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. The company was founded on January 16, 1991, and is headquartered in Gurugram, India. It is a joint venture between Moody's Investors Service and ICRA Ltd.
ICRA is one of India's most experienced credit rating agencies. It rates debt instruments issued by manufacturing companies, commercial banks, non-banking finance companies, financial institutions, public sector undertakings, and municipalities, among others. ICRA Ltd. engages in providing investment information and credit rating services. It offers rating, grading, industry research services, and management consulting which includes risk management, financial advisory, outsourcing, and policy advisory. The firm also provides financial information products and services, and KPO services.
The company operates through four main business segments: Rating, research and other services; Consulting services; Knowledge services, and Market services. The Rating, research and other services segment is engaged in rating, grading, and industry research services. The Company rates rupee-denominated debt instruments issued by manufacturing companies, commercial banks, non-banking finance companies, public sector undertakings, and municipalities, among others. The Consulting services segment provides management consulting service, which includes risk management, financial advisory, outsourcing, and policy advisory. The Knowledge services segment provides KPO services. The Market services segment provides financial information product and services.
The company provides research services across the economy, industry, and companies. It researches 55 industries with the reports providing in-depth analysis across business and profitability outlook, industry analysis, competitive landscape, regulatory environment, etc. During Q1 FY2025, ICRA published 136 informative industry reports and hosted nine webinars focusing on specific sectors. ICRA's spokespersons took part as panellists, keynote speakers, and thought leaders in 18 industry events. In June 2024, ICRA and Moody's co-hosted the "India Credit Conference Sustaining the Momentum" in Mumbai.
ICRA enjoys strong market acceptance with issuers, intermediaries, lenders, and investors by virtue of a long and consistent track record of formidable performance across multiple dimensions. ICRA's wholly-owned subsidiary, Pragati Development Consulting Services Limited (PDCSL), has received the SEBI's approval for registration as a Category-I ESG Rating Provider (ERP). The company has embarked on new business on ESG ratings and integrated the recently acquired D2K Technologies.
The market cap of ICRA Ltd is ₹6,130.69 Crore as of May 21, 2025. Today ICRA LTD has the market capitalization of ₹56.28 Billion, it has decreased by −0.75% over the last week. ICRA reached its all-time high on October 17, 2024, with the price of ₹7,735.40 INR, and its all-time low was 325.10 INR and was reached on November 25, 2008.
#### Q4 FY24 Performance
The domestic rating agency ICRA Ltd on, Thursday, reported an increase of 21.8% in its consolidated net profit to ₹47.05 Crore for Q4 FY24 as against ₹38.62 Crore in Q4 FY23. The consolidated revenue from operations rose by 13.7% year-on-year (Y-o-Y) to ₹124.0 Crore in Q4 FY24.
#### Full Year FY24 Performance
For the complete FY24, its consolidated net profit rose to ₹152.24 Crore up from ₹136.72 Crore in FY23. Consolidated revenue from operations increased by 10.6% to ₹446.1 Crore in FY24 compared to ₹403.2 Crore in the previous year.
#### Q1 FY25 Performance
Consolidated revenue from operations increased by 11.8% to ₹114.8 Crore for the first quarter ended June 30, 2024, compared to ₹102.7 Crore in the corresponding quarter of the previous year. The Profit after tax (PAT) for the quarter was ₹35.9 Crore compared to ₹40.6 Crore in the corresponding quarter of the previous year.
#### Q2 FY25 Performance
Revenue from operations Q2 FY25 up by 20.2%, H1 FY25 up by 16.0%. Profit before tax (PBT) Q2 FY25 up by 20.5%; H1 FY25 up by 7.4%.
#### Latest Q3 FY25 Performance
Net profit of ICRA rose 30.73% to ₹42.03 Crore in the quarter ended December 2024, as against ₹32.15 Crore during the previous quarter ended December 2023.
ICRA has a Market Cap of ₹6,564 Crore (up 15.6% in 1 year) with Revenue of ₹498 Crore and Profit of ₹171 Crore. The P/E (price-to-earnings) ratio of ICRA Ltd is 40.58. The P/B (price-to-book) ratio is 6.25. ICRA LTD EBITDA is ₹1.68 Billion INR, and current EBITDA margin is 34.94%.
The total dividend recommended by the board for FY24 is ₹100 per equity share compared with ₹130 per equity share for the previous year. ICRA LTD dividend yield was 0.73% in 2023, and payout ratio reached 25.47%. The year before the numbers were 0.91% and 28.45% correspondingly.
As of March 2025, company promoters held 51.87% stake in ICRA, with no shares having been pledged. Promoter Holding: 51.9%.
As of May 5, 2025, the company has 1.29K employees. ICRA Ltd belongs to the Financials sector & Stock Exchanges & Ratings sub-sector.
ICRA Limited continues to strengthen its position as one of India's leading credit rating agencies, with consistent financial performance and strategic expansion into ESG ratings and analytics services. The company's strong market position, diversified business model, and strategic partnerships position it well for continued growth in the evolving financial services landscape.
