ICRA Ltd
BSE:532835
ICRA Ltd
ICRA Ltd. engages in providing investment information and credit rating services. The company is headquartered in Gurgaon, Haryana and currently employs 390 full-time employees. The company went IPO on 2007-04-07. The firm is engaged in rating, management consulting and outsourcing, and information services. Its services include rating, grading and research. The firm's segments include Rating, research and other services, Consulting services, Knowledge Services and Market services. Its Rating, research and other services segment includes rating, grading and industry research services. Its rating services include credit rating, bank loan rating, structured finance rating, issuer rating, mutual fund rating, industry research and others. Its Consulting services segment is engaged in management consulting, which includes risk management, financial advisory, outsourcing and policy advisory. Its Knowledge Services segment is engaged in knowledge process outsourcing (KPO) services. Its Market services segment offers financial information products and services. Its subsidiaries include ICRA Lanka Limited, ICRA Nepal Limited and others.
ICRA Ltd. engages in providing investment information and credit rating services. The company is headquartered in Gurgaon, Haryana and currently employs 390 full-time employees. The company went IPO on 2007-04-07. The firm is engaged in rating, management consulting and outsourcing, and information services. Its services include rating, grading and research. The firm's segments include Rating, research and other services, Consulting services, Knowledge Services and Market services. Its Rating, research and other services segment includes rating, grading and industry research services. Its rating services include credit rating, bank loan rating, structured finance rating, issuer rating, mutual fund rating, industry research and others. Its Consulting services segment is engaged in management consulting, which includes risk management, financial advisory, outsourcing and policy advisory. Its Knowledge Services segment is engaged in knowledge process outsourcing (KPO) services. Its Market services segment offers financial information products and services. Its subsidiaries include ICRA Lanka Limited, ICRA Nepal Limited and others.
Strong Results: ICRA reported robust growth in the first half of FY26, with revenue up 8.4% and profit after tax rising 24.4% year-on-year.
Ratings Segment Outperformance: The Ratings business grew by 13.6% in H1, showing resilience despite a slowdown in the credit environment.
Research & Analytics Growth: Modest growth in this segment was supported by new product launches and strong traction in risk management and market data, even as ESG business discontinuation lingered.
Fintellix Acquisition: Completed the acquisition of Fintellix, significantly expanding ICRA's risk technology portfolio. Management expects the deal to be value-accretive over time, though initial years may see accounting charges affect reported profits.
Healthy Credit Environment: ICRA's upgrades outpaced downgrades strongly, with a credit ratio of 2.8 and a low default rate of 0.2%.
Macroeconomic Outlook: Management revised India’s FY26 GDP growth forecast to 6.5%, citing supportive domestic factors despite ongoing global uncertainties.
Margin Improvement: Margin gains in ratings were attributed to revenue growth, operational leverage, and process efficiencies. Non-ratings margins may dilute as lower-margin verticals grow.
