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ICRA Ltd

Banking And Finance | Small Cap

ICRA Ltd Health Insights
Health Score : 9.12Health Score : 9.12

ICRA Ltd demonstrates strong financial health, driven by excellent solvency, growth, and profitability ratios. The company shows a good capacity to meet its short-term obligations. ICRA maintains a very low level of debt, ensuring financial stability. Revenue, operating profit, and EPS have shown consistent growth, indicating effective management and market positioning. The firm exhibits solid profitability, as reflected in its margins and returns on capital, equity and assets. However, efficiency ratios indicate areas needing attention, particularly concerning fixed asset and capital turnover. Despite these areas, ICRA's strong performance in key areas positions it well for sustained success in the financial services sector.

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Overview
Ratio
Financial
ICRA Ltd Health Insights
Health Score : 9.12Health Score : 9.12

ICRA Ltd demonstrates strong financial health, driven by excellent solvency, growth, and profitability ratios. The company shows a good capacity to meet its short-term obligations. ICRA maintains a very low level of debt, ensuring financial stability. Revenue, operating profit, and EPS have shown consistent growth, indicating effective management and market positioning. The firm exhibits solid profitability, as reflected in its margins and returns on capital, equity and assets. However, efficiency ratios indicate areas needing attention, particularly concerning fixed asset and capital turnover. Despite these areas, ICRA's strong performance in key areas positions it well for sustained success in the financial services sector.

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Neutral

Overall Valuation Score

Highly Undervalued
Undervalued
Neutral
Overvalued
Highly Overvalued
Neutral

P/E RATIO (TTM)

40.54

Neutral

Industry Median

25.05

Neutral
Neutral

Small Cap Median

25.05

Neutral

P/E RATIO

28.30

P/B RATIO

4.35

Highly Overvalued

Industry Median

1.56

Highly Overvalued
Highly Overvalued

Small Cap Median

1.56

Highly Overvalued

P/S RATIO

8.52

Overvalued

Industry Median

6.51

Overvalued
Overvalued

Small Cap Median

6.51

Overvalued

Others

Neutral

PEG RATIO

0.00

Neutral
Overvalued

EV/EBITDA RATIO

18.03

Overvalued

The Calculations Shown Above Are Based on the Last Traded Price (LTP) of ₹5322 as on Jun 20, 2026.

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Growth Ratio Summary
Growth Ratio SummaryGrowth Score : 10.00

The company exhibits impressive growth across all key metrics, including revenue, operating profit, EPS, assets, and net income. This consistent growth indicates strong market positioning and effective management strategies. The company is well-positioned for continued success and expansion.

ExcellentRevenue Growth RateExcellent
ExcellentOperating Profit Growth RateExcellent
ExcellentEarnings Per Share (EPS) GrowthExcellent
ExcellentAsset Growth RateExcellent
ExcellentNet Income Growth RateExcellent
Growth RatiosMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue Growth Rate13.9517.4910.6711.6620.48
Operating Profit Growth Rate49.3818.184.219.4620.79
Earnings Per Share (EPS) Growth37.5120.4411.7212.526.77
Asset Growth Rate9.1512.587.549.1215.02
Net Income Growth Rate37.3520.1810.9512.57.02
01.

Revenue Growth Rate

02.

Operating Profit Growth Rate

03.

Earnings Per Share (EPS) Growth

04.

Asset Growth Rate

05.

Net Income Growth Rate

Financial Ratio Summary
Financial Ratio SummaryFinancial Score : 7.60

The company's financial metrics, including adjusted EPS, cash EPS, book value per share, and dividend per share, are generally strong. While capital expenditures are a concern, the high dividend per share reflects a commitment to returning value to shareholders. Continued focus on earnings and book value growth is essential.

GoodAdjusted Earnings Per Share (Adjusted EPS)Good
GoodCash Earnings Per Share (Cash EPS)Good
GoodBook Value Per ShareGood
ExcellentDividend Per Share (DPS)Excellent
WeakCapital Expenditures (CapEx)Weak
Financial RatiosMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Adjusted Earnings Per Share (Adjusted EPS)115138153172189
Cash Earnings Per Share (Cash EPS)122147165187211
Book Value Per Share84495197710541181
Dividend Per Share (DPS)27.92130.32100.1959.89105.32
Capital Expenditures (CapEx)5971212
01.

