Upcoming Dividend • Jul 16
Upcoming dividend of ₹105 per share Eligible shareholders must have bought the stock before 23 July 2026. Payment date: 21 August 2026. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Indian dividend payers (1.4%). In line with average of industry peers (1.3%). Announcement • Jul 11
ICRA Limited to Report Q1, 2027 Results on Jul 30, 2026 ICRA Limited announced that they will report Q1, 2027 results on Jul 30, 2026 Reported Earnings • May 23
Full year 2026 earnings: EPS misses analyst expectations Full year 2026 results: EPS: ₹189 (up from ₹177 in FY 2025). Revenue: ₹6.75b (up 35% from FY 2025). Net income: ₹1.82b (up 6.8% from FY 2025). Profit margin: 27% (down from 34% in FY 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.9%. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Capital Markets industry in India. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Declared Dividend • May 23
Dividend increased to ₹105 Dividend of ₹105 is 75% higher than last year. Ex-date: 23rd July 2026 Payment date: 21st August 2026 Dividend yield will be 1.9%, which is higher than the industry average of 1.3%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 9.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 50% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 05
ICRA Limited to Report Q4, 2026 Results on May 21, 2026 ICRA Limited announced that they will report Q4, 2026 results on May 21, 2026 Reported Earnings • Jan 29
Third quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2026 results: EPS: ₹40.34 (down from ₹43.69 in 3Q 2025). Revenue: ₹1.79b (up 48% from 3Q 2025). Net income: ₹388.2m (down 7.6% from 3Q 2025). Profit margin: 22% (down from 35% in 3Q 2025). Revenue exceeded analyst estimates by 20%. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Capital Markets industry in India. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 12% per year. Announcement • Jan 09
ICRA Limited to Report Q3, 2026 Results on Jan 28, 2026 ICRA Limited announced that they will report Q3, 2026 results on Jan 28, 2026 Reported Earnings • Oct 29
Second quarter 2026 earnings: EPS and revenues miss analyst expectations Second quarter 2026 results: EPS: ₹49.68 (up from ₹38.18 in 2Q 2025). Revenue: ₹1.57b (up 25% from 2Q 2025). Net income: ₹478.1m (up 30% from 2Q 2025). Profit margin: 30% (up from 29% in 2Q 2025). Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 1.3%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Capital Markets industry in India. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 08
ICRA Limited to Report Q2, 2026 Results on Oct 28, 2025 ICRA Limited announced that they will report Q2, 2026 results at 9:08 AM, Indian Standard Time on Oct 28, 2025 Reported Earnings • Aug 01
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: ₹44.11 (up from ₹36.92 in 1Q 2025). Revenue: ₹1.49b (up 30% from 1Q 2025). Net income: ₹424.4m (up 20% from 1Q 2025). Profit margin: 28% (down from 31% in 1Q 2025). Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) also missed analyst estimates by 8.6%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Capital Markets industry in India. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 18
Upcoming dividend of ₹60.00 per share Eligible shareholders must have bought the stock before 25 July 2025. Payment date: 21 August 2025. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (1.1%). New Risk • Jul 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 34% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Announcement • Jul 11
ICRA Limited to Report Q1, 2026 Results on Jul 31, 2025 ICRA Limited announced that they will report Q1, 2026 results on Jul 31, 2025 Announcement • Jun 13
ICRA Limited (NSEI:ICRA) executed of a Share Purchase Agreement to acquire Fintellix India Private Limited for INR 2.2 billion. ICRA Limited (NSEI:ICRA) executed of a Share Purchase Agreement to acquire Fintellix India Private Limited for INR 2.2 billion on June 12, 2025. A cash consideration of INR 2.23 billion ($26 million) will be paid by ICRA Limited. As part of consideration, INR 2.23 billion is paid towards common equity of Fintellix India Private Limited. The Board of ICRA Limited has granted its approval for the acquisition of 100% shareholding in Fintellix India Private Limited. The shareholding ofICRA Limited in Fintellix, post the acquisition, would be 100% on a fully diluted basis. Accordingly, Fintellix would become a wholly owned subsidiary of ICRA Limited. The acquisition will additionally strengthen ICRA Group's portfolio of credit risk assessment and monitoring tools by adding risk reporting capabilities to its existing solutions.
