ICRA Ltd Q3 FY26 – ₹164 Cr Revenue, ₹40 EPS, 35% Growth but Still Trading Like a Boring Uncle

1. At a Glance – The Moody’s Cousin Who Doesn’t Party Much

ICRA Ltd is that student in class who always scores above average, never cheats, never bunked lectures, but somehow never becomes the college heart-throb. As of 28 Jan 2026, the stock trades at ₹5,936, commanding a market cap of ₹5,742 crore. Not small, not flashy, just… respectable.

Q3 FY26 numbers show revenue of ₹163.6 crore, up 35.3% YoY, while PAT came in at ₹39–43 crore range, growing a sleepy 2.7% YoY. Margins remain elite with OPM ~35%, ROCE 23%, ROE ~17%, and debt so low (₹12.2 crore) that it’s basically a rounding error.

Stock performance? Meh.
3-month return: –8.9%
1-year return: –0.7%

Dividend lovers still show up because dividend yield ~1% and payout ratio has been generous historically.

So the question is obvious:
👉 If the business is so clean, why is the stock behaving like a fixed deposit with mood swings?

2. Introduction – Credit Rating Is Sexy, Just Not on Instagram

ICRA Limited was born in 1991 when Indian finance needed referees, not influencers. It exists to do three things:

1. Judge everyone
2. Put it in writing
3. Get paid for being unpopular

ICRA doesn’t sell dreams. It sells opinions. And in India, opinions backed by data matter more than YouTube thumbnails.

The company operates across:

• Credit ratings
• Research & analytics
• Risk, advisory, and now ESG ratings

The business is boring in the best possible way. No capex drama. No commodity cycles. No promoter soap operas (post-2019 clean-up). Just spreadsheets, risk models, and bankers who panic-call during downturns.

But make no mistake — this is a cyclical business disguised as