Adjusted Earnings Per Share (Adjusted EPS)

02.

Cash Earnings Per Share (Cash EPS)

03.

Book Value Per Share

04.

Dividend Per Share (DPS)

05.

Capital Expenditures (CapEx)

Profitability Ratio Summary
Profitability Ratio SummaryProfitability Score : 10.00

The company demonstrates excellent profitability, with high gross profit margins, ROCE, ROE, ROA, operating margins, and net margins. This indicates efficient operations and strong earnings capabilities. The company is highly effective at generating profit from its revenue and investments.

ExcellentGross Profit MarginExcellent
ExcellentReturn on Capital Employed (ROCE)Excellent
ExcellentReturn on Equity (ROE)Excellent
ExcellentReturn on Assets (ROA)Excellent
ExcellentOperating MarginExcellent
ExcellentNet MarginExcellent
Profitability RatiosMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Gross Profit Margin32.943330.4932.5331.17
Return on Capital Employed (ROCE)1920212323
Return on Equity (ROE)13.5114.4115.5616.2215.5
Return on Assets (ROA)12.3712.9912.5813.7814.47
Operating Margin35.2835.4833.4135.7435.83
Net Margin33.243434.0834.3430.5
01.

Gross Profit Margin

02.

Return on Capital Employed (ROCE)

03.

Return on Equity (ROE)

04.

Return on Assets (ROA)

05.

Operating Margin

06.

Net Margin

Efficiency Ratio Summary
Efficiency Ratio SummaryEfficiency Score : 6.33

The company shows mixed efficiency. While it excels in receivables turnover and inventory management, fixed asset and capital turnover are areas of concern. Efficient collection of receivables is a strong point. However, improvements in utilizing fixed assets and overall capital could enhance operational performance.

AverageFixed Asset Turnover RatioAverage
PoorInventory Turnover RatioPoor
ExcellentReceivables Turnover RatioExcellent
ExcellentDays Sales in Inventory RatioExcellent
GoodReceivable DaysGood
PoorCapital Turnover RatioPoor
Efficiency RatiosMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Fixed Asset Turnover Ratio7.468.574.95.531.9
Inventory Turnover RatioN/AN/AN/AN/AN/A
Receivables Turnover Ratio9.2712.5910.0210.069.52
Days Sales in Inventory RatioN/AN/AN/AN/AN/A
Receivable Days39.3728.9936.4336.2838.34
Capital Turnover Ratio0.40.420.450.470.5
01.

Fixed Asset Turnover Ratio

02.

Inventory Turnover Ratio

03.

Receivables Turnover Ratio

04.

Days Sales in Inventory Ratio

05.

Receivable Days

06.

Capital Turnover Ratio

Coverage Ratio Summary
Coverage Ratio SummaryCoverage Score : 8.40

The company demonstrates strong coverage ratios, particularly in interest coverage, indicating a solid ability to meet its interest obligations. While the equity dividend coverage is adequate, enhancing it could further improve investor confidence.

ExcellentInterest Coverage RatioExcellent
AverageEquity Dividend Coverage RatioAverage
Coverage RatiosMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Interest Coverage Ratio771822147.863.5
Equity Dividend Coverage Ratio4.171.081.562.941.79
01.

Interest Coverage Ratio

02.

Equity Dividend Coverage Ratio

Solvency Ratio Summary
Solvency Ratio SummarySolvency Score : 10.00

The company's solvency position is exceptionally strong, with minimal debt relative to equity and assets. The high equity ratio indicates a solid financial foundation and low risk. The company is well-positioned to withstand financial stress and has significant capacity for future growth and investment.

ExcellentDebt RatioExcellent
ExcellentDebt to Equity RatioExcellent
ExcellentEquity RatioExcellent
ExcellentDebt To Asset RatioExcellent
Solvency RatiosMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debt Ratio0.020.010.010.010.02
Debt to Equity Ratio0.020.010.010.010.02
Equity Ratio0.980.990.990.990.98
Debt To Asset Ratio0.010.010.010.010.01
01.

Debt Ratio

02.

Debt to Equity Ratio

03.

Equity Ratio

04.

