ICRA Ltd
Banking And Finance | Small Cap
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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- Valuation MetricsNeutral
- Market Metrics
- Stock Reports
- Stock News
- Growth Ratio10.00
- Financial Ratio7.60
- Profitability Ratio10.00
- Efficiency Ratio6.33
- Coverage Ratio8.40
- Solvency Ratio10.00
- Liquidity Ratio8.70
- Peer Assessment
- Management AssessmentBalanced
- Risk AssessmentBalanced
- 1 HourBullish
- 2 HoursBullish
- 4 HoursBullish
- 1 DayBullish
- 1 WeekBearish
- 1 MonthNeutral
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.
Overall Valuation Score
P/E RATIO (TTM)
40.54
Industry Median
25.05
Small Cap Median
25.05
P/E RATIO
28.30
P/B RATIO
4.35
Industry Median
1.56
Small Cap Median
1.56
P/S RATIO
8.52
Industry Median
6.51
Small Cap Median
6.51
Others
PEG RATIO
0.00
EV/EBITDA RATIO
18.03
The Calculations Shown Above Are Based on the Last Traded Price (LTP) of ₹5322 as on Jun 20, 2026.
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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.
| Growth Ratios | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue Growth Rate | 13.95 | 17.49 | 10.67 | 11.66 | 20.48 |
| Operating Profit Growth Rate | 49.38 | 18.18 | 4.2 | 19.46 | 20.79 |
| Earnings Per Share (EPS) Growth | 37.51 | 20.44 | 11.72 | 12.52 | 6.77 |
| Asset Growth Rate | 9.15 | 12.58 | 7.54 | 9.12 | 15.02 |
| Net Income Growth Rate | 37.35 | 20.18 | 10.95 | 12.5 | 7.02 |
Revenue Growth Rate
Operating Profit Growth Rate
Earnings Per Share (EPS) Growth
Asset Growth Rate
Net Income Growth Rate
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.
| Financial Ratios | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Adjusted Earnings Per Share (Adjusted EPS) | 115 | 138 | 153 | 172 | 189 |
| Cash Earnings Per Share (Cash EPS) | 122 | 147 | 165 | 187 | 211 |
| Book Value Per Share | 844 | 951 | 977 | 1054 | 1181 |
| Dividend Per Share (DPS) | 27.92 | 130.32 | 100.19 | 59.89 | 105.32 |
| Capital Expenditures (CapEx) | 5 | 9 | 7 | 12 | 12 |
Adjusted Earnings Per Share (Adjusted EPS)
Cash Earnings Per Share (Cash EPS)
Book Value Per Share
Dividend Per Share (DPS)
Capital Expenditures (CapEx)
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.
| Profitability Ratios | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Gross Profit Margin | 32.94 | 33 | 30.49 | 32.53 | 31.17 |
| Return on Capital Employed (ROCE) | 19 | 20 | 21 | 23 | 23 |
| Return on Equity (ROE) | 13.51 | 14.41 | 15.56 | 16.22 | 15.5 |
| Return on Assets (ROA) | 12.37 | 12.99 | 12.58 | 13.78 | 14.47 |
| Operating Margin | 35.28 | 35.48 | 33.41 | 35.74 | 35.83 |
| Net Margin | 33.24 | 34 | 34.08 | 34.34 | 30.5 |
Gross Profit Margin
Return on Capital Employed (ROCE)
Return on Equity (ROE)
Return on Assets (ROA)
Operating Margin
Net Margin
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.
| Efficiency Ratios | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Fixed Asset Turnover Ratio | 7.46 | 8.57 | 4.9 | 5.53 | 1.9 |
| Inventory Turnover Ratio | N/A | N/A | N/A | N/A | N/A |
| Receivables Turnover Ratio | 9.27 | 12.59 | 10.02 | 10.06 | 9.52 |
| Days Sales in Inventory Ratio | N/A | N/A | N/A | N/A | N/A |
| Receivable Days | 39.37 | 28.99 | 36.43 | 36.28 | 38.34 |
| Capital Turnover Ratio | 0.4 | 0.42 | 0.45 | 0.47 | 0.5 |
Fixed Asset Turnover Ratio
Inventory Turnover Ratio
Receivables Turnover Ratio
Days Sales in Inventory Ratio
Receivable Days
Capital Turnover Ratio
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.
| Coverage Ratios | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Interest Coverage Ratio | 77 | 182 | 21 | 47.8 | 63.5 |
| Equity Dividend Coverage Ratio | 4.17 | 1.08 | 1.56 | 2.94 | 1.79 |
Interest Coverage Ratio
Equity Dividend Coverage Ratio
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.
| Solvency Ratios | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Debt Ratio | 0.02 | 0.01 | 0.01 | 0.01 | 0.02 |
| Debt to Equity Ratio | 0.02 | 0.01 | 0.01 | 0.01 | 0.02 |
| Equity Ratio | 0.98 | 0.99 | 0.99 | 0.99 | 0.98 |
| Debt To Asset Ratio | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
Debt Ratio
Debt to Equity Ratio
Equity Ratio
Debt To Asset Ratio
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.
