Quick Facts / Company Snapshot
- Official Name: ICRA Limited
- Establishment Year: 1991
- Headquarters: New Delhi, India
- Managing Director & Group CEO: Mr. Ramnath Krishnan
- Chairman: Mr. Palamadai Sundararajan Jayakumar
- Parent/Affiliate: Moody’s Investors Service (Indirect largest shareholder)
- Core Industry: Credit Rating, Research, and Analytics
- Total Consolidated Revenue (FY25): ₹498.02 Crore
- Revenue Growth (FY25): 11.6% YoY
- Profit After Tax (PAT) (FY25): ₹171.20 Crore
- PAT Growth (FY25): 12.5% YoY
- Earnings Per Share (EPS): ₹176.73
- Dividend Per Share: ₹60
- Total Employees: 1,365 (Group Strength)
- Female Workforce Participation: 33%
- Number of Ratings Outstanding: 2,631 Issuers
- Debt Rated: ₹94.79 Trillion
- Primary Business Segments: Ratings & Ancillary Services, Research & Analytics
- Key Subsidiary: ICRA Analytics Limited
- New Strategic Entry: ESG Ratings (via ICRA ESG Ratings Limited)
Company Overview
ICRA Limited is a leading independent and professional investment information and credit rating agency based in India. Established in 1991 by leading financial institutions, commercial banks, and financial services companies, it has evolved into a trusted knowledge powerhouse. The company operates through a strategic alliance with Moody’s Investors Service, which is the indirect largest shareholder. This affiliation allows ICRA to integrate global best practices with deep domestic market insights, enhancing its credibility and operational excellence.
The company’s primary mission is to provide independent, professional, and rigorous opinions on the credit quality of debt instruments and issuers. Beyond credit ratings, ICRA has diversified into a broad spectrum of analytics, research, and knowledge services. It serves as a critical bridge in the financial ecosystem, empowering investors, lenders, and businesses with precise intelligence to make informed financial decisions. ICRA’s offerings enhance the transparency and vibrancy of India’s financial markets by delivering reliable benchmarks and risk assessment frameworks.
ICRA operates with a vision to be the preferred partner in providing best-in-class and independent risk and investment analytics solutions. The organization is built on core values of integrity, independence, and analytical rigor. It maintains a significant national presence with offices in major commercial hubs including Gurugram, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Ahmedabad, and Pune. The company is also committed to sustainability, having recently ventured into ESG ratings to support responsible investment practices.
Business Segments
ICRA Limited operates through two primary business segments: Ratings & Ancillary Services and Research & Analytics. These segments collectively cover the entire spectrum of credit assessment, risk management, and market data services.
Ratings & Ancillary Services
- Revenue (FY25): ₹293.98 Crore
- Contribution to Total Revenue: 59%
This is the foundational segment of ICRA, contributing the majority of the group’s revenue. It focuses on assessing creditworthiness and providing independent opinions on debt obligations. This segment serves a wide array of clients including corporate entities, financial institutions, and infrastructure companies. The business benefits from a favorable regulatory environment and the growing need for transparency in capital markets.
The operational scope includes rating corporate debt, financial sector instruments, structured finance, infrastructure projects, insurance companies, and mutual fund schemes. It also covers public finance ratings and expected loss ratings. In FY25, this segment witnessed robust growth driven by the issuance of ratings for novel transactions such as revolving Pass Through Certificates (PTCs), commercial office REITs, and hybrid renewable energy projects. The segment is supported by rigorous methodologies and a deep understanding of the macroeconomic environment.
Research & Analytics
- Revenue (FY25): ₹204.04 Crore
- Contribution to Total Revenue: 41%
The Research & Analytics segment is the diversified growth engine of the company, catering to both domestic and global clients. It includes Knowledge Services, Market Data, and Risk Management Services. This segment is housed primarily under the subsidiary ICRA Analytics Limited and the newly acquired D2K Technologies.
