ICRA Limited (ICRA) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of ICRA Limited ₹2,455, price ₹4,232, upside -42.0%, quality 72 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? Yes
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ICRA Limited
ICRA · NSEStretched ValuationStrong overvaluation with only moderate quality.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range ₹2,978 – ₹7,204 · fair‑value band ₹1,639 – ₹3,538 · the ₹4,232 price screens above the ₹2,455 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 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 Ratings and Ancillary Services; and Research and Analytics 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 Ratings and Ancillary Services; and Research and Analytics segments. It offers research, and industry and economic research; data management and analytics, cash flow waterfall modelling, model validation and testing, credit risk analysis, and business transformation; market data and risk consulting services; and management consulting, and outsourcing and information services. The company also provides credit rating services for various issuers including manufacturing, service, non-banking finance, and infrastructure companies, as well as bank and financial institutions, municipal and other local bodies, state government, and small and medium sector entities; and financial sector ratings, which includes term loans, debentures, public deposits, working capital demand loans, cash credit from banks, commercial paper, mibor-linked loans, and others. It offers structured finance ratings for assessment of risk associated with individual components of structured instruments, including asset-backed securitization, collateralized debt obligation, mortgage backed securitization, future flow transaction, and partial guarantee structures; and infrastructure sector ratings to debt programs of issuers in power, roads, telecommunication, and other infrastructure related sectors. The company also provides other ratings, which includes mutual funds, public finance, infrastructure expected loss, infrastructure investment trust, independent credit evaluation, and market liked debenture. It offers credit perspectives detailed analysis, including key rating consideration, rating sensitivity factor, rating rationale, company profile, business update and outlook, financial update and outlook, etc.; and software solutions. ICRA Limited was incorporated in 1991 and is headquartered in Gurugram, India.
Stock analysis
ICRA Limited (ICRA) currently trades at ₹4,232, while our model-based Fair Value estimate is ₹2,455, 42.0% 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 ₹2,982 per share, and 1 of the 13 models we run sit above the ₹4,232 price.
Bear case: the Dividend Discount group reads lowest at ₹780.92, and 12 of the 13 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹1,639 (bear) to ₹3,538 (bull), the price of ₹4,232 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 72/100 (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 ₹6.0B in FY2026 versus ₹3.4B in FY2022, a compound +15.2%/yr. Reported net income was ₹1.8B in FY2026, compounding +12.8%/yr from FY2022.
Key figures
Market cap ₹51.6B (≈ $538M) · P/E ratio 22.4 · P/S ratio 6.78 · EPS (TTM) ₹188.36 · Dividend yield 2.5% · Net margin 30.3% · Return on equity 16.3% · Return on assets (EBIT) 12.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (medium confidence).
What moves the price
The share trades about 35% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −24% fair-value upside, at −42%, ICRA screens richer than that median.
Fair Value models
All 13 models by family
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Set up alert →Quality Score breakdown
Of which business quality 68 · Market factors (momentum, volatility) 35
Revenue & earnings trend
Growth Forecast
ICRA screens overvalued: fair value 42% below the price. Compare with S&P Global Inc →
Compare ICRA Limited with another stock
Price, fair value, quality and upside side by side.
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 · 53 stocks
Valuation Multiplesvs Financial Data & Stock Exchanges median · lower = cheaper
Strength profile in five axes (Snowflake)
VALUE 0: the price sits above our fair-value range.
Context: sector, industry, market
- Is the Financials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Indian Stocks
- Valuation of the India market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Financial Data & Stock Exchanges stocks, each showing price versus our Fair Value estimate.
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|---|---|---|---|
| S&P Global Inc SPGI | $403.30 | $216.54 | −46% |
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| Intercontinental Exchange, Inc ICE | $154.31 | $138.87 | −10% |
| Moody's Corporation MCO | $460.08 | $198.41 | −57% |
| Deutsche Börse AG DB1 | €284.80 | €226.86 | −20% |
| Coinbase Global, Inc COIN | $195.11 | $185.08 | −5% |
| Nasdaq, Inc NDAQ | $91.85 | $41.61 | −55% |
| MSCI Inc MSCI | $539.76 | $262.25 | −51% |
| Cboe Global Markets, Inc CBOE | $253.26 | $247.55 | −2% |
| Hithink RoyalFlush Information Network Co 300033 | ¥204.10 | ¥135.82 | −33% |
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Key figures of ICRA Limited
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