ICRA Limited (ICRA)
₹4,494.50 -0.25% last close, 16 Oct
Q2 FY27 results
📅 Next results: 29 Oct 2026 (board meeting)ICRA Limited's board meets on 29 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, ICRA's revenue was ₹163 Cr (+31.7% year on year, -6.6% on the previous quarter), and net profit ₹56.5 Cr (+31.3% year on year); the operating margin was 33.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹163 | +31.7% | -6.6% |
| Operating profit | ₹55.1 | +37.7% | -21.3% |
| Net profit | ₹56.5 | +31.3% | +6.5% |
| EPS (₹) | 58.36 | +32.7% | +7.4% |
| Operating margin | 33.7% | — | — |
ICRA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 65.56% of the ICRA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 62.86%. That is close to its usual level. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 58.8% · 59.2% · 53.6% · 54.3% · 65.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
ICRA Limited announced that its Board has approved the appointment of Mr. Ritesh Gupta as Executive Vice President & Chief Business Officer-Designate, effective October 12, 2026. He will take over as Chief Business Officer on January 1, 2027, following the superannuation of Mr. L. Shivakumar on December 31, 2026. Mr. Gupta brings roughly 27 years of experience in corporate and wholesale banking, having most recently served at IDFC First Bank. The planned leadership transition ensures continuity for ICRA's core business originating across corporate, NBFC, and infrastructure segments.
- Appointment of Mr. Ritesh Gupta as EVP & Chief Business Officer-Designate effective October 12, 2026
- Transition to Chief Business Officer effective January 1, 2027
- Current EVP & CBO Mr. L. Shivakumar retires on December 31, 2026
- Incoming executive brings around 27 years of financial services experience, including IDFC First Bank and ANZ
ICRA Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by the Registrar and Share Transfer Agent, MUFG Intime India Private Limited. It confirms that share certificates received for dematerialisation during the quarter were duly processed, confirmed or rejected, and cancelled. This is a purely standard procedural compliance filing with no impact on business operations or financials.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- Certificate issued by Registrar and Share Transfer Agent, MUFG Intime India Private Limited, dated October 7, 2026
- Confirmation that securities received for dematerialisation were processed and listed on stock exchanges within prescribed timelines
ICRA Limited has announced a schedule for an analyst/institutional investor meeting pursuant to Regulation 30 of SEBI LODR. The virtual one-to-one meeting is scheduled with TrustLine Holdings for September 18, 2026. The company stated that discussions will be based on publicly available information, with no unpublished price-sensitive information being shared. This is a standard procedural intimation and carries no immediate financial impact.
- One-to-one investor meeting scheduled for September 18, 2026
- Meeting to be conducted virtually with TrustLine Holdings
- Company confirmed no unpublished price-sensitive information (UPSI) will be shared
ICRA Limited has scheduled a virtual one-to-one analyst/institutional investor meeting with Swom India Alpha Fund on September 18, 2026. The company stated that discussions will be based strictly on publicly available information and no unpublished price-sensitive information will be shared. This represents routine investor interaction under Regulation 30 of SEBI LODR Regulations.
- Meeting scheduled for September 18, 2026
- Investor participant: Swom India Alpha Fund
- Format: Virtual, One-to-One meeting
- No unpublished price sensitive information (UPSI) to be shared
ICRA Limited has notified the exchanges regarding scheduled virtual one-to-one meetings with institutional investors on September 1 and September 3, 2026. Participating funds include Securities Investment Management Pvt Ltd, Swyom India Alpha Fund, and Banyan Capital. The company confirmed that discussions will strictly be based on publicly available information with no UPSI shared.
- Virtual one-to-one meeting with Securities Investment Management Pvt Ltd on September 1, 2026
- Virtual one-to-one meeting with Swyom India Alpha Fund on September 1, 2026
- Virtual one-to-one meeting with Banyan Capital on September 3, 2026
- All meetings to use publicly available documents without sharing unpublished price sensitive information
ICRA Limited has scheduled one-to-one virtual analyst and institutional investor interactions for late August 2026. The company is set to meet ICICI Prudential MF on August 25, 2026, followed by SteadFort Investment on August 27, 2026. The company stated that only publicly available documents will be referred to during these discussions with no unpublished price-sensitive information shared.
- One-to-one virtual meeting scheduled with ICICI Prudential MF on August 25, 2026
- One-to-one virtual meeting scheduled with SteadFort Investment on August 27, 2026
- Discussions will strictly utilize publicly available information
ICRA Limited has announced a schedule for virtual one-to-one meetings with institutional investors on August 10 and August 11, 2026. The meetings involve InCred AMC and Long Arc Investments. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared, and discussions will be based on publicly available documents. This follows a strong FY26 performance where revenue reached Rs 600 Cr with a 36% operating margin.