| Liquidity Ratios | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Current Ratio | 3.95 | 2.64 | 1.42 | 1.89 | 1.54 |
| Quick Ratio | 3.95 | 2.64 | 1.42 | 1.89 | 1.54 |
| Cash Ratio | 2.56 | 1.75 | 0.8 | 1.25 | 0.15 |
| Operating Cash Flow Ratio | 0.8 | 0.72 | 0.55 | 0.64 | 0.55 |
Current Ratio
Quick Ratio
Cash Ratio
Operating Cash Flow Ratio
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 |
|---|---|---|---|---|---|---|---|
| 1 | ICRA Ltd | 9.12 | 28.30 | Neutral | 215.00 | 131.29 | 183.00 |
| 2 | CMS Info Systems Ltd | 7.76 | 16.21 | Neutral | 596.00 | 17.29 | 303.00 |
| 3 | Religare Enterprises Ltd | 6.55 | 98.22 | Highly Overvalued | 136.00 | -1.02 | 73.00 |
| 4 | Dhani Services Ltd | 4.95 | -56.11 | Neutral | -12.00 | -0.80 | -68.00 |
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 |
Financial Performance & Growth
ICRA shows mixed performance in financial growth. While sales have grown consistently, profitability faces challenges. The compounded sales growth demonstrates a positive trend. However, the operating profit margin (OPM) has fluctuated, and employee costs have increased, impacting overall profitability. These factors suggest potential challenges in maintaining operational efficiency and profitability.
| Metric | 2014-2016 | 2017-2019 | 2020-2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | N/A | N/A | N/A | 17.62% | 10.63% | 11.64% |
| Compounded Profit Growth | N/A | N/A | N/A | 17.62% | 10.63% | 11.64% |
| OPM % | 30% | 34% | 32.3% | 35% | 33% | 36% |
Capital Efficiency & Returns
ICRA demonstrates good capital efficiency and returns. The Return on Capital Employed (ROCE) has been consistently strong, indicating effective use of capital.
| Metric | 2014–2016 | 2017–2019 | 2020–2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| ROCE % | 22.67% | 24.67% | 17.67% | 20% | 21% | 23% |
Financial Health & Prudence
ICRA exhibits good financial health and prudence. The dividend payout is consistent, reflecting a commitment to sharing profits with shareholders.
| Metric | 2014–2016 | 2017–2019 | 2020–2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Dividend Payout % | 34.33% | 28.67% | 26.33% | 93% | 64% | 34% |
Shareholding & Ownership Structure
ICRA has an excellent shareholding and ownership structure. The promoter holding is stable and significant, indicating alignment with shareholders. Institutional holding by FIIs and DIIs is also substantial, reflecting confidence from institutional investors. This ownership structure provides stability and support for the company's strategic direction.
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Promoter Holding % | 50.46% | 50.55% | 51.87% | 51.87% | 51.87% | 51.87% | 51.86% | 51.86% | 51.86% |
| FIIs Holding % | 8.75% | 10.73% | 9.11% | 10.03% | 9.76% | 7.55% | 7.64% | 8.42% | 8.78% |
| DIIs Holding % | 27.84% | 28.31% | 28.59% | 29.91% | 29.30% | 28.84% | 24.73% | 24.05% | 24.17% |
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.
Segment performance volatility
Based on quarterly results, there are fluctuations in YOY Sales Growth % and YOY Profit Growth %. These fluctuations indicate some level of volatility in segment performance. The YOY Sales Growth % varies from 5.48% to 20.29% and YOY Profit Growth % varies from -17% to 90% . This variability suggests the need for closer monitoring of segment-specific performance.
Regulatory compliance cost trends
Employee costs as a percentage of sales have generally increased over the years. Increase in employee cost from 48% in 2014 to 52% in 2025. This trend indicates potentially rising regulatory compliance costs related to labor and employment standards.
