92 | 62.76 | 47.62 | 44.50 | 38.55 | 29.33 | 34.24 |
| Net profit | 187 | 170 | 151 | 135 | 112 | 80.96 | 96.32 |
| Net profit margin | +31.2% | +34.1% | +33.8% | +33.5% | +32.8% | +26.9% | +30.0% |
| EPS (₹) | 188.08 | 176.15 | 156.56 | 140.12 | 116.35 | 84.61 | 99.65 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 9.65 | 9.65 | 9.65 | 9.65 | 9.65 | 9.65 | 9.65 |
| Reserves & surplus | 1,171 | 1,044 | 967 | 941 | 834 | 748 | 692 |
| Shareholders' funds (net worth) | 1,181 | 1,053 | 976 | 950 | 844 | 758 | 702 |
| Minority interest | 4.40 | 4.42 | 4.49 | 4.65 | 4.11 | 3.29 | 2.59 |
| Secured loans | 0.63 | 1.16 | 1.80 | 0.00 | 0.00 | 0.00 | 0.00 |
| Unsecured loans | 17.78 | 11.98 | 10.88 | 13.03 | 14.03 | 16.96 | 0.00 |
| Total debt | 18.41 | 13.14 | 12.68 | 13.03 | 14.03 | 16.96 | 0.00 |
| Total liabilities | 1,218 | 1,109 | 1,034 | 972 | 866 | 783 | 731 |
| Assets | |||||||
| Gross block | 396 | 155 | 144 | 91.58 | 85.38 | 79.62 | 82.37 |
| Net block | 313 | 89.63 | 91.32 | 47.10 | 45.60 | 46.45 | 54.49 |
| Capital work in progress | 2.23 | 3.51 | 0.91 | 1.34 | 1.55 | 3.41 | 2.04 |
| Investments | 730 | 773 | 813 | 689 | 454 | 177 | 104 |
| Inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sundry debtors | 78.41 | 47.59 | 51.09 | 38.05 | 26.50 | 47.51 | 57.19 |
| Cash & bank balances | 42.49 | 282 | 156 | 242 | 310 | 399 | 527 |
| Loans & advances | 80.79 | 29.50 | 26.59 | 22.54 | 37.16 | 29.03 | 56.47 |
| Total current assets | 202 | 359 | 233 | 302 | 374 | 476 | 640 |
| Total current liabilities | 236 | 173 | 148 | 129 | 113 | 113 | 115 |
| Net working capital | (34.73) | 186 | 85.47 | 173 | 261 | 363 | 525 |
| Total assets | 1,218 | 1,109 | 1,034 | 972 | 866 | 783 | 731 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 34.86 | 9.98 | 12.16 | 21.92 | 28.45 | 16.21 | 24.42 |
| Net cash from operating activities | 157 | 145 | 107 | 99.26 | 97.38 | 76.38 | 21.32 |
| Net cash from investing activities | (95.49) | (16.89) | 27.53 | (76.89) | (71.87) | (32.11) | 11.15 |
| Net cash from financing activities | (66.91) | (103) | (137) | (32.13) | (32.03) | (32.03) | (40.68) |
| Net change in cash | (5.14) | 24.88 | (2.17) | (9.76) | (6.53) | 12.24 | (8.21) |
| Closing cash | 42.49 | 282 | 156 | 242 | 310 | 399 | 527 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +20.4% | +11.6% | +10.6% | +17.6% | +13.9% | -6.2% | - |
| EBITDA growth | +17.1% | +19.5% | +4.1% | +18.5% | +48.6% | -15.3% | - |
| PBT growth | +7.0% | +17.1% | +10.3% | +19.2% | +35.8% | -14.8% | -13.5% |
| Net income growth | +9.8% | +12.9% | +11.4% | +20.3% | +38.8% | -16.0% | - |
| Revenue CAGR (3Y) | +14.1% | +13.3% | +14.0% | +7.9% | +1.5% | -0.9% | -1.2% |
| EBITDA CAGR (3Y) | +13.4% | +13.8% | +22.4% | +14.3% | +2.2% | -11.0% | -1.8% |
| Profitability & leverage | |||||||
| Net income margin | +30.4% | +34.4% | +34.1% | +33.9% | +33.1% | +27.5% | +30.3% |
| Return on capital employed | +22.0% | +22.4% | +21.1% | +20.0% | +18.7% | +15.1% | +19.4% |
| Return on net worth | +16.3% | +16.9% | +15.8% | +15.2% | +14.2% | +11.3% | +14.5% |
