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ICRA Limited Earnings Release 2026
62082_rns_2026-05-21_663aa145-5de7-4d45-9b5c-147297fd0dcd.pdf
Earnings Release
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ICRA
ICRA Limited
May 21, 2026
BSE Limited
Phiroze Jeejeebhoy Towers
Dalal Street
Mumbai 400 001, India
Serip Code: 532835
National Stock Exchange of India Limited
Exchange Plaza,
Plot no: C/1, G Block
Bandra-Kurla Complex
Bandra (East)
Mumbai - 400 051, India
Symbol: ICRA
Dear Sir/Madam,
Sub: - Outcome of the Board Meeting dated May 21, 2026; commenced at 2:30 pm and concluded at 4:45pm
I. Audited Financial Results
Pursuant to Regulations 30, 33 and any other applicable regulations of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), as amended, please find enclosed the Audited Financial Results (Standalone & Consolidated) of ICRA Limited (the "Company") for the fourth quarter and year ended March 31, 2026, reviewed by the Audit Committee, and approved by the Board of Directors of the Company in its meeting held today.
Please also find enclosed Audit Reports submitted by M/s. Deloitte Haskins & Sells, Chartered Accountants, (Firm Registration No. 117365W), the Statutory Auditors of the Company.
Please also find attached a declaration pursuant to Regulation 33(3)(d) of the Listing Regulations.
II. Dividend
Pursuant to Regulation 30 and other applicable provisions of the Listing Regulations, please be informed that the Board of Directors has recommended a final dividend of Rs. 105 per equity share (face value Rs. 10 each) for the financial year ended March 31, 2026, including a special dividend of Rs. 35 per equity share to commemorate the Company's 35th year of operations. The dividend as recommended by the Board of Directors, if declared at the ensuing Annual General Meeting, will be paid on or before August 21, 2026.
SYED
SHAKEB
RAHMAN
Payable signed
by SYED SHAKEB
KSHBANI
Date: 2026.05.21
17:07:52 +02:02
Electric Mansion, 3rd Floor
Appasaheb Marathe Marg
Prabhadevi, Mumbai-400025
Tel.: +91.22.61693300
CIN: L74999DL1991PLC042749
Website: www.icra.in
Email: [email protected]
Helpdesk: +91.9354738909
Registered Office: B - 710, Statesman House, 148, Barakhamba Road, New Delhi - 110001. Tel.: +91.11.23357940-41
RATING • RESEARCH • INFORMATION
163997
ICRA
III. Annual General Meeting
Please be informed that the Thirty-Fifth Annual General Meeting ("35th AGM") of the Company has been scheduled for July 30, 2026, through Video Conferencing ("VC")/Other Audio Visual Means ("OAVM"). Annual Report and Notice of the 35th AGM shall be sent in due course.
IV. Record Date
The record date for the purpose of the Annual General Meeting and payment of dividend is July 23, 2026.
The above information shall also be made available on Company's website https://www.icra.in/
Kindly take the above on record.
Regards,
Sincerely,
SYED
SHAKEB
RAHMAN
Digitally signed by
SYED SHAKEB
Date: 2026.05.21
17:08:03 +03'30'
(S. Shakeb Rahman)
Company Secretary & Compliance Officer
Encl.: As above
Deloitte Haskins & Sells
Chartered Accountants
19th Floor, Shapath - V
5 G Highway
Ahmedabad - 380 015
Gujarat, India
Tel: +91 79 6682 7300
Fax: +91 79 6682 7400
INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL CONSOLIDATED FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS
TO THE BOARD OF DIRECTORS OF ICRA LIMITED
Opinion and Conclusion
We have (a) audited the Consolidated Financial Results for the year ended March 31, 2026 and (b) reviewed the Consolidated Financial Results for the quarter ended March 31, 2026 (refer ‘Other Matters’ section below), which were subject to limited review by us, both included in the accompanying “Statement of Consolidated Financial Results for the Quarter and Year Ended March 31, 2026” of ICRA LIMITED (the “Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as the “Group”), (the “Statement”), being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “LODR Regulations”).
(a) Opinion on Annual Consolidated Financial Results
In our opinion and to the best of our information and according to the explanations given to us, the Consolidated Financial Results for the year ended March 31, 2026:
(i) includes the financial results of the following entities:
| S.No. | Name of the Entity |
|---|---|
| Parent Company | |
| 1. | ICRA Limited |
| Subsidiaries / Step Down Subsidiaries | |
| 1. | ICRA Analytics Limited |
| 2. | ICRA ESG Ratings Limited (formerly known as Pragati Development Consulting Services Limited) |
| 3. | D2K Technologies India Private Limited |
| 4. | ICRA Employees Welfare Trust |
| 5. | ICRA Nepal Limited |
| 6. | ICRA Lanka Limited |
| 7. | Fintellix India Private Limited |
| 8. | Fintellix South Africa Proprietary Ltd |
| 9. | Fintellix US LLC |
(ii) are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
(iii) gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India of the consolidated net profit and consolidated other comprehensive loss and other financial information of the Group for the year ended March 31, 2026.
(b) Conclusion on Unaudited Consolidated Financial Results for the quarter ended March 31, 2026
With respect to the Consolidated Financial Results for the quarter ended March 31, 2026, based on our review conducted and procedures performed as stated in paragraph (b) of Auditor’s Responsibilities section below, nothing has come to our attention that causes us to believe that the Consolidated Financial Results for the quarter ended March 31, 2026, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
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Deloitte Haskins & Sells
Basis for Opinion on the Audited Consolidated Financial Results for the year ended March 31, 2026
We conducted our audit in accordance with the Standards on Auditing ("SA"s) specified under Section 143(10) of the Companies Act, 2013 (the "Act"). Our responsibilities under those Standards are further described in paragraph (a) of Auditor's Responsibilities section below. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (the "ICAI") together with the ethical requirements that are relevant to our audit of the Consolidated Financial Results for the year ended March 31, 2026 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.
Management's and Board of Directors' Responsibilities for the Statement
This Statement, which includes the Consolidated Financial Results is the responsibility of the Holding Company's Board of Directors and has been approved by them for the issuance. The Consolidated Financial Results for the year ended March 31, 2026, has been compiled from the related audited consolidated financial statements. This responsibility includes the preparation and presentation of the Consolidated Financial Results for the quarter and year ended March 31, 2026 that give a true and fair view of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the LODR Regulations.
The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of this Consolidated Financial Results by the Directors of the Holding Company, as aforesaid.
In preparing the Consolidated Financial Results, the respective Board of Directors of the entities included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the entities included in the Group are responsible for overseeing the financial reporting process of the Group.
Auditor's Responsibilities
(a) Audit of the Consolidated Financial Results for the year ended March 31, 2026
Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results for the year ended March 31, 2026 as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Consolidated Financial Results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the Annual Consolidated Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Page 2 of 4
Deloitte Haskins & Sells
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
- Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the LODR Regulations.
- Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Consolidated Financial Results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the Annual Consolidated Financial Results, including the disclosures, and whether the Annual Consolidated Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Results, entities within the Group to express an opinion on the Annual Consolidated Financial Results.
Materiality is the magnitude of misstatements in the Annual Consolidated Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Consolidated Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Annual Consolidated Financial Results.
We communicate with those charged with governance of the Holding Company and such other entities included in the Consolidated Financial Results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
(b) Review of the Consolidated Financial Results for the quarter ended March 31, 2026
We conducted our review of the Consolidated Financial Results for the quarter ended March 31, 2026 in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the ICAI. A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with SAs specified under section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
The Statement includes the results of the entities as listed under paragraph (a)(i) of Opinion and Conclusion section above.
Other Matters
- The Statement includes the results for the quarter ended March 31, 2026 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us. Our report is not modified in respect of this matter.
Page 3 of 4
Deloitte Haskins & Sells
- We did not audit the financial statements of one subsidiary included in the consolidated financial results, whose financial statements reflects total assets of Rs. 404.77 lakhs as at March 31, 2026 and total revenues of Rs. 42.22 lakhs and Rs. 77.69 lakhs for the quarter and year ended March 31, 2026 respectively, total net loss after tax of Rs. 1.01 lakhs and Rs. 7.84 lakhs for the quarter and year ended March 31, 2026 respectively and other comprehensive income of Rs. 5.89 lakhs and Rs. 23.18 lakhs for the quarter and year ended March 31, 2026 respectively and net cash inflow of Rs. 11.25 lakhs for the year ended March 31, 2026, as considered in the Statement. These financial statements have been audited by other auditor whose report has been furnished to us by the management and our opinion and conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on the reports of the other auditor. In our opinion and according to the information and explanations given to us by the Management, these financial statements are not material to the Group.
Our report on the Statement is not modified in respect of the above matter with respect to our reliance on the work done and the reports of the other auditor.
- The consolidated financial results includes the unaudited financial statements of three subsidiaries, whose financial statements reflect total assets of Rs. 1,628.15 lakhs as at March 31, 2026 and total revenues of Rs. 176.94 lakhs and Rs. 717.25 lakhs for the quarter and year ended March 31, 2026 respectively, total profit after tax (net) of Rs. 46.27 lakhs and Rs. 204.65 lakhs for the quarter and year ended March 31, 2026 respectively and other comprehensive loss (net) of Rs. 0.11 lakhs and Rs. 0.45 lakhs for the quarter and year ended March 31, 2026 respectively and net cash inflows of Rs. 56.83 lakhs for the year ended March 31, 2026, as considered in the Statement. These financial statements are unaudited and have been furnished to us by the Management and our opinion and conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on such unaudited financial statements. In our opinion and according to the information and explanations given to us by the Management, these financial statements are not material to the Group.
Our report on the Statement is not modified in respect of the above matter with respect to our reliance on the financial statements certified by the Management.
For DELOITTE HASKINS & SELLS
Chartered Accountants
(Firm’s Registration No. 117365W)
Jayesh Parmar
Partner
(Membership No. 106388)
UDIN: 26106388CVD BYD 7802
Place: Mumbai
Date: May 21, 2026
Page 4 of 4
ICRA
ICRA Limited
Corporate Identity Number (CIPi): L76999DL1991PLC042749
Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi-110001
Telephone No.: +91-11-23307940
Website: www.icra.in, Email ID: [email protected]
| STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2020
(I in jakhs, except share data, per share data and where otherwise stated) | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| S.No. | Particulars | Quarter ended 31-May-2020 | Quarter ended 31-Dec-2019 | Quarter ended 31-Mar-2020 | Year ended 31-Mar-2020 | Year ended 31-Mar-2020 |
| | | Unrealized (Refer Note 3) | Unrealized | Unrealized (Refer Note 2) | Analyzed | Analyzed |
| I | Revenue from operations | 17,483.16 | 16,359.51 | 17,621.29 | 20,953.05 | 49,802.12 |
| II | Other income | 1,418.17 | 1,557.04 | 2,062.38 | 7,502.17 | 7,741.16 |
| III | Total income (I+II) | 18,985.33 | 17,916.45 | 15,683.65 | 67,453.10 | 57,543.26 |
| | Expenses | | | | | |
| IV | Employee benefit expenses | 8,427.18 | 8,363.73 | 6,113.67 | 31,011.53 | 26,112.82 |
| V | Finance costs | 95.81 | 97.55 | 124.25 | 442.63 | 469.33 |
| VI | Depreciation and amortization expense | 1,000.36 | 995.09 | 448.24 | 2,820.00 | 1,639.47 |
| VII | Other expenses | 2,102.19 | 2,276.03 | 1,501.62 | 7,436.68 | 5,913.40 |
| VIII | Total expenses (IV to VII) | 11,623.54 | 11,733.33 | 8,277.88 | 41,716.82 | 34,146.22 |