- Virtual one-to-one meeting scheduled with InCred AMC on August 10, 2026
- Virtual one-to-one meeting scheduled with Long Arc Investments on August 11, 2026
- Company reported TTM revenue of Rs 600 Cr and TTM PAT of Rs 183 Cr as of the latest financial context
- Operating margins remained healthy at 36.0% for the TTM period
ICRA Limited has announced a series of virtual one-to-one meetings with institutional investors scheduled between August 3 and August 5, 2026. The participating firms include Laburnum Capital, TenCore Partners, and Ethos Investment Management. These meetings come at a time when the company has reported a TTM revenue of ₹600 Cr and a healthy operating margin of 36.0%. The company explicitly stated that no unpublished price-sensitive information will be shared during these discussions.
- 3 virtual one-to-one meetings scheduled with institutional investors
- Meetings involve 3 specific entities: Laburnum Capital, TenCore Partners, and Ethos Investment Management
- Scheduled dates span from August 3, 2026, to August 5, 2026
- Company maintains a market capitalization of ₹4,647 Cr with a TTM PAT of ₹183 Cr
ICRA Limited's shareholders have officially approved a final dividend of Rs 105 per share for FY26 at the AGM held on July 30, 2026. This implies a total dividend payout of approximately Rs 101 crore, which constitutes about 55% of the company's TTM PAT of Rs 183 crore. The dividend yield stands at approximately 2.2% based on the current market price of Rs 4775.5. All resolutions, including the adoption of FY26 financial statements, were passed with a significant majority exceeding 98%.
- Final dividend of Rs 105 per equity share approved for the financial year ended March 31, 2026
- Total dividend payout estimated at Rs 101.06 Cr, representing 55.2% of TTM PAT
- Dividend resolution passed with a near-unanimous 99.9993% majority
- Public institutional shareholders showed 5.14% dissent regarding the re-appointment of Director Ms. Wendy Huay Huay Cheong
- Total of 25,456 shareholders were on record as of the July 23, 2026 cut-off date
ICRA delivered a strong Q1 FY2027 performance with consolidated revenue rising 31.2% YoY to Rs 163.4 crore. Profit After Tax (PAT) grew 32.0% YoY to Rs 56.5 crore, significantly aided by the Risk & Analytics (R&A) segment which saw a 58.7% revenue surge following the Fintellix acquisition. The company has now consolidated its position by acquiring the remaining stakes in D2K Technologies and Fintellix India, making them 100% subsidiaries. While the Ratings segment grew 13%, management flagged downside risks to India's FY2027 GDP growth, now estimated at 6.7% compared to 7.7% in FY2026.
- Consolidated revenue grew 31.2% YoY to Rs 163.4 crore in Q1 FY2027
- Risk & Analytics segment revenue increased to Rs 80.6 crore from Rs 50.8 crore in the previous year
- Net Profit (PAT) increased 32.0% YoY to Rs 56.5 crore
- Ratings & Ancillary services revenue grew 13% YoY to Rs 83.8 crore despite lower bond issuances
- Acquired remaining stakes in D2K Technologies and Fintellix India to make them wholly-owned subsidiaries
ICRA Limited concluded its 35th Annual General Meeting (AGM) on July 30, 2026, where shareholders approved the adoption of FY26 financial statements. A key outcome was the declaration of a Rs 105 per share dividend for FY26, which is significant against a TTM EPS of Rs 188.08. The meeting also included the reappointment of Ms. Wendy Huay Huay Cheong as a Director and the unveiling of a new corporate logo. Management addressed shareholder queries regarding the company's performance and strategic direction.
- Dividend of Rs 105 per equity share declared for the financial year ended March 31, 2026
- AGM conducted via video conferencing on July 30, 2026, concluding at 4:55 p.m. IST
- Cut-off date for voting eligibility was established as July 23, 2026
- Remote e-voting was held between July 27, 2026, and July 29, 2026
- Unveiled a new corporate logo as part of the brand's evolution
ICRA Limited has launched a new unified visual identity and logo for its group companies, including ICRA ESG Ratings, ICRA Analytics, and Fintellix. This rebranding marks the company's strategic evolution from a credit rating agency into a diversified risk and analytics enterprise. While the change is primarily cosmetic, it aligns with the company's recent Rs 253.25 Cr acquisition of Fintellix to drive growth in risk analytics. The move aims to create a consistent brand experience across its global operations in India, the UK, the US, and Nepal.
