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Last Updated: April 2, 2026, 3:04 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532835 | NSE: ICRA

ICRA Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹3,984.66Overvalued by 21.65%vs CMP ₹5,086.00

P/E (26.0) × ROE (16.8%) × BV (₹1,127.00) × DY (1.18%)

₹2,497.02Overvalued by 50.90%vs CMP ₹5,086.00
MoS: -103.7% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹4,402.1322%Over (-13.4%)
Graham NumberEarnings₹2,203.5116%Over (-56.7%)
Earnings PowerEarnings₹1,305.6613%Over (-74.3%)
DCFCash Flow₹3,251.9113%Over (-36.1%)
Net Asset ValueAssets₹1,127.237%Over (-77.8%)
EV/EBITDAEnterprise₹2,399.519%Over (-52.8%)
Earnings YieldEarnings₹1,914.807%Over (-62.4%)
ROCE CapitalReturns₹1,388.497%Over (-72.7%)
Revenue MultipleRevenue₹773.935%Over (-84.8%)
Consensus (9 models)₹2,497.02100%Overvalued
Key Drivers: Wide model spread (₹774–₹4,402) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 10.5%

*Investments are subject to market risks

Investment Snapshot

66
ICRA Ltd scores 66/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health83/100 · Strong
ROCE 23.1% ExcellentROE 16.8% GoodD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -1.53% (6mo) SellingDII holding up 1.38% MF buyingPromoter holding at 51.9% Stable
Earnings Quality60/100 · Moderate
OPM stable around 35% SteadyWorking capital: -75 days (improving) Efficient
Quarterly Momentum68/100 · Strong
Revenue (4Q): +15% YoY GrowingProfit (4Q): +15% YoY Positive
Industry Rank50/100 · Moderate
P/E 26.0 vs industry 27.1 In-lineROCE 23.1% vs industry 23.9% Average3Y sales CAGR: 13% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:04 am

Market Cap 4,909 Cr.
Current Price 5,086
Intrinsic Value₹2,497.02
High / Low 7,135/4,905
Stock P/E26.0
Book Value 1,127
Dividend Yield1.18 %
ROCE23.1 %
ROE16.8 %
Face Value 10.0
PEG Ratio2.48

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for ICRA Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
ICRA Ltd 4,909 Cr. 5,086 7,135/4,90526.0 1,1271.18 %23.1 %16.8 % 10.0
CARE Ratings Ltd 4,534 Cr. 1,509 1,965/1,05228.2 2871.19 %24.6 %18.0 % 10.0
Industry Average4,721.50 Cr3,297.5027.10707.001.19%23.85%17.40%10.00

All Competitor Stocks of ICRA Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 103109103105115124115126121136124137164
Expenses 677168718474808579778588106
Operating Profit 36383534305035414259404957
OPM % 35%35%34%32%26%40%31%33%35%43%32%36%35%
Other Income 1516181617241820192124219
Interest 0000372011211
Depreciation 33234444444410
Profit before tax 48515047416247575674586455
Tax % 18%24%18%32%20%24%24%35%24%24%27%25%29%
Net Profit 39394132324736374256434839
EPS in Rs 40.2939.7641.7732.9233.3148.5636.8038.0543.5557.7543.9749.5440.22

Last Updated: February 5, 2026, 3:06 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 11:16 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 283322341333309328321301343403446498561
Expenses 197252240231194215225220222260297320356
Operating Profit 86701011021151139681121143149178205
OPM % 30%22%30%31%37%34%30%27%35%35%33%36%36%
Other Income 19422739494548434150757775
Interest 12100022211055
Depreciation 610109861010810131623
Profit before tax 98100118132157152131112152181200234252
Tax % 30%35%35%33%35%30%26%26%25%25%24%27%
Net Profit 696676891011069783114137152171186
EPS in Rs 68.9365.4576.2489.29101.68109.2199.6684.61116.35140.13156.55176.15191.48
Dividend Payout % 33%37%33%30%29%27%27%32%24%93%64%34%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-4.35%15.15%17.11%13.48%4.95%-8.49%-14.43%37.35%20.18%10.95%12.50%
Change in YoY Net Profit Growth (%)0.00%19.50%1.95%-3.62%-8.53%-13.44%-5.94%51.78%-17.17%-9.23%1.55%

