ICRA ICRA
Rating agency majority-owned by Moody's, with a large analytics and outsourcing arm serving Moody's
Mapped in 1 theme: Capital Markets.
Where ICRA sits in the supply chain
ICRA appears in 1 supply-chain layer in one theme, Capital Markets.
Revenue and profit
| ₹ Cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 343 | 403 | 446 | 498 | 600 |
| Net profit | 114 | 137 | 152 | 171 | 183 |
Latest-year revenue ₹600 Cr (FY26, company-wide).
Strengths
- Debt-free with a large cash pile
- Moody's-linked analytics work adds steady fee income
Risks
- Smaller domestic market share than CRISIL
- Rating revenue tied to the bond and bank-loan cycle
Common questions
What does ICRA do?
Rating agency majority-owned by Moody's, with a large analytics and outsourcing arm serving Moody's.
Where does ICRA sit in the supply chain?
ICRA (NSE: ICRA) is mapped in 1 supply-chain layer: Ratings & research (Capital Markets).
Who are ICRA's peers?
In the Ratings & research layer of Capital Markets: CRISIL, CARE Ratings and India Ratings & Research (Fitch) (not NSE-listed).
What is ICRA's market cap and valuation?
As of 6 Nov 2026: market cap ₹4,282 Cr, P/E 21.3x, ROCE 23.0%, ROE 16.7%, dividend yield 1.58%.