| Debt / equity | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.01 | 0.00 |
| Long-term debt / equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.01 | 0.00 |
| Interest cover | 2.46 | 2.97 | 7.69 | 1.06 | 1.38 | 2.89 | 2.38 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 2.18 | 3.33 | 3.78 | 4.56 | 4.16 | 3.72 | 4.77 |
| Inventory turnover | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debtors turnover | 9.52 | 10.09 | 10.01 | 12.49 | 9.26 | 5.75 | 7.06 |
| EPS (₹) | 188.08 | 176.15 | 156.56 | 140.12 | 116.35 | 84.61 | 99.65 |
| Dividend per share (₹) | 105.00 | 60.00 | 100.00 | 130.00 | 28.00 | 27.00 | 27.00 |
| Book value per share (₹) | 1,223.41 | 1,091.29 | 1,011.78 | 984.62 | 874.10 | 785.11 | 726.97 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 81.79 | 89.40 | 84.57 | 82.06 | 72.20 | 80.62 | 70.83 | 72.08 |
| Revenue growth (YoY) | +13.3% | +10.9% | +19.4% | +13.9% | +14.2% | - | - | - |
| Other income | 22.64 | 11.90 | 14.47 | 15.90 | 22.18 | 19.63 | 19.56 | 46.16 |
| Total expenses | 54.36 | 49.71 | 55.64 | 53.74 | 52.38 | 44.48 | 48.30 | 50.90 |
| EBITDA | 27.43 | 39.69 | 28.93 | 28.32 | 19.82 | 36.14 | 22.53 | 21.18 |
| EBITDA margin | +33.5% | +44.4% | +34.2% | +34.5% | +27.5% | +44.8% | +31.8% | +29.4% |
| Depreciation | 2.17 | 2.37 | 2.37 | 2.17 | 2.07 | 2.18 | 2.07 | 1.96 |
| Interest | 0.18 | 0.21 | 0.25 | 0.25 | 0.27 | 0.45 | 0.46 | 0.42 |
| Profit before tax | 47.72 | 49.01 | 40.78 | 41.80 | 39.66 | 53.14 | 39.56 | 64.96 |
| Tax | 12.63 | 12.62 | 11.53 | 10.89 | 9.52 | 11.08 | 8.45 | 14.64 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 328 | 287 | 251 | 223 | 195 | 181 | 208 |
| Revenue growth | +14.5% | +14.1% | +12.9% | +14.3% | +7.4% | -12.8% | - |
| Other income | 64.45 | 102 | 90.96 | 65.57 | 45.42 | 36.32 | 40.57 |
| Total expenses | 211 | 190 | 184 | 163 | 140 | 139 | 149 |
| Employee cost | 161 | 150 | 145 | 123 | 111 | 110 | 105 |
| EBITDA | 117 | 96.55 | 67.63 | 59.94 | 54.77 | 42.31 | 58.51 |
| EBITDA margin | +35.6% | +33.7% | +26.9% | +26.9% | +28.1% | +23.3% | +28.2% |
| Depreciation | 8.98 | 7.92 | 7.99 | 7.03 | 5.34 | 5.25 | 5.38 |
| Interest | 0.97 | 1.72 | 3.77 | 1.34 | 1.51 | 1.73 | 1.66 |
| Profit before tax | 171 | 189 | 147 | 117 | 93.34 | 71.65 | 92.04 |
| Tax | 44.55 | 40.76 | 23.68 | 21.20 | 20.04 | 18.71 | 27.08 |
| Net profit | 128 | 148 | 123 | 95.87 | 69.64 | 52.20 | 64.96 |
| Net profit margin | +39.1% | +51.7% | +48.8% | +43.1% | +35.8% | +28.8% | +31.3% |
| EPS (₹) | 131.29 | 153.55 | 127.61 | 99.40 | 75.96 | 54.86 | 67.33 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 9.65 | 9.65 | 9.65 | 9.65 | 9.65 | 9.65 | 9.65 |
| Reserves & surplus | 875 | 795 | 732 | 727 | 655 | 605 | 573 |
| Shareholders' funds (net worth) | 885 | 804 | 741 | 737 | 665 | 615 | 583 |
| Secured loans | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Unsecured loans | 7.67 | 11.27 | 10.04 | 12.95 | 13.81 | 16.02 | 0.00 |
| Total debt | 7.67 | 11.27 | 10.04 | 12.95 | 13.81 | 16.02 | 0.00 |
| Total liabilities | 894 | 817 | 752 | 750 | 680 | 632 | 600 |
