ICRA

What ICRA does

ICRA Limited is one of India's earliest SEBI-registered credit rating agencies, founded in 1991 by leading financial institutions, commercial banks, and financial services companies (originally as Investment Information and Credit Rating Agency of India Limited). The company assigns independent credit ratings across five core categories — Corporate Debt Ratings, Financial Sector Ratings, Structured Finance Ratings, Infrastructure Sector Ratings, and ESG Ratings — using proprietary analytical methodologies that combine financial analysis, management assessments, site visits, and (for structured finance) cash flow simulation models under multiple scenarios. Coverage spans 60+ industry verticals in India, supported by 250+ dedicated ratings analysts.

ICRA operates a B2B, fee-for-service business model in which debt issuers (corporates, banks, NBFCs, HFCs, infrastructure project entities, and SMEs) pay for appraisal and rating services prior to issuance of rated instruments such as bonds, debentures, notes, and commercial paper. Recurring subscription revenue is generated through subsidiaries — ICRA Analytics (risk management, market data, mutual fund solutions, fixed income analytics), ICRA ESG Ratings (ESG assessments for India's top 1,000 listed companies), D2K Technologies (digital transformation for banks/NBFCs), and the recently acquired Fintellix India (data, risk, and regulatory compliance solutions). Marketing channels are anchored on thought leadership: research publications, podcasts, webinars, and earned media across major Indian business outlets, supplemented by direct issuer engagement.

ICRA is publicly listed on BSE and NSE (ticker: ICRA) and operates as an affiliate of Moody's Ratings, which is the indirect largest shareholder under a Technical Services Agreement. The Group's registered office is in New Delhi, with operational headquarters in Gurgaon and a wholly-owned subsidiary in Nepal. The current Managing Director & Group CEO is Ramnath Krishnan (appointed 2020). For FY2026, ICRA reported consolidated revenue of ₹599.5 crore (+20.4% YoY) and PAT of ₹182.53 crore (+6.62% YoY).

Name

ICRA

Legal name

ICRA Limited

Website

https://icra.in

Company type

Public

Founded year

1991

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

ICRA Limited is one of India's earliest SEBI-registered credit rating agencies, providing independent credit ratings, research, and analytics across 60+ sectors to corporate issuers, financial institutions, infrastructure projects, and institutional investors. It operates as a Moody's affiliate with listed public shares.

Ownership category

akta.pro rank

Product category

Credit Rating Services

NAICS

Credit Bureaus (561450), Activities Related to Credit Intermediation (5223)

SIC

Finance Services (6199), Services-Consumer Credit Reporting, Collection Agencies (7320), Asset-Backed Securities (6189)

akta.pro primary industry

Debt Advisory & Financing Advisory (FSAEAGAD)

akta.pro secondary industry

Asset-Backed Securities (ABS) (FSACACAA)

Keywords

• Credit rating services
• Financial sector ratings
• Structured finance ratings
• Esg ratings
• Credit research analytics

Headquarters

HQ city

Gurugram

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Credit Rating Services: ICRA provides credit rating services to debt security issuers. Most issuers of debt securities (including corporate bonds, debentures, notes, and commercial paper) pay ICRA for appraisal and rating services prior to assignment of ratings. This forms the primary revenue stream.
2. Research and Analytics: The company provides research services, analytics platforms, and digital solutions through subsidiaries including ICRA Analytics and ICRA ESG Ratings. Services include risk management offerings, market data, mutual fund solutions, and knowledge services.
3. Fixed Income Solutions: ICRA Analytics provides fixed income solutions backed by over 14 years of expertise in valuing debt securities and structured products for the financial industry.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

ICRA Limited is an independent credit rating agency providing credit ratings across corporate debt, financial sector entities (banks, NBFCs, housing finance), structured finance instruments (ABS, MBS, CDOs), infrastructure projects, and ESG performance assessments. The company also offers industry research across 60+ sectors in India, Credit Perspective Reports, and analytics, risk management, and digital solutions through subsidiaries including ICRA Analytics, ICRA ESG Ratings, Fintellix, and D2K Technologies. Most issuers of debt securities pay ICRA for rating services prior to assignment of ratings.

Product overview

ICRA Limited is an independent and professional investment information and Credit Rating Agency, offering a comprehensive portfolio of rating products and research services. The core offerings include Corporate Debt Ratings, Financial Sector Ratings, Structured Finance Ratings, Infrastructure Sector Ratings, and ESG Ratings. The company operates through subsidiaries including ICRA Analytics (risk management and market data solutions), Fintellix (data and regulatory solutions for financial services), ICRA ESG Ratings Provider, D2K Technologies (digital transformation for banks and NBFCs), and ICRA Nepal. Research services span 60+ sectors across Banking & Financial Services, Economy, Outlook, Corporate, Climate Series, and Cross-sectoral trends. The company also provides Credit Perspective Reports and various podcasts/webinars as part of its outreach offerings.