For the period ending March 31, 2025, Fintellix India Private Limited reported total revenue of INR 761 million.
The Acquisition is subject to the terms of the Share Purchase Agreement and completion of customary conditions precedent. The acquisition is expected to be completed in less of the acquisition than three months. New Risk • Jun 04
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 0.9% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Price Target Changed • Jun 03
Price target increased by 12% to ₹7,243 Up from ₹6,477, the current price target is an average from 2 analysts. New target price is 9.8% above last closing price of ₹6,596. Stock is up 20% over the past year. The company is forecast to post earnings per share of ₹207 for next year compared to ₹177 last year. Declared Dividend • May 31
Dividend of ₹60.00 announced Shareholders will receive a dividend of ₹60.00. Ex-date: 25th July 2025 Payment date: 21st August 2025 Dividend yield will be 0.9%, which is lower than the industry average of 1.3%. Sustainability & Growth Dividend is covered by both earnings (25% earnings payout ratio) and cash flows (73% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 26% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 30
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: ₹177 (up from ₹157 in FY 2024). Revenue: ₹5.75b (up 29% from FY 2024). Net income: ₹1.70b (up 13% from FY 2024). Profit margin: 30% (down from 34% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Capital Markets industry in India. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 01
ICRA Limited to Report Q4, 2025 Results on May 29, 2025 ICRA Limited announced that they will report Q4, 2025 results on May 29, 2025 Price Target Changed • Feb 19
Price target decreased by 7.5% to ₹6,477 Down from ₹7,000, the current price target is an average from 2 analysts. New target price is 8.8% above last closing price of ₹5,954. Stock is up 2.3% over the past year. The company is forecast to post earnings per share of ₹175 for next year compared to ₹157 last year. Reported Earnings • Feb 11
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: ₹43.69 (up from ₹33.42 in 3Q 2024). Revenue: ₹1.21b (up 5.5% from 3Q 2024). Net income: ₹420.3m (up 31% from 3Q 2024). Profit margin: 35% (up from 28% in 3Q 2024). Revenue missed analyst estimates by 9.8%. Earnings per share (EPS) exceeded analyst estimates by 3.4%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Capital Markets industry in India. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 22
ICRA Limited to Report Q3, 2025 Results on Feb 10, 2025 ICRA Limited announced that they will report Q3, 2025 results on Feb 10, 2025 Announcement • Dec 04
ICRA Limited Announces Cessation of Radhika Vijay Haribhakti as Independent Director ICRA Limited announced that the second consecutive term of appointment of Ms. Radhika Vijay Haribhakti as an Independent Director ended on December 3, 2024. Consequently, Ms. Haribhakti ceased to be an Independent Director of the Company, effective December 4, 2024. Recent Insider Transactions • Oct 31
MD, Group CEO & Director recently sold ₹2.5m worth of stock On the 29th of October, Ramnath Krishnan sold around 364 shares on-market at roughly ₹7,000 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Ramnath's only on-market trade for the last 12 months. Price Target Changed • Oct 30
Price target increased by 18% to ₹7,000 Up from ₹5,943, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ₹7,079. Stock is up 28% over the past year. The company is forecast to post earnings per share of ₹177 for next year compared to ₹157 last year. Reported Earnings • Oct 28
Second quarter 2025 earnings released: EPS: ₹38.18 (vs ₹33.03 in 2Q 2024) Second quarter 2025 results: EPS: ₹38.18 (up from ₹33.03 in 2Q 2024). Revenue: ₹1.26b (up 20% from 2Q 2024). Net income: ₹367.2m (up 16% from 2Q 2024). Profit margin: 29% (down from 30% in 2Q 2024). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Capital Markets industry in India. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Oct 27
Price target increased by 7.6% to ₹6,343 Up from ₹5,894, the current price target is an average from 2 analysts. New target price is 8.2% below last closing price of ₹6,910. Stock is up 29% over the past year. The company is forecast to post earnings per share of ₹181 for next year compared to ₹157 last year. Announcement • Oct 09
ICRA Limited to Report Q2, 2025 Results on Oct 25, 2024 ICRA Limited announced that they will report Q2, 2025 results at 4:00 PM, Indian Standard Time on Oct 25, 2024 Announcement • Aug 02