| Assets | |||||||
| Gross block | 62.31 | 62.87 | 52.87 | 51.75 | 47.31 | 41.47 | 41.04 |
| Net block | 25.19 | 26.31 | 23.14 | 26.83 | 25.53 | 24.87 | 28.81 |
| Capital work in progress | 0.58 | 1.33 | 0.91 | 1.23 | 0.55 | 2.33 | 1.88 |
| Investments | 739 | 656 | 682 | 658 | 481 | 204 | 131 |
| Inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sundry debtors | 28.22 | 26.45 | 23.09 | 12.77 | 10.21 | 15.99 | 33.39 |
| Cash & bank balances | 12.33 | 174 | 95.37 | 119 | 207 | 323 | 435 |
| Loans & advances | 49.94 | 12.01 | 12.12 | 10.74 | 21.93 | 14.79 | 30.42 |
| Total current assets | 90.49 | 212 | 131 | 142 | 239 | 354 | 499 |
| Total current liabilities | 137 | 129 | 117 | 100 | 87.14 | 84.35 | 83.94 |
| Net working capital | (46.06) | 82.90 | 13.50 | 41.56 | 152 | 270 | 415 |
| Total assets | 894 | 817 | 752 | 750 | 680 | 632 | 600 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 4.78 | 2.18 | 4.84 | 6.91 | 12.52 | 1.48 | 12.66 |
| Net cash from operating activities | 102 | 93.73 | 56.52 | 52.54 | 38.80 | 52.78 | 2.97 |
| Net cash from investing activities | (32.52) | 10.14 | 70.71 | (23.51) | (14.12) | (11.79) | 24.28 |
| Net cash from financing activities | (62.94) | (101) | (130) | (31.10) | (30.29) | (29.95) | (38.43) |
| Net change in cash | 6.71 | 2.59 | (2.66) | (2.07) | (5.61) | 11.04 | (11.18) |
| Closing cash | 12.33 | 174 | 95.37 | 119 | 207 | 323 | 435 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +14.5% | +14.1% | +12.9% | +14.3% | +7.4% | -12.8% | - |
| EBITDA growth | +20.9% | +42.8% | +12.8% | +9.4% | +29.5% | -27.7% | - |
| PBT growth | -9.4% | +28.7% | +25.4% | +25.5% | +30.3% | -22.2% | -29.8% |
| Net income growth | -13.4% | +20.8% | +27.9% | +37.7% | +33.4% | -19.6% | - |
| Revenue CAGR (3Y) | +13.8% | +13.8% | +11.5% | +2.3% | -5.4% | -6.6% | -0.5% |
| EBITDA CAGR (3Y) | +24.9% | +20.8% | +16.9% | +0.8% | -15.0% | -24.4% | -10.5% |
| Profitability & leverage | |||||||
| Net income margin | +38.6% | +51.7% | +49.0% | +43.1% | +37.6% | +29.2% | +31.3% |
| Return on capital employed | +20.1% | +24.3% | +20.0% | +16.6% | +14.5% | +11.9% | +16.3% |
| Return on net worth | +15.0% | +19.2% | +16.7% | +13.7% | +11.5% | +8.9% | +11.5% |
| Debt / equity | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.01 | 0.00 |
| Long-term debt / equity | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.01 | 0.00 |
| Interest cover | 0.90 | 1.94 | 6.32 | 2.53 | 3.05 | 4.67 | 3.12 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 5.24 | 4.95 | 4.80 | 4.49 | 4.39 | 4.39 | 7.06 |
| Inventory turnover | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debtors turnover | 12.01 | 11.58 | 14.01 | 19.37 | 14.86 | 7.34 | 7.87 |
| EPS (₹) | 131.29 | 153.55 | 127.61 | 99.40 | 75.96 | 54.86 | 67.33 |
| Dividend per share (₹) | 105.00 | 60.00 | 100.00 | 130.00 | 28.00 | 27.00 | 27.00 |
| Book value per share (₹) | 917.10 | 833.44 | 768.23 | 763.21 | 688.81 | 636.79 | 603.58 |
To see the full year-wise statements and ratios of Icra Limited, buy the company report.
