ICRA Share Price

ICRA Limited (ICRA) is a premier independent and professional credit rating agency and investment information provider in India. The company offers a comprehensive suite of services including credit ratings, grading, industry research, management consulting, knowledge process outsourcing (KPO), and financial information products and services. The ICRA share price on the NSE and BSE is a reflection of how market participants respond to a performance and broader business developments within its industry. It captures the company’s sentiment of the investors based on financial results, operational updates, macroeconomic factors, and trends specific to sectors. Movements in the share price͏ reveal how the market evaluates the company’s current position and its future prospects, making ͏it a key indicator of market perception across various industries. 

Market sentiment around the ICRA stock price often mirrors shifts in debt market activity, credit demand from corporate and infrastructure sectors, and investor views on the financial services sector’s growth prospects. Factors such as the pace of rating mandate wins, competitive intensity from other credit rating agencies, regulatory changes from SEBI and RBI, and government policies on infrastructure financing influence near-term market valuation and medium-term earnings forecasts. All these factors must be closely monitored to have an idea about the ICRA stock price movements. 

ICRA live share price provides real-time information about the last price traded, bid price, ask price, and volume traded. These indicators represent trading activity and liquidity and the reaction of investors to corporate announcements, quarterly results, and sector news. Constant monitoring of ICRA live price helps observe short-term price fluctuations and understand how the stock is moving in relation to the broader market. 

Furthermore, monitoring the ICRA share price today helps investors understand real-time market sentiment, price volatility, and trading behaviour. It allows market participants to evaluate short-term performance, identify possible entry or exit points, and respond to news, quarterly results or sector trends that may affect the company’s valuation and overall investment outlook. 

ICRA Limited Company Fundamentals 

A. Company Background 

ICRA Limited was incorporated in 1991. The company’s registered office is located in New Delhi, Delhi. The company was originally incorporated as ‘Investment Information and Credit Rating Agency of India Limited’ on January 16, 1991 under the Companies Act, issued by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional Investment Information and Credit Rating Agency. The company obtained its certificate of commencement of business on March 15, 1991. The name of the company was changed to ICRA Limited by a special resolution passed in the AGM held on September 29, 1994 and it obtained a fresh certificate of incorporation consequent to change of name on February 3, 1995. ICRA’s primary activity involves providing credit ratings, investment information, and related advisory and consulting services. It initially focused on building a strong foothold in the credit rating segment before gradually expanding into research, consulting, KPO, and market services. The company rates rupee-denominated debt instruments issued by manufacturing companies, commercial banks, non-banking finance companies, financial institutions, public sector undertakings and municipalities. It also rates structured obligations and sector-specific debt obligations such as instruments issued by Power, Telecom and Infrastructure companies. Over the years, ICRA has significantly expanded its service portfolio and geographic footprint. It operates in a regulated environment, with operations governed by SEBI regulations. The company has consistently focused on enhancing its analytical capabilities to meet the growing demand for credit assessment and information services in India. ICRA currently employs 1,229 people. 

B. Product Lines 

• Credit ratings for rupee-denominated debt instruments issued by manufacturing companies, commercial banks, NBFCs, financial institutions, public sector undertakings, and municipalities 

• Credit ratings for structured obligations and sector-specific debt obligations issued by Power, Telecom and Infrastructure companies 

• Grading services including Corporate Governance Rating, Stakeholder Value and Governance Rating, Credit Risk Rating of Debt Mutual Funds, and Rating of Claims Paying Ability of Insurance Companies 

• Project Finance Rating and Line of Credit Rating for infrastructure and project financing 

• Industry research services and research publications across various sectors 

• Management consulting services including risk management, financial advisory, outsourcing, and policy advisory 

• Knowledge process outsourcing (KPO) services through specialized knowledge services 

• Financial information products and services including data feeds and market intelligence 

• Credit education and training programs in collaboration with Moody’s 

• Rating of small and medium scale enterprises under NSIC-ICRA scheme 

• Grading of construction and real estate entities 

C. Company Revenue Model 

• Primary revenue from the Rating, Research and Other Services segment, which generates over half of the company’s income 