Debt To Asset Ratio

Liquidity Ratio Summary
Liquidity Ratio SummaryLiquidity Score : 8.70

The company's liquidity position is generally strong, supported by high quick and cash ratios, indicating a good ability to meet short-term obligations with its most liquid assets. While the current ratio is adequate, there is room for improvement in managing current assets and liabilities. The operating cash flow ratio suggests some reliance on operational cash for short-term obligations.

GoodCurrent RatioGood
ExcellentQuick RatioExcellent
ExcellentCash RatioExcellent
AverageOperating Cash Flow RatioAverage
Liquidity RatiosMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Current Ratio3.952.641.421.891.54
Quick Ratio3.952.641.421.891.54
Cash Ratio2.561.750.81.250.15
Operating Cash Flow Ratio0.80.720.550.640.55
01.

Current Ratio

02.

Quick Ratio

03.

Cash Ratio

04.

Operating Cash Flow Ratio

Peer Comparison With 4 Companies

Peer Comparison empowers investors to evaluate a company against its industry peers using key financial metrics like P/E ratio, EPS, and profit margins. It helps identify whether a company is overvalued, undervalued, or performing in line with competitors. Investors can use this data to spot opportunities, assess risks, and make informed decisions. This contextual view adds depth beyond standalone company analysis.

NO Company Name Health Score P/E Ratio Valuation OPM EPS Latest Profit & Loss
1ICRA Ltd9.1228.30Neutral215.00131.29183.00
2CMS Info Systems Ltd7.7616.21Neutral596.0017.29303.00
3Religare Enterprises Ltd6.5598.22Highly Overvalued136.00-1.0273.00
4Dhani Services Ltd4.95-56.11Neutral-12.00-0.80-68.00
Management Assessment Summary
OrangeBalanced Management

ICRA Ltd.'s management effectiveness shows a mixed performance. The company has strong compounded profit growth and a stable promoter holding, which reflects positively on management's capabilities. However, there are areas of concern, including fluctuating operating profit margins and increasing employee costs, which suggest potential challenges in operational efficiency. The financial health is generally sound, but these mixed signals contribute to an overall assessment that indicates a need for vigilance and strategic adjustments.

Category Metric Value Assessment
PROS Compounded Profit Growth (3Y) 15% Demonstrates strong profit growth
Promoter Holding 51.86% Indicates stable ownership
CONS Operating Profit Margin (2024) 33% OPM has fluctuated
Employee Cost % (2025) 52% Increasing employee costs
AverageFinancial Performance & GrowthAverage
GoodCapital Efficiency & ReturnsGood
GoodFinancial Health & PrudenceGood
ExcellentShareholding & Ownership StructureExcellent
01.

Financial Performance & Growth

02.

Capital Efficiency & Returns

03.

Financial Health & Prudence

04.

Shareholding & Ownership Structure

Risk Assessment Summary
OrangeBalanced Risk

ICRA's risk profile is rated as 'Orange' due to moderate concerns in specific areas. The segment performance volatility and increasing regulatory compliance costs pose potential risks. The company's strong financial health and stable cash flows provide a buffer, but these identified risks suggest a need for careful monitoring and proactive management to ensure sustained stability.

AverageSegment performance volatilityAverage
AverageRegulatory compliance cost trendsAverage
01.

Segment performance volatility

02.

Regulatory compliance cost trends

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Overall Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Bullish

