ICRA Limited (ICRA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+132.5%

₹10,127.90

vs ₹4,356.70 price

Levered DCF

₹7,648.02

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	26.52×	31.43×	34.58×	31.46×	36.27×	38.52×	21.45×	27.34×
P/B	4.08×	5.07×	5.35×	4.48×	4.83×	4.15×	2.94×	4.44×
P/S	8.03×	10.75×	11.71×	10.55×	11.98×	10.54×	6.57×	8.87×
EV / EBITDA	16.92×	20.85×	23.36×	22.11×	25.18×	25.37×	14.38×	17.98×
Gross margin	31.2%	49.2%	40.9%	48.5%	51.6%	47.2%	52.6%	53.7%
Operating margin	31.2%	32.5%	40.6%	33.1%	33.2%	24.4%	27.8%	34.8%
Net margin	30.3%	34.2%	33.9%	33.5%	33.0%	27.4%	30.6%	32.9%
Current ratio	3.8×	6.37×	4.32×	4.29×	3.77×	4.26×	6.26×	4.75×
Debt / equity	0.02×	0.01×	0.01×	0.01×	0.02×	0.02×	0.03×	0.03×
Interest coverage	42.2×	33.64×	17.4×	94.52×	72.3×	35.42×	42.72×	1,491.18×
Dividend yield	1.2%	1.8%	2.4%	0.7%	0.6%	0.8%	1.7%	1.0%
Payout ratio	32.4%	57.3%	83.6%	20.6%	23.6%	32.2%	36.4%	28.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	15.4%	16.1%	15.5%	14.2%	13.3%	10.8%	13.7%	16.4%
Return on invested capital	10.9%	10.5%	13.3%	10.4%	9.7%	6.9%	8.8%	12.0%
Return on assets	12.2%	13.1%	12.7%	12.3%	11.5%	9.1%	11.4%	13.7%
Free cash flow yield	3.4%	2.5%	1.9%	2.1%	2.3%	2.3%	0.8%	2.7%
Earnings yield	3.8%	3.2%	2.9%	3.2%	2.8%	2.6%	4.7%	3.7%
Enterprise value	₹47.9B	₹53.2B	₹52.3B	₹42.5B	₹40.7B	₹31.3B	₹20.7B	₹28.4B
Net debt / EBITDA	-0.09×	-0.09×	0.01×	0×	-0.05×	-0.09×	0.03×	-0.05×
Cash conversion cycle (days)	36	26	35	22	72	67	77	50