This segment focuses on high-end research, data management, risk modelling, and consulting. It supports global financial institutions with investment research, risk analytics, and grading services. The Knowledge Services division provides support for global research and analytical services, while the Market Data division offers fixed income valuation and mutual fund analytics. The acquisition of D2K Technologies has further strengthened this segment by adding specialized software solutions for banking and financial institutions to the portfolio.
History and Evolution
ICRA’s journey spans over three decades, marked by strategic milestones that have cemented its position as a market leader.
- 1991: ICRA Limited was incorporated and launched its credit rating services, established by leading financial institutions and banks.
- 1999: Moody’s Investors Service acquired an initial stake in ICRA, marking the beginning of a significant strategic alliance.
- 2004: The company set up its Knowledge Services division to provide outsourced research and analytics support.
- 2007: ICRA was listed on the stock exchanges (BSE and NSE), enhancing its visibility and governance standards.
- 2014: Moody’s acquired a majority stake in ICRA, further deepening the integration of global standards into ICRA’s operations.
- 2019: The company consolidated its non-rating businesses under ICRA Analytics Limited to streamline operations and focus on diversified growth.
- 2023: ICRA acquired a majority stake in D2K Technologies India Pvt. Ltd., expanding its technological capabilities in risk management.
- 2024: The company forayed into the Environmental, Social, and Governance (ESG) space by launching ICRA ESG Ratings Limited and assigning its first ESG rating.
Products and Services
ICRA offers a comprehensive suite of products and services designed to meet the diverse needs of the financial sector.
Credit Ratings
- Revenue: Included under Ratings & Ancillary Services (Total Segment Revenue: ₹293.98 Crore)
- Revenue Share: Part of the 59% Ratings segment contribution.
ICRA provides credit ratings for a vast array of instruments including commercial paper, bonds, debentures, and bank loans. These ratings evaluate the credit risk associated with the issuer and the specific instrument. The scope covers Corporate Debt, Financial Sector Ratings, Structured Finance, Infrastructure Sector Ratings, and Public Finance. These ratings are essential for issuers to access capital markets and for investors to assess risk.
Knowledge Services
- Revenue: Included under Research & Analytics (Total Segment Revenue: ₹204.04 Crore)
- Revenue Share: Part of the 41% Analytics segment contribution.
This service line supports global financial institutions with high-end research and analytics. It includes data management, cash flow waterfall modelling, model validation, and credit risk analysis. The Knowledge Services team works closely with global clients to support their research requirements, business transformation, and analytical processes.
Market Data Services
- Revenue: Included under Research & Analytics.
- Revenue Share: Part of the 41% Analytics segment contribution.
This product line provides critical market data solutions. It encompasses Fixed Income Valuation (daily valuation of G-Secs, Corporate Bonds, SDLs, and CPs) and Mutual Fund Analytics. Products include MFI 360 tracker, treasury solutions, ranking 360, factsheets, and risk-o-meters. These tools assist asset managers and corporate treasuries in performance tracking and decision-making.
Risk Management Solutions
- Revenue: Included under Research & Analytics.
- Revenue Share: Part of the 41% Analytics segment contribution.
Strengthened by the acquisition of D2K Technologies, this service area offers software solutions for banks and financial institutions. Offerings include Early Warning Systems (EWS), Internal Rating Systems (IRS), and Expected Credit Loss (ECL) computation tools. These technology-driven products help clients meet regulatory compliance and manage credit risk effectively.
ESG Ratings
- Revenue: Newly launched, currently a small fraction of Ratings segment.
- Revenue Share: Emerging revenue stream.
Operated through ICRA ESG Ratings Limited, this service assigns ESG ratings to entities. It evaluates environmental, social, and governance practices to provide a transition score, core ESG rating, and combined score. This service caters to the growing demand for sustainable investment metrics.
Industry Research
- Revenue: Included under Ratings & Ancillary Services.
- Revenue Share: Part of the 59% Ratings segment contribution.
ICRA publishes in-depth research reports across 60+ sectors. These reports provide insights into industry trends, economic outlooks, and credit perspectives. They are utilized by banks, mutual funds, and corporate planners for strategic decision-making.