Market Sentiment

Analysis Driven By 26 Technical Indicators From The 1 Hour Timeframe

Trend Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Bullish

Momentum Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Bullish

Volatility Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Bullish

Volume Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Neutral

Trend Indicators (14)
  1. IndicatorValueSignal
  2. SMA 105303.55Bullish
  3. SMA 205241.30Bullish
  4. SMA 505178.69Bullish
  5. EMA 105300.54Bullish
  6. EMA 205260.93Bullish
  7. EMA 505208.20Bullish
  8. DEMA 105342.23Bearish
  9. DEMA 205321.70Bearish
  10. DEMA 505244.68Bullish
  11. TEMA 105343.92Bearish
  12. TEMA 205346.93Bearish
  13. TEMA 505301.57Bullish
  14. MACD47.40Bullish
  15. ADX62.20Strong Trend
Momentum Indicators (7)
  1. IndicatorValueSignal
  2. RSI59.77Neutral
  3. CCI76.57Neutral
  4. ROC 91.94Bullish
  5. ROC 142.93Bullish
  6. ROC 252.88Bullish
  7. Stoch K53.40Neutral
  8. Stoch D54.09Neutral
Volatility Indicators (4)
  1. IndicatorValueSignal
  2. BB Upper5399.77Neutral
  3. BB Middle5241.30Neutral
  4. BB Lower5082.83Neutral
  5. ATR53.36Low Volatility
Volume Indicators (1)
  1. IndicatorValueSignal
  2. MFI75.99Neutral

Overall Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Bullish

Market Sentiment

Analysis Driven By 26 Technical Indicators From The 2 Hours Timeframe

Trend Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Bullish

Momentum Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Bullish

Volatility Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Bullish

Volume Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Strong Bearish

Trend Indicators (14)
  1. IndicatorValueSignal
  2. SMA 105255.30Bullish
  3. SMA 205205.35Bullish
  4. SMA 505149.05Bullish
  5. EMA 105268.35Bullish
  6. EMA 205225.04Bullish
  7. EMA 505201.39Bullish
  8. DEMA 105323.35Bearish
  9. DEMA 205280.34Bullish
  10. DEMA 505182.50Bullish
  11. TEMA 105341.40Bearish
  12. TEMA 205321.82Bearish
  13. TEMA 505224.70Bullish
  14. MACD45.67Bullish
  15. ADX52.68Strong Trend
Momentum Indicators (7)
  1. IndicatorValueSignal
  2. RSI64.89Neutral
  3. CCI131.98Overbought
  4. ROC 93.11Bullish
  5. ROC 142.94Bullish
  6. ROC 254.80Bullish
  7. Stoch K54.67Neutral
  8. Stoch D56.78Neutral
Volatility Indicators (4)
  1. IndicatorValueSignal
  2. BB Upper5344.98Neutral
  3. BB Middle5205.35Neutral
  4. BB Lower5065.72Neutral
  5. ATR60.66Low Volatility
Volume Indicators (1)
  1. IndicatorValueSignal
  2. MFI84.08Overbought

Overall Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Bullish

Market Sentiment

Analysis Driven By 26 Technical Indicators From The 4 Hours Timeframe

Trend Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Strong Bullish

Momentum Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Bullish

Volatility Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Neutral

Volume Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Neutral

Trend Indicators (14)
  1. IndicatorValueSignal
  2. SMA 105199.10Bullish
  3. SMA 205157.98Bullish
  4. SMA 505252.99Bullish
  5. EMA 105217.82Bullish
  6. EMA 205193.81Bullish
  7. EMA 505228.93Bullish
  8. DEMA 105269.42Bullish
  9. DEMA 205196.40Bullish
  10. DEMA 505168.87Bullish
  11. TEMA 105307.27Bullish
  12. TEMA 205247.90Bullish
  13. TEMA 50N/AN/A
  14. MACD11.14Bullish
  15. ADX32.91Strong Trend
Momentum Indicators (7)
  1. IndicatorValueSignal
  2. RSI63.65Neutral
  3. CCI223.66Overbought
  4. ROC 93.40Bullish
  5. ROC 143.33Bullish
  6. ROC 253.67Bullish
  7. Stoch K64.47Neutral
  8. Stoch D62.44Neutral
Volatility Indicators (4)
  1. IndicatorValueSignal
  2. BB Upper5292.87Overbought
  3. BB Middle5157.98Neutral
  4. BB Lower5023.08Neutral
  5. ATR87.12Low Volatility
Volume Indicators (1)
  1. IndicatorValueSignal
  2. MFI79.26Neutral

