ICRA Limited has announced its audited financial results for the fourth quarter and financial year ended March 31, 2026. The company reported a consolidated net profit of ₹1,825.32 crore for FY26, marking a 6.6% rise from ₹1,712.04 crore in the previous fiscal year. Revenue from operations for the year stood at ₹5,995.10 crore, compared to ₹4,980.21 crore in FY25.

Financial Performance

For the quarter ended March 31, 2026, the company posted a consolidated net profit of ₹526.91 crore, compared to ₹559.90 crore in the corresponding quarter of the previous year. Revenue from operations for the quarter increased to ₹1,748.52 crore from ₹1,362.13 crore in Q4 FY25. Total income for the quarter rose to ₹1,890.33 crore.

The following table summarises key consolidated financial metrics for the full year and the latest quarter:

Segmental Performance

ICRA delivered strong revenue growth across businesses, driven by continued momentum in Ratings and robust growth in Research & Analytics (R&A), led primarily by the Fintellix acquisition. For FY26, the Ratings & ancillary services segment reported revenue of ₹336.5 crore, while the Research & Analytics segment recorded revenue of ₹265.8 crore. Segment results before Labour Codes impact stood at ₹126.4 crore for Ratings and ₹64.5 crore for Research & Analytics.

Q4 EBITDA and Margin

On an operational profitability basis, ICRA's Q4 EBITDA stood at ₹695 million, up from ₹592 million in the same quarter of the previous year. However, the EBITDA margin contracted to 39.78% in Q4 from 43.43% in the corresponding period of the prior year, indicating that revenue growth outpaced operating profit expansion during the quarter.

Operational Highlights

The company's earnings per share (EPS) on a consolidated basis for FY26 was ₹188.63, up from ₹176.73 in the previous year. For the quarter ended March 31, 2026, the basic EPS was recorded at ₹54.50. The company's total comprehensive income for the year stood at ₹1,824.51 crore.

The board of directors has recommended a final dividend of ₹105 per equity share for the financial year ended March 31, 2026. This includes a special dividend of ₹35 per share to commemorate the company's 35th year of operations. The total dividend payout amounts to ₹101.34 crore, including the special dividend component of ₹33.78 crore. The record date for the dividend payment has been fixed as July 23, 2026.

Corporate Actions

The Thirty-Fifth Annual General Meeting (AGM) of the company is scheduled to be held on July 30, 2026, via Video Conferencing (VC) or Other Audio Visual Means (OAVM). The record date for determining eligibility for the AGM and the dividend payment is July 23, 2026. The dividend will be paid on or before August 21, 2026, subject to approval by shareholders at the AGM.

ICRA Analytics Limited, a wholly owned material subsidiary of ICRA Limited , has received a rectification order from the Income Tax Department. The order, dated May 19, 2026, pertains to the financial year 2024-25 and raises an outstanding tax demand of ₹19.17 Cr against the subsidiary.

Details of the Rectification Order

The disclosure was made in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. According to the filing, the Income Tax Department issued the order specifically to ICRA Analytics Limited.

Financial Implications and Response

The subsidiary has stated that there is no immediate financial impact resulting from the order. In response to the tax demand, ICRA Analytics Limited plans to file the necessary appeal and seek a stay of the demand. Additionally, the company intends to submit a rectification application to challenge the order.

Breakdown of the Demand