Brand Portfolio
The ICRA Group operates through several distinct brands that cater to specific market needs.
ICRA Ratings
- Revenue Segment: Ratings & Ancillary Services (₹293.98 Crore)
- Revenue Contribution: ~59%
The flagship brand representing the core credit rating business. It is synonymous with trust and analytical rigor in the Indian debt market. It covers the rating of INR-denominated debt instruments issued by Indian entities.
ICRA Analytics
- Revenue Segment: Research & Analytics (₹204.04 Crore)
- Revenue Contribution: ~41%
This brand encompasses the non-rating businesses including Knowledge Services and Market Data. It is positioned as a provider of high-quality analytics, data services, and research outsourcing for global and domestic clients.
D2K Technologies
- Revenue Segment: Research & Analytics (Consolidated under ICRA Analytics)
- Revenue Contribution: Part of the 41% Analytics segment.
A specialized brand focused on technology solutions for the banking and financial services sector. It is known for its proprietary software products like Early Warning Systems and regulatory reporting tools.
ICRA ESG Ratings
- Revenue Segment: Ratings & Ancillary Services (Emerging)
- Revenue Contribution: Minimal currently, high growth potential.
The newest brand in the portfolio, dedicated to providing ESG assessment and ratings. It operates as a distinct entity to ensure focus and compliance with SEBI regulations for ESG rating providers.
Geographical Presence
ICRA has a strong domestic footprint in India and a strategic international presence through its subsidiaries and service delivery models.
Domestic Presence (India)
- Revenue: ₹336.29 Crore
- Percentage of Total Revenue: 67.5%
India is the primary market for ICRA’s rating and domestic analytics services. The company maintains a network of offices across key commercial cities to ensure proximity to clients and issuers.
- Gurugram: Registered Office and Corporate Office.
- Mumbai: Key operational hub for financial sector ratings and large corporates.
- Kolkata: Significant operational center, especially for ICRA Analytics.
- Chennai, Bengaluru, Hyderabad: Key hubs serving the southern region’s industrial and IT sectors.
- Ahmedabad, Pune: Offices catering to the industrial belts in the west.
International Presence (Outside India)
- Revenue: ₹161.73 Crore
- Percentage of Total Revenue: 32.5%
The international revenue is primarily driven by the Knowledge Services division, which serves global clients (mainly Moody’s and its affiliates) from India. Additionally, ICRA has specific subsidiaries for regional operations.
- Nepal: Operations through ICRA Nepal Limited (Subsidiary).
- Sri Lanka: Operations through ICRA Lanka Limited (Currently under liquidation).
- Global Client Base: The Knowledge Services team in India supports clients in the USA, Europe, and Asia-Pacific.
Financial Performance Analysis
ICRA Limited demonstrated robust financial performance in FY25, characterized by double-digit growth in both revenue and profitability.
Consolidated Performance
The consolidated results reflect the combined strength of the ratings business and the diversified analytics portfolio.
- Total Revenue: The total consolidated revenue stood at ₹498.02 Crore in FY25, up from ₹446.11 Crore in FY24, registering a growth of 11.6%.
- Profitability: Profit After Tax (PAT) increased to ₹171.20 Crore in FY25 from ₹152.24 Crore in FY24, a growth of 12.5%.
- Margins: The PAT margin stood at a healthy 34.4% of operational revenue, indicating strong operational efficiency and pricing power.
Multi-Year Trend Analysis
- Revenue Growth: Revenue has shown a consistent upward trajectory, growing from ₹301 Crore in FY21 to ₹498 Crore in FY25.
- PAT Growth: Net profit has more than doubled over the last five years, rising from ₹83 Crore in FY21 to ₹171 Crore in FY25.
- EPS Growth: Earnings Per Share have followed the profit trend, increasing from ₹85 in FY21 to ₹177 in FY25.
Profit and Loss Analysis
The Statement of Profit and Loss for FY25 highlights strong operational leverage and cost management.