| IX | Profit before exceptional items and tax (III-VIII) | 7,270.79 | 6,182.95 | 7,405.77 | 25,736.36 | 23,397.04 |
| X | Exceptional items | | | | | |
| | One time impact of New Labour Claim (refer note 7) | - | 691.82 | - | 691.82 | - |
| XI | Profit before tax (IX-X) | 7,270.79 | 5,491.43 | 7,405.77 | 25,044.53 | 23,397.04 |
| | Tax expense: | | | | | |
| | Current tax | 1,826.81 | 2,014.17 | 1,664.87 | 6,416.75 | 5,409.36 |
| | Deferred tax | 183.00 | (629.15) | 541.95 | 574.56 | 567.34 |
| XII | Total tax expense | 2,080.71 | 1,595.04 | 1,866.80 | 6,791.31 | 6,276.42 |
| XIII | Profit after tax (XI-XII) | 5,269.08 | 3,906.08 | 5,598.97 | 18,253.12 | 17,120.42 |
| | Other comprehensive income | | | | | |
| A | (i) Items that will not be reclassified to profit or loss | 24.04 | (19.25) | (34.11) | (40.19) | (89.00) |
| | (ii) Income tax relating to items that will not be reclassified to profit or loss | (6.95) | 3.36 | 8.66 | 8.35 | 22.62 |
| B | (i) Items that will be reclassified to profit or loss | 5.78 | 15.24 | (1.14) | 22.73 | 2.51 |
| XIV | Total other comprehensive income/ (loss), net of income tax (A+B) | 22.87 | 1.55 | (26.59) | (8.11) | (63.57) |
| XV | Total comprehensive income for the period (XIII+XIV) | 6,292.95 | 3,907.63 | 6,572.38 | 18,245.11 | 17,056.55 |
| XVI | Profit attributable to: | | | | | |
| | (a) Owners of the company | 5,245.11 | 3,881.74 | 5,575.89 | 18,151.35 | 17,000.93 |
| | (b) Non-controlling interests | 23.97 | 24.34 | 35.68 | 101.67 | 119.49 |
| XVII | Other comprehensive income / (loss) attributable to: | | | | | |
| | (a) Owners of the company | 22.87 | 1.55 | (36.59) | (8.11) | (63.87) |
| | (b) Non-controlling interests | 22.87 | 1.55 | (36.59) | (8.11) | (63.87) |
| XVIII | Total comprehensive income attributable to: | | | | | |
| | (a) Owners of the company | 5,267.98 | 3,883.29 | 5,547.30 | 18,143.44 | 16,937.06 |
| | (b) Non-controlling interests | 23.97 | 24.34 | 35.68 | 101.67 | 119.49 |
| XIX | Paid up equity share capital | 965.12 | 965.12 | 965.12 | 965.12 | 104,357.00 |
| | (Face value: F 10 per share) | | | | | |
| XX | Other equity | | | | 117,109.04 | |
| XXI | Earnings per equity share (F) (not unrealized) | | | | | |
| | (Face value of F 10 per share) | | | | | |
| | Basic | 54.50 | 40.24 | 57.94 | 188.63 | 176.73 |
| | Diluted | 54.43 | 40.27 | 57.86 | 188.32 | 176.50 |
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A
ICRA
ICRA Limited
Corporate Identity Number (CIN): L74995DL1991PLCS42749
Registered Office: B-750, Statesman House, 345, Barakhamba Road, New Delhi-110001
Telephone No.: +91-11-23357940
Website: www.icra.in, Email ID: [email protected]
Consolidated Statement of Assets and Liabilities as at March 31, 2026 is given below:
| S. No. | Particulars | (T in lakhs) | |
|---|---|---|---|
| As at | |||
| 31-Mar-2024 | Asat | ||
| 31-Mar-2025 | |||
| Audited | Audited | ||
| A | ASSETS | ||
| 1 | Non-current assets | ||
| (a) | Property, plant and equipment | 2,970.48 | 2,924.60 |
| (b) | Right-of-use assets | 1,621.38 | 1,119.10 |
| (c) | Goodwill | 16,590.38 | 3,018.81 |
| (d) | Other intangible assets | 10,098.57 | 1,900.42 |
| (e) | Intangible assets under development | 223.06 | 331.41 |
| (f) | Financial assets | ||
| (i) | Investments | 250.61 | 125.37 |
| (ii) | Loans | 0.63 | 1.14 |
| (iii) | Other financial assets | 19,851.64 | 3,827.51 |
| (d) | Deferred tax assets (net) | 531.94 | 236.77 |
| (h) | Non-current tax assets (net) | 3,499.64 | 2,816.42 |
| (i) | Other non-current assets | 103.23 | 83.46 |
| Total non-current assets | 50,741.56 | 16,405.09 | |
| 2 | Current assets | ||
| (a) | Financial assets | ||
| (i) | Investments | 72,699.63 | 77,150.02 |
| (ii) | Trade receivables | 7,841.01 | 4,759.47 |
| (iii) | Cash and cash equivalents | 2,971.66 | 3,512.09 |
| (iv) | Bank balances other than (iii) above | 1,277.05 | 24,640.48 |
| (v) | Loans | 0.51 | 0.50 |
| (vi) | Other financial assets | 5,056.42 | 533.50 |
| (b) | Current tax assets (net) | 286.78 | 200.55 |
| (c) | Other current assets | 2,815.18 | 2,515.51 |
| Total current assets | 92,868.26 | 133,612.12 | |
| Total assets | 148,609.82 | 129,417.21 | |
| B | EQUITY AND LIABILITIES | ||
| 1 | Equity | ||
| (a) | Equity share capital | 965.12 | 965.12 |
| (b) | Other equity | 117,109.06 | 104,357.80 |
| Equity attributable to equity shareholders of the Company | 110,874.16 | 108,322.93 | |
| Non-controlling interests | 439.55 | 442.11 | |
| Total equity | 118,513.71 | 105,765.03 | |
| Liabilities | |||
| 2 | Non-current liabilities | ||
| (a) | Financial liabilities | ||
| (i) | Borrowings | 37.58 | 62.58 |
| (ii) | Loans liabilities | 1,010.51 | 761.29 |
| (iii) | Other financial liabilities | 568.40 | 3,429.17 |
| (b) | Provisions | 1,058.09 | 344.14 |
| (c) | Deferred tax liabilities (net) | 3,187.87 | 1,285.92 |
| Total non-current liabilities | 5,662.55 | 5,883.10 | |
| 3 | Current liabilities | ||
| (a) | Financial liabilities | ||
| (i) | Borrowings | 25.00 | 53.17 |
| (ii) | Loans liabilities | 767.03 | 436.31 |
| (iii) | Trade payables | ||
| (a) | Total outstanding dues of micro and small enterprise | 48.29 | 53.92 |
| (b) | Total outstanding dues of creditors other than micro and small enterprise | 1,332.81 | 857.33 |
| (iv) | Other financial liabilities | 10,188.73 | 6,524.85 |
| (b) | Other current liabilities | 11,147.76 | 9,414.87 |
| (c) | Provisions | 401.76 | 384.45 |
| (d) | Current tax liabilities (net) | 522.18 | 163.96 |
| Total current liabilities | 24,453.56 | 37,769.58 | |
