What we do ICRA Limited is an independent credit rating and research agency offering debt instrument ratings, risk assessments, and analytics for financial, corporate, and infrastructure sectors. |
Founded in 1,991 |
Market share Leading credit rating agency in India with strong position in corporate and infrastructure debt rating segments. |
Problem solved Providing transparent credit risk evaluations, enabling informed investment and lending decisions for financial institutions and corporates. |
Top clients or who we serve Banks, NBFCs, corporates, mutual funds, insurance companies, infrastructure projects (B2B). |
Key management Ramnath Krishnan, Managing Director & Group CEO with extensive industry experience. |
Our journey and innovations Founded in 1991, pioneered rating structured finance, REITs, launched ESG ratings, and expanded into analytics and fixed income indices. |
Where we operate Primarily India; subsidiaries in Sri Lanka and Nepal; global collaborations and clients in USA and Philippines. |
Top products or what we offer Credit Ratings, Corporate Governance Ratings, ESG Ratings, Research & Analytics, Risk Management Solutions, Market Data and Fixed Income Indices. |
Top brands ICRA Ratings (#1 in India), ICRA Analytics, ICRA ESG Ratings, D2K Technologies (risk analytics software). |
Raw materials needed - |
Raw materials supplier - |
Recurring vs cyclical contribution Revenue largely recurring from ratings and subscription services with growth driven by infrastructure and financial sectors. |
Our industry position Market leader in Indian credit rating space with expanding presence in research and analytics segments. |
Financial highlights FY2025 consolidated revenue Rs. 498 crore, PAT Rs. 170 crore; revenue grew 11.6% YoY, profit after tax rose 12.5%. |
Geographical revenue split ~68% revenue from India, ~32% from outside India including global client engagements. |
Order book - |
Whats driving growth Infrastructure and financial sector growth, regulatory mandates, innovative analytics and ESG rating services. |
Our future plans Expand analytics and ESG ratings, develop fixed income indices, enhance technology adoption and client outreach. |
Our green promise Active ESG rating provider; promotes sustainable finance through research and client advisory. |
Our people and values Focus on talent development, employee engagement, diversity, and ethical governance culture. |
Key challenges ahead Global economic uncertainty, evolving regulation, competition, and maintaining rating accuracy and innovation. |
Interesting facts First Indian agency rating all non-life insurance firms; pioneer in REIT and CLO ratings in India. |
Risks and strategy Mitigate risks via robust internal controls, diversification into analytics, and strategic partnerships with Moody's. |