Consolidated Statement of Profit and Loss (FY25 vs FY24)
| Particulars | FY25 (₹ Crore) | FY24 (₹ Crore) |
| Revenue from Operations | 498.02 | 446.11 |
| Other Income | 77.41 | 74.97 |
| Total Income | 575.43 | 521.08 |
| Expenses | ||
| Employee Benefit Expenses | 261.13 | 240.36 |
| Finance Costs | 4.80 | 10.41 |
| Depreciation & Amortization | 16.39 | 13.46 |
| Other Expenses | 59.14 | 56.99 |
| Total Expenses | 341.46 | 321.22 |
| Profit Before Tax (PBT) | 233.97 | 199.86 |
| Tax Expense | 62.77 | 47.62 |
| Profit After Tax (PAT) | 171.20 | 152.24 |
Key Ratios & Insights:
- Operating Profit Margin: The company maintained strong operating margins, driven by the scalable nature of the ratings and analytics business.
- Expense Analysis: Employee benefit expenses constitute the largest cost component (approx. 45% of total income), reflecting the human-capital-intensive nature of the business.
- Other Income: Contributing significantly to PBT, other income includes returns from financial assets and treasury investments.
Balance Sheet Analysis
The balance sheet remains robust with zero debt (excluding lease liabilities) and a strong liquidity position.
Consolidated Balance Sheet (As at March 31, 2025)
| Particulars | Amount (₹ Crore) |
| ASSETS | |
| Non-Current Assets | 166.06 |
| Property, Plant & Equipment | 29.25 |
| Goodwill | 30.19 |
| Other Intangible Assets | 19.00 |
| Financial Assets (Investments, Loans, etc.) | 39.54 |
| Deferred Tax Assets (Net) | 2.37 |
| Current Assets | 1,128.12 |
| Financial Assets (Investments) | 771.50 |
| Trade Receivables | 47.59 |
| Cash & Cash Equivalents | 35.12 |
| Bank Balances (Fixed Deposits) | 246.40 |
| Other Current Assets | 21.66 |
| Total Assets | 1,294.17 |
| EQUITY AND LIABILITIES | |
| Equity | 1,057.65 |
| Equity Share Capital | 9.65 |
| Other Equity | 1,043.58 |
| Non-Controlling Interests | 4.42 |
| Non-Current Liabilities | 59.42 |
| Lease Liabilities | 7.61 |
| Deferred Tax Liabilities | 12.86 |
| Current Liabilities | 177.10 |
| Lease Liabilities | 4.37 |
| Trade Payables | 9.11 |
| Other Financial Liabilities | 64.66 |
| Provisions & Other Current Liabilities | 96.79 |
| Total Equity and Liabilities | 1,294.17 |
Key Insights:
- Liquidity: The company holds substantial cash and liquid investments (Investments + Cash + Bank Balances > ₹1,000 Crore), indicating a very strong liquidity position.
- Debt: The company has negligible borrowings (₹1.16 Crore), primarily related to subsidiary working capital, making it effectively debt-free.
- Net Worth: The net worth stands at ₹1,057.65 Crore, showing a healthy increase from the previous year.
Cash Flow Analysis
The company generates strong operating cash flows, allowing for consistent dividend payouts and strategic investments.
Consolidated Cash Flow Summary (FY25)
| Particulars | Amount (₹ Crore) |
| Net Cash Generated from Operating Activities | 144.89 |
| Net Cash Used in Investing Activities | (16.89) |
| Net Cash Used in Financing Activities | (103.13) |
| Net Increase in Cash and Cash Equivalents | 24.87 |
Key Insights:
- Operating Cash Flow: Strong generation of ₹144.89 Crore primarily from core business operations.
- Investing Activities: Outflows were mainly towards acquisition of property/equipment and net investments in fixed deposits/mutual funds.
- Financing Activities: The major outflow was dividend payments amounting to ₹97.46 Crore, reflecting the company’s commitment to returning value to shareholders.
Board of Directors and Leadership Team
ICRA is governed by a diverse and experienced Board of Directors, ensuring high standards of corporate governance.