| Total liabilities | 50,096.11 | 23,652.16 | |
| Total equity and liabilities | 148,609.82 | 129,417.21 |
CR
ICRA
ICRA Limited
Corporate Identity Number (CINI) L74999DL1991PLC042749
Registered Office: B-718, Statraman House, 140, Barakhamba Road, New Delhi-110001
Telephone No.:+91-11-23357940
Website: www.icra.in, Email ID: [email protected]
Consolidated Statement of Cash Flows for the year ended March 31, 2024:
(1 in dollar)
| S. No. | Particulars | Year ended
31-Mar-2024
Audited | Year ended
31-Mar-2024
Audited |
| --- | --- | --- | --- |
| | | A. Cash flow from operating activities | |
| | Profit before tax | 25,044.53 | 23,397.04 |
| | Adjustments for: | | |
| | Depreciation and amortization expense | 2,826.00 | 1,639.47 |
| | Loss allowance (including bad debts' advances written off) | 102.24 | 181.34 |
| | Interest cost on deferred consideration | 267.23 | 273.29 |
| | Change in fair value of deferred consideration | (384.55) | - |
| | Interest expense on financial liabilities measured at amortized cost | 21.54 | 25.42 |
| | Interest on loans liabilities | 153.86 | 121.62 |
| | Unrealized foreign exchange (loss) (polo) (net) | (36.47) | 6.62 |
| | Share based payment expense | 379.85 | 356.17 |
| | Interest income on fixed deposits | (1,361.59) | (1,687.98) |
| | Interest income on security deposit carried at amortized cost | (78.75) | (62.97) |
| | Interest income on IT refund | (11.79) | - |
| | Gain on financial assets carried at fair value through profit and loss (YVTPL) (net) | (3,455.57) | (3,275.68) |
| | Gain on sale of financial assets carried at FVTPL (net) | (1,363.83) | (639.36) |
| | Advances received from customers written back | (108.13) | (73.79) |
| | Reversal of loss allowance | (35.40) | (15.42) |
| | (Profit)/loss on sale of property, plant and equipment (net) | 25.31 | (2.48) |
| | Profit on termination of lease (net) | (8.51) | - |
| | Operating cash flow before changes in operating assets and liabilities | 21,357.99 | 18,243.29 |
| | Adjustments for changes in operating assets and liabilities | | |
| | (Increase)/decrease in trade receivables | (508.57) | 194.02 |
| | (Increase)/decrease in loans | 0.30 | 1.60 |
| | (Increase)/decrease in other financial assets | (559.61) | (299.73) |
| | (Increase)/decrease in other assets | 429.69 | 52.92 |
| | Increase/(decrease)/in trade payables | 267.16 | 170.34 |
| | Increase/(decrease)/in other financial liabilities | (355.00) | 1,128.78 |
| | Increase/(decrease)/in other liabilities | 1,041.72 | 1,367.49 |
| | Increase/(decrease)/in provisions | 386.48 | (851.59) |
| | Cash generated from operations before tax | 22,080.36 | 20,007.12 |
| | Income taxes paid, net of refund | (8,516.62) | (5,517.89) |
| | Net cash generated from operating activities (A) | 19,720.74 | 14,489.23 |
| B. Cash flow from investing activities | | | |
| | Acquisition of property, plant and equipment and intangible assets | (1,249.26) | (1,241.24) |
| | Proceeds from sale of property, plant and equipment and intangible assets | 36.79 | 18.32 |
| | Proceeds from redemption/ disposal of mutual funds | 61,882.24 | 24,633.72 |
| | Investment in mutual funds | (33,999.90) | (14,649.99) |
| | Investment in debentures | (137.77) | - |
| | Investment in fixed deposits | (22,589.37) | (26,200.79) |
| | Proceeds from redemption/ disposal of fixed deposit | 25,598.07 | 14,330.38 |
| | Interest received on fixed deposits | 2,084.09 | 1,420.58 |
| | Purchase consideration/rewards acquisition | (24,164.80) | - |
| | Net cash generated from / (used in) investing activities (B) | (11,829.31) | (1,689.02) |
| C. Cash flow from financing activities | | | |
| | Payment of loans liabilities | (612.47) | (578.39) |
| | Interest paid on loans liabilities | (133.86) | (121.62) |
| | If equipment of borrowings | (27.01) | (41.27) |
| | Interest paid on financial liabilities measured at amortized cost | (21.54) | (25.55) |
| | Dividend paid | (3,876.41) | (9,745.88) |
| | Net cash used in financing activities (C) | (6,491.49) | (10,515.71) |
| | Net increase/(decrease) in cash and cash equivalents (A+B+C) | (3,984.94) | 2,487.50 |
| | Add: Exchange difference on translation of foreign currency | 0.20 | 0.03 |
| | Add: Cash and cash equivalents at the beginning of the year | 1,485.55 | 998.38 |
| | Add: Cash and cash equivalents acquired as part of business combination | 1,470.41 | - |
| | Cash and cash equivalents at the end of the year (a+b+c) | 2,071.48 | 3,485.93 |
| | Components of cash and cash equivalents at the end of the year: | | |
| | Balance with banks (a) | | |
| | In current accounts | 1,781.97 | 3,511.52 |
| | In EEFC accounts | 89.52 | - |
| | In deposit accounts (with original maturity of these months or less) | 1,100.03 | - |
| | Cash on hand (b) | 0.16 | 0.57 |
| | Cash and cash equivalents (a+b) | 2,971.48 | 3,912.09 |
| | Overdraft facility from banks (c) | - | (26.16) |
| | Cash and cash equivalents at the end of the year (a+b+c) | 2,971.48 | 3,485.93 |
CITIES HASKING & SURGICAL
M
ICRA
ICRA Limited
Corporate Identity Number (CIN): L74900DL8991PLC042769
Registered Office: R-710, Eastman House, 140, Barathiantha Road, New Delhi-110001
Telephone No.:+91-11-23353960
Website: www.icrain.it
Segment information
The Chief Operating Division Mober (CODM) of the Group has determined the following reporting segments basic review of performance and resource allocation:
(a) Ratings & auxiliary services' includes credit ratings and ESG ratings.
(b) Research & Analytical includes research, data analytics and risk solutions.