ICRA Limited Announces Board Changes ICRA Limited announced resignation of Michael Foley as Non-Executive and Non-Independent Director with effective date of August 1, 2024. Further, as disclosed earlier, Mr. Brian Joseph Cahill has been appointed as Non-Executive and Non Independent Director of the Company, effective from August 1, 2024, as per the approval received from the members in the Annual General Meeting held on July 23, 2024. Board Change • Aug 01
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Independent Director Jaya Jayakumar was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jul 12
Upcoming dividend of ₹100.00 per share Eligible shareholders must have bought the stock before 19 July 2024. Payment date: 19 August 2024. Payout ratio is a comfortable 25% but the company is paying out more than the cash it is generating. Trailing yield: 1.7%. Within top quartile of Indian dividend payers (1.1%). Higher than average of industry peers (1.4%). Announcement • Jul 05
ICRA Limited to Report Q1, 2025 Results on Jul 23, 2024 ICRA Limited announced that they will report Q1, 2025 results on Jul 23, 2024 Reported Earnings • Jul 04
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: ₹157 (up from ₹141 in FY 2023). Revenue: ₹4.46b (up 11% from FY 2023). Net income: ₹1.51b (up 12% from FY 2023). Profit margin: 34% (in line with FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.9%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Capital Markets industry in India. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 19% per year. Reported Earnings • May 25
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: ₹157 (up from ₹141 in FY 2023). Revenue: ₹5.21b (up 29% from FY 2023). Net income: ₹1.51b (up 12% from FY 2023). Profit margin: 29% (down from 34% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.9%. Revenue is forecast to grow 2.8% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Capital Markets industry in India. Over the last 3 years on average, earnings per share has increased by 21% per year and the company’s share price has also increased by 21% per year. Declared Dividend • May 25
Dividend of ₹100.00 announced Shareholders will receive a dividend of ₹100.00. Ex-date: 19th July 2024 Payment date: 19th August 2024 Dividend yield will be 1.8%, which is higher than the industry average of 1.3%. Sustainability & Growth Dividend is well covered by both earnings (28% earnings payout ratio) and cash flows (38% cash payout ratio). The dividend has increased by an average of 5.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 27% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 25
ICRA Limited, Annual General Meeting, Jul 23, 2024 ICRA Limited, Annual General Meeting, Jul 23, 2024. Announcement • May 24
ICRA Limited Recommends Dividend for the Year Ended March 31, 2024, Payable Not Later Than August 19, 2024 The Board of Directors of ICRA Limited has recommended a dividend of INR 100 per equity share of the face value of INR 10 each. The dividend as recommended by the Board of Directors, if declared at the upcoming Annual General Meeting, will be paid/dividend warrants will be dispatched not later than August 19, 2024. Please be informed that the register of members and share transfer books of the Company shall remain closed from July 20, 2024 to July 22, 2024 (both days inclusive) for the purpose of determining the eligibility of members for payment of dividend for the financial year ended March 31, 2024. Accordingly, if the members approve the payment of dividend at the forthcoming AGM, the dividend shall be paid to all those members whose names appear in the register of members as on July 19, 2024 and to all those members whose names appear on that date as beneficial owners as per the details furnished by National Securities Depository Limited and Central Depository Services (India) Limited on the close of business hours on that date. Announcement • May 19
ICRA Limited to Report Q4, 2024 Results on May 23, 2024 ICRA Limited announced that they will report Q4, 2024 results on May 23, 2024 Announcement • May 09
ICRA Limited Announces Resignation of Michael Foley as Non-Executive and Non-Independent Director, Effective August 1, 2024 ICRA Limited informed that Mr. Michael Foley, has resigned as Non-Executive and Non-Independent Director of ICRA Limited (inclusive of membership in any and all Committees of the Board) with effective date of August 1, 2024, due to decision to retire. Announcement • May 05
ICRA Limited to Report Q4, 2024 Results on May 15, 2024 ICRA Limited announced that they will report Q4, 2024 results on May 15, 2024 Reported Earnings • Jan 24
Third quarter 2024 earnings released: EPS: ₹33.42 (vs ₹40.42 in 3Q 2023) Third quarter 2024 results: EPS: ₹33.42 (down from ₹40.42 in 3Q 2023). Revenue: ₹1.32b (up 28% from 3Q 2023). Net income: ₹321.5m (down 17% from 3Q 2023). Profit margin: 24% (down from 38% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Capital Markets industry in India. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Oct 25