• Revenue from Consulting Services segment providing management consulting including risk management, financial advisory, outsourcing, and policy advisory 

• Revenue from Knowledge Services segment offering KPO services to domestic and international clients 

• Revenue from Market Services segment providing financial information products, data feeds, and market intelligence solutions 

• Volume-driven revenue based on number of rating mandates, consulting projects, and subscription-based information services 

• Pricing determined by complexity of rating assignments, project scope, and regulatory frameworks 

• Revenue from both domestic Indian market and select international operations through subsidiaries 

• Expanding service portfolio and client base contributing to new revenue streams 

• Focus on increasing recurring revenue from subscription-based information and research services 

• Regulatory changes and economic cycles influencing revenue stability 

• Government policies on infrastructure financing and corporate bond market development influencing revenue stability 

D. Geographic Presence 

• Headquartered in New Delhi with registered office at B-710 Statesman House, 148 Barakhamba Road, New Delhi – 110001 

• Corporate office located in Gurugram, Haryana at Building No. 8, 2nd Floor, Tower A, DLF Cyber City, Phase II, Gurugram – 122002 

• Strong domestic market presence across India serving clients in manufacturing, banking, financial services, infrastructure, and municipal sectors 

• International presence through subsidiaries and technical collaborations including Moody’s Investors Service 

• Wholly-owned subsidiaries include ICRA Management Consulting Services Ltd (IMaCS), ICRA Techno Analytics Ltd (ICTEAS), and ICRA Online Ltd (ICRON) 

• Focus on expanding into new geographical areas through subsidiary operations and technical tie-ups in international markets 

• Operations primarily concentrated in northern India with service delivery capabilities across the country 

E. Key Milestones 

• 1991: Incorporated as Investment Information and Credit Rating Agency of India Limited on January 16, 1991; Launched credit rating service on September 1, 1991 

• 1993: Launched Investment Information Service and Research Publications 

• 1994: Name changed to ICRA Limited on September 29, 1994 

• 1995: Launched services of Credit Assessment for small and medium scale industries and Earning Prospects and Risk Analysis for Equity Investor 

• 1996: Signed agreement with Moody’s Risk Management Services to provide credit education, risk management software, credit research and consulting services 

• 1999: Moody’s India, an indirect subsidiary of Moody’s Corporation, invested in the company 

• 2001: Entered into technical services agreement with Credit Rating & Collection, Kuwait 

• 2004: Launched Outsourced Services Division 

• 2005: Entered MOU with National Small Industries Corporation Limited for NSIC-ICRA performance and credit rating scheme for small-scale enterprises 

• 2006: Acquired Computer Exchange Private Limited 

• 2007: Equity shares listed on BSE and NSE on April 13, 2007 

• 2025: ICRA acquires Fintellix in June 2025 

F. Industry Perspective 

ICRA Limited operates in the credit rating and financial information services industry, which is part of India’s broader financial services sector. Globally, the credit rating market continues to expand with the Asia-Pacific region being the fastest-growing market. In India, the credit rating industry is poised for substantial growth. According to industry reports, the global credit rating market is projected to grow at a CAGR of approximately 6-8% from 2025 to 2030. The Indian credit rating market is expected to grow at a CAGR of 12.27% from 2025 to 2030. The total number of credit rating entities in India stands at 7 SEBI-registered rating agencies as of 2025. The corporate bond market in India, which drives demand for credit ratings, grew by approximately 15% year-on-year in 2024-25, with outstanding corporate bonds reaching ₹45 lakh crore. The government’s National Infrastructure Pipeline (NIP) with projected capex of ₹111 lakh crore is expected to generate significant demand for credit ratings. The Indian debt market has seen increased issuance activity, with private placement of corporate bonds growing at a CAGR of 10-12% over the past five years. Demand is driven by increasing regulatory requirements for credit ratings under SEBI and RBI guidelines, growing infrastructure financing needs, rising corporate bond market issuance, and the government’s focus on deepening the corporate bond market. Key challenges include intense competition among rating agencies, regulatory changes affecting fee structures, and economic cycles impacting rating volumes. 

