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ICRA Limited (532835) fair value: what the stock is really worth

As of Oct 1, 2026: fair value of ICRA Limited ₹2,239, price ₹4,316, upside -48.1%, quality 70 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Financial Services · IN · ISIN INE725G01011

IL Thin data Sep 24, 2026

ICRA Limited

532835 · BSE

Stretched ValuationStrong overvaluation with only moderate quality.

!Fair value ₹2,239 · Strongly overvalued (−48.1%)
✓Quality 70/100
✓Healthy Growth (revenue 5y +9.2 %/yr)
✓Highly profitable · 29.9% net margin (TTM)
✓Low debt
✓0.6% dividend yield · Well covered
✓Wide moat 70/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

₹7,136 ₹2,966 Fair Value ₹2,239 May 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range ₹2,966 – ₹7,136 · fair‑value band ₹1,419 – ₹3,045 · the ₹4,316 price screens above the ₹2,239 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

ICRA Limited operates as an independent and professional investment information, and credit rating agency in India and internationally. The company operates through Rating, Research and Other Services; Consulting Services; and Outsourced and Information Services segments.

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ICRA Limited operates as an independent and professional investment information, and credit rating agency in India and internationally. The company operates through Rating, Research and Other Services; Consulting Services; and Outsourced and Information Services segments. It offers credit, bank loan, structured finance, issuer, project finance, mutual fund, and fund management quality rating services. The company also provides grading services banking and finance, insurance, and hydro-electricity sector; industry research services in the areas of business and profitability outlook, industry analysis, competitive landscape, impact of regulatory environment, benchmarking of companies, industry credit profile, company profile on listed players, etc.; and consulting services and solutions. In addition, it offers financial information products and services, as well as KPO services. The company was formerly known as Investment Information and Credit Rating Agency of India Limited. ICRA Limited was founded in 1991 and is headquartered in Gurugram, India.

Stock analysis

ICRA Limited (532835) currently trades at ₹4,316, while our model-based Fair Value estimate is ₹2,239, 48.1% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of ₹2,277 per share, and 0 of the 13 models we run sit above the ₹4,316 price.

Bear case: the Asset-Based group reads lowest at ₹731.16, and 13 of the 13 models stay below the price. Evidence for this calculation is low.

Scenario range: ₹1,419 (bear) to ₹3,045 (bull), the price of ₹4,316 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 70/100 (solid quality), in the Financial Services sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

ICRA Limited reported revenue of ₹5.0B in FY2025 versus ₹3.0B in FY2021, a compound +13.4%/yr. Reported net income was ₹1.7B in FY2025, compounding +20.1%/yr from FY2021.

Key figures

Market cap ₹41.5B (≈ $431M) · P/E ratio 27.5 · P/S ratio 9.40 · EPS (TTM) ₹95.69 · Dividend yield 0.6% · Net margin 34.1% · Return on equity 13.7% · Return on assets (EBIT) 11.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).

What moves the price

The share trades about 33% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −25% fair-value upside, at −48%, 532835 screens richer than that median.

Fair Value models

Bear ₹1,419 Fair Value ₹2,239 Bull ₹3,045
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (₹68.69 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Growth DCF ₹1,210 ₹1,692 ₹2,288 79
Owner Earnings ₹1,585 ₹2,277 ₹3,181 77
Residual Income ₹1,014 ₹1,202 ₹1,576 76
All 13 models by family
DCF Models
Owner Earnings ₹1,585 ₹2,277 ₹3,181 77
5Y P/E Exit ₹1,412 ₹2,286 ₹3,221 70
10Y P/E Exit ₹1,307 ₹1,975 ₹2,820 63
Earnings-Based
Graham-Dodd ₹1,198 ₹4,278 ₹5,763 64
Lynch FV ₹1,007 ₹1,439 ₹1,871 61
Dividend Discount
Gordon GGM ₹703.38 ₹1,178 ₹1,529 68
DDM Multi-Stage ₹703.38 ₹1,117 ₹1,267 67
Multiples
P/E Multiple ₹1,717 ₹2,290 ₹2,862 63
P/B Multiple ₹1,146 ₹1,528 ₹1,910 55
Asset-Based
NCAV (Graham) ₹545.65 ₹731.16 ₹1,091 54
Growth DCF
Growth DCF ₹1,210 ₹1,692 ₹2,288 79
Rev-Margin DCF ₹932.86 ₹1,375 ₹1,908 72
Economic Profit
Residual Income ₹1,014 ₹1,202 ₹1,576 76

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Quality Score breakdown

Overall quality 70/100

Of which business quality 67 · Market factors (momentum, volatility) 36

Profitability 57
Margins and returns on capital today
Quality Growth 41
Are margins and returns improving?
Cashflow 72
Earnings quality: real cash, not paper profit
Fin. Strength 77
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 88
Calm price path (market factor)
Momentum 20
Price trend over the last 3–12 months (market factor)
52W Momentum 2
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 89/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+11.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.2%
Start year 2020 (pandemic). Over 10 years: +4.5% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.3%
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+12.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.1%
Dividend (yield on the price)0.6%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.28% → 32%

532835 screens overvalued: fair value 48% below the price. Compare with S&P Global Inc →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Financial Data & Stock Exchanges · 52 stocks

