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ICRA - ICRA

📊 NSE: ICRA 🏢 Miscellaneous 📅 Last Updated: 12/14/2025 7:52

📢 Recent Corporate Announcements

ICRA Limited Announces Trading Window Closure Starting March 13, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Mar 2026, 04:31 PM

ICRA Limited has informed the stock exchanges that its trading window for dealing in company shares will be closed from March 13, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the upcoming financial results. The closure will remain in effect until 48 hours after the declaration of the standalone and consolidated financial results for the fourth quarter and full year ending March 31, 2026. This is a standard regulatory procedure for listed companies in India.

Trading window closure commences on March 13, 2026.
Closure pertains to the financial results for Q4 and the full year ending March 31, 2026.
The window will reopen 48 hours after the official declaration of financial results.
Restriction applies to all Designated Persons and their immediate relatives as per the Company's Code of Conduct.

💡 This is a routine regulatory announcement and does not require any immediate action from retail investors. Investors should monitor for the future announcement of the specific date for the Q4 and FY2026 earnings release.

ICRA Schedules Multiple Investor Meetings and Conference Participation in February 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Feb 2026, 06:07 PM

ICRA Limited has announced a series of one-to-one and group meetings with institutional investors scheduled between February 16 and February 26, 2026. Key participants include OysterRock Capital, Bajaj Finserv Mutual Fund, and ICICI Prudential Mutual Fund. The company will also participate in the IIFL 17th Enterprising India Global Investors' Conference on February 26 in Mumbai. These interactions are intended to discuss publicly available information regarding the company's business and industry outlook.

Four distinct investor interactions scheduled from February 16 to February 26, 2026.
Participation confirmed for IIFL's 17th Enterprising India Global Investors' Conference.
One-to-one meetings planned with major funds including ICICI Prudential and Bajaj Finserv Mutual Fund.
Company explicitly stated that no unpublished price sensitive information (UPSI) will be shared during these meetings.

💡 Investors should watch for any investor presentations or transcripts released after these meetings for qualitative insights into the credit rating sector. No immediate action is required as these are routine institutional interactions.

ICRA Limited Schedules In-Person Meeting with LIC Mutual Fund on February 9, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Feb 2026, 08:50 PM

ICRA Limited has announced a scheduled interaction with LIC Mutual Fund set for February 9, 2026. The meeting is slated to take place in-person in Mumbai as part of the company's regular investor engagement program. The company has clarified that the discussions will be restricted to publicly available information, ensuring no unpublished price sensitive information is shared. This disclosure follows the requirements of Regulation 30 of the SEBI Listing Regulations.

Meeting scheduled with LIC Mutual Fund for February 9, 2026
The interaction will be conducted in-person at Mumbai
Compliance disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015
Company confirms that no unpublished price sensitive information (UPSI) will be shared

💡 Investors should treat this as a routine corporate disclosure and monitor for any subsequent investor presentations or transcripts that may be released.

ICRA Q3 FY2026 Revenue Surges 35.3% to ₹163.6 Cr Driven by Fintellix Acquisition

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 28 Jan 2026, 09:09 PM

ICRA Limited reported a robust 35.3% YoY growth in consolidated revenue for Q3 FY2026, reaching ₹163.6 crore. This growth was significantly bolstered by the Research & Analytics segment, which saw a 58.3% revenue jump following the Fintellix acquisition. Profit Before Tax (before exceptional items) grew by 10.9% to ₹61.8 crore, reflecting some margin pressure from acquisition-related amortization and a one-time Labour Code impact. The core Ratings business maintained steady momentum with 19.6% YoY revenue growth supported by strong bank credit demand.

Consolidated revenue for Q3 FY2026 rose to ₹163.6 crore from ₹120.9 crore in the previous year.
Research & Analytics segment revenue grew 58.3% YoY to ₹77.9 crore, with Fintellix contributing ₹24.9 crore.
Profit Before Tax (PBT) before exceptional items increased 10.9% YoY to ₹61.8 crore for the quarter.
Ratings and ancillary services revenue grew 19.6% YoY to ₹86.5 crore driven by robust bank credit growth.
Company projects a positive macro outlook with FY2026 GDP growth estimated at 7.4% and CPI inflation at 2.0%.