| S. No. | Quarter ended 31-Mar-2020 | Quarter ended 31-Dec-2022 | Quarter ended 31-Mar-2023 | Year ended 31-Mar-2024 | Year ended 31-Mar-2025 | |
|---|---|---|---|---|---|---|
| Unaudited (Refer Note 3) | Unaudited | Unaudited (Refer Note 3) | Audited | Audited | ||
| (i) | Segment revenue: | |||||
| (a) Ratings & auxiliary services | 9,155.15 | 8,653.06 | 8,283.61 | 17,645.30 | 29,459.10 | |
| (b) Research & Analytics | 8,410.91 | 7,796.29 | 8,237.67 | 29,381.21 | 29,479.20 | |
| Total segment revenue | 17,584.04 | 16,439.57 | 13,041.48 | 40,236.51 | 49,036.30 | |
| Less: from segment revenue | (100.00) | (90.20) | (98.19) | (275.59) | (156.18) | |
| Total revenue | 17,655.14 | 16,450.11 | 13,621.24 | 44,941.81 | 49,802.12 | |
| (ii) | Segment results: | |||||
| (a) Ratings & auxiliary services | 4,945.32 | 3,349.56 | 3,734.88 | 12,640.13 | 10,028.67 | |
| (b) Research & Analytics | 1,880.90 | 1,551.48 | 1,754.25 | 6,444.29 | 6,000.24 | |
| Total segment results before exceptional items | 5,926.22 | 4,899.54 | 5,468.93 | 19,887.02 | 16,138.42 | |
| Less: Exceptional items (One-time impact of New Labour Codes) | - | (221.63) | - | (221.63) | - | |
| (a) Ratings & auxiliary services | - | (470.20) | - | (470.20) | - | |
| (b) Research & Analytics | - | (992.83) | - | (691.83) | - | |
| (a) Ratings & auxiliary services | 4,045.32 | 3,159.45 | 3,354.68 | 12,918.04 | 10,018.67 | |
| (b) Research & Analytics | 1,880.90 | 1,661.28 | 1,754.25 | 5,976.68 | 6,000.24 | |
| Total segment results after exceptional items | 1,432.22 | 4,287.71 | 3,448.93 | 18,293.39 | 16,138.42 | |
| Less: Finance costs | (83.81) | (57.73) | (174.35) | (492.63) | (490.32) | |
| Add: Unallocable income net of unallocable expenses | 1,447.38 | 1,380.96 | 2,901.19 | 7,891.97 | 7,738.96 | |
| Profit before tax | 7,279.75 | 5,651.11 | 7,401.57 | 27,046.52 | 23,257.84 | |
| (iii) | Segment assets: | |||||
| (a) Ratings & auxiliary services | 11,186.92 | 10,472.57 | 7,471.21 | 11,186.92 | 7,471.21 | |
| (b) Research & Analytics | 37,129.84 | 34,817.41 | 10,186.38 | 37,129.84 | 10,186.38 | |
| (c) Unallocable | 190,273.06 | 190,260.61 | 111,326.62 | 190,273.06 | 111,326.62 | |
| Total segment assets | 145,029.82 | 140,051.67 | 129,617.24 | 148,407.42 | 129,617.21 | |
| (iv) | Segment liabilities: | |||||
| (a) Ratings & auxiliary services | 15,561.90 | 18,075.93 | 11,558.37 | 15,561.90 | 11,558.37 | |
| (b) Research & Analytics | 6,224.54 | 4,782.27 | 2,848.11 | 9,224.54 | 2,800.11 | |
| (c) Unallocable | 8,387.47 | 6,883.98 | 7,373.70 | 8,387.47 | 1,232.38 | |
| Total segment liabilities | 20,896.11 | 32,945.21 | 15,652.16 | 36,996.11 | 23,652.18 |
Notes to the Consolidated Audited Financial Results for the quarter and year ended March 31, 2024:
-
This statement of consolidated audited financial results has been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on May 21, 2024.
-
The consolidated audited financial results have been prepared in accordance with the applicable accounting standards, as notified under the Companies (Indian Accounting Standards) Rules, 2015 and as specified in Section 137 of the Companies Act, 2013.
-
The figures for the quarter ended March, as reported in these consolidated financial results, are the balancing figures between audited figures in respect of the Job financial year and the published year to date figures specific real of the third quarter of the extreme financial year. The figures upon the end of third quarter had only been reviewed by the statutory auditors and not subjected to audit.
-
The statutory auditors of the Company have carried out limited review and audit of the consolidated financial results for the quarter and year ended March 31, 2024 respectively, and have issued an unqualified conclusion / opinion thereon. The report of the statutory auditors is being filed with the BSE and National Stock Exchange. For more details on consolidated financial results, visit "Incentive Relations" section of our website at www.icrain.it and financialresults under Corporate section of www.bssindia.com and www.qusindia.com.
-
The Board of Directors, as its meeting held on May 21, 2024, has recommended a final dividend of ₹105 per equity share (including a special dividend of ₹22 per equity share) of the face value of ₹10 each (i.e. a total of ₹101.34 cross, including special dividend of ₹13.39 cross); compared with ₹60 per equity share (i.e. a total of ₹17.91 cross) for the previous year. The dividend proposal is subject to the approval of members at the forthcoming Annual General Meeting.
-
During the quarter ended December 31, 2025, ICRA Limited completed the acquisition of PlanOla India Private Limited ("FirmOla") for a total consideration of ₹249.96 since £1250.94 cross net of cash acquired. This includes an upfront payment made of ₹215.04 since the 98.75% of the equity state and the balance to be paid upon acquisition of the remaining 1.35% state upon completion of certain regulatory formalities. The acquisition has been accounted for in accordance with last AG 103 - Business Combinations. On a provisional basis, goodwill of ₹135.73 cross and total identifiable net assets of ₹113.34 cross have been recorded in the balance sheet at 31 March 2020. The consolidated financial results for the year ended March 31, 2020 include revenue from operations of 771.49 cross, 5807304 (Earnings before interest, taxes, depreciation & amortization and exceptional items) of ₹1222 cross and net profit a Net tax of ₹0.91 cross from PlanOla for the period October 1, 2025 to March 31, 2024.
-
On November 21, 2025, the Government of India notified provisions of the Code on Wapac, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020, ("Labour Codes") which consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to the new Labour Codes. The Group has assessed and disclosed the incremental impact of these changes on the basis of the how information available, consistent with the guidance provided by the Institute of Chartered Assessments of India. The Labour Codes, amongst other provisions, interview changes, including a uniform definition of wages and uninsured benefits relating to leave. These changes have resulted in additional penalty liability within one of past service by ₹258.66 lakhs and additional leave liability by ₹133.17 lakhs in the consolidated financial results for the quarter ended December 31, 2025 and year ended March 31, 2026. Considering the nationality and regulatory drives, unservatizing nature of this development, the Group has preserved this incremental impact as "One time impact of New Labour Codes" under "Exceptional Items" in the results for the quarter ended December 31, 2025 and year ended March 31, 2026. The Group continues to monitor the distribution of Central/State states and clarifications from the Government on various other aspects of the Labour Codes and would give appropriate accounting effect of such developments, as considered appropriate.
-
This statement of consolidated results includes the results of the parent company and the following subsidiaries/step down subsidiaries:
| Name of the entities | Country of Incorporation | Ownership in % either directly or through subsidiaries |
|---|---|---|
| ICRA Analytics Limited | India | 100% |
| D2K Technologies India Private Limited | India | 60% |
| ICRA ESG Ration Limited | India | 100% |
| FirmOla India Private Limited* | India | 98.75% |
| FirmOla Saudi Africa Promissory Ltd* | Saudi Africa | 100% |
| FirmOla US LLL* | USA | 100% |
| ICRA Equipowna Welfare Trust | India | N/A |
| ICRA Lanku Limited | No Lanka | 100% |
| ICRA Notai Limited | Nepal | 55% |
*n.e.f. October 01, 2021
Place: Mumbai
Date: Mar. 21, 2024
CERMASIAN INSTITUTE OF ECONOMIC & SOCIAL RESEARCH
Deloitte Haskins & Sells
Chartered Accountants
19th Floor, Shapath - V
S G Highway
Ahmedabad - 380 015
Gujarat, India
Tel: +91 79 6682 7300
Fax: +91 79 6682 7400
INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL STANDALONE FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS
TO THE BOARD OF DIRECTORS OF ICRA LIMITED
Opinion and Conclusion
We have (a) audited the Standalone Financial Results for the year ended March 31, 2026 and (b) reviewed the Standalone Financial Results for the quarter ended March 31, 2026 (refer ‘Other Matters’ section below), which were subject to limited review by us, both included in the accompanying “Statement of Standalone Financial Results for the Quarter and Year Ended March 31, 2026 of ICRA LIMITED (the “Company”), (the “Statement”), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “LODR Regulations”).
