ICRA - Public Comps and Valuation Multiples

ICRA Overview

About ICRA

ICRA Ltd is an independent and professional Investment Information and credit rating agency. The company operates through four segments: Rating, research and other services; Consulting services; Knowledge and Market Services. The company generates over half of its revenue from the Rating, research and other services segment. Rating, research, and other services segment provides rating, grading, and industry research services. The consulting services segment provides management consulting which includes risk management, financial advisory, outsourcing, and policy advisory. The knowledge Services segment provides KPO services and the Market services segment provides financial information products and services. Geographically the majority of revenue is generated from within India.

Founded

1991

HQ

Employees

405

Website

icra.in

Sectors

Financial Data & Information
FinTech

Financials

LTM Revenue $57.0M

LTM EBITDA n/a

EV

$566M

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ICRA Financials

ICRA has a last 12-month revenue of $57.0M and a last 12-month EBITDA of n/a.

In the most recent fiscal year, ICRA achieved revenue of $51.1M and an EBITDA of $25.8M.

ICRA expects next 12-month revenue of XXX and NTM EBITDA of XXX

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ICRA P&L

	FY 2022	FY 2023	FY 2024	LTM	NTM
Revenue	$39.1M	$46.1M	$51.1M	$57.0M	XXX
Gross Profit	$20.2M	$24.2M	$25.7M	XXX	XXX
Gross Margin	52%	52%	50%	XXX	XXX
EBITDA	$18.6M	$22.2M	$25.8M	n/a	XXX
EBITDA Margin	47%	48%	50%	0%	XXX
Net Profit	$12.9M	$15.6M	$17.4M	XXX	XXX
Net Margin	33%	34%	34%	XXX	XXX
Net Debt	n/a	n/a	n/a	XXX	XXX

Financial data powered by Morningstar, Inc.

ICRA Stock Performance

As of February 21, 2025, ICRA's stock price is INR 5788 (or $67).

ICRA has current market cap of INR 55.7B (or $641M), and EV of INR 49.1B (or $566M).

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ICRA Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$566M	$641M	XXX	XXX	XXX	XXX	$2.00

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ICRA Valuation Multiples

As of February 21, 2025, ICRA has market cap of $641M and EV of $566M.

ICRA's trades at 9.9x LTM EV/Revenue multiple, and n/a LTM EBITDA.

Analysts estimate ICRA's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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ICRA Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$566M	XXX	XXX	XXX
EV/Revenue	10.1x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	XXX	XXX
P/E	33.8x	XXX	XXX	XXX
P/E/Growth	2.3x	XXX	XXX	XXX
EV/FCF	n/a	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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ICRA Valuation Multiples

ICRA's NTM/LTM revenue growth is 13%

ICRA's revenue per employee for the last fiscal year averaged $0.1M, while opex per employee averaged $24K for the same period.

Over next 12 months, ICRA's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate ICRA's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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ICRA Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	11%	XXX	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	XXX	XXX	XXX
EBITDA Growth	16%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	n/a	XXX	XXX	XXX	XXX
Revenue per Employee	$0.1M	XXX	XXX	XXX	XXX
Opex per Employee	$24K	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	0%	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	4%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	19%	XXX	XXX	XXX	XXX

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