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Yes Securities Report
We estimate 14-15% revenue compound annual growth rate for ICRA Ltd. over FY24-27 assuming sustained growth in credit ratings, moderate scale-up of ESG Ratings and some growth recovery in Knowledge Services.
Profit after tax growth/return on equity expansion would likely be much faster from FY26 with resumption of margin improvement.
Our estimates do not factor any new revenue opportunities that company could be exploring and inorganic growth through compatible acquisitions. ICRA is trading at 29 times P/E on FY27 earnings.
We increase 12 months target price to Rs 7500 by rolling over valuation to FY27.
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