Let's break down ICRA Limited (ICRA) — from its financial performance to how the market is valuing the stock.
ICRA Revenue Trend
In FY2025, ICRA Limited posted revenue of ₹498 Cr, up 11.6% from ₹446 Cr a year earlier.
The 10-year revenue CAGR of 4.5% is on the lower side. ICRA Limited's top line moved from ₹322 Cr to ₹498 Cr, but real growth has been thin.
With a top line of ₹498 Cr, ICRA Limited operates at a smaller scale within the rating agencies sector.
Looking at the year-on-year numbers, ICRA Limited has seen 4 years of unbroken revenue growth.
| Year | Revenue | YoY % |
|---|---|---|
| FY2025 | ₹498 Cr | +11.6% |
| FY2024 | ₹446 Cr | +10.6% |
| FY2023 | ₹403 Cr | +17.6% |
| FY2022 | ₹343 Cr | +13.9% |
| FY2021 | ₹301 Cr | — |
View ICRA Limited's full 10-year revenue trend with CAGR analysis →
ICRA Profitability
Profitability strengthened with net income of ₹171 Cr in FY2025, 12.5% higher than FY2024.
The company maintained its net margin at 34.4% in FY2025, roughly in line with the prior year.
FY2025 diluted EPS of ₹176.50 was up from the ₹156.99 reported in FY2024.
Is ICRA Undervalued
ICRA Limited shares are currently trading at ₹4,774.50.
Craytheon calculates intrinsic value using the P/E Ratio, DCF, and EPS Growth models. All three appear in the Valuation Models cards below.
Valuation Models
ICRA Shareholding Pattern
Promoters haven't moved — their 51.9% holding has been unchanged for 4 quarters.
Foreign investors held 6.9% of the company as of June 2026, up year-over-year from 6.9%.
Domestic institutions moved their stake down to 24.3% from 26.2% over the past year.
| Quarter | Promoter | FII | DII | Public |
|---|---|---|---|---|
| Jun 2026 | 51.9% | 6.9% | 24.3% | 16.7% |
| Mar 2026 | 51.9% | 7.9% | 24.5% | 15.4% |
| Dec 2025 | 51.9% | 7.2% | 25.5% | 15.1% |
| Sep 2025 | 51.9% | 6.9% | 26.2% | 14.8% |
Track quarterly shareholding changes for ICRA Limited →
ICRA Balance Sheet
Proportional view as of 23 Jul 2026. Hover blocks for details.
Assets
Liabilities & Equity
Total assets stood at ₹12.94B at the end of FY2025, up 9.1% from ₹11.87B a year earlier.
Cash & ST Investments is the largest block at 62.3%, followed by Other Assets at 27.8% and Intangibles & Goodwill at 3.8%.
Equity makes up 81.7% of liabilities and equity, with debt at 1.0% and operating liabilities at 17.3%. Over the year, debt is up 3.6% and equity is up 7.8%.
Balance sheet composition — FY 2025
| Category | Value |
|---|---|
| Cash & ST Investments | 8.07B |
| Receivables | 475.95M |
| Property, Plant & Equipment | 292.46M |
| Investments | 12.54M |
| Intangibles & Goodwill | 491.93M |
| Other Assets | 3.60B |
| Category | Value |
|---|---|
| Equity | 10.58B |
| Short-term Debt | 48.97M |
| Long-term Debt | 82.39M |
| Trade Payables | 91.13M |
| Other Liabilities | 2.14B |
ICRA — The Bottom Line
Pulling it all together, here's what the numbers say about ICRA Limited (ICRA) heading into the next fiscal year.
Revenue of ₹498 Cr in FY2025, up 11.6% year-over-year.
Long-term revenue has been compounding at 4.5% annually over 10 years.
The company is profitable, with a net margin of 34.4% and net income of ₹171 Cr.
Unlock Full Analysis
For the complete 10-year financial history with interactive charts and growth analysis, explore ICRA Limited's detailed profile on Craytheon.