Price target increased by 20% to ₹6,410 Up from ₹5,350, the current price target is provided by 1 analyst. New target price is 24% above last closing price of ₹5,169. Stock is up 25% over the past year. The company posted earnings per share of ₹141 last year. Reported Earnings • Oct 21
Second quarter 2024 earnings released: EPS: ₹33.03 (vs ₹38.19 in 2Q 2023) Second quarter 2024 results: EPS: ₹33.03 (down from ₹38.19 in 2Q 2023). Revenue: ₹1.21b (up 23% from 2Q 2023). Net income: ₹317.7m (down 14% from 2Q 2023). Profit margin: 26% (down from 37% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Capital Markets industry in India. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 28
ICRA Limited to Report Q2, 2024 Results on Oct 20, 2023 ICRA Limited announced that they will report Q2, 2024 results on Oct 20, 2023 Recent Insider Transactions • Aug 22
Senior Vice-President recently sold ₹3.0m worth of stock On the 18th of August, Jayanta Roy sold around 500 shares on-market at roughly ₹6,021 per share. This transaction amounted to 50% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹7.1m more than they bought in the last 12 months. Announcement • Aug 04
ICRA Limited Declares Dividend for the Financial Year Ended March 31, 2023 ICRA Limited at its 32nd Annual General Meeting held on August 3, 2023, declared dividend of INR 130 per share on the equity shares for the financial year ended March 31, 2023. Upcoming Dividend • Jul 21
Upcoming dividend of ₹130 per share at 0.7% yield Eligible shareholders must have bought the stock before 28 July 2023. Payment date: 25 August 2023. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (2.0%). Reported Earnings • Jul 13
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: ₹141 (up from ₹117 in FY 2022). Revenue: ₹4.03b (up 18% from FY 2022). Net income: ₹1.35b (up 20% from FY 2022). Profit margin: 34% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Capital Markets industry in India. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 12
ICRA Limited to Report Q1, 2024 Results on Aug 03, 2023 ICRA Limited announced that they will report Q1, 2024 results on Aug 03, 2023 Reported Earnings • May 26
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: ₹141 (up from ₹117 in FY 2022). Revenue: ₹4.53b (up 32% from FY 2022). Net income: ₹1.35b (up 20% from FY 2022). Profit margin: 30% (down from 33% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 6.7% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Capital Markets industry in India. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 14
Third quarter 2023 earnings released: EPS: ₹40.42 (vs ₹32.10 in 3Q 2022) Third quarter 2023 results: EPS: ₹40.42 (up from ₹32.10 in 3Q 2022). Revenue: ₹1.18b (up 36% from 3Q 2022). Net income: ₹388.8m (up 26% from 3Q 2022). Profit margin: 33% (down from 36% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Capital Markets industry in India. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 14% per year. Announcement • Jan 14
ICRA Limited to Report Q3, 2023 Results on Feb 13, 2023 ICRA Limited announced that they will report Q3, 2023 results on Feb 13, 2023 Announcement • Dec 06
ICRA Appoints Shubham Jain as Head of Group Strategy and Business Transformation ICRA announced the appointment of Shubham Jain as head of group strategy and business transformation. Jain will be responsible for scaling up the company's revenue streams through new business initiatives and implementing business transformation strategies to enhance efficiencies in its operations, the statement said. This is Jain's second stint at ICRA. Earlier, he had joined ICRA in 2006 as an analyst in Delhi and left as senior vice president and group head - corporate sector ratings in September 2021 to join Yubi (formerly CredAvenue). Price Target Changed • Nov 16
Price target increased to ₹4,472 Up from ₹4,159, the current price target is provided by 1 analyst. New target price is 9.6% above last closing price of ₹4,081. Stock is up 11% over the past year. The company is forecast to post earnings per share of ₹141 for next year compared to ₹117 last year. Recent Insider Transactions • Oct 30
Insider recently sold ₹4.1m worth of stock On the 25th of October, Rohit Gupta sold around 1k shares on-market at roughly ₹4,096 per share. This transaction amounted to 63% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹12m more than they bought in the last 12 months. Reported Earnings • Oct 21
Second quarter 2023 earnings released: EPS: ₹38.19 (vs ₹25.01 in 2Q 2022) Second quarter 2023 results: EPS: ₹38.19 (up from ₹25.01 in 2Q 2022). Revenue: ₹1.12b (up 35% from 2Q 2022). Net income: ₹367.3m (up 51% from 2Q 2022). Profit margin: 33% (up from 30% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Capital Markets industry in India. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 30