ICRA Limited Stock Market Presence: Listings & Index Representation 

ICRA is actively traded on India’s principal equity markets, with its shares listed on the National Stock Exchange of India (NSE) under the symbol ICRA and on the Bombay Stock Exchange (BSE) with the scrip code 532835. Its listing on both exchanges ensures that the ICRA share price is accessible to a wide investor base, encompassing both retail and institutional market participants. The company was listed on April 13, 2007 through a public offer. The company forms part of several benchmark indices that represent broad market segments. ICRA is included in indices such as Nifty Smallcap 100, BSE SmallCap, BSE AllCap, BSE Financial Services, and BSE MidSmallCap. Being represented in multiple indices enhances the visibility and liquidity of the ICRA share price, as index tracking funds and exchange traded strategies often adjust allocations in line with constituent revisions. It also allows investors to benchmark the company’s stock performance relative to broader market trends and peer groups, facilitating cross sectional comparisons within India’s financial services landscape. The inclusion of ICRA in these indices reflects its market capitalisation and trading depth, which are key factors market participants consider when evaluating long term investment prospects and the responsiveness of the ICRA share price to corporate and industry developments. The company’s ISIN code is INE725G01011 and face value is ₹10 per share. 

ICRA Limited Stock Performance and Share Price History 

The ICRA share price has exhibited significant volatility over the past decade, shaped by the company’s position as a leading credit rating agency in India and broader financial services industry cycles. The ICRA share price recorded a total return of approximately -6.4% over the last 1 year, underperforming the BSE Small Cap index’s -6.6% return over the same period, reflecting near-term headwinds including regulatory changes and competitive pressures. The ICRA share price delivered a 3-year total return of 8.7%, a 5-year total return of 16.2%, and a 10-year total return of 4.6%, demonstrating moderate long-term wealth creation. The ICRA share price reached a 52-week high of ₹7,130.00 and a 52-week low of ₹4,965.50, indicating a wide trading range and substantial price fluctuations. The ICRA share price recorded a strong rally in 2022, delivering a substantial positive annual return of 35.1%, while the subsequent period has seen the ICRA stock price moderate and correct from its peak levels. The ICRA share price has shown a 1-month return of approximately -0.9% and a 3-month return of -15.5% as of April 2026, indicating recent consolidation. 

The ICRA stock price has been particularly responsive to quarterly earnings releases and corporate announcements. When the company reported the acquisition of Fintellix in June 2025, the ICRA stock price showed a positive reaction. The ICRA stock price has shown a pattern of strong positive momentum in years when the company’s earnings exceeded expectations, while periods of earnings moderation or concerns over regulatory headwinds have contributed to consolidation in the ICRA stock price. Corporate developments, including strategic announcements such as the acquisition of Fintellix, the technical collaboration with Moody’s, and the company’s expansion into new service segments, have also influenced short-term fluctuations in the ICRA share price. The ICRA share price has shown a 1-year return of approximately -6.4% as of April 2026, reflecting the modest correction from its 2022 highs. The ICRA share price has shown a 10-year aggregate net profit of ₹1,121.73 crore, reflecting the company’s sustained profitability over the long term. The ICRA share price reached its 52-week high of ₹7,130.00 before declining to its 52-week low of ₹4,965.50, reflecting the volatility inherent in the financial services space. The ICRA share price has shown a year-to-date return of approximately -11.9% as of April 2026, indicating pressure in the current fiscal year. Comprehending these patterns in the ICRA share price is instrumental for investors seeking to contextualise long term performance trends vis à vis short term price dynamics, as the ICRA stock price movements illustrate how industry fundamentals, regulatory policy cycles, and investor expectations converge in market pricing. 

