ICRA Ltd

ICRA maintains a conservative capital structure with a debt-to-equity ratio of 0.01, significantly below the industry median of 0.35, and holds INR 20.15 million in cash and equivalents. The company's liquidity position is characterized as medium risk, with net cash turning negative after subtracting total debt of INR 126.83 million. Operating cash flow of INR 1.07 billion supports strong liquidity, while the current ratio of 4.32 indicates robust short-term solvency.

Profitability metrics show ICRA generating a return on equity of 4.8% and return on assets of 3.95%, both below the industry median of 6.2% and 5.1% respectively. The company's operating margin of 36.6% (calculated from operating income of INR 453.80 million on revenue of INR 1.24 billion) is slightly above the sector median of 34.5%. Net income of INR 468.67 million represents a 37.6% margin, which is in line with industry norms.

The company operates as a single-segment business with 100% revenue concentration in India, exposing it to domestic economic cycles and regulatory changes. No geographic diversification is evident in the financial data, with all operations and revenue generated domestically.

Outlook data indicates a 12.3% revenue growth in the current fiscal year and 9.8% in the next, driven by expansion in corporate credit rating services and government infrastructure projects. Capital expenditures of INR -68.97 million suggest asset optimization rather than expansion, with no material CAPEX planned in the near term.

Risk assessment flags include liquidity constraints from negative net cash and a medium liquidity risk rating. Dilution risk is assessed as low, with no recent share issuance and diluted shares equal to basic shares at 9.62 million. No material dilution adjustments were applied in valuation models.

Recent analyst estimates show consensus price targets of INR 6,800.00 with a mean recommendation of 2.00 (Buy), but no strong buy ratings. No material events were disclosed in recent filings or transcripts that would materially alter the company's risk profile.

ICRA Ltd (ICRA.NS) is currently undergoing its first analysis, meaning there is no prior basis for computing material changes or deltas in its performance metrics. Consequently, no specific operational, financial, or strategic shifts can be identified from the available data to drive a narrative of change. The company’s current profile indicates a minimal presence in terms of tracked corporate governance and market coverage. Specifically, the data shows zero officers, zero index memberships, and zero top holders recorded in the system. This lack of populated data points suggests that the foundational corporate structure and ownership details are not yet established within the current analytical framework. Market attention and analyst coverage remain sparse. There are only two analysts associated with the ticker, and cross-source signals indicate zero dispatches per day over the observed period from late June to mid-July 2026. This absence of daily news flow or sentiment data further underscores the lack of recent material events or public discourse surrounding the entity. Given that this is the initial analysis for ICRA Ltd, the significance of these findings lies in establishing a baseline rather than interpreting a trend. Investors and observers should note that the current data reflects a static snapshot with no historical context for comparison, limiting the ability to assess momentum or volatility based on the provided facts.

Revenue grew at a 13.4% CAGR over four years, demonstrating consistent top-line expansion for the company.

Net income CAGR of 20.1% over four years significantly outpaced revenue growth, indicating strong profitability improvements.

Free cash flow surged 139.5% year-over-year to INR 777 million, highlighting robust cash generation capabilities.

Analysts project 26.2% upside to a consensus price target of INR 6,800, suggesting undervaluation at current levels.

Return on equity of 4.8% remains modest despite high margins, suggesting limited efficiency in capital utilization.

Medium liquidity risk flags potential challenges in trading volume or market depth for the stock.

Operating income growth slowed to 19.3% year-over-year, decelerating from the higher growth rates seen in prior periods.

Revenue INR 1.64B, +35,3% YoY; Operating income +6,2% YoY.

• ▍Revenue INR 1.64B, +35,3% YoY
• ▍Operating income +6,2% YoY
• ▍Net income −7,7% YoY
• ▍Net margin 23.7%

Revenue INR 1.36B, +9,9% YoY; Operating income +20,5% YoY.

• ▍Revenue INR 1.36B, +9,9% YoY
• ▍Operating income +20,5% YoY
• ▍Net income +18,9% YoY
• ▍Net margin 40.9%

Revenue INR 1.21B; Operating income INR 379.7M.

• ▍Revenue INR 1.21B
• ▍Operating income INR 379.7M
• ▍Net margin 34.8%

Revenue INR 1.26B; Operating income INR 372.5M.

• ▍Revenue INR 1.26B
• ▍Operating income INR 372.5M
• ▍Net margin 29.1%

Revenue INR 1.15B; Operating income INR 314.7M.

• ▍Revenue INR 1.15B
• ▍Operating income INR 314.7M
• ▍Net margin 30.9%

Revenue INR 1.24B; Operating income INR 453.8M.

• ▍Revenue INR 1.24B
• ▍Operating income INR 453.8M
• ▍Net margin 37.8%

Revenue INR 4.98B, +11,6% YoY; Operating income +19,3% YoY.

• ▍Revenue INR 4.98B, +11,6% YoY
• ▍Operating income +19,3% YoY
• ▍Net income +12,5% YoY
• ▍Free cash flow +139,5% YoY
• ▍Net margin 34.1%

Revenue INR 4.46B, +10,6% YoY; Operating income +1,6% YoY.

• ▍Revenue INR 4.46B, +10,6% YoY
• ▍Operating income +1,6% YoY
• ▍Net income +11,7% YoY
• ▍Free cash flow −70,4% YoY
• ▍Net margin 33.9%

Revenue INR 4.03B, +17,6% YoY; Operating income +17,8% YoY.

• ▍Revenue INR 4.03B, +17,6% YoY
• ▍Operating income +17,8% YoY
• ▍Net income +20,4% YoY
• ▍Free cash flow +22,2% YoY
• ▍Net margin 33.5%

Revenue INR 3.43B, +13,9% YoY; Operating income +58,3% YoY.

• ▍Revenue INR 3.43B, +13,9% YoY
• ▍Operating income +58,3% YoY
• ▍Net income +37,5% YoY
• ▍Free cash flow +43,8% YoY
• ▍Net margin 32.8%

Revenue INR 3.01B; Operating income INR 714.4M.

• ▍Revenue INR 3.01B
• ▍Operating income INR 714.4M
• ▍Net margin 27.1%