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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
- IndicatorValueSignal
- SMA 105303.55Bullish
- SMA 205241.30Bullish
- SMA 505178.69Bullish
- EMA 105300.54Bullish
- EMA 205260.93Bullish
- EMA 505208.20Bullish
- DEMA 105342.23Bearish
- DEMA 205321.70Bearish
- DEMA 505244.68Bullish
- TEMA 105343.92Bearish
- TEMA 205346.93Bearish
- TEMA 505301.57Bullish
- MACD47.40Bullish
- ADX62.20Strong Trend
- IndicatorValueSignal
- RSI59.77Neutral
- CCI76.57Neutral
- ROC 91.94Bullish
- ROC 142.93Bullish
- ROC 252.88Bullish
- Stoch K53.40Neutral
- Stoch D54.09Neutral
- IndicatorValueSignal
- BB Upper5399.77Neutral
- BB Middle5241.30Neutral
- BB Lower5082.83Neutral
- ATR53.36Low Volatility
- IndicatorValueSignal
- 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
- IndicatorValueSignal
- SMA 105255.30Bullish
- SMA 205205.35Bullish
- SMA 505149.05Bullish
- EMA 105268.35Bullish
- EMA 205225.04Bullish
- EMA 505201.39Bullish
- DEMA 105323.35Bearish
- DEMA 205280.34Bullish
- DEMA 505182.50Bullish
- TEMA 105341.40Bearish
- TEMA 205321.82Bearish
- TEMA 505224.70Bullish
- MACD45.67Bullish
- ADX52.68Strong Trend
- IndicatorValueSignal
- RSI64.89Neutral
- CCI131.98Overbought
- ROC 93.11Bullish
- ROC 142.94Bullish
- ROC 254.80Bullish
- Stoch K54.67Neutral
- Stoch D56.78Neutral
- IndicatorValueSignal
- BB Upper5344.98Neutral
- BB Middle5205.35Neutral
- BB Lower5065.72Neutral
- ATR60.66Low Volatility
- IndicatorValueSignal
- 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
- IndicatorValueSignal
- SMA 105199.10Bullish
- SMA 205157.98Bullish
- SMA 505252.99Bullish
- EMA 105217.82Bullish
- EMA 205193.81Bullish
- EMA 505228.93Bullish
- DEMA 105269.42Bullish
- DEMA 205196.40Bullish
- DEMA 505168.87Bullish
- TEMA 105307.27Bullish
- TEMA 205247.90Bullish
- TEMA 50N/AN/A
- MACD11.14Bullish
- ADX32.91Strong Trend
- IndicatorValueSignal
- RSI63.65Neutral
- CCI223.66Overbought
- ROC 93.40Bullish
- ROC 143.33Bullish
- ROC 253.67Bullish
- Stoch K64.47Neutral
- Stoch D62.44Neutral
- IndicatorValueSignal
- BB Upper5292.87Overbought
- BB Middle5157.98Neutral
- BB Lower5023.08Neutral
- ATR87.12Low Volatility
- IndicatorValueSignal
- 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
- IndicatorValueSignal
- SMA 105162.30Bullish
- SMA 205213.35Bullish
- SMA 505327.12Bearish
- SMA 1005472.86Bearish
- SMA 2005864.55Bearish
- EMA 105196.56Bullish
- EMA 205217.56Bullish
- EMA 505307.53Bullish
- EMA 1005474.81Bearish
- EMA 2005712.86Bearish
- DEMA 105201.52Bullish
- DEMA 205160.14Bullish
- DEMA 505150.57Bullish
- DEMA 1005158.90Bullish
- DEMA 2005391.12Bearish
- TEMA 105247.89Bullish
- TEMA 205162.68Bullish
- TEMA 505174.20Bullish
- TEMA 1005089.47Bullish
- TEMA 2005129.19Bullish
- MACD-38.18Bullish
- ADX16.93Weak Trend
- IndicatorValueSignal
- RSI56.79Neutral
- CCI74.92Neutral
- ROC 141.10Bullish
- ROC 250.05Bullish
- Stoch K48.14Neutral
- Stoch D38.56Neutral
- IndicatorValueSignal
- BB Upper5451.90Neutral
- BB Middle5213.35Neutral
- BB Lower4974.80Neutral
- ATR131.86High Volatility
- IndicatorValueSignal
- 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
- IndicatorValueSignal
- SMA 205442.75Bearish
- SMA 505961.37Bearish
- EMA 205464.15Bearish
- EMA 505759.36Bearish
- DEMA 205182.60Bearish
- DEMA 505496.82Bearish
- TEMA 205136.55Bullish
- TEMA 505209.87Bearish
- MACD-205.39Bullish
- ADX14.19Weak Trend
- IndicatorValueSignal
- RSI37.23Neutral
- CCI-137.42Oversold
- ROC 14-4.64Bearish
- ROC 25-15.64Bearish
- Stoch K29.90Neutral
- Stoch D33.37Neutral
- IndicatorValueSignal
- BB Upper6016.84Neutral
- BB Middle5442.75Neutral
- BB Lower4868.66Neutral
- ATR288.20Low Volatility
- IndicatorValueSignal
- 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
- IndicatorValueSignal
- SMA 65618.83Bearish
- SMA 126027.54Bearish
- SMA 246115.78Bearish
- EMA 65578.53Bearish
- EMA 125800.60Bearish
- EMA 245836.14Bearish
- DEMA 65303.14Bullish
- DEMA 125567.73Bearish
- DEMA 246047.95Bearish
- TEMA 65229.21Bullish
- TEMA 125304.39Bullish
- TEMA 245710.90Bearish
- MACD426.68Bearish
- ADX29.61Strong Trend
- IndicatorValueSignal
- RSI50.32Neutral
- CCI-6.16Neutral
- ROC 251.56Bullish
- ROC 5026.94Bullish
- Stoch K38.57Neutral
- Stoch D50.53Neutral
- IndicatorValueSignal
- BB Upper7289.33Neutral
- BB Middle6105.05Neutral
- BB Lower4920.78Neutral
- ATR715.15Low Volatility
- IndicatorValueSignal
- MFI50.41Neutral