Board of directors of Icra Limited
Icra has 8 current directors and 29 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Pradip Manilal Kanakia Also directs: Healthcare Global Enterprises Limited, Britannia Industries Ltd, Sona BLW Precision Forgings Limited and 5 more | Director | 01 Nov 2024 | 1 Years 11 Months | Current |
| Palamadai Sundararajan Jayakumar Also directs: JM Financial Limited, HT Media Limited, Adani Ports and Special Economic Zone Limited and 5 more | Director | 01 Nov 2024 | 1 Years 11 Months | Current |
| Ramnath Krishnan Also directs: Fintellix India Private Limited | Managing Director | 26 Mar 2022 | 4 Years 6 Months | Current |
| Shivani Priya Mohini Kak | Director | 18 Feb 2022 | 4 Years 8 Months | Current |
| Stephen Arthur Long | Director | 13 May 2022 | 4 Years 5 Months | Current |
| Wendy Huay Huay Cheong | Director | 06 Nov 2020 | 5 Years 11 Months | Current |
Auditor
Icra Limited is audited by B S R & Co. LLP for the financial year 2024.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| B S R & Co. LLP | FY 2024 | 101248W/W-100022 |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 51.90%, foreign institutional investors hold 6.90%, domestic institutional investors hold 24.30% and retail and other public shareholders hold 16.90%.
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 51.90% | 51.90% | 51.90% | 51.90% |
| Public | 48.10% | 48.10% | 48.10% | 48.10% |
Deals & funding
Icra Limited has 68 deals on record (65 market trades, 1 buyback, 1 ipo); the latest was in April 2026.
Deals on record (5 of 68)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jul 2018 | Market trade | ₹217.28 Cr | Buyer: Pari Washington India Master Fund, Ltd. Seller: Iifl Management Services Limited |
| Jun 2018 | Market trade | ₹217.21 Cr | Buyer: Iifl Management Services Limited Seller: Punjab National Bank |
| Feb 2009 | Market trade | ₹22.83 Cr | Buyer: Franklin Templeton Mutual Fund Seller: Sammaan Insurance Advisors Limited , Indiabulls Capital Services Limited |
| Oct 2007 | Market trade | ₹6.23 Cr | Buyer: Aditya Birla Sun Life Trustee Private Limited Seller: Reliance Capital Trustee Co. Ltd A/C Reliance Banking Fund |
| Jul 2007 | Market trade | ₹5.77 Cr | Buyer: Nippon Life India Trustee Limited |
To see the full deal history of Icra Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Icra Limited has 69 court cases on record: 6 filed by Icra, 63 filed against it. 13 cases are pending and 56 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 60 | 54 | 11 |
| District courts | 6 | 6 | 1 |
| Supreme Court | 2 | 2 | 1 |
| NCLAT | 1 | 1 | 0 |
Cases on record (5 of 69)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Bombay High Court | Interim or miscellaneous application | Filed against the company by MGM Consulting Services Private Limited | Pending |
| Bombay High Court | Interim or miscellaneous application | Filed against the company by Gharda Chemicals Ltd | Pending |
| Bombay High Court | Interim or miscellaneous application | Filed against the company by Axis Trustee Services Limited | Pending |
| Bombay High Court | Interim or miscellaneous application | Filed against the company by Axis Capital Limited | Pending |
| High Court, TAMIL NADU | Interim or miscellaneous application | Filed against the company by M/S.S.M.I.L.E Micro Finance Ltd M/S.C.V.Shaiilandhran | Pending |
To see the full case history of Icra Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
MSME payment delays
Icra Limited has 12 MSME Form 1 returns on record between 2019 and 2024, listing 108 overdue payments to 38 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 38)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Sniami Solutions Private Limited | |||
| Gurusons Communications Private Limited | |||
| Navigant Technologies Private Limited | |||
| Techjockey Infotech Private Limited | |||
| an individual supplier |
To see the full MSME payment records of Icra Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Icra has 3 subsidiary companies. This group structure data is as of FY 2024. The table lists each entity with its relationship and holding.