ICRA Limited to Report Q2, 2023 Results on Oct 20, 2022 ICRA Limited announced that they will report Q2, 2023 results on Oct 20, 2022 Announcement • Aug 05
ICRA Limited Approves to Declare Dividend on the Equity Shares for the Financial Year Ended March 31, 2022 ICRA Limited approved to declare dividend of INR 28 per share on the equity shares for the financial year ended March 31, 2022 at the Annual General Meeting held on August 4, 2022. Upcoming Dividend • Jul 21
Upcoming dividend of ₹28.00 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 19 August 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Indian dividend payers (1.8%). Lower than average of industry peers (2.4%). Announcement • Jul 19
ICRA Limited to Report Q1, 2023 Results on Aug 04, 2022 ICRA Limited announced that they will report Q1, 2023 results on Aug 04, 2022 Reported Earnings • Jul 13
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: ₹117 (up from ₹84.89 in FY 2021). Revenue: ₹3.43b (up 14% from FY 2021). Net income: ₹1.12b (up 38% from FY 2021). Profit margin: 33% (up from 27% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 12%, compared to a 4.4% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 6% per year. Announcement • Jul 07
ICRA Appoints Anand Iyer as Group Chief Technology Officer (Group CTO) ICRA appointed Mr. Anand Iyer as Group Chief Technology Officer (Group CTO), to accelerate its diverse technology-led growth vision. Mr. Iyer will be responsible for driving the Group level digital strategy for ICRA Limited and its subsidiaries, continuing to strengthen ICRA's technology capabilities and thought leadership, and contributing to the growth of the Group. Mr. Iyer has displayed exemplary leadership skills over his long career, holding multiple senior roles in various global organisations, leading large transformation projects, successfully managing large teams and building tech-enabled organisations. Mr. Iyer joins ICRA from D&B India where he was Sr. Director -Operations and Information Technology, since 2018, prior to which, he was the Chief Information Officer (CIO) with the National Commodity and Derivatives Exchange (NCDEX). Mr. Iyer is an MBA in Finance & Systems, from the Institute for Technology & Management (ITM), after completing a double graduation in Mathematics and Statistics from the Mumbai University. Mr. Anand Iyer brings over 24 years of rich experience in the financial services sector across banking, data, capital markets and real-time systems. Over the years, he has built his career as a technologist with deep exposure to areas like capital markets, anti-money laundering, cross-border payments and risk management. Price Target Changed • Jun 07
Price target increased to ₹4,472 Up from ₹4,159, the current price target is provided by 1 analyst. New target price is 14% above last closing price of ₹3,917. Stock is up 20% over the past year. The company is forecast to post earnings per share of ₹141 for next year compared to ₹117 last year. Board Change • Jun 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Additional Non-Independent Non-Executive Director Stephen Arthur Long was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • May 28
Senior Vice-President recently sold ₹1.2m worth of stock On the 25th of May, Jayanta Roy sold around 300 shares on-market at roughly ₹4,113 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹14m more than they bought in the last 12 months. Reported Earnings • May 15
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ₹117 (up from ₹84.89 in FY 2021). Revenue: ₹3.84b (up 27% from FY 2021). Net income: ₹1.12b (up 38% from FY 2021). Profit margin: 29% (up from 27% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to stay flat compared to a 5.7% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 13
ICRA Limited, Annual General Meeting, Aug 04, 2022 ICRA Limited, Annual General Meeting, Aug 04, 2022. Agenda: To recommend a dividend of for the financial year ended March 31, 2022. Announcement • May 10
ICRA Limited Announces Resignation of Min Ye as Non-Executive and Non-Independent Director Inclusive of Membership in Any and All Committees of Board of Directors, Effective May 13, 2022 ICRA Limited announced that Min Ye has resigned as Non-Executive and Non-Independent Director (inclusive of membership in any and all committees of the board of directors) of the company, effective May 13, 2022. Announcement • Apr 20
ICRA Limited to Report Q4, 2022 Results on May 12, 2022 ICRA Limited announced that they will report Q4, 2022 results on May 12, 2022 Announcement • Feb 16