Differentiator

Problem solved

Functional benefit

Brands

• ICRA Analytics: Provides services, solutions, analytics, and digital platforms for Risk Management, Market Data, and Knowledge Services
• Fintellix
• ICRA ESG Ratings
• D2K Technologies

Products and services

• Corporate Debt Ratings Credit ratings for corporate entities assessing their ability to meet debt obligations in a timely manner. Ratings are assigned to corporate bonds, debentures, notes, and commercial paper on a long-term and short-term scale, covering companies in manufacturing, construction, mining, services, agroforestry, and small and medium enterprises.
• Financial Sector Ratings Credit ratings covering banks, financial institutions, non-banking finance companies (NBFCs), and housing finance companies, evaluating their ability to manage funds and meet obligations considering factors such as scale of operations, regulatory environment, product offerings, and risk management practices.
• Structured Finance Ratings Assessments of structured instruments to meet pay-out obligations as per agreed terms, focusing on risks associated with structure and underlying assets including legal risk, asset quality, and transaction features. Covers asset-backed securitisation (ABS), mortgage-backed securitisation (MBS), and collateralised debt obligations (CDOs), with ratings determined through cash flow model simulations.
• Infrastructure Sector Ratings Credit ratings assigned to debt programmes in infrastructure sectors including transportation, energy, communication, social and commercial infrastructure, and water sanitation, evaluating fundamental viability of projects considering capital intensity, long gestation periods, and complex risk environments.
• ESG Ratings Assessments of an entity's performance on Environmental, Social, and Governance (ESG) parameters, providing a holistic measure of its sustainability profile. The evaluation examines how effectively an organization manages its environmental and social impacts under robust governance practices.
• Research Services ICRA industry research providing unique research offerings for 60+ sectors in India, with 250+ ratings analysts covering Banking & Financial Services, Economy, Outlook, Corporate, Climate Series, and Cross-sectoral trends.
• Credit Perspective Reports Detailed analysis on ratings assigned by ICRA, covering key rating considerations for various entities, providing transparency into ICRA's rating rationale and methodology application.
• ICRA Analytics Wholly-owned subsidiary of ICRA Limited providing services, solutions, analytics, and digital platforms for Risk Management, Market Data, and Knowledge Services. Offers fixed income solutions, mutual fund solutions, risk management offerings, and ESG analytics and consulting services through its EQ360 platform.
• Fintellix Data, Risk and Regulatory Solutions Data, Risk and Regulatory Solutions for the Financial Services Industry, empowering organizations to achieve data-driven regulatory compliance and operational efficiency across jurisdictions. Now a wholly-owned subsidiary of ICRA following the October 2025 acquisition.
• D2K Technologies Digital Transformation Solutions Software products and digital transformation solutions for top Banks and NBFCs in India, with offerings developed by technical teams to support financial services digitalization.
• ICRA Nepal Credit Rating Services Credit rating services in Nepal provided through ICRA Nepal Limited, the first credit rating agency in Nepal, incorporated on November 11, 2011 and granted licence by the Securities Board of Nepal (SEBON). Subsidiary of ICRA Limited of India.

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core.

• Fintellix India Private LimitedcoreStrategic or Co-development Partner · 17 October 2025ICRA completed acquisition of 98.75% stake in Fintellix India Private Limited for ₹245.63 crores in October 2025. Fintellix provides Data, Risk and Regulatory Solutions to Financial Services Industry, empowering organizations to achieve data-driven regulatory compliance and operational efficiency. The acquisition expands ICRA's risk analytics portfolio, with remaining 1.25% pending regulatory approval.
• Moody's RatingscoreStrategic or Co-development PartnerMoody's is the indirect largest shareholder of ICRA. Moody's provides certain technical services to ICRA pursuant to a Technical Services Agreement. ICRA is referred to as 'An Affiliate of Moody's' on its corporate website. Key executives from Moody's serve on ICRA's Board of Directors including Wendy Huay Huay Cheong, Shivani Priya Mohini Kak, Stephen Arthur Long, and Brian Joseph Cahill.
• ICRA Analytics LimitedcoreTechnology or IntegrationWholly-owned subsidiary providing services, solutions, analytics, and digital platforms for Risk Management, Market Data, and Knowledge Services. Offers fixed income solutions, mutual fund solutions, risk management offerings, ESG analytics and consulting services through its EQ360 platform.
• ICRA ESG RatingscoreTechnology or IntegrationLicensed ESG Ratings Provider empowering businesses, investors, and market participants to make informed decisions towards sustainability. Provides comprehensive ESG assessments including data and in-depth analytics on the top 1,000 listed companies in India.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Moody's Ratings: Global rating agency and ICRA's indirect largest shareholder/affiliate. Comparable methodology and brand but operates globally with broader product portfolio including sovereign ratings.
• S&P Global Ratings: Global rating agency and parent of CRISIL. Directly comparable to ICRA in rating methodology, with broader geographic reach and product depth.
• Fitch Ratings: Global rating agency and parent of India Ratings. Offers directly comparable credit ratings globally with similar analytical methodologies.

Direct peers

• India Ratings and Research: Fitch Ratings affiliate offering the same SEBI-registered credit rating services in India. Direct competitor in corporate, financial institution, and structured finance ratings.
• CRISIL Ratings: India's largest credit rating agency and S&P Global affiliate. Directly competes with ICRA in corporate, bank, and structured finance ratings and is the dominant market leader in the same regulatory framework.
• CARE Ratings: One of the original SEBI-registered Indian credit rating agencies. Competes directly with ICRA across corporate, bank, and SME rating categories.
• Brickwork Ratings: SEBI-registered Indian credit rating agency offering bank, corporate, and SME ratings. Smaller-scale but direct competitor in the same regulatory and customer segments.

Others

• LSEG (Refinitiv): Provides fixed income data, analytics, and risk solutions comparable to ICRA Analytics. Adjacent competitor in market data and analytics but does not issue SEBI-registered credit ratings.
• Bloomberg Intelligence: Provides credit research and analytics that partially substitute for rating agency research, particularly for institutional investors. Adjacent rather than directly competing in SEBI-registered ratings.

Emerging players

• Acuité Ratings: Newer SEBI-registered rating agency focused on mid-market and SME segments. Emerging competitor with narrower product scope than ICRA.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/ICRALimited

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ICRA