Date: July 3, 2026

Company Overview

ICRA Limited is a listed entity engaged in ratings, research and analytics services with registered office at B-710, Statesman House, 148, Barakhamba Road, New Delhi - 110001 and corporate office at Building No. 8, Tower A, 2nd Floor, DLF Cyber City, Phase II, Gurugram - 122002. The company reported consolidated financials for FY 2025-26 (April 1, 2025 to March 31, 2026).

Business Activities

Products/Services (90% of turnover):

  • Ratings & Ancillary services: 55.98% of turnover
  • Research & Analytics: 44.02% of turnover

Operational Presence:

  • 18 national offices across 36 states and union territories
  • 3 international offices (ICRA Nepal, Fintellix South Africa, Fintellix US)
  • Export contribution: 33.36% of total turnover

Workforce Details

Employee Strength (Consolidated - ICRA, IAL, ESG):

  • Total employees: 1,212
  • Permanent employees: 1,111 (760 male, 351 female)
  • Other than permanent: 101 (61 male, 40 female)
  • No workers employed
  • No differently abled employees on payroll

Board Representation:

  • Total directors: 8
  • Female directors: 3 (37.50% representation)

Key Management Personnel:

  • Total KMPs: 3
  • Female KMPs: 0

Turnover Rates (Permanent Employees):

  • FY 2025-26: Male 16.35%, Female 17.12%, Total 17.12%
  • FY 2024-25: Male 18.00%, Female 17.70%, Total 17.90%
  • FY 2023-24: Male 18.75%, Female 20.75%, Total 19.45%

Subsidiary Structure

Wholly-owned Subsidiaries:

  • ICRA Analytics Limited (100% holding)
  • ICRA ESG Ratings Limited (100% holding)

Other Subsidiaries:

  • Fintellix India Private Limited (98.75% holding)
  • ICRA Lanka Limited (100% holding, under liquidation)
  • ICRA Nepal Limited (51% holding)
  • D2K Technologies India Private Limited (60% through IAL)
  • Fintellix South Africa Proprietary Ltd (100% through Fintellix)
  • Fintellix US LLC (100% through Fintellix)

Financial Parameters

Standalone Basis (for CSR eligibility):

  • Turnover: ₹32,823.61 lakhs
  • Net worth: ₹88,744.07 lakhs

Consolidated Basis:

  • Paid-up capital: ₹965.12 lakhs
  • Accounts payable days: 56 days (FY 2025-26) vs 51 days (FY 2024-25)

Governance & Compliance

Policy Framework:

  • Comprehensive Code of Business Conduct covering all NGRBC principles
  • Anti-bribery and Anti-corruption Policy
  • Whistleblower Policy
  • Human Rights Policy
  • Environmental, Health & Safety Policy
  • Prevention of Sexual Harassment Policy

Certifications:

  • ISO 27001:2013 certification for IAL (Information Security)
  • ISO 9001 certification (Quality Management)
  • LEED Platinum-certified green infrastructure

Regulatory Compliance:

  • No material fines, penalties, or regulatory actions during FY 2025-26
  • No complaints regarding conflict of interest
  • No disciplinary actions for bribery/corruption

Material Business Risks

The company identified 7 material responsible business conduct issues:

1. Talent Management & Workforce Continuity (Risk & Opportunity)

2. Corporate Governance & Ethical Conduct (Risk & Opportunity)

3. Climate Change & Environmental Responsibility (Risk)

4. Information & Cyber Security (Risk)

5. Physical & Operational Resilience (Risk)

6. Technology & Innovation (Risk & Opportunity)

7. ESG as Strategic Opportunity (Opportunity)

Training & Awareness

FY 2025-26 Training Coverage:

  • Board of Directors: 7 programs, 100% coverage
  • Key Managerial Personnel: 11 programs, 100% coverage
  • Other employees: 32 programs, 97.02% coverage

Training Topics: Cybersecurity, Environmental Sustainability, Health & Safety, POSH, Code of Business Conduct, Anti-bribery, Digital Data Classification, Conflict of Interest

Environmental Performance

Energy Consumption (Non-renewable):

  • FY 2025-26: 36,89,272.8 MJ
  • FY 2024-25: 36,93,326.4 MJ
  • Energy intensity: 0.00112 MJ/₹ turnover

Water Management:

  • Total withdrawal: 96.55 kiloliters
  • Surface water: 41.24 kiloliters
  • Third-party water: 55.31 kiloliters
  • No groundwater or seawater usage

GHG Emissions:

  • Scope 1: 1.33 tCO2e
  • Scope 2: 727.61 tCO2e
  • Total intensity: 0.00000022 tCO2e/₹ turnover

Waste Management:

  • E-waste: 0.915 metric tonnes (safely disposed)
  • Battery waste: 3.261 metric tonnes
  • Total waste: 4.17 metric tonnes
  • No plastic, bio-medical, or hazardous waste generated

CSR Initiatives

CSR Focus Areas: Education, livelihoods, women empowerment, environmental sustainability

Aspirational District Projects (Nuh, Haryana):

  • Education sponsorship for 200 students at Deepalaya School since 2017
  • Project KIRAN: 12 kW solar power plant installation at school campus
  • Total spending: ₹41.52 lakhs

Beneficiary Statistics:

  • Women entrepreneurs supported: 500
  • Youth trained in skill development: 450
  • Youth placement rate: 76%
  • Students sponsored: 4,435
  • Trees planted: 200

Recognition: Received 10th ICSI CSR Excellence Award 2025 (Best Corporate - Small & Emerging Category)

Stakeholder Engagement

Grievance Redressal (FY 2025-26):

  • Investors: 3 complaints received, 1 pending resolution
  • Shareholders: 1 complaint received, 0 pending
  • Customers: 4 complaints received, 0 pending
  • Employees: 0 complaints received
  • Value chain partners: 0 complaints received

Stakeholder Groups: Employees, value chain partners, shareholders, investors, customers, communities/NGOs

Employee Well-being

Benefits Coverage (Permanent Employees):

  • Health insurance: 100% coverage
  • Accident insurance: 100% coverage
  • Maternity benefits: 31.59% coverage (female employees)
  • Paternity benefits: 68.41% coverage (male employees)
  • Day care facilities: 31.59% coverage (female employees)

Retirement Benefits:

  • Provident Fund: 100% coverage, duly deposited
  • Gratuity: 100% coverage, duly deposited
  • ESI: Not applicable

Return to Work after Parental Leave:

  • Return rate: 100%
  • Retention rate: 77.27%