Company Overview

ICRA Limited, a leading credit rating agency incorporated in 1991 and listed on BSE/NSE, reported its financial results for FY2025-26 alongside the publication of its 35th Annual Report. The company operates through subsidiaries in rating, research, analytics, data and software services with international presence in Nepal, South Africa, and the US.

Financial Performance

Consolidated Results:

  • Revenue from operations: ₹599.51 crore (20% YoY growth from ₹498.02 crore)
  • Profit Before Tax: ₹250.45 crore
  • Profit After Tax: ₹182.5 crore (11% YoY growth)
  • Basic EPS: ₹188.63, Diluted EPS: ₹188.32

Standalone Results:

  • Revenue from operations: ₹328.24 crore (14.5% YoY growth)
  • Profit After Tax: ₹126.71 crore (14.5% decline due to one-time Labour Code impact of ₹2.19 crore)

Dividend Declaration

The Board recommended a final dividend of ₹105 per share (including a special dividend of ₹35 per share) to commemorate the company's 35th anniversary, subject to shareholder approval at the AGM. This compares to ₹60 per share paid for FY2024-25. The record date is set for July 23, 2026, with payment scheduled not later than August 21, 2026.

Strategic Acquisition: Fintellix

On October 17, 2025, ICRA completed the acquisition of Fintellix India Private Limited for ₹249.06 crore, acquiring 98.75% stake in the Bengaluru-based regtech and risk solutions provider. The acquisition enhances ICRA's risk technology portfolio, adding regulatory reporting, credit risk, supervisory platforms, and data analytics capabilities. Goodwill of ₹135.72 crore was recognized on acquisition.

Business Segment Performance

  • Ratings & Ancillary Services: Revenue ₹334.35 crore (14% growth)
  • Research & Analytics: Revenue ₹263.86 crore (29% growth driven by Fintellix integration)

Credit Rating Performance

ICRA maintained strong credit rating metrics with 388 rating upgrades versus 124 downgrades, resulting in a credit ratio of 3.1x (improved from 2.0x in FY25). The default rate remained low at 0.4%, with average default position consistently above 90% over the last 5 years.

ESG Expansion

ICRA ESG Ratings Limited, registered as a Category-I ESG Rating Provider with SEBI, more than tripled its portfolio to 18 entities across cement, power, chemicals, data centers, and financial services. The company launched Second Party Opinion services for ESG debt issuances and frameworks.

Corporate Governance & Leadership

The Board comprises experienced directors including Mr. Palamadai Sundararajan Jayakumar (Non-Executive Chairman), Mr. Ramnath Krishnan (Managing Director & Group CEO), and independent directors. The company held 6 board meetings during FY2025-26 with full attendance. Key committees include Audit, Nomination and Remuneration, Stakeholders Relationship, and Risk Management.

CSR & Sustainability Initiatives

ICRA spent ₹172.89 lakhs on CSR initiatives focusing on education, women empowerment, skill development, and renewable energy. The company supported 3,100+ underprivileged students, 300+ children with special needs, 500 women through entrepreneurship programs, and installed solar grids benefiting 1,000+ students. Environmental metrics showed energy consumption of 36,89,272.8 MJ and GHG emissions of 728.94 tCO2e.

Regulatory Compliance & Legal Matters

The company noted one ongoing matter with SEBI involving a penalty of ₹1 crore which is under appeal. All other regulatory compliances were maintained with no material penalties paid to regulators. The company has a vigil mechanism with whistle-blower policy established.

Subsidiary Network

As of March 31, 2026, ICRA's subsidiary portfolio includes:

  • ICRA Analytics Limited (India)
  • ICRA ESG Ratings Limited (India)
  • D2K Technologies India Private Limited (India)
  • Fintellix India Private Limited (India)
  • Fintellix South Africa Proprietary Limited (South Africa)
  • Fintellix US LLC (USA)
  • ICRA Nepal Limited (Nepal)
  • ICRA Lanka Limited (Sri Lanka - under liquidation)

Operational Highlights

  • Reports published: 596 across sectors
  • Live ratings: 2,743 issuers with rated debt of ₹105 trillion
  • Financial statements analyzed: 48,000+ entities annually
  • Office locations: 11 in India, 3 international
  • Employee strength: 1,212 employees with 16.35% male and 18.75% female turnover

Future Outlook

ICRA projects GDP growth of ~6.2% for FY2027 and plans to focus on infrastructure and financial sectors for rating business expansion. The company will leverage Fintellix acquisition for enhanced risk solutions, grow ESG ratings portfolio, and expand international footprint through subsidiaries.

Important Dates

  • Annual General Meeting: July 30, 2026 via video conferencing
  • E-voting period: July 27-29, 2026 through NSDL
  • Record date for dividend: July 23, 2026
  • Dividend payment: Not later than August 21, 2026