- Unification of 5+ group entities including ICRA ESG, Analytics, Fintellix, D2K Technologies, and ICRA Nepal under one brand.
- Strategic shift to emphasize technology-led offerings alongside the core credit rating business which generated Rs 600 Cr TTM revenue.
- Integration of Fintellix, acquired for a total deal value of Rs 253.25 Cr, into the core brand identity.
- Focus on transitioning product models from upfront licenses to stable annuity-based revenue streams.
- Tagline updated to 'Insights that Empower' to reflect expanded capabilities in ESG and risk solutions.
ICRA reported a strong start to FY2027 with consolidated revenue rising 31.2% YoY to ₹163.4 crore and PAT increasing 32.0% to ₹56.5 crore. These results include the consolidation of Fintellix (acquired Oct 2025), making them not directly comparable to Q1 FY2026. Ratings revenue grew 12.9% YoY, supported by 18.3% growth in bank credit, despite a decline in bond issuances due to elevated yields. The company also completed the acquisition of remaining stakes in D2K Technologies and Fintellix, making them wholly-owned subsidiaries.
- Consolidated revenue from operations increased 31.2% YoY to ₹163.4 crore.
- Profit After Tax (PAT) rose 32.0% YoY to ₹56.5 crore from ₹42.8 crore.
- Ratings and ancillary services revenue grew by 12.9% YoY despite lower bond issuance volumes.
- Bank credit growth of 18.3% YoY as of Q1 FY2027 end supported the ratings segment.
- Published 136 industry research reports and hosted 5 sector-focused webinars during the quarter.
ICRA reported a strong start to FY27 with consolidated revenue from operations growing 31.2% YoY to ₹163.37 Cr. Net profit increased 32% YoY to ₹56.46 Cr, aided by a ₹4.39 Cr exceptional gain from asset sales. A key highlight is the 'Risk & Analytics' segment, which saw revenue jump 58.7% YoY to ₹80.56 Cr, now contributing nearly 50% of total operational revenue. The company also completed the 100% acquisition of Fintellix India by purchasing the remaining 1.25% stake for ₹3.17 Cr.
- Consolidated Revenue from operations increased to ₹163.37 Cr in Q1 FY27 from ₹124.49 Cr in Q1 FY26.
- Net Profit (PAT) grew 32% YoY to ₹56.46 Cr compared to ₹42.76 Cr in the same quarter last year.
- Risk & Analytics segment revenue surged to ₹80.56 Cr from ₹50.76 Cr YoY, a 58.7% growth.
- Exceptional gain of ₹4.39 Cr recorded during the quarter from the sale of property, plant, and equipment.
- Final 1.25% equity in Fintellix India acquired for ₹3.17 Cr post-June 30, making it a 100% subsidiary.
ICRA Limited reported a strong performance for Q1 FY27, with consolidated revenue from operations growing 31.2% YoY to ₹163.37 Cr. Net profit (PAT) increased 32% YoY to ₹56.46 Cr, driven by robust growth in the Risk & Analytics segment which now contributes nearly 49% of total segment revenue. The core Ratings business grew 12.9% YoY to ₹83.79 Cr. Post-quarter, the company also completed the 100% acquisition of Fintellix India for a final consideration of ₹3.17 Cr.
- Consolidated Revenue from operations increased 31.2% YoY to ₹163.37 Cr from ₹124.49 Cr in the previous year
- Risk & Analytics segment revenue jumped 58.7% YoY to ₹80.56 Cr, significantly outpacing the core ratings business
- Consolidated Profit After Tax (PAT) grew 32% YoY to ₹56.46 Cr, including an exceptional gain of ₹4.39 Cr from property sale
- Ratings & Ancillary services segment revenue grew 12.9% YoY to ₹83.79 Cr
- Acquisition of the remaining 1.25% stake in Fintellix India completed post-June 30 for ₹3.17 Cr
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.
Taxation Policy Impact
Current tax liabilities (net) stood at INR 1.64 Cr as of March 31, 2025.
Legal Contingencies
Provisions for contingent liabilities were INR 2.64 Cr as of March 31, 2025, compared to INR 10.81 Cr in the previous year.
Risk Analysis
Key Uncertainties
Slowdown in the credit environment and the residual impact of discontinuing specific projects like ESG.
Geographic Concentration Risk
Significant focus on the Indian market, with expanding exposure to the US and South Africa through acquisitions.
Technology Obsolescence Risk
Mitigated by continuous investment in technology-driven transformation and the acquisition of reg-tech providers like Fintellix.
Credit & Counterparty Risk
Trade payables stood at INR 8.57 Cr as of March 31, 2025.
