Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep
Source: Bse
ICRA Limited (ICRA)
Small CapFinancial Services stocks · Small cap · NSE
ICRA Limited operates in Ratings, within the Financial Services sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result30 Jul, 07:09 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
40NeutralSMA20 -8.2% / mo · MACD + · near 52W low
Stock trend: 37
Sector RS: 45
Sector 3M: -5.7% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ICRAD candles · FIT view-18.3%Latest close ₹4484.70 on 2026-10-21
Bar
-0.1%
RSI
47
MACD hist
34.55
52W pos
12%
2026-10-21O ₹4491.30H ₹4525.80L ₹4408.00C ₹4484.70Vol 9,289 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ICRANifty Financial ServicesNifty 500
- ICRA
- -13.1%
- Nifty 500
- -6.5%
- Nifty Financial Services
- -6.9%
- Vs Nifty 500
- -6.6 pp
Chart stats
21 Oct 2026- From 52W high
- -32.3%
- 52W range position
- 12%
- ATR (14)
- 2.5%
- Volume vs 20D
- 0.38x
- Avg traded value
- ₹10.4 Cr
- 20D price channel
- ₹4,198.2 - ₹4,625
₹6,620
₹4,198.2 - ₹6,620
₹109.9
Latest completed session
20-session average
21.9% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE55
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent75
Revenue +31.4% · PAT +30.2% YoY
Technical
Neutral40
Price trend and sector-relative-strength timing.
Valuation
Legacy model+13.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence81
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 75/100Rev +31% YoY · PAT +30% YoY · margin expansion
Filed 30 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹163 Cr | +31.4% | -6.9% |
| EBITDA | ₹55 Cr | +37.5% | -21.4% |
| Operating margin | 34.0% | +200 bps | -600 bps |
| PAT | ₹56 Cr | +30.2% | +5.7% |
| PAT margin | 34.4% | -32 bps | +407 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 21.10
- P/B
- 3.51
- EV/EBITDA
- 15.72
- Market Cap
- 4148.00Cr
Profitability
- ROE
- 16.70%
- ROCE
- 23.00%
- ROA
- 13.23%
- Dividend Y
- 1.63%
Growth (CAGR)
- Revenue 5Y
- 15.00%
- EPS 5Y
- 18.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- 11.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 76.67×
- Altman Z
- 8.34
- Book Value
- 1223.00
Cash Flow
- FCF Yield
- 1.49%
- FCF Positive Y
- 12/5
- OCF
- 157.00 Cr
- EPS TTM
- 202.30
Shareholding
- Promoter Hold
- 51.86%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 4%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 163-6.9% vs prev
Net Profit
₹ CrLatest: 56.0+5.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 47.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~8.9% over last month) — short-term momentum negative.
- RSI(14) at 47 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 32% off 52W high · 7% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
28
RS percentile
Stage 4 Downtrend
1M return
-1.3%
3M return
-13.1%
6M return
-16.5%
1Y return
-31.3%
RS 1D
+1
RS 20D
+10
Sector rank
#10
Industry rank
-
Stage evidence
- Price is 11.4% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.7%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 72.87+0.79%
RS vs Nifty 50073
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation5/30
Growth15/25
Quality13/20
Balance Sheet11/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
55
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
55/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 13.1%.
- Balance sheet contributes 11/15 to the score.
Main drags
- Valuation is weaker at 5/30; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
- Growth is weaker at 15/25; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
21.1
PB
3.5
EV/EBITDA
15.7
ROE
16.7%
ROCE
23.0%
FCF Yield
1.5%
Debt/Equity
0.0
MoS
+13.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
55
Previous: 55
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+13.1%
Previous: +12.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
55
55
55
55
55
55
55
55
55
55
55
55
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹2,359.4
-90.1% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹5,158.65
+13.1% MoS
PEG
1.39
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
CARERATING
Small
CARE Ratings Limited
Ratings
match 88
51
27.2
19.7%
-7%
FAIR VALUE
CRISIL
Large
CRISIL Limited
Ratings
match 70
53
37.1
24.5%
-47%
FAIR VALUE
AYE
Small
Aye Finance Limited
NBFC
match 22
39
16.9
9.2%
+47%
WATCHLIST
ARSSBL
Small
Anand Rathi Share and Stock Brokers Limited
Broking
match 21
46
19.8
14.0%
+17%
FAIR VALUE
ASHIKAG
Small
Ashika Global Securities Limited
NBFC
match 19
28
38.4
5.6%
-81%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer presentation review pending
ICRA Limited operates in Ratings, within the Financial Services sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
81Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 94th percentile within Financial Services. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
113 docs text-extracted · 14 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
93rd percentile
overall median 67 · Financial Services: 94th pctile, median 62 · Small: 95th pctile, median 66
Evidence depth
Financial-only
113 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
82
strong · capital discipline
Results
67
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.3%.
- ▸12 years of positive FCF.
- ▸Debt/equity is 0.02.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching ICRA Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 27 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 20 Aug - Notice to the shareholders regarding a special window for transfer and dematerialisation of physical securities
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 31 Jul
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.