💡 Investors should focus on the successful integration of Fintellix and its impact on long-term margins, as current PBT growth is trailing revenue growth. The steady performance of the core ratings business and optimistic macro projections for FY2026 provide a stable outlook for the stock.

ICRA Limited Updates Insider Trading Policy for Legitimate Information Sharing

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 28 Jan 2026, 06:45 PM

ICRA Limited's Board has approved modifications to its 'Policy for Determination of Legitimate Purposes' effective January 29, 2026. This update, replacing the 2019 version, ensures compliance with SEBI (Prohibition of Insider Trading) Regulations regarding the sharing of price-sensitive information. The policy mandates a 'need-to-know' approach for sharing data with external parties like auditors and legal advisors. Additionally, the company will maintain a structured digital database with audit trails to track information flow and prevent misuse.

Board approved Version 2.0 of the Legitimate Purposes Policy on January 28, 2026
Policy defines 'legitimate purposes' for sharing UPSI with stakeholders in the ordinary course of business
Requires maintenance of an internal digital database containing PAN details of persons receiving UPSI
The update aligns with SEBI PIT Regulations 8(1) and 8(2) to enhance corporate governance

💡 No action is required as this is a standard regulatory update. Investors should view this as a positive step toward robust internal compliance and governance.

ICRA Q3 FY26 Revenue Surges 35.3% to ₹163.6 Cr; Adjusted PBT Up 10.9%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 28 Jan 2026, 06:12 PM

ICRA Limited reported a strong 35.3% YoY growth in consolidated revenue for Q3 FY26, reaching ₹163.6 crore, primarily driven by the consolidation of the Fintellix acquisition. Adjusted Profit Before Tax (PBT) grew by 10.9% to ₹61.8 crore, though the company recognized a one-time exceptional charge related to new Labour Code liabilities. The Research & Analytics segment was a standout performer with 58.3% revenue growth, while the core Ratings business grew by 19.7%. Management maintains a positive outlook on India's GDP growth, projecting 7.4% for FY2026.

Consolidated revenue from operations increased 35.3% YoY to ₹163.6 crore in Q3 FY26.
Adjusted PBT (excluding exceptional items) rose 10.9% YoY to ₹61.8 crore.
Research & Analytics segment revenue surged 58.3% YoY, boosted by Fintellix integration.
Ratings and ancillary services revenue grew 19.7% YoY, supported by bank credit growth of 14%.
One-time exceptional charge recorded for increased gratuity and leave liabilities under new Labour Codes.

💡 Investors should monitor the successful integration of Fintellix and its impact on long-term margins as amortization costs stabilize. The strong growth in the ratings business amid a healthy credit environment makes ICRA a solid play on India's financial sector expansion.

ICRA Q3 FY26 Revenue Rises 35% to ₹163.5 Cr; PAT Dips to ₹39.1 Cr on Exceptional Costs

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 28 Jan 2026, 05:38 PM

ICRA reported a robust 35.2% YoY increase in consolidated revenue to ₹163.49 crore for the quarter ended December 2025. Consolidated Net Profit declined by 7.5% YoY to ₹39.06 crore, primarily dragged down by a one-time exceptional expense of ₹6.92 crore related to the New Labour Codes. The quarter marked the completion of the Fintellix India acquisition for ₹248.06 crore, which significantly boosted the Research & Analytics segment. Despite the PAT dip, operational income remains strong across both rating and research divisions.

Consolidated Revenue from operations grew 35.2% YoY to ₹163.49 crore compared to ₹120.87 crore in Q3 FY25.
Net Profit after tax stood at ₹39.06 crore, down from ₹42.22 crore YoY due to a ₹6.92 crore exceptional charge.
Completed the acquisition of Fintellix India Private Limited for a total consideration of ₹248.06 crore.
Research & Analytics segment revenue surged to ₹77.86 crore from ₹49.18 crore YoY, aided by the Fintellix integration.
Employee benefit expenses increased significantly to ₹83.64 crore from ₹64.63 crore in the previous year's quarter.

💡 Investors should look past the one-time exceptional cost and focus on the strong 35% revenue growth and the strategic integration of Fintellix. The underlying business momentum in both ratings and analytics remains healthy.

