The LSE Directory / Credit rating agencies
ICRA Limited is an Indian credit rating agency that assigns and publishes credit ratings on rupee-denominated debt instruments, bank facilities, non-banking finance companies, structured finance transactions and infrastructure and municipal debt. Originally incorporated in 1991 as Investment Information and Credit Rating Agency of India Limited, it is registered with the Securities and Exchange Board of India as a credit rating agency. Alongside ratings, it produces industry and macroeconomic research covering more than 60 sectors, and operates ICRA Analytics Limited, a subsidiary formed in October 2019 from the merger of ICRA Online and ICRA Management Consulting Services, which supplies market data, risk analytics and consulting services. Within India's credit rating industry, ICRA is one of the longest established agencies alongside CRISIL and CARE, and it differentiates through its Moody's affiliation and a regional footprint that extends beyond India: ICRA Lanka Limited, licensed by Sri Lanka's Securities and Exchange Commission since 2011, and ICRA Nepal Limited, that country's first credit rating agency, licensed in 2012. Its rating and research staff, roughly 250 analysts, serve corporate issuers, commercial banks, financial institutions and public sector undertakings, positioning ICRA as a full-service credit opinion and analytics provider rather than a ratings-only shop. ICRA began as a joint venture between Moody's and a group of Indian financial and banking institutions, went public on 13 April 2007 and is dual-listed on the Bombay Stock Exchange (532835) and the National Stock Exchange (ICRA). As of 31 December 2024, Moody's Corporation held a controlling 51.86% stake. Ramnath Krishnan serves as Managing Director and Group CEO, with Arun Duggal as Non-Executive Chairman. For the financial year ended March 2026, the company reported consolidated revenue of approximately INR 600 crore, up about 20% from INR 498 crore the prior year, net profit of roughly INR 183 crore, and a market capitalisation near INR 5,113 crore, with the company carrying near-zero debt. In April 2024, ICRA extended into sustainability assessment through ICRA ESG Ratings Limited, a wholly owned subsidiary that received a Category I Issuer-Pay ESG Rating Provider registration from SEBI and issued its first ESG rating in September 2024, giving the group a formal presence in ESG scoring alongside its traditional credit rating and research lines.