(a) Opinion on Annual Standalone Financial Results
In our opinion and to the best of our information and according to the explanations given to us, the Standalone Financial Results for the year ended March 31, 2026:
i. are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
ii. gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India of the net profit and other comprehensive loss and other financial information of the Company for the year then ended.
(b) Conclusion on Unaudited Standalone Financial Results for the quarter ended March 31, 2026
With respect to the Standalone Financial Results for the quarter ended March 31, 2026, based on our review conducted as stated in paragraph (b) of Auditor’s Responsibilities section below, nothing has come to our attention that causes us to believe that the Standalone Financial Results for the quarter ended March 31, 2026, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
Basis for Opinion on the Audited Standalone Financial Results for the year ended March 31, 2026
We conducted our audit in accordance with the Standards on Auditing (“SA”) specified under Section 143(10) of the Companies Act, 2013 (the “Act”). Our responsibilities under those Standards are further described in paragraph (a) of Auditor’s Responsibilities section below. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (the “ICAI”) together with the ethical requirements that are relevant to our audit of the Standalone Financial Results for the year ended March 31, 2026 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.
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Deloitte Haskins & Sells
Management's and Board of Directors' Responsibilities for the Statement
This Statement which includes the Standalone Financial Results is the responsibility of the Company's Board of Directors and has been approved by them for the issuance. The Standalone Financial Results for the year ended March 31, 2026 has been compiled from the related audited standalone financial statements. This responsibility includes the preparation and presentation of the Standalone Financial Results for the quarter and year ended March 31, 2026 that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the LODR Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Results that give a true and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the Standalone Financial Results, the Board of Directors is responsible for assessing the Company's ability, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the financial reporting process of the Company.
Auditor's Responsibilities
(a) Audit of the Standalone Financial Results for the year ended March 31, 2026
Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results for the year ended March 31, 2026 as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Standalone Financial Results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the Annual Standalone Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
- Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the LODR Regulations.
- Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Page 2 of 3
Deloitte Haskins & Sells
- Evaluate the overall presentation, structure and content of the Annual Standalone Financial Results, including the disclosures, and whether the Annual Standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the Annual Standalone Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Standalone Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Annual Standalone Financial Results.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
(b) Review of the Standalone Financial Results for the quarter ended March 31, 2026
We conducted our review of the Standalone Financial Results for the quarter ended March 31, 2026 in accordance with the Standard on Review Engagements ("SRE") 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the ICAI. A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with SAs specified under section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Other Matter
- The Statement includes the results for the quarter ended March 31, 2026 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us. Our report on the Statement is not modified in respect of this matter.
For DELOITTE HASKINS & SELLS
Chartered Accountants
(Firm's Registration No. 117365W)
Jayesh Parmar
Partner
(Membership No. 106388)
UDIN: 26106388 TRLLFO3333
Place: Mumbai
Date: May 21, 2026
Page 3 of 3
R
ICRA
ICRA Limited
Corporate Identity Number (CIN): L74999DL1991PLC042749
Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi-110001
Telephone No.:+91-11-23357940
Website: www.icra.in, Email ID: [email protected]
| STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2026 | ||||||
|---|---|---|---|---|---|---|
| (€ in lakhs, except share data, per share data and where otherwise stated) | ||||||
| S. No. | Particulars | Quarter ended 31-Mar-2026 | Quarter ended 31-Dec-2025 | Quarter ended 31-Mar-2025 | Year ended 31-Mar-2026 | Year ended 31-Mar-2025 |
| Unaudited (Refer note 3) | Unaudited | Unaudited (Refer note 3) | Audited | Audited | ||
| I | Revenue from operations | 8,940.31 | 8,456.97 | 8,061.61 | 32,823.61 | 28,672.64 |
| II | Other income | 1,190.21 | 1,447.36 | 1,963.02 | 6,445.06 | 10,205.19 |
| III | Total income (I+II) | 10,130.52 | 9,904.33 | 10,024.63 | 39,268.67 | 38,877.83 |
| Expenses | ||||||
| IV | Employee benefit expenses | 3,852.24 | 4,045.65 | 3,534.32 | 16,106.76 | 14,957.08 |
| V | Finance costs | 20.54 | 24.72 | 44.68 | 96.88 | 172.00 |
| VI | Depreciation and amortization expense | 237.33 | 236.63 | 218.39 | 897.78 | 791.90 |
| VII | Other expenses | 1,118.49 | 1,299.62 | 913.63 | 4,821.68 | 4,061.34 |
| VIII | Total expenses (IV to VII) | 5,228.60 | 5,406.62 | 4,710.82 | 21,923.10 | 19,982.32 |
| IX | Profit before exceptional items and tax (III-VIII) | 4,901.92 | 4,297.71 | 5,113.81 | 17,245.57 | 18,895.51 |
| X | Exceptional items (less time in tract of New Labour Codes (refer note 8)) | - | 219.16 | - | 219.16 | - |
| XI | Profit before tax (IX-X) | 4,901.92 | 4,078.55 | 5,313.81 | 17,126.41 | 18,895.51 |
| Tax expense: | ||||||
| Current tax | 1,324.30 | 1,531.97 | 867.37 | 4,393.39 | 3,241.97 | |
| Deferred tax | (62.12) | (379.29) | 241.13 | 61.60 | 834.16 | |
| XII | Total tax expense | 1,262.18 | 1,152.48 | 1,188.50 | 4,454.99 | 4,076.13 |
| XIII | Profit after tax (XI-XII) | 3,639.74 | 2,925.87 | 4,205.31 | 12,671.42 | 14,819.38 |
| Other comprehensive income | ||||||
| A | (i) Items that will not be reclassified to profit or loss | (2.81) | (41.05) | (12.88) | (71.18) | (20.64) |
| (ii) Income tax relating to items that will not be reclassified to profit or loss | 0.70 | 10.33 | 3.24 | 17.91 | 5.19 | |