ICRA Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:4%
5 Years:9%
3 Years:13%
TTM:11%
Compounded Profit Growth
10 Years:12%
5 Years:12%
3 Years:15%
TTM:21%
Stock Price CAGR
10 Years:5%
5 Years:18%
3 Years:18%
1 Year:0%
Return on Equity
10 Years:15%
5 Years:15%
3 Years:16%
Last Year:17%

Last Updated: September 5, 2025, 6:45 am

Balance Sheet

Last Updated: December 4, 2025, 1:24 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 10101010101010101010101010
Reserves 3784194665396456316927488349419671,0441,078
Borrowings 161000000171413131312
Other Liabilities 109144151111116128144121121138195225265
Total Liabilities 5135836276607717698468969781,1011,1841,2921,364
Fixed Assets 89919237363454464647919090
CWIP 7011012321140
Investments 277257185311338182104177454689813773911
Other Assets 140234350312396552685669478364278426363
Total Assets 5135836276607717698468969781,1011,1841,2921,364

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 100677163628121769799107145
Cash from Investing Activity + -72-31-40-12-544511-32-72-7728-17
Cash from Financing Activity + -27-29-40-694-121-41-32-31-32-137-103
Net Cash Flow 17-9-17125-812-7-10-225
Free Cash Flow 63636160638117749190100133
CFO/OP 148%141%114%104%98%109%59%131%114%103%106%113%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow70.0060.00101.00102.00115.00113.0096.0064.00107.00130.00136.00165.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 556151374838655828344235
Inventory Days
Days Payable
Cash Conversion Cycle 556151374838655828344235
Working Capital Days -54-64-66-45-41-44-2-48-55-64-61-75
ROCE %23%21%24%26%25%23%20%15%19%20%21%23%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 51.86%51.86%51.86%51.86%51.86%51.86%51.86%51.86%51.86%51.86%51.86%51.86%
FIIs 7.64%7.71%8.15%8.22%8.42%8.59%8.77%9.06%8.78%8.66%6.87%7.25%
DIIs 24.73%24.30%23.98%24.21%24.05%23.60%24.09%23.92%24.17%24.38%26.15%25.55%
Public 15.43%15.79%15.66%15.38%15.34%15.62%14.94%14.82%14.86%14.78%14.82%15.06%
Others 0.33%0.33%0.33%0.33%0.33%0.33%0.32%0.32%0.32%0.32%0.29%0.29%
No. of Shareholders 17,24217,04617,52017,41517,54718,52619,13819,75720,52121,17621,81821,929

