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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.

  1. Fair value above price? No
  2. Good quality? Yes
  3. Add to watchlist

Financial Services · IN · ISIN INE725G01011

IL Broad data Sep 27, 2026

ICRA Limited

ICRA · NSE

Stretched ValuationStrong overvaluation with only moderate quality.

!Fair value ₹2,455 · Strongly overvalued (−42.0%)
✓Quality 72/100
✓Healthy Growth (revenue 5y +15.0 %/yr)
✓Highly profitable · 30.3% net margin (TTM)
✓Low debt · generates free cash flow
✓2.5% dividend yield · Well covered
!Mixed vs. peers (6/14)
✓Wide moat 80/100
!Weak on future: 21 out of 100

What runs behind every stock

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

Price vs Fair Value

₹7,204 ₹2,978 Fair Value ₹2,455 Jun 2021 Sep 2026

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

Bear ₹1,639 Fair Value ₹2,455 Bull ₹3,538
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 2026 figures (about 6 months old). Earnings retained since then (₹42.02 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 ₹1,840 ₹2,880 ₹4,359 78
Owner Earnings ₹2,221 ₹3,626 ₹5,750 75
Residual Income ₹1,167 ₹1,438 ₹2,054 75
All 13 models by family
DCF Models
Owner Earnings ₹2,221 ₹3,626 ₹5,750 75
5Y P/E Exit ₹1,771 ₹2,982 ₹4,345 70
10Y P/E Exit ₹1,783 ₹2,828 ₹4,264 63
Earnings-Based
Graham-Dodd ₹1,283 ₹5,776 ₹7,918 64
Lynch FV ₹1,506 ₹2,152 ₹2,798 61
Dividend Discount
Gordon GGM ₹474.42 ₹854.90 ₹1,177 68
DDM Multi-Stage ₹474.42 ₹780.92 ₹913.24 67
Multiples
P/E Multiple ₹1,839 ₹2,452 ₹3,065 63
P/B Multiple ₹1,288 ₹1,718 ₹2,147 55
Asset-Based
NCAV (Graham) ₹613.46 ₹822.03 ₹1,227 54
Growth DCF
Growth DCF ₹1,840 ₹2,880 ₹4,359 78
Rev-Margin DCF ₹1,256 ₹1,937 ₹2,810 72
Economic Profit
Residual Income ₹1,167 ₹1,438 ₹2,054 75

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Quality Score breakdown

Overall quality 72/100

Of which business quality 68 · Market factors (momentum, volatility) 35

Profitability 56
Margins and returns on capital today
Quality Growth 39
Are margins and returns improving?
Cashflow 82
Earnings quality: real cash, not paper profit
Fin. Strength 77
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 92
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 81
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. 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+20.6%
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.
+14.1%
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.
+15.0%
Start year 2021 (pandemic). Over 10 years: +5.8% a year
Revenue growth 24 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.
+13.7%
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.
+16.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.5%
Dividend (yield on the price)2.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.13.5% vs 9.3%, picking up
Profit margin 2021 to 2026 ⓘ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.24% → 31%
Start year 2021 (pandemic)

Growth Forecast

Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+15.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +11.3% a year for the price.

ICRA screens overvalued: fair value 42% 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 · 53 stocks

Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score 71 · Above median
Fair Value upside −42.0% · Below median
Profitability
Return on equity (TTM) 16.3% · Below median
Return on assets 8.4% · Above median
Net margin (TTM) 30.3% · Below median
Operating margin (TTM) 34.4% · Below median
Growth and dividend
Revenue growth 4.1% · Bottom 25%
Dividend yield (TTM) 2.5% · Above median

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

P/E (TTM) 22.4× · Cheaper than median
P/B 4.37× · Cheaper than median
P/S (TTM) 8.61× · Pricier than median
P/FCF 31.3× · Priciest 25%
EV/EBITDA 23.8× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)21 · sector 73
PAST (return on equity)65 · sector 78
HEALTH (low debt)100 · sector 96
DIVIDEND (yield)50 · sector 35

VALUE 0: the price sits above our fair-value range.

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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Deutsche Börse AG DB1 €284.80 €226.86 −20%
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MSCI Inc MSCI $539.76 $262.25 −51%
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Hithink RoyalFlush Information Network Co 300033 ¥204.10 ¥135.82 −33%

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Cite: Fair Value Calculator (2026). "ICRA Limited Fair Value". https://www.fairvalue-calculator.com/stock/ICRA