Board of Directors
- Mr. Palamadai Sundararajan Jayakumar: Chairman, Independent Director. A veteran banker with extensive experience in the financial sector, formerly MD & CEO of Bank of Baroda.
- Mr. Ramnath Krishnan: Managing Director & Group CEO. Brings over 33 years of experience in banking and risk management across India and international markets.
- Mr. Pradip Kanakia: Independent Director. A seasoned finance professional with expertise in accounting, auditing, and strategy, formerly with Price Waterhouse and KPMG.
- Ms. Anuranjita Kumar: Independent Director. An HR leader with global experience at Citi and RBS, focused on talent strategy and diversity.
- Ms. Wendy Huay Huay Cheong: Non-Executive & Non-Independent Director. MD and Regional Head of Asia Pacific for Moody’s Ratings.
- Ms. Shivani Priya Mohini Kak: Non-Executive & Non-Independent Director. Managing Director and Head of Investor Relations Finance at Moody’s Corporation.
- Mr. Brian Joseph Cahill: Non-Executive & Non-Independent Director. Vice Chairman, Moody’s Ratings Asia Pacific.
- Mr. Stephen Arthur Long: Non-Executive & Non-Independent Director. Managing Director at Moody’s Ratings.
Senior Management Team
- Mr. Ramnath Krishnan: Managing Director & Group CEO.
- Mr. Venkatesh Viswanathan: Group Chief Financial Officer.
- Mr. Amit Kumar Gupta: General Counsel.
- Ms. Sheetal Sandhu: Group HR Head.
- Mr. K. Ravichandran: Executive Vice President & Chief Rating Officer.
- Mr. Anand Iyer: Group Chief Technology Officer.
- Mr. Jayanta Chatterjee: MD & CEO, ICRA Analytics Limited.
- Mr. L. Shivakumar: Executive VP & Chief Business Officer.
- Ms. Aditi Nayar: Chief Economist & Head – Research and Outreach.
Subsidiaries, Associates, Joint Ventures
ICRA has five direct subsidiaries and one step-down subsidiary, each contributing to the diversified service portfolio.
1. ICRA Analytics Limited
- Ownership: 100%
- Role: Provides Knowledge Services, Market Data, and Risk Management Solutions. It is the material unlisted subsidiary of the group.
- Revenue Contribution: Major contributor to the non-ratings revenue.
2. ICRA ESG Ratings Limited
- Ownership: 100%
- Role: Registered as a Category-I ESG Rating Provider with SEBI. Focused on assigning ESG ratings and scores.
- Status: Commenced operations in FY25.
3. D2K Technologies India Private Limited
- Ownership: Step-down subsidiary (held via ICRA Analytics).
- Role: Provides software solutions for banking and financial institutions, specializing in risk and regulatory reporting.
- Status: Acquired in FY24 to strengthen technological capabilities.
4. ICRA Nepal Limited
- Ownership: 51%
- Role: The first credit rating agency in Nepal, providing rating services in the local market.
5. ICRA Lanka Limited
- Ownership: 100%
- Status: Currently under liquidation.
Physical Properties
ICRA operates from leased office premises across key Indian cities. The company has adopted a hybrid work model, optimizing its physical footprint.
Office Locations:
- Registered Office: New Delhi (Statesman House).
- Corporate Office: Gurugram (DLF Cyber City).
- Mumbai: Two locations – Prabhadevi (Electric Mansion) and Navi Mumbai (Airoli).
- Kolkata: Esplanade (Siddha Esplanade).
- Chennai: Nandanam (Karumuttu Centre).
- Bengaluru: Murphy Road (The Millenia).
- Hyderabad: Madhapur (Gowra Fountain Head).
- Ahmedabad: Iscon-Ambli Road (Opulence Navratna).
- Pune: Shivajinagar (Symphony).
The company also owns certain office premises which are partly used for operations and partly leased out.
Segment-wise Performance
Ratings & Ancillary Services
- Revenue: ₹293.98 Crore (Up 14% YoY).
- Performance: This segment saw strong growth driven by the financial sector and infrastructure ratings. The company maintained a favorable Average Default Position (ADP), reinforcing investor trust.