| B | (i) Items that will be reclassified to profit or loss | - | - | - | - | - |
| (ii) Income tax relating to items that will be reclassified to profit or loss | - | - | - | - | - | |
| XIV | Total other comprehensive income/(loss), net of income tax (A+B) | (2.11) | (20.72) | (9.64) | (53.37) | (15.45) |
| XV | Total comprehensive income for the period (XIII+XIV) | 3,637.63 | 2,895.15 | 4,195.67 | 12,618.15 | 14,803.93 |
| XVI | Paid up equity share capital (Face value: £10 per share) | 965.12 | 965.12 | 965.12 | 965.12 | 965.12 |
| XVII | Other equity | 87,545.57 | 79,471.69 | |||
| XVIII | Earnings per equity share (£) (not annualized) (Face value of £10 per share): | |||||
| Basic | 37.82 | 30.41 | 43.71 | 131.68 | 154.05 | |
| Diluted | 37.76 | 30.36 | 43.65 | 131.46 | 153.85 |
C
ICRA LTD
R
ICRA
ICRA Limited
Corporate Identity Number (CIN): L74995DL1991PLC042749
Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi-110001
Telephone No.:+91-11-23357940
Website: www.icra.in, Email ID: [email protected]
Standalone Statement of Assets and Liabilities as at March 31, 2026 is given below:
| S. No. | Particulars | As at | As at |
|---|---|---|---|
| 31-Mar-26 | 31-Mar-25 | ||
| Audited | Audited | ||
| A | ASSETS | ||
| 1 | Non-current assets | ||
| (a) | Property, plant and equipment | 1,088.78 | 935.74 |
| (b) | Right-of-use assets | 695.99 | 1,030.27 |
| (c) | Intangible assets | 734.44 | 644.90 |
| (d) | Intangible assets under development | 58.49 | 133.22 |
| (e) | Financial assets | ||
| (i) Investments | 28,628.05 | 3,711.60 | |
| (ii) Loans | 0.63 | 1.14 | |
| (iii) Other financial assets | 15,801.18 | 3,248.94 | |
| (f) | Non-current tax assets (net) | 2,426.66 | 2,463.15 |
| (g) | Other non-current assets | 44.45 | 27.46 |
| Total non-current assets | 49,478.67 | 12,216.42 | |
| 2 | Current assets | ||
| (a) | Financial assets | ||
| (i) Investments | 45,304.02 | 61,878.91 | |
| (ii) Trade receivables | 2,822.08 | 2,645.22 | |
| (iii) Cash and cash equivalents | 1,148.97 | 477.50 | |
| (iv) Bank balances other than (iii) above | 83.56 | 16,877.90 | |
| (v) Loans | 0.51 | 0.50 | |
| (vi) Other financial assets | 3,969.86 | 37.17 | |
| (b) | Other current assets | 1,023.95 | 1,163.56 |
| Total current assets | 54,352.95 | 83,080.76 | |
| Total assets | 103,831.62 | 95,297.18 | |
| B | EQUITY AND LIABILITIES | ||
| 1 | Equity | ||
| (a) | Equity share capital | 965.12 | 965.12 |
| (b) | Other equity | 87,545.57 | 79,471.69 |
| Total equity | 88,510.69 | 80,436.81 | |
| Liabilities | |||
| 2 | Non-current liabilities | ||
| (a) | Financial liabilities | ||
| (i) Lease liabilities | 375.07 | 707.12 | |
| (b) | Provisions | 130.87 | 98.73 |
| (c) | Deferred tax liabilities (net) | 767.72 | 724.05 |
| Total non-current liabilities | 1,273.66 | 1,529.88 | |
| 3 | Current liabilities | ||
| (a) | Financial liabilities | ||
| (i) Lease liabilities | 391.96 | 420.16 | |
| (ii) Trade payables | |||
| (A) Total outstanding dues of micro and small enterprises | 27.39 | 51.77 | |
| (B) Total outstanding dues of creditors other than micro and small enterprises | 678.41 | 440.08 | |
| (iii) Other financial liabilities | 3,519.51 | 3,998.12 | |
| (b) | Other current liabilities | 8,711.67 | 8,178.85 |
| (c) | Provisions | 258.30 | 147.54 |
| (d) | Current tax liabilities (net) | 460.03 | 93.97 |
| Total current liabilities | 14,047.27 | 13,330.49 | |
| Total liabilities | 15,320.93 | 14,860.37 | |
| Total equity and liabilities | 103,831.62 | 95,297.18 |
CITY OF WASKINS & SHORTENBERG INCORPORATED
ICRA LTD
R
ICRA
ICRA Limited
Corporate Identity Number (CIN): L74999DL1991PLC042749
Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi-110001
Telephone No.:+91-11-23357940
Website: www.icra.in, Email ID: [email protected]
Standalone Statement of Cash Flows for the year ended March 31, 2026:
| S. No. | Particulars | (€ in lakhs) | |
|---|---|---|---|
| For the year ended 31-Mar-2026 | |||
| Audited | For the year ended 31-Mar-2025 | ||
| Audited | |||
| A. | Cash flow from operating activities | ||
| Profit before tax | 17,126.41 | 18,895.51 | |
| Adjustments for: | |||
| Depreciation and amortization expense | 897.78 | 791.90 | |
| Loss allowance (including bad debts/ advances written off) | 103.79 | 127.33 | |
| Interest on lease liabilities | 96.88 | 112.00 | |
| Share based payment expenses | 357.24 | 320.22 | |
| Long term individual payout funded through Trust | 866.62 | 769.87 | |
| Interest income on fixed deposits | (1,016.76) | (1,170.20) | |
| Interest income on security deposits carried at amortized cost | (70.72) | (62.86) | |
| Gain on financial assets carried at fair value through profit and loss (TVTPL) (net) | (2,114.50) | (4,273.26) | |
| Gain on sale of financial assets carried at FVTPL (net) | (1,780.30) | (389.93) | |
| Advances received from customers written back | (108.13) | (72.84) | |
| Dividend from subsidiary company | (108.51) | (2,818.49) | |
| (Profit)/loss on sale of property, plant and equipment (net) | 30.46 | 0.59 | |
| Profit on termination of right-of-use assets | (8.51) | - | |
| Bad debts recovered | (14.80) | (17.34) | |
| Operating cash flow before changes in operating assets and liabilities | 14,256.95 | 12,212.90 | |
| Adjustments for changes in operating assets and liabilities | |||
| (Increase)/decrease in trade receivables | (250.35) | (439.24) | |
| (Increase)/decrease in loans | 0.50 | 1.60 | |
| (Increase)/decrease in other financial assets | (11.07) | (197.33) | |
| (Increase)/decrease in other assets | 51.44 | 135.11 | |
| Increase/(decrease) in trade payables | 213.95 | (15.48) | |
| Increase/(decrease) in other financial liabilities | (820.97) | 1,013.83 | |
| Increase/(decrease) in other liabilities | 640.95 | 1,317.05 | |
| Increase/(decrease) in provisions | 142.90 | (1,196.19) | |
| Cash generated from operations before tax | 14,224.30 | 12,831.85 | |
| Income taxes paid, net of refund | (4,006.44) | (3,458.47) | |
| Net cash generated from operating activities (A) | 10,217.86 | 9,573.38 | |
| B. | Cash flow from investing activities | ||
| Purchase of property, plant and equipment and intangible assets | (686.55) | (633.28) | |
| Proceeds from sale of property, plant and equipment and intangible assets | 21.27 | 6.85 | |
| Investment in mutual funds | (35,750.00) | (8,599.99) | |
| Proceeds from redemption / disposal of mutual funds | 56,222.24 | 15,950.83 | |
| Purchase consideration towards acquisition | (24,364.00) | - | |
| Investment in fixed deposits | (17,623.00) | (18,354.36) | |
| Proceeds from redemption / disposal of fixed deposit | 17,628.86 | 8,960.00 | |
| Interest received on fixed deposits | 1,380.63 | 865.09 | |
| Dividend received from subsidiary company | 108.51 | 2,818.49 | |
