ICRA Limited

Type	Public
Traded as	BSE: 532835 NSE: ICRA
Industry	Financial services
Founded	1991 (1991)
Headquarters	Gurgaon , India
Key people	Ramnath Krishnan, Managing Director & Group CEO Arun Duggal, Non-Executive chairman and independent director.
Services	Credit ratings Financial consulting
Revenue	₹2.28 billion (US$24 million)[1]
Owner	Moody's Corporation

ICRA Limited (ICRA) is an Indian independent and professional investment information and credit rating agency headquartered in Gurugram, Haryana.^[2] Established in 1991, the company was originally named Investment Information and Credit Rating Agency of India Limited (IICRA India).

It was a joint-venture between Moody's and various Indian commercial banks and financial services companies. The company changed its name to ICRA Limited, and went public on 13 April 2007, with a listing on the Bombay Stock Exchange and the National Stock Exchange.^[3] As of end December 2024, Moody's Corporation owns a 51.86% majority stake.^[4]

History

ICRA was set up in1991 by leading financial/investment institutions, commercial banks and financial services companies as an Independent and professional investment information and credit rating agency.^[5]

Group Companies

As of August 2020, ICRA Ltd. operates the following subsidiaries:

1. ICRA Lanka Limited (ICRA Lanka) – credit rating agency licensed by the Securities and Exchange Commission of Sri Lanka (SEC) incorporated in December 2010 and was granted license by the SEC in May 2011.^[6]
2. ICRA Nepal Limited (ICRA Nepal) – first Credit Rating Agency in Nepal incorporated on 11 November 2011 and granted licence by the Securities Board of Nepal (SEBON) on 3 October 2012.^[7]
3. ICRA Analytics Limited – analytics and digital platforms for risk management, market data, consulting and knowledge services.^[8] ICRA Analytics was formed from the merger of ICRA Online Limited (ICRON) and ICRA Management Consulting Services Limited (IMaCS) in October 2019.^[9]

The following business formerly were part of the ICRA Group of Companies:

1. PT ICRA Indonesia (ICRAIndo) – ICRA pulled out of the Indonesia market in June 2015.^[10]
2. ICRA Techno Analytics Limited (ICTEAS) – ICTEAS was acquired by Pune-based global consulting and IT services solutions integrations company Nihilent Technologies in August 2016 for INR 687.5 million (US$10 million)^[11][12] and renamed Nihilent Analytics.^[13]

Governance

As of 2026, the company's Board of Directors includes^[5]

• Mr. Ramnath Krishnan - Managing Director & Group CEO
• Mr. Palamadai Sundararajan Jayakumar - Non-Executive Chairman and an Independent Director
• Mr. Pradip Kanakia - Independent Director
• Ms. Anuranjita Kumar- Independent Director
• Ms. Wendy Huay Huay Cheong - Non-Executive, Non-Independent Director
• Ms. Shivani Priya Mohini Kak- Non-Executive, Non-Independent Director
• Mr. Stephen Arthur Long - Non-Executive, Non-Independent Director
• Mr. Brian Joseph Cahill- Non-Executive, Non-Independent Director

References

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