Frequently asked questions

Is ICRA Limited (ICRA) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of ₹2,455 versus a price of ₹4,232, about −42% upside (overvalued).
What is the fair value of ICRA?
Our model-based fair value for ICRA Limited is ₹2,455 (as of Sep 27, 2026), built from audited fundamentals. The current price: ₹4,232.
What is the quality score of ICRA?
ICRA Limited has a Quality Score of 72/100. 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 (ICRA)?
Our model-based price target is the fair value of ₹2,455 (as of Sep 27, 2026) from 13 valuation models. Cautious scenario ₹1,639, optimistic scenario ₹3,538. 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 ₹2,455, about −42% upside versus a price of ₹4,232 (overvalued). Cautious scenario ₹1,639, optimistic scenario ₹3,538. The calculation is refreshed regularly with new filings.
What is the revenue of ICRA Limited (ICRA)?
ICRA Limited reported trailing-twelve-month revenue of about ₹6.0B (latest available figure, as of Sep 27, 2026).
Does ICRA Limited pay a dividend?
ICRA Limited currently shows a dividend yield of about 2.48% relative to its recent price (as of Sep 27, 2026).
What growth is priced into ICRA Limited (ICRA)?
For today's price to be fair in a discounted-cash-flow model, ICRA Limited would have to grow free cash flow by +15.9 % per year for five years (discount rate 12.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.0 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of ICRA use?
Our models discount ICRA Limited at 12.4 %: a base by market capitalisation (small), damped by beta 0.20, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For ICRA Limited that is +15.9 % per year a year over ten years, using the same discount rate (12.4 %) and the same formula as our fair value.
How much growth has ICRA Limited (ICRA) delivered so far?
Over the past 5 years revenue at ICRA Limited grew +15.0 % a year. The price currently implies +15.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of ICRA Limited (ICRA) growing?
The median revenue growth in the sector is +9.1 % a year. That is the yardstick for the growth priced into ICRA Limited (+15.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of ICRA Limited (ICRA)?
The free-cash-flow yield on the price is 4.03 %: that much free cash flow ICRA Limited produces per unit of market value. When it exceeds the discount rate of our models (12.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of ICRA Limited (ICRA)?
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 ₹2,455 per share (as of Sep 27, 2026), against a price of ₹4,232. 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 27, 2026, ICRA trades above its calculated fair value: price ₹4,232, fair value ₹2,455, a gap of about −42% (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 ICRA?
No. The price is what the market pays today (₹4,232); the fair value is what the company's own numbers justify (₹2,455). For ICRA Limited the two are ₹1,777 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 ₹51.6B (market capitalisation, as of Sep 27, 2026). Per share that is ₹4,232; our models calculate a fair value of ₹2,455 per share.
What do the bullish and bearish scenarios say about ICRA?
Our models span a range for ICRA Limited: cautious scenario ₹1,639, base ₹2,455, optimistic ₹3,538 per share (as of Sep 27, 2026, price ₹4,232). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ICRA?
ICRA Limited trades at a price-to-earnings ratio of 22.4 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹2,455 is built from several models across several years. Other multiples: P/B 4.4, P/S 8.6, EV/EBITDA 23.8.
How solid is the balance sheet of ICRA Limited (ICRA)?
Balance-sheet figures for ICRA Limited (as of Sep 27, 2026): return on equity 16.3%. They feed the Quality Score of 72/100, which measures business quality independently of the share price.
How far is ICRA from its 52-week high?
ICRA Limited trades at ₹4,232, about 35% below its 52-week high of ₹6,531 and at the low of ₹4,232 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of ₹2,455 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 27, 2026: price ₹4,232, calculated fair value ₹2,455 (−42%), Quality Score 72/100, 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 ICRA 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 ₹2,455, 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 14.7 % 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 (ICRA)?
The closing price on Sep 30, 2026 was ₹4,232. Our model-based fair value is ₹2,455, about −42% 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 72/100), 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 (₹3,538). The favourable scenario is already priced in. A fairly wide model range (₹1,639 to ₹3,538) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of ICRA Limited (ICRA) come from?
Earnings per share at ICRA Limited grew +9.4 % a year from 2015 to 2026. Broken into its drivers: revenue per share +5.3 %, EBIT margin +1.3 %, tax rate +1.1 %, residual (interest, one-offs) +1.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of ICRA Limited

How large is the market capitalisation of ICRA Limited (ICRA)?
The market capitalisation of ICRA Limited is ₹51.6B (≈ $538M). 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 (ICRA)?
The price-to-sales ratio of ICRA Limited is 6.78 (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 (ICRA)?
Earnings per share at ICRA Limited are ₹188.36 (price ÷ EPS = P/E 22.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of ICRA Limited (ICRA)?
The dividend yield of ICRA Limited is 2.5% (payout 55.7%). 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 (ICRA)?
The net margin of ICRA Limited is 30.3% (fiscal year 2026). 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 (ICRA)?
The return on equity (ROE) of ICRA Limited is 16.3% (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 (ICRA)?
On an EBIT basis the return on assets of ICRA Limited is 12.8% (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 (ICRA)?
The operating margin of ICRA Limited is 34.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ICRA Limited (ICRA)?
Revenue at ICRA Limited is growing +4.1% versus a year earlier (3y avg +14.1%). 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 (ICRA)?
Earnings per share at ICRA Limited are growing +32.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does ICRA Limited (ICRA) hold?
ICRA Limited holds more cash than debt, ₹241M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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