ICRA Submits Quarterly Compliance Certificate Under SEBI Regulation 74(5)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Jan 2026, 06:24 PM

ICRA Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the period ended December 31, 2025. The company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirmed that no dematerialization requests were received during this quarter. This filing is a standard regulatory requirement to confirm the status of share conversions between physical and electronic formats. It has no impact on the company's financial performance or business operations.

Compliance certificate submitted for the quarter ended December 31, 2025.
Registrar MUFG Intime India confirmed zero demat requests were received for processing.
The filing adheres to SEBI (Depositories and Participants) Regulations, 2018.
Confirmation provided by Associate Vice-President & Head (North India) of MUFG Intime India.

💡 No action is required from investors as this is a routine administrative filing. Focus should remain on the company's upcoming quarterly earnings report for material updates.

ICRA Subsidiary Fintellix Appoints Deloitte Haskins & Sells as Statutory Auditor

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Dec 2025, 08:26 PM

ICRA Limited has announced that its subsidiary, Fintellix India Private Limited, has recommended the appointment of Deloitte Haskins & Sells as its new Statutory Auditor. The appointment is intended to fill a casual vacancy within the subsidiary's auditing framework. The recommendation was made by the Board of Directors of Fintellix on December 17, 2025. This move brings a Big Four accounting firm to oversee the subsidiary's financial reporting, ensuring high standards of compliance.

Fintellix India Private Limited, a subsidiary of ICRA, recommended Deloitte Haskins & Sells (FRN 117365W) as Statutory Auditor.
The appointment was approved by the Fintellix Board on December 17, 2025, to fill a casual vacancy.
Deloitte is a major global accounting firm with a strong presence in statutory audits for large Indian corporations.
The disclosure was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 No immediate action is required as this is a routine administrative change at the subsidiary level. Investors should view this as a standard corporate governance update.

ICRA Appoints Shailendra Mruthyunjayappa as CEO-Designate for ICRA Analytics

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 17 Dec 2025, 05:45 PM

ICRA Limited has announced the appointment of Mr. Shailendra Chikkhebagilu Mruthyunjayappa as Senior Management Personnel effective December 17, 2025. He will serve as President & CEO-Designate of the subsidiary ICRA Analytics from December 18, 2025, before transitioning to the CEO role on February 1, 2026. He succeeds Mr. Jayanta Chatterjee, who completes his tenure on January 31, 2026. The new appointee brings over 25 years of experience in banking technology and data analytics, previously leading Fintellix India.

Mr. Shailendra Mruthyunjayappa joins as Senior Management Personnel on December 17, 2025.
Transition to CEO of ICRA Analytics effective February 1, 2026, following the exit of Jayanta Chatterjee.
New CEO brings 25+ years of experience in banking tech, data analytics, and enterprise products.
Role includes oversight of D2K Technologies India and Fintellix India Private Limited.
Appointee is an alumnus of IIM Calcutta and MIT Sloan School of Management.

💡 Investors should monitor the transition in the analytics subsidiary, which is a key growth area for ICRA. No immediate portfolio changes are recommended as this appears to be a planned leadership succession.

ICRA: Chandran & Raman Resign as Auditors of Fintellix (Subsidiary)

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 12 Dec 2025, 06:19 PM

ICRA Limited announced the resignation of Chandran & Raman, Chartered Accountants, as the statutory auditors of its subsidiary, Fintellix India Private Limited, effective December 12, 2025. The resignation is due to ICRA's acquisition of a majority stake in Fintellix in October 2025, leading to a need for synergy with the holding company's audit firm. Fintellix intends to align its statutory auditor with that of ICRA. Chandran & Raman were appointed on 15-11-2024 and their term was scheduled to expire at the conclusion of the 23rd Annual General Meeting.

Chandran & Raman resigned effective December 12, 2025.
ICRA acquired a majority stake in Fintellix in October 2025.
Chandran & Raman were appointed on 15-11-2024 as statutory auditor.
The Auditor’s Report was submitted on 29th August, 2025.

💡 This is a routine change following the acquisition. Investors should monitor future announcements regarding the appointment of a new auditor for Fintellix.

ICRA: Trading Window Closed from Dec 15, 2025 until 48 hrs after Q3 results

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 12 Dec 2025, 05:31 PM

ICRA Limited has announced the closure of its trading window for dealing in company shares. This closure is effective from December 15, 2025, and will remain in place until 48 hours after the declaration of the financial results for the third quarter and nine months ending December 31, 2025. This action is taken in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. Designated persons and their immediate relatives are prohibited from trading during this period. Investors should be aware of this restriction as it affects their ability to trade ICRA shares.