| Company Name | CIN | Shares held |
|---|---|---|
| D2k Technologies India Private Limited | U72900MH2001PTC131873 | |
| Icra Analytics Limited | U72900WB1999PLC109180 | |
| Pragati Development Consulting Services Limited | U74140DL2011PLC213174 |
To see the full group structure of Icra Limited, buy the company report.
Employees & EPFO
Icra Limited has a workforce of 472 employees on its EPFO records as of Mar 30, 2024, across 1 active EPFO establishment.
GST
Icra has 18 GST registrations: 8 active and 10 cancelled or inactive. The first 4 active GSTINs are listed below.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 07AAACI0218B3ZC | Delhi | Active | 26 Jul 2017 |
| 06AAACI0218B1ZG | Haryana | Active | 01 Jul 2017 |
| 19AAACI0218B2Z8 | West Bengal | Active | 01 Jul 2017 |
| 24AAACI0218B2ZH | Gujarat | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Icra Limited, buy the company report.
Recent activity
Icra Limited has 59 board changes on record since 1991: 34 appointments and 25 cessations. The latest: Radhika Vijay Haribhakti ceased to be Director on 04 Dec 2024.
50 earlier events are in the company report.
News
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Frequently asked questions
Icra is an active public limited company based in New Delhi, Delhi, India. The company works in credit rating agencies, within the financial services industry. It was incorporated on 16 January 1991 (35+ years old) and is registered under CIN L74999DL1991PLC042749. Listed on BSE: 532835 and NSE: ICRA.
Icra reported revenue of ₹599.51 Cr for FY 2025-26 (up 20.4% YoY) based on consolidated financials.
Icra has 8 current directors:
- Ramnath Krishnan - Managing Director
- Pradip Manilal Kanakia - Director
- Palamadai Sundararajan Jayakumar - Director
- Shivani Priya Mohini Kak - Director
- Stephen Arthur Long - Director
- Wendy Huay Huay Cheong - Director
- Anuranjita Kumar - Director
- Brian Joseph Cahill - Director
The latest financial statements of Icra on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 31 July 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Icra is 07AAACI0218B3ZC, registered in Delhi. The company has 18 GST registrations in all, of which 8 are active and 10 are cancelled or inactive. Other active GSTINs include 06AAACI0218B1ZG (Haryana), 19AAACI0218B2Z8 (West Bengal), 24AAACI0218B2ZH (Gujarat).
The CIN (Corporate Identification Number) of Icra is L74999DL1991PLC042749. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Icra is a listed company as per MCA records. Its shares are listed on both BSE (code: 532835) and NSE (symbol: ICRA).
Icra has 69 court cases on record: 6 filed by the company and 63 filed against it. 13 are pending. Most are in the high courts.
Icra was incorporated on 16 January 1991, making it 35+ years old. It is registered with the Registrar of Companies, Delhi.
Icra has 68 deals on record (65 market trades, 1 buyback, 1 ipo); the latest was in April 2026.
Radhika Vijay Haribhakti ceased to be Director on 04 Dec 2024. Anuranjita Kumar was appointed as Director on 01 Dec 2024. Arun Duggal ceased to be Director on 11 Nov 2024. Icra has 59 board changes on record in total.