The ICRA share price has shown distinct seasonal patterns over the past decade. The best performing year historically was 2022 with a positive return of 35.1%, followed by 2023 with 24.7% and 2021 with 15.8%. Historically, the stock has shown positive annual returns in 6 out of the last 7 years. In terms of annual performance, the ICRA share price delivered returns of -3.5% in 2020, 15.8% in 2021, 35.1% in 2022, 24.7% in 2023, 14.1% in 2024, and -6.1% in 2025. The ICRA share price has demonstrated that the stock tends to perform better in periods of strong debt market activity and supportive regulatory policies, while underperforming during phases of market corrections and intense competition. The ICRA stock price has shown a 3-year total return of 8.7%, indicating modest wealth creation over this period. The ICRA stock price has shown a 5-year total return of 16.2%, reflecting the company’s ability to deliver positive returns across market cycles. The ICRA stock price has shown a 10-year total return of 4.6%, with the stock delivering a 10-year CAGR of approximately 0.45%. The ICRA stock price continues to trade at a significant discount from its 52-week high of ₹7,130.00, standing at around ₹5,300-5,400 levels as of April 2026. 

ICRA Limited Investor Relevance and Role in Portfolio 

ICRA holds a significant position for portfolio investors who seek exposure to India’s financial services sector with a focus on credit rating and information services. The company’s presence as a leading credit rating agency with technical collaboration from Moody’s aligns it with investment strategies that value debt market growth, infrastructure financing, and the government’s focus on corporate bond market deepening. The ICRA share price often mirrors how these themes resonate with investor portfolios, whereby both thematic and sector specific funds monitor rating mandate volumes, regulatory changes, and debt market activity when evaluating allocation decisions. 

Institutional stakeholders play a significant role in ICRA’s ownership profile. As of March 2026, Promoters hold 51.87% of the company. Mutual funds hold 19.84% of the company. Key mutual fund holders include SBI Funds Management Limited, Nippon Life India Asset Management Limited, and other domestic mutual funds. Foreign Institutional Investors (FIIs) hold 7.92% of the company, while Domestic Institutional Investors (DIIs) hold 4.67%. Retail and other shareholders hold 15.69% of the company. Key institutional holders include Moody’s India (an indirect subsidiary of Moody’s Corporation) as a promoter, along with other domestic financial institutions. These investors represent a blend of domestic and international perspectives that contribute to the stock’s market liquidity and visibility within broader investment frameworks. 

Based on data, ICRA exhibits varying levels of beta and volatility across different measurement periods. Based on data, the long-term beta (5-year) stands at approximately 0.09-0.63, indicating that the stock is generally less volatile than the broader market over an extended period. Based on data, the daily-one month beta shows low correlation, while the daily-three month beta indicates moderate sensitivity. Based on data, the weekly-one year beta shows lower-than-market sensitivity in short-term trading. Based on data, the weekly-two year beta shows low correlation, and the 2 week-two year range beta is also low. Based on data, the monthly-two year beta continues to show moderate correlation. Supporting statistics include mean values across different periods and standard deviations indicating low-to-moderate variability. The weekly volatility stands at approximately 3.32%, which is significantly lower than the broader market average. Overall, ICRA demonstrates a low volatility profile with beta values suggesting the stock tends to move with lower volatility compared to broader market direction over longer time frames. 

The ICRA share price has shown periods of heightened responsiveness to sector-specific news and quarterly earnings releases. The ICRA stock price’s beta reflects that the company’s established regulatory position and strong promoter backing may provide some stability, though the credit rating sector remains sensitive to regulatory changes and economic cycles. 

ICRA Limited Sectoral Relevance and Peer Positioning 

The sector relevance of ICRA is anchored in its role within the broader Indian credit rating and financial information services industry, where it competes with other SEBI-registered rating agencies. As part of this industry, the company’s strategic positioning connects credit ratings, grading, research, consulting, and market services to a diverse range of clients including manufacturing companies, commercial banks, NBFCs, financial institutions, public sector undertakings, and municipalities. Competitors in the credit rating segment include companies such as CRISIL Limited, CARE Ratings Limited, India Ratings and Research (Ind-Ra), Brickwork Ratings, and Acuité Ratings & Research. Firms with parallels in either service scale or regulatory approvals are often referenced when evaluating relative performance and operational positioning within the sector. 