ICRA Limited Announces the Resignation of David Brent Platt as Non-Executive and Non-Independent Director ICRA Limited announced that Mr. David Brent Platt has resigned as Non-Executive and Non-Independent Director (inclusive of membership in any and all committees of the Board of Directors), effective from February 18, 2022. Recent Insider Transactions • Jan 30
Insider recently sold ₹3.6m worth of stock On the 28th of January, Jayanta Chatterjee sold around 1k shares on-market at roughly ₹3,590 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹14m more than they bought in the last 12 months. Reported Earnings • Jan 27
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹32.10 (up from ₹25.15 in 3Q 2021). Revenue: ₹865.5m (up 12% from 3Q 2021). Net income: ₹308.8m (up 28% from 3Q 2021). Profit margin: 36% (up from 31% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 13%, compared to a 5.5% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Director Overboarding • Aug 11
Director Radhika Haribhakti has joined 5th company board Non-Executive Independent Director Radhika Haribhakti has been appointed to the board of Torrent Power Limited (NSEI:TORNTPOWER). Haribhakti now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Aug 11
Director Radhika Haribhakti has joined 5th company board Non-Executive Independent Director Radhika Haribhakti has been appointed to the board of Torrent Power Limited (NSEI:TORNTPOWER). Haribhakti now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Aug 11
Director Radhika Haribhakti has joined 5th company board Non-Executive Independent Director Radhika Haribhakti has been appointed to the board of Torrent Power Limited (NSEI:TORNTPOWER). Haribhakti now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Aug 11
Director Radhika Haribhakti has joined 5th company board Non-Executive Independent Director Radhika Haribhakti has been appointed to the board of Torrent Power Limited (NSEI:TORNTPOWER). Haribhakti now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Aug 11
Director Radhika Haribhakti has joined 5th company board Non-Executive Independent Director Radhika Haribhakti has been appointed to the board of Torrent Power Limited (NSEI:TORNTPOWER). Haribhakti now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Aug 11
Director Radhika Haribhakti has joined 5th company board Non-Executive Independent Director Radhika Haribhakti has been appointed to the board of Torrent Power Limited (NSEI:TORNTPOWER). Haribhakti now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Aug 11
Director Radhika Haribhakti has joined 5th company board Non-Executive Independent Director Radhika Haribhakti has been appointed to the board of Torrent Power Limited (NSEI:TORNTPOWER). Haribhakti now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Reported Earnings • Jul 30
First quarter 2022 earnings released: EPS ₹24.90 (vs ₹17.48 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹905.2m (up 30% from 1Q 2021). Net income: ₹239.5m (up 43% from 1Q 2021). Profit margin: 27% (up from 24% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 16
Upcoming dividend of ₹27.00 per share Eligible shareholders must have bought the stock before 22 July 2021. Payment date: 12 August 2021. Trailing yield: 0.8%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (1.5%). Reported Earnings • May 09
Full year 2021 earnings released: EPS ₹84.89 (vs ₹99.98 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: ₹3.44b (up 7.1% from FY 2020). Net income: ₹816.6m (down 15% from FY 2020). Profit margin: 24% (down from 30% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 5% per year. Announcement • May 08
ICRA Limited Recommends Dividend for the Financial Year Ended March 31, 2021 ICRA Limited recommended a dividend of INR 27 per equity share of the face value of INR 10 each for the financial year ended March 31, 2021. The dividend as recommended by the Board of Directors, if declared at the Thirtieth Annual General Meeting, will be paid/dividend warrants will be dispatched on or before August 12, 2021. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improved over the past week After last week's 23% share price gain to ₹3,349, the stock trades at a trailing P/E ratio of 34.3x. Average trailing P/E is 12x in the Capital Markets industry in India. Total loss to shareholders of 4.1% over the past three years. Recent Insider Transactions • Feb 13
Insider recently sold ₹1.4m worth of stock On the 9th of February, L. Shivakumar sold around 500 shares on-market at roughly ₹2,879 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Feb 06
Third quarter 2021 earnings released: EPS ₹25.15 (vs ₹23.08 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ₹773.5m (down 2.5% from 3Q 2020). Net income: ₹241.9m (up 9.0% from 3Q 2020). Profit margin: 31% (up from 28% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. 