- Operational Highlights: Rated novel transactions including revolving PTCs and hybrid renewable projects. Added several new large clients in FY25.
Research & Analytics
- Revenue: ₹204.04 Crore (Up 8% YoY).
- Performance: Growth was supported by the Market Data business and Risk Management Services (D2K). The Knowledge Services business saw muted growth due to the discontinuation of certain global ESG support services but is pivoting towards Gen-AI and automation.
- Operational Highlights: Secured mandates for implementing SEBI’s market abuse prevention guidelines. Entered the domestic Fixed Income Index space through a partnership with FTSE-Russell.
Founders
ICRA Limited was incorporated on January 16, 1991. It was set up by leading financial/investment institutions, commercial banks, and financial services companies as an independent and professional Investment Information and Credit Rating Agency. The founding consortium included prominent Indian financial institutions, reflecting the collaborative effort to establish a credible rating infrastructure in India.
Shareholding Pattern
As of March 31, 2025, the shareholding structure reflects strong promoter backing and institutional interest.
- Promoter & Promoter Group: 51.87%
- Moody’s Investment Company India Pvt Ltd: 31.66%
- Moody’s Singapore Pte Ltd: 20.20%
- Public Shareholding: 48.13%
- Mutual Funds: Includes holdings by Nippon Life India, SBI Infrastructure Fund, and others.
- Foreign Portfolio Investors: Significant holding by funds like Pari Washington India Master Fund.
- Retail Investors & Others: Balance held by individual shareholders and bodies corporate.
The majority stake held by Moody’s Corporation (via its subsidiaries) ensures global alignment and strategic stability.
Parent
Moody’s Corporation
- Relation: Ultimate Parent Company (Indirect largest shareholder).
- Role: Moody’s provides technical services to ICRA under a Technical Services Agreement.
- Profile: Moody’s is a global integrated risk assessment firm that empowers organizations to make better decisions. Its data, analytical solutions, and insights help decision-makers identify opportunities and manage the risks of doing business with others.
- Impact on ICRA: The alliance enhances ICRA’s brand value, provides access to global methodologies, and facilitates cross-border business opportunities, particularly in the Knowledge Services segment.
Investments and Capital Expenditure Plans
ICRA maintains a disciplined approach to capital allocation, focusing on technology upgrades and strategic acquisitions.
- Capex (FY25): The company incurred capital expenditure of ₹18.98 Crore.
- Key Investment Areas:
- Technology: Significant investment in upgrading IT infrastructure, digital transformation, and Gen-AI adoption to improve operational efficiency.
- Product Development: Investing in new platforms like ‘Infre360’ for infrastructure data and upgrading the Internal Rating System (IRS).
- Acquisitions: Strategic investments in inorganic growth, such as the acquisition of D2K Technologies and the definitive agreement to acquire Fintellix (announced post-FY25 reporting period).
- R&D: While not explicitly categorized as R&D capex, significant resources are deployed in developing analytical models and enhancing research capabilities.
Future Strategy
ICRA’s strategy is anchored in diversification, innovation, and market deepening.
1. Balanced Growth Strategy:
The management aims to achieve balanced expansion across both Ratings and Non-Rating (Analytics) businesses. While maintaining leadership in Ratings, the focus is on scaling the Risk & Analytics segment to reduce revenue cyclicality.
2. Expansion into Risk & Regulatory Tech:
Through acquisitions like D2K and Fintellix, ICRA is positioning itself as a comprehensive risk solutions provider. The strategy is to move beyond traditional knowledge services into high-impact areas like regulatory reporting and data-driven risk solutions.
3. Technology & Gen-AI:
A key strategic pillar is the adoption of Generative AI and automation. The company is re-engineering business processes to enhance efficiency and deliver cutting-edge insights. This includes the development of new data platforms and analytical tools.
4. ESG Leadership:
With the launch of ICRA ESG Ratings Limited, the company intends to be a leader in the sustainability space, helping issuers with transition pathways and investors with credible ESG scores.