| Net cash generated from/(used in) investing activities (B) | (3,252.04) | 1,013.63 | |
| C. | Cash flow from financing activities | ||
| Payment of lease liabilities | (406.73) | (364.77) | |
| Interest paid on lease liabilities | (96.88) | (112.00) | |
| Dividend paid | (5,790.74) | (9,651.23) | |
| Net cash used in financing activities (C) | (6,294.35) | (10,128.00) | |
| Net increase/(decrease) in cash and cash equivalents (A+B+C) | 671.47 | 259.01 | |
| Add: Cash and cash equivalents at the beginning of the year | 477.50 | 218.49 | |
| Cash and cash equivalents at the end of the year | 1,148.97 | 477.90 | |
| Components of cash and cash equivalents at the end of the year | |||
| Balances with banks | |||
| In current accounts | 248.97 | 477.15 | |
| In deposit accounts (with original maturity of three months or less) | 900.00 | - | |
| Cash on hand | - | 0.35 | |
| Cash and cash equivalents at the end of the year | 1,148.97 | 477.90 |
CITY OF BASKINS N.S. 110001
ICRA LTD *
ICRA
ICRA Limited
Corporate Identity Number (CIN): L74999DL1991PLC042749
Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi-110001
Telephone No.:+91-11-23357940
Website: www.icra.in, Email ID: [email protected]
Notes to the Standalone Audited Financial Results for the quarter and year ended March 31, 2026:
-
This statement of standalone audited financial results has been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on May 21, 2026.
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The standalone audited financial results have been prepared in accordance with the applicable accounting standards, as notified under the Companies (Indian Accounting Standards) Rules, 2013 and as specified in Section 133 of the Companies Act, 2013.
-
The figures for the quarter ended March, as reported in these standalone financial results, are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the end of the third quarter of the relevant financial year. The figures upto the end of third quarter had only been reviewed by the statutory auditors and not subjected to audit.
-
The statutory auditors of the Company have carried out limited review and audit of the standalone financial results for the quarter and year ended March 31, 2026 respectively, and have issued an unmodified conclusion / opinion thereon. The report of the statutory auditors is being filed with the BSE and National Stock Exchange. For more details on standalone financial results, visit 'Investor Relations' section of our website at www.icra.in and financial results under Corporate section of www.bscindia.com and www.nscindia.com.
-
The Board of Directors, at its meeting held on May 21, 2026, has recommended a final dividend of ₹805 per equity share (including a special dividend of ₹35 per equity share) of the face value of ₹10 each (i.e. a total of ₹191.34 crore, including special dividend of ₹23.78 crore), compared with ₹80 per equity share (i.e. a total of ₹37.91 crore) for the previous year. The dividend proposal is subject to the approval of members at the forthcoming Annual General Meeting.
-
Other income for the year ended March 31, 2025 includes dividend income of ₹2,686.89 lakhs from ICRA Analytics Limited, a wholly-owned subsidiary of the Company.
-
During the quarter ended December 31, 2025, ICRA Limited completed the acquisition of Finteflix India Private Limited ("Finteflix") for a total consideration of ₹249.06 crore. This includes an upfront payment made of ₹245.64 crore for 98.75% of the equity stake and the balance to be paid upon acquisition of the remaining 1.25% stake upon completion of certain regulatory formalities.
-
On November 21, 2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020, ("Labour Codes") which consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to the new Labour Codes. The Company has assessed and disclosed the incremental impact of these changes on the basis of the best information available, consistent with the guidance provided by the Institute of Chartered Accountants of India. The Labour Codes, amongst other provisions, introduce changes, including a uniform definition of wages and enhanced benefits relating to leave. These changes have resulted in additional gratuity liability arising out of past service by ₹145.04 lakhs and additional leave liability by ₹74.12 lakhs in the standalone financial results for the quarter ended December 31, 2025 and year ended March 31, 2026. Considering the materiality and regulatory-driven, non-recurring nature of this development, the Company has presented this incremental impact as "One time impact of New Labour Codes" under "Exceptional Items" in the results for the quarter ended December 31, 2025 and for the year ended March 31, 2026. The Company continues to monitor the finalisation of Central/State Rules and clarifications from the Government on various other aspects of the Labour Codes and would give appropriate accounting effect of such developments, as considered appropriate.
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The Company's business activity falls within a single primary operating segment viz. "Ratings & ancillary services". The operating segment has been defined based on regular review by the Company's Chief Operating Decision Maker to assess the performance of the Company and to make decisions about allocation of resources.
Place: Mumbai
Date: May 21, 2026
Rannath Krishnan
Managing Director & Group C.E.O.
(D.N. 09371341)
ICRA
ICRA Limited
May 21, 2026
BSE Limited
Phiroze Jeejeebhoy Towers
Dalal Street
Mumbai 400 001, India
Scrip Code: 532835
National Stock Exchange of India Limited
Exchange Plaza,
Plot no. C/1, G Block
Bandra-Kurla Complex
Bandra (East)
Mumbai - 400 051, India
Symbol: ICRA
Dear Sir/Madam,
Sub.: - Declaration pursuant to Regulation 33(3)(d) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
Pursuant to Regulation 33(3)(d) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) read with SEBI Circular CIR/CFD/CMD/56/2016 dated May 27, 2016, I, hereby declare that the Statutory Auditors of ICRA Limited (the “Company”), M/s. Deloitte Haskins & Sells, Chartered Accountants, (Firm Registration No. 117365W) (“Statutory Auditors”), have issued Audit Reports with unmodified opinion on the Audited Financial Results of the Company (Standalone & Consolidated) for the quarter and year ended March 31, 2026.
Sincerely,
For ICRA Limited
(Venkatesh Viswanathan)
Group Chief Financial Officer
Electric Mansion, 3rd Floor
Appasaheb Marathe Marg
Prabhadevi, Mumbai-400025
Tel.: +91.22.61693300
CIN: L74999DL1991PLC042749
Website: www.icra.in
Email: [email protected]
Helpdesk: +91.9354738909
Registered Office: B - 710, Statesman House, 148, Barakhamba Road, New Delhi - 110001. Tel.: +91.11.23357940-41
RATING • RESEARCH • INFORMATION 163998