In valuation terms, factors like the ICRA P/E ratio have shown variations over different periods. The mean historical PE Ratio of ICRA over the last ten years is 35.21. The current P/E ratio stands at approximately 27.28-28.46 across different sources, having changed 7.79% with respect to the historical average. Periods when investors perceived improvements in profitability or earnings sustainability have corresponded with expansion in valuation multiples, whereas phases of moderation in earnings momentum or industry cyclicality have seen valuation contraction. The ICRA P/E ratio has decreased in recent years from higher levels, reflecting the moderation in earnings growth expectations. 

Similarly, ICRA EPS has shown variation according to how operational performance aligns with industry demand cycles and cost structures. Structural gains from expansion into new service segments and subsidiary operations supported directional improvement in earnings per share during favourable conditions, while cyclical headwinds from regulatory changes and competitive pressures have moderated EPS momentum. ICRA earnings have shown a trajectory that responded to both volume growth and margin pressures over the analysed period. The diluted EPS has shown consistent growth, increasing from ₹66.77 in FY2015 to ₹176.73 in FY2025. Over a ten-year period, the company demonstrated consistent improvement in EPS, with average earnings per share growth of approximately 10-12% per year. The highest EPS growth rate was achieved in certain years, while the lowest was during periods of market disruption. 

ICRA market cap has fluctuated in line with investor perceptions of the company’s growth potential in a competitive and evolving credit rating market. Over years, the ICRA market cap has followed a pattern of growth followed by moderation. The market cap increased from approximately ₹3,220 crore in 2014 to ₹5,923 crore at its peak, representing a total increase of 83.90% and an annual compound growth rate of 5.91%. As of April 2026, the market cap stands at approximately ₹5,140-5,699 crore across different sources. This fluctuation mirrors the trend in the ICRA share price and the broader performance of the financial services sector relative to broader market indices. 

ICRA earnings over the past several years have been characterised by a period of consistent growth. Net income increased from ₹96.2 crore in FY2015 to ₹112.0 crore in FY2016, ₹134.0 crore in FY2017, ₹162.5 crore in FY2018, ₹151.5 crore in FY2019, ₹133.5 crore in FY2020, ₹122.5 crore in FY2021, ₹171.5 crore in FY2022, ₹201.5 crore in FY2023, ₹224.5 crore in FY2024, and ₹255.5 crore in FY2025. The company’s revenue grew from ₹321.09 crore in FY2015 to ₹301.06 crore in FY2016, ₹342.81 crore in FY2017, ₹403.23 crore in FY2018, ₹446.11 crore in FY2019, and further to ₹561 crore (TTM) in FY2025, representing a 5-year CAGR of approximately 10-12%. This recent earnings growth reflects the impact of strong debt market activity, new service segment additions, and improving operational efficiency. 

ICRA EPS has shown variation over the past decade. The diluted EPS stood at ₹66.77 in FY2015, ₹77.56 in FY2016, ₹89.95 in FY2017, ₹102.39 in FY2018, ₹115.64 in FY2019, ₹135.82 in FY2020, ₹146.52 in FY2021, ₹176.73 in FY2025. The EPS growth rate has shown significant variation, with the company delivering strong profit growth in most years. The highest EPS growth rate was achieved in certain years, while the lowest was during periods of margin pressure. 

The ICRA P/E ratio has shown fluctuations over the available period. At the end of recent fiscal years, the P/E ratio varied, with current levels at 27.28-28.46x across different sources, while the industry P/E stands at approximately 39.12x. The mean historical P/E ratio over the last ten years is 35.21. The current P/E ratio compared to the historical average reflects that investor expectations are adjusting to near-term earnings momentum. The ICRA share price has been influenced by these valuation metrics. The ICRA stock price continues to be evaluated in the context of its earnings potential and market position. 

Summary 

ICRA Limited is a premier credit rating agency listed on both the NSE and BSE, where the ICRA share price reflects debt market activity, regulatory changes, and economic cycles within the financial services sector. Its representation on stock exchanges supports market visibility, while investor interest is shaped by earnings trends, valuation narratives, and broader credit rating industry themes. Within the sector, the company’s competitive context and earnings dynamics provide key perspectives on its role in India’s credit rating market.