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← CockpitCompetitor Analysis › ICRA.NS ICRA LimitedOpen in the cockpit ↗

ICRA LimitedICRA.NSCompetitor analysis, valuation and peers

India · INR·Financials›Financial Publishing/Services
Momentum weak 30
Mkt cap
$452M
US dollars, full cap
Free float
46%
of shares outstanding
$/day
$663,735
20-day average traded
Fwd P/E
19.6×
forward earnings
ROIC−WACC
n/a
WACC 12.8%
Hurdle
n/a
no reverse DCF
Next earnings
90 days
4 Feb 2027
Close · INR₹4,431
1D-1.6%
1W+3.0%
1M+2.0%
3M-14.4%
6M-18.1%
YTD-27.1%
1Y-32.0%
ATR %2.5%
Beta0.61
52w lowhigh32.8% off high

What ICRA does

Employees: 1,212

ICRA at a glance

Size ICRA (ICRA.NS) is an India Financials company (Financial Publishing/Services) with a market value of $452M, the 882nd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹4,431 on 6 Nov 2026.

Performance Over six months the shares fell 18.1%, against -5.2% for the median peer and 0.0% for the India market (cap-weighted) — 2nd lowest of 6 in its peer set.

Growth Revenue grew 31.2% over the last twelve months (peer median +3.9%); the operating margin is 30.4% (peer median 31.0%).

Valuation It trades at 19.6× forward earnings against a peer median of 17.7× (2nd most expensive of 5).

Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).

Relative performance

809010011 May 202611 Aug 20266 Nov 2026Peer median 95ICRA.NS 81
Six months, rebased to 100: ICRA against the median of its 5 peers (local-currency closes).

ICRA financials

Reported figures in INR; fiscal year ends 2026-03-31. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
Revenue₹6.80B₹6.00B₹4.98B₹4.46B₹4.03B
Revenue growth—+20%+12%+11%—
Gross profit₹2.06B₹2.59B₹2.19B₹1.91B₹1.84B
EBITDA₹2.48B₹2.19B₹1.81B₹1.52B₹1.46B
Net income₹2.00B₹1.82B₹1.70B₹1.51B₹1.35B
Free cash flown/a₹1.63B₹1.46B₹1.24B₹1.16B
Capital expendituren/a₹125M₹124M₹69.0M₹90.9M
Total debt₹143M₹184M₹131M₹127M₹130M

Quarterly statements and history in the cockpit →

ICRA competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

-20%-10%0%+10%0%+5%+10%ENENTOCARERATING034950030190TCUICRA.NS6-month return →1-month return →
Up and to the right = strong over both horizons. ICRA is the large dot.

Fundamentals: revenue growth against valuation

0%+10%+20%+30%15×20×ENENTOCARERATING030190TCUICRA.NSRevenue growth (TTM) →Forward P/E →
Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. ICRA is the large dot.

ICRA competitors and peer comparison

How ICRA compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

ICRA against its 5 peers (data as of 6 Nov 2026)
MeasureICRA.NSPeer medianRank in peer set
1-month return+2.0%-2.0%3rd highest of 6
6-month return-18.1%-5.2%2nd lowest of 6
Distance from 52-week high-32.8%-12.6%lowest of 6
Revenue growth (TTM)+31.2%+3.9%highest of 6
Operating margin30.4%31.0%3rd lowest of 6
Forward P/E19.6×17.7×2nd most expensive of 5

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthOp. marginForward P/EReq gDelivered g
ICRA ICRA.NSIndia$452M-18%+31%30%19.6×n/an/a
Enento ENENTO.HEFinland$438M+10%+4%24%17.3×n/an/a
CARE Ratings CARERATING.NSIndia$499M-5%+19%40%23.3×n/an/a
Korea Ratings 034950.KSSouth Korea$330M-5%+1%31%n/an/an/a
NICE Information Service 030190.KSSouth Korea$754M+17%+9%18%11.2×n/an/a
Credit Bureau Asia TCU.SISingapore$179M-20%+1%47%18.1×n/an/a

Questions

Which companies are ICRA's closest peers?
The cockpit's peer set: Enento (ENENTO.HE), CARE Ratings (CARERATING.NS), Korea Ratings (034950.KS), NICE Information Service (030190.KS), Credit Bureau Asia (TCU.SI).
Is ICRA expensive compared with its peers?
On forward p/e it trades at 19.6× against a peer median of 17.7×, 2nd most expensive of 5 in its peer set.
How has ICRA stock performed?
Over six months to 6 Nov 2026 the shares returned -18.1% against -5.2% for the median peer; over one year -32.0%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.