Shareholding Pattern Chart

No. of Shareholders

ICRA Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Nippon India Small Cap Fund 656,130 0.63 413.79649,4062026-02-23 01:07:121.04%
Parag Parikh Flexi Cap Fund 287,393 0.14 181.24422,5872025-12-08 03:45:20-31.99%
Canara Robeco Small Cap Fund 217,766 1.08 137.33168,3202025-12-08 03:45:2029.38%
Aditya Birla Sun Life MNC Fund 161,328 2.98 101.74161,5172026-01-26 03:39:17-0.12%
SBI Banking & Financial Services Fund 153,760 0.93 96.97N/AN/AN/A
SBI Infrastructure Fund 125,000 1.73 78.83N/AN/AN/A
JM Flexicap Fund 116,280 1.42 73.33119,8732026-02-23 01:07:12-3%
ICICI Prudential Smallcap Fund 80,067 0.62 50.49N/AN/AN/A
Canara Robeco Multi Cap Fund 54,811 0.68 34.57N/AN/AN/A
ICICI Prudential Childrens Fund 20,972 0.96 13.23N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 176.73157.07140.59116.7484.89
Diluted EPS (Rs.) 176.50156.99140.59116.7484.89
Cash EPS (Rs.) 194.38171.69151.85125.7395.95
Book Value[Excl.RevalReserv]/Share (Rs.) 1091.291016.43989.44878.36788.52
Book Value[Incl.RevalReserv]/Share (Rs.) 1091.291016.43989.44878.36788.52
Revenue From Operations / Share (Rs.) 516.02462.24417.80355.19311.94
PBDIT / Share (Rs.) 264.39231.82199.41167.29128.46
PBIT / Share (Rs.) 247.40217.87189.23159.20118.18
PBT / Share (Rs.) 242.43207.08187.77157.58116.05
Net Profit / Share (Rs.) 177.39157.74141.67117.6485.67
NP After MI And SOA / Share (Rs.) 176.15156.56140.12116.3584.61
PBDIT Margin (%) 51.2350.1547.7247.0941.18
PBIT Margin (%) 47.9447.1345.2944.8237.88
PBT Margin (%) 46.9844.8044.9444.3637.20
Net Profit Margin (%) 34.3734.1233.9033.1127.46
NP After MI And SOA Margin (%) 34.1333.8633.5332.7527.12
Return on Networth / Equity (%) 16.1415.4714.2313.3110.77
Return on Capital Employeed (%) 21.3720.3018.8417.8014.62
Return On Assets (%) 13.1312.7212.2811.479.11
Asset Turnover Ratio (%) 0.400.380.240.230.23
Current Ratio (X) 6.374.324.293.774.26
Quick Ratio (X) 6.374.324.293.774.26
Dividend Payout Ratio (NP) (%) 56.5882.7619.9123.1231.80
Dividend Payout Ratio (CP) (%) 51.6075.9918.5621.6228.36
Earning Retention Ratio (%) 43.4217.2480.0976.8868.20
Cash Earning Retention Ratio (%) 48.4024.0181.4478.3871.64
Interest Coverage Ratio (X) 53.1221.50136.25103.4160.27
Interest Coverage Ratio (Post Tax) (X) 36.6415.6397.8073.7141.19
Enterprise Value (Cr.) 5054.705105.594025.553803.032773.34
EV / Net Operating Revenue (X) 10.1511.449.9811.099.21
EV / EBITDA (X) 19.8122.8220.9223.5522.37
MarketCap / Net Operating Revenue (X) 10.7011.7810.5711.9910.53
Retention Ratios (%) 43.4117.2380.0876.8768.19
Price / BV (X) 5.065.384.494.874.18
Price / Net Operating Revenue (X) 10.7011.7810.5711.9910.53
EarningsYield 0.030.020.030.020.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

ICRA Ltd. is a Public Limited Listed company incorporated on 16/01/1991 and has its registered office in the State of Delhi, India. Company's Corporate Identification Number(CIN) is L74999DL1991PLC042749 and registration number is 042749. Currently Company is involved in the business activities of Activities auxiliary to financial service activities. Company's Total Operating Revenue is Rs. 286.73 Cr. and Equity Capital is Rs. 9.65 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Rating ServicesB-710, Statesman House, New Delhi Delhi 110001Contact not found
Management
NamePosition Held
Mr. Palamadai Sundararajan JayakumarNon Exe.Chairman&Ind.Director
Mr. Ramnath KrishnanManaging Director & Group CEO
Ms. Wendy Huay Huay CheongNon Exe.Non Ind.Director
Ms. Shivani Priya Mohini KakNon Exe.Non Ind.Director
Mr. Stephen Arthur LongNon Exe.Non Ind.Director
Mr. Brian Joseph CahillNon Exe.Non Ind.Director
Mr. Pradip KanakiaIndependent Director
Ms. Anuranjita KumarIndependent Director

FAQ

What is the intrinsic value of ICRA Ltd and is it undervalued?

As of 17 April 2026, ICRA Ltd's intrinsic value is ₹2497.02, which is 50.90% lower than the current market price of ₹5,086.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (16.8 %), book value (₹1,127), dividend yield (1.18 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of ICRA Ltd?

ICRA Ltd is trading at ₹5,086.00 as of 17 April 2026, with a FY2026-2027 high of ₹7,135 and low of ₹4,905. The stock is currently near its 52-week low. Market cap stands at ₹4,909 Cr..

How does ICRA Ltd's P/E ratio compare to its industry?

ICRA Ltd has a P/E ratio of 26.0, which is below the industry average of 27.10. This is broadly in line with or below the industry average.

Is ICRA Ltd financially healthy?

Key indicators for ICRA Ltd: ROCE of 23.1 % indicates efficient capital utilization; ROE of 16.8 % shows strong shareholder returns. Dividend yield is 1.18 %.

Is ICRA Ltd profitable and how is the profit trend?

ICRA Ltd reported a net profit of ₹171 Cr in Mar 2025 on revenue of ₹498 Cr. Compared to ₹114 Cr in Mar 2022, the net profit shows an improving trend.

Does ICRA Ltd pay dividends?

ICRA Ltd has a dividend yield of 1.18 % at the current price of ₹5,086.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in ICRA Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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