Beats the industry median on 3/13 measures
Overall it trails its industry peers.
Valuation
Quality Score 69 · Above median
Fair Value upside −49.8% · Bottom 25%
Profitability
Return on equity (TTM) 13.7% · Below median
Return on assets 5.6% · Below median
Net margin (TTM) 29.9% · Below median
Operating margin (TTM) 25.5% · Below median
Growth and dividend
Revenue growth −7.3% · Bottom 25%
Dividend yield (TTM) 0.6% · Bottom 25%
Balance sheet
Debt / equity 0.00× · Below median

Valuation Multiplesvs Financial Data & Stock Exchanges median · lower = cheaper

P/E (TTM) 27.5× · Pricier than median
P/B 2.54× · Cheapest 25%
P/S (TTM) 8.67× · Pricier than median
EV/EBITDA 31.7× · Priciest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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ICRA Limited · Fair Value
₹2,239 −48%Fair Value
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Cite: Fair Value Calculator (2026). "ICRA Limited Fair Value". https://www.fairvalue-calculator.com/stock/532835

Frequently asked questions

Is ICRA Limited (532835) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹2,239 versus a price of ₹4,316, about −48% upside (overvalued).
What is the fair value of 532835?
Our model-based fair value for ICRA Limited is ₹2,239 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹4,316.
What is the quality score of 532835?
ICRA Limited has a Quality Score of 70/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for ICRA Limited (532835)?
Our model-based price target is the fair value of ₹2,239 (as of Sep 24, 2026) from 13 valuation models. Cautious scenario ₹1,419, optimistic scenario ₹3,045. It is a calculation from audited fundamentals, not an analyst target.
What is the ICRA Limited stock forecast for 2026?
Our models put fair value at ₹2,239, about −48% upside versus a price of ₹4,316 (overvalued). Cautious scenario ₹1,419, optimistic scenario ₹3,045. The calculation is refreshed regularly with new filings.
What is the revenue of ICRA Limited (532835)?
ICRA Limited reported trailing-twelve-month revenue of about ₹3.1B (latest available figure, as of Sep 24, 2026).
Does ICRA Limited pay a dividend?
ICRA Limited currently shows a dividend yield of about 0.63% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of ICRA Limited (532835)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ICRA Limited it is ₹2,239 per share (as of Sep 24, 2026), against a price of ₹4,316. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is ICRA Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 532835 trades above its calculated fair value: price ₹4,316, fair value ₹2,239, a gap of about −48% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 532835?
No. The price is what the market pays today (₹4,316); the fair value is what the company's own numbers justify (₹2,239). For ICRA Limited the two are ₹2,076 per share apart. That gap is exactly why we show both numbers side by side.
How much is ICRA Limited worth?
The market values ICRA Limited at about ₹41.5B (market capitalisation, as of Sep 24, 2026). Per share that is ₹4,316; our models calculate a fair value of ₹2,239 per share.
What do the bullish and bearish scenarios say about 532835?
Our models span a range for ICRA Limited: cautious scenario ₹1,419, base ₹2,239, optimistic ₹3,045 per share (as of Sep 24, 2026, price ₹4,316). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 532835?
ICRA Limited trades at a price-to-earnings ratio of 27.5 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹2,239 is built from several models across several years. Other multiples: P/B 2.5, P/S 8.7, EV/EBITDA 31.7.
How solid is the balance sheet of ICRA Limited (532835)?
Balance-sheet figures for ICRA Limited (as of Sep 24, 2026): return on equity 13.7%, debt of 0.00 per unit of equity. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is 532835 from its 52-week high?
ICRA Limited trades at ₹4,316, about 33% below its 52-week high of ₹6,438 and 2% above the low of ₹4,242 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹2,239 is for.
Which stocks are comparable to ICRA Limited?
From the same area (Financial Services) we also value S&P Global Inc, CME Group, Intercontinental Exchange, Inc, Moody's Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is ICRA Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹4,316, calculated fair value ₹2,239 (−48%), Quality Score 70/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 532835 calculated?
We run ICRA Limited through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹2,239, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. ICRA Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of ICRA Limited (532835)?
The closing price on Oct 1, 2026 was ₹4,316. Our model-based fair value is ₹2,239, about −48% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ICRA Limited right now?
A high-quality business (quality 70/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (₹3,045). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (₹1,419 to ₹3,045) leaves room in how you read the outcome.

Key figures of ICRA Limited

How large is the market capitalisation of ICRA Limited (532835)?
The market capitalisation of ICRA Limited is ₹41.5B (≈ $431M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of ICRA Limited (532835)?
The price-to-sales ratio of ICRA Limited is 9.40 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of ICRA Limited (532835)?
Earnings per share at ICRA Limited are ₹95.69 (price ÷ EPS = P/E 27.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of ICRA Limited (532835)?
The dividend yield of ICRA Limited is 0.6% (payout 28.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of ICRA Limited (532835)?
The net margin of ICRA Limited is 34.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of ICRA Limited (532835)?
The return on equity (ROE) of ICRA Limited is 13.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of ICRA Limited (532835)?
On an EBIT basis the return on assets of ICRA Limited is 11.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of ICRA Limited (532835)?
The operating margin of ICRA Limited is 25.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ICRA Limited (532835)?
Revenue at ICRA Limited is growing −7.3% versus a year earlier (3y avg +13.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at ICRA Limited (532835)?
Earnings per share at ICRA Limited are growing −3.4% versus a year earlier. How much earnings per share grew versus a year earlier.
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