Trading window closes from December 15, 2025
Closure lasts until 48 hours after Q3 results declaration
Applies to financial results for the quarter ending December 31, 2025
Based on SEBI (Prohibition of Insider Trading) Regulations, 2015

💡 Investors should note the trading window closure dates and plan their trades accordingly. Be aware that designated persons and their relatives are restricted from trading during this period.

ICRA Limited: Analyst/Institutional Investor Meet on December 9, 2025

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Dec 2025, 08:52 PM

ICRA Limited has announced a schedule for an Analyst/Institutional Investor Meeting to be held on December 9, 2025, with Ventura Securities Ltd. The meeting will be a virtual one. The company has clarified that discussions will be based on publicly available documents, and no unpublished price-sensitive information will be shared during the call/meeting. The schedule is subject to change based on company/investor/analyst exigencies.

Analyst/Institutional Investor Meeting on December 9, 2025
Meeting with Ventura Securities Ltd
Virtual meeting format

💡 Investors can monitor ICRA's website for any updates regarding the meeting schedule. Review publicly available information about ICRA before and after the meeting to understand management's perspective.

View All ICRA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Ratings revenue grew by 13.6% in H1 FY2026 to INR 158.4 Cr, while Research and Analytics revenue increased by 1.8% to INR 103.6 Cr. Consolidated revenue from operations grew by 8.4% to INR 261.1 Cr for the first half of the financial year.

Geographic Revenue Split

Fintellix, a key subsidiary, has a global presence with subsidiaries in the US and South Africa. Total Fintellix turnover is INR 91 Cr, including US client billings that were previously not consolidated but will be transitioned to a separate US entity post-acquisition.

Profitability Margins

Consolidated PAT increased by 24.4% to INR 90.8 Cr in H1 FY2026, representing a PAT margin of approximately 34.8%. Profitability is driven by growth leverage and process reengineering.

EBITDA Margin

Fintellix operates at a 20% EBITDA margin. ICRA's overall margins improved YoY in H1 FY2026 due to leverage of growth in the Ratings segment, which saw results grow from INR 39.7 Cr to INR 52.5 Cr (32.2% growth).

⚙️ Operational Drivers

Raw Materials

Not applicable (Service Industry). Employee costs and technology investments are the primary operational drivers.

Capacity Expansion

Not applicable for service-based rating and analytics operations.

Raw Material Costs

Not applicable. Employee costs and other expenses were noted to be rising during the period.

📈 Strategic Growth

Expected Growth Rate

8.40%

Growth Strategy

Growth is targeted through the acquisition of Fintellix for INR 253.25 Cr to lead in risk analytics, focusing on high-growth segments like Infrastructure and BFSI, and transitioning product models from upfront licenses to stable annuity-based subscription models.

Products & Services

Credit ratings, research reports, regulatory reporting solutions, credit risk solutions, supervisory platforms, data analytics solutions, and security valuation services.

Brand Portfolio

ICRA, ICRA Analytics, Fintellix, D2K.

New Products/Services

Newly launched Risk Management solutions and expanded security valuation offerings beyond AMCs.

Market Expansion

Expanding international business into the US and South Africa through Fintellix and targeting the global BFSI segment for risk analytics.

🌍 External Factors

Industry Trends

Shift in the risk-tech industry from upfront licensing to subscription-based models to ensure stable annuity revenues.

Competitive Landscape

Operates in a professional investment information and credit rating market with a focus on the BFSI and Infrastructure sectors.

Competitive Moat

Durable moat built on domain expertise in credit ratings combined with Fintellix's product innovation in regulatory reporting and risk analytics.

Macro Economic Sensitivity

Highly sensitive to interest rate cycles; bond issuances declined in Q2 FY2026 due to rising yields and anticipated future rate cuts leading borrowers to shift to bank funding.

Consumer Behavior

Large borrowers are shifting from bond markets to bank funding in anticipation of future rate cuts.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by SEBI (Prohibition of Insider Trading) Regulations and the Companies Act, 2013. Fintellix products specifically address regulatory reporting and supervisory requirements for banks and NBFCs.