Overall Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Bullish

Market Sentiment

Analysis Driven By 33 Technical Indicators From The 1 Day Timeframe

Trend Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Bullish

Momentum Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Bullish

Volatility Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Bearish

Volume Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Neutral

Trend Indicators (22)
  1. IndicatorValueSignal
  2. SMA 105162.30Bullish
  3. SMA 205213.35Bullish
  4. SMA 505327.12Bearish
  5. SMA 1005472.86Bearish
  6. SMA 2005864.55Bearish
  7. EMA 105196.56Bullish
  8. EMA 205217.56Bullish
  9. EMA 505307.53Bullish
  10. EMA 1005474.81Bearish
  11. EMA 2005712.86Bearish
  12. DEMA 105201.52Bullish
  13. DEMA 205160.14Bullish
  14. DEMA 505150.57Bullish
  15. DEMA 1005158.90Bullish
  16. DEMA 2005391.12Bearish
  17. TEMA 105247.89Bullish
  18. TEMA 205162.68Bullish
  19. TEMA 505174.20Bullish
  20. TEMA 1005089.47Bullish
  21. TEMA 2005129.19Bullish
  22. MACD-38.18Bullish
  23. ADX16.93Weak Trend
Momentum Indicators (6)
  1. IndicatorValueSignal
  2. RSI56.79Neutral
  3. CCI74.92Neutral
  4. ROC 141.10Bullish
  5. ROC 250.05Bullish
  6. Stoch K48.14Neutral
  7. Stoch D38.56Neutral
Volatility Indicators (4)
  1. IndicatorValueSignal
  2. BB Upper5451.90Neutral
  3. BB Middle5213.35Neutral
  4. BB Lower4974.80Neutral
  5. ATR131.86High Volatility
Volume Indicators (1)
  1. IndicatorValueSignal
  2. MFI74.39Neutral

Overall Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Bearish

Market Sentiment

Analysis Driven By 21 Technical Indicators From The 1 Week Timeframe

Trend Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Strong Bearish

Momentum Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Neutral

Volatility Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Bullish

Volume Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Neutral

Trend Indicators (10)
  1. IndicatorValueSignal
  2. SMA 205442.75Bearish
  3. SMA 505961.37Bearish
  4. EMA 205464.15Bearish
  5. EMA 505759.36Bearish
  6. DEMA 205182.60Bearish
  7. DEMA 505496.82Bearish
  8. TEMA 205136.55Bullish
  9. TEMA 505209.87Bearish
  10. MACD-205.39Bullish
  11. ADX14.19Weak Trend
Momentum Indicators (6)
  1. IndicatorValueSignal
  2. RSI37.23Neutral
  3. CCI-137.42Oversold
  4. ROC 14-4.64Bearish
  5. ROC 25-15.64Bearish
  6. Stoch K29.90Neutral
  7. Stoch D33.37Neutral
Volatility Indicators (4)
  1. IndicatorValueSignal
  2. BB Upper6016.84Neutral
  3. BB Middle5442.75Neutral
  4. BB Lower4868.66Neutral
  5. ATR288.20Low Volatility
Volume Indicators (1)
  1. IndicatorValueSignal
  2. MFI52.24Neutral

Overall Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Neutral

Market Sentiment

Analysis Driven By 25 Technical Indicators From The 1 Month Timeframe

Trend Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Bearish

Momentum Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Bullish

Volatility Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Bullish

Volume Score

Strong Bearish

Bearish

Neutral

Bullish

Strong Bullish

Neutral

Trend Indicators (14)
  1. IndicatorValueSignal
  2. SMA 65618.83Bearish
  3. SMA 126027.54Bearish
  4. SMA 246115.78Bearish
  5. EMA 65578.53Bearish
  6. EMA 125800.60Bearish
  7. EMA 245836.14Bearish
  8. DEMA 65303.14Bullish
  9. DEMA 125567.73Bearish
  10. DEMA 246047.95Bearish
  11. TEMA 65229.21Bullish
  12. TEMA 125304.39Bullish
  13. TEMA 245710.90Bearish
  14. MACD426.68Bearish
  15. ADX29.61Strong Trend
Momentum Indicators (6)
  1. IndicatorValueSignal
  2. RSI50.32Neutral
  3. CCI-6.16Neutral
  4. ROC 251.56Bullish
  5. ROC 5026.94Bullish
  6. Stoch K38.57Neutral
  7. Stoch D50.53Neutral
Volatility Indicators (4)
  1. IndicatorValueSignal
  2. BB Upper7289.33Neutral
  3. BB Middle6105.05Neutral
  4. BB Lower4920.78Neutral
  5. ATR715.15Low Volatility
Volume Indicators (1)
  1. IndicatorValueSignal
  2. MFI50.41Neutral