5. Market Deepening:
In the Ratings business, the strategy is to deepen presence in specific corporate segments and continue dominance in the financial and infrastructure sectors.
Key Strengths
- Strong Brand Recall: ICRA is a household name in the Indian financial markets, synonymous with trust and credibility.
- Moody’s Association: The strategic alliance with Moody’s provides a competitive edge in terms of global best practices, brand equity, and access to global mandates.
- Diversified Revenue Mix: A healthy mix of ratings (59%) and non-ratings (41%) revenue insulates the company from market volatility associated with debt issuance volumes.
- Robust Financials: Zero debt, high profit margins (PAT margin ~34%), and strong cash flow generation capabilities.
- Deep Domain Expertise: Over three decades of experience with a large pool of specialized analysts covering 60+ sectors.
- Regulatory MOAT: As a SEBI-registered CRA and ESG Rating Provider, ICRA operates in a regulated oligopoly with high entry barriers.
Key Challenges and Risks
- Regulatory Risk: The business is highly regulated by SEBI and RBI. Any adverse changes in regulations regarding rating processes or fee structures can impact operations.
- Economic Sensitivity: The ratings business is directly linked to the health of the Indian economy and the volume of debt issuances. An economic slowdown or high-interest rate environment can dampen credit growth.
- Reputational Risk: The business depends entirely on credibility. Any failure to identify credit stress or a “rating failure” can severely damage the brand and market position.
- Technology Disruption: Rapid advancements in AI and analytics pose a risk if the company fails to adapt quickly. Competitors or fintechs could disrupt traditional analytical models.
- Client Concentration: The Knowledge Services business has a dependency on a single large global client (Moody’s) for a significant portion of its revenue.
- Talent Retention: Being a knowledge-based company, attracting and retaining top analytical talent is a constant challenge in a competitive market.
Conclusion and Strategic Outlook
ICRA Limited stands as a pillar of trust in the Indian financial ecosystem. Its FY25 performance underscores its resilience and ability to grow even amidst global uncertainties. By successfully balancing its core ratings business with a rapidly evolving analytics portfolio, ICRA has created a robust business model capable of sustained value creation.
The strategic pivot towards Risk and Regulatory Technology, evidenced by recent acquisitions, positions ICRA not just as a rating agency, but as a holistic risk solutions provider. With a debt-free balance sheet, strong parentage, and a clear vision for technology adoption, ICRA is well-equipped to navigate the future financial landscape. The company remains committed to its vision of being the preferred partner for independent risk and investment analytics, driving value for shareholders and stakeholders alike.
Official Site: https://www.icra.in
FAQ Section
1. What is the full form of ICRA?
ICRA Limited was formerly known as Investment Information and Credit Rating Agency of India Limited. It was set up in 1991.
2. Is ICRA an Indian company?
Yes, ICRA is an Indian public limited company listed on the BSE and NSE. However, its largest shareholder is Moody’s Corporation, a global credit rating agency.
3. What does ICRA do?
ICRA provides credit ratings for debt instruments, industry research, and risk analytics. Through its subsidiaries, it also offers knowledge services, market data, and software solutions for financial institutions.
4. Does ICRA provide ESG ratings?
Yes, ICRA’s subsidiary, ICRA ESG Ratings Limited, is a SEBI-registered Category-I ESG Rating Provider and assigns ESG ratings to entities.
5. Who is the owner of ICRA?
ICRA is a professionally managed company. Its largest shareholder is Moody’s Corporation (via subsidiaries), which holds a 51.87% promoter stake.
6. Where is ICRA headquartered?
ICRA’s registered office is in New Delhi, and its corporate office is located in Gurugram, Haryana.
7. What is ICRA Analytics?
ICRA Analytics Limited is a wholly-owned subsidiary of ICRA that focuses on Knowledge Services, Market Data, and Risk Management Solutions, catering to global and domestic clients.
Source: Content on FirmsWorld.com is based on publicly available corporate filings, regulatory disclosures, annual reports, SEC 10-K filings, investor relations materials, and, where applicable, direct communications with the company.
