ICRA unit faces ₹19.17 Cr tax demand for FY 2024-25

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

Sr. No.	Particulars	Description
1	Nature of Order	Rectification order received from Income Tax Department for FY 2024-25
2	Quantum of Demand	₹19.17 Cr
3	Financial Implication	No immediate financial implication; appeal/stay to be filed

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.06%	+1.76%	-0.75%	-11.11%	-12.48%	+67.16%

ICRA Limited has informed the stock exchanges of a significant corporate development at its wholly owned material subsidiary, ICRA Analytics Limited. Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company disclosed that the Board of Directors of ICRA Analytics Limited, in its meeting held on May 18, 2026, has recommended a dividend on equity shares.

Dividend Recommendation Details

The Board of Directors of ICRA Analytics Limited recommended a dividend of Rs. 54 per equity share. The equity shares carry a face value of Rs. 10 each. The total recommended dividend works out to Rs. 53.7 crores. The key parameters of this dividend recommendation are summarised below:

Parameter:	Details
Dividend Per Equity Share:	Rs. 54
Face Value Per Share:	Rs. 10
Total Recommended Dividend:	Rs. 53.7 crores
Board Meeting Date:	May 18, 2026
Regulatory Disclosure:	Regulation 30, SEBI (LODR) Regulations, 2015
Subsidiary Type:	Wholly Owned Material Subsidiary

Regulatory Disclosure

The disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The communication was signed by S. Shakeb Rahman, Company Secretary & Compliance Officer of ICRA Limited, and submitted to both BSE Limited and the National Stock Exchange of India Limited on May 18, 2026.