ICRA raises dividend 75% with special ₹35 payout for its 35th year
A one-off special dividend of ₹35 per share drives the payout to ₹105. Consolidated profit grew, but standalone profit fell on higher staff costs.
— 4 earlier stories on ICRA Ltd. →What's new
- ICRA's board recommended a final dividend of ₹105 per share, a 75% jump from last year's ₹60.
- The payout includes a special dividend of ₹35 to mark the company's 35th anniversary.
- Consolidated net profit rose 6.6% to ₹182.5 crore, but standalone profit fell 14.5% to ₹126.7 crore on higher employee costs.
Why this matters
The special dividend is the headline event. A ₹35 one-off payout, representing 33% of the total dividend, is a direct and likely non-recurring return of cash. It overshadows an operational split where consolidated results grew but the standalone parent company saw profit decline.
What we're watching
- Whether the special dividend sets a new floor for future payouts or is a true one-off.
- The trajectory of employee costs at the standalone level, which dragged profit down 14.5%.
- The stock's reaction to the large, unexpected cash return versus the mixed underlying profit picture.
The full read
ICRA is returning a lot of cash. The ₹105 per share final dividend is a 75% increase from last year's ₹60, driven by a ₹35 special component for the company's 35th anniversary. The special payout alone is 33% of the total dividend. Underneath that, the business posted consolidated revenue of ₹599 crore, up 22%, and net profit of ₹182.5 crore, up 6.6%. But the standalone picture is different: profit there fell 14.5% to ₹126.7 crore because employee costs rose. The special dividend is a one-off. The operational story is mixed, with growth at the consolidated level but a cost squeeze at the parent.
Questions answered
- Why is ICRA's dividend so much higher this year?
- The payout includes a special dividend of ₹35 per share explicitly tied to the company's 35th anniversary. Excluding this special component, the dividend would be ₹70, still higher than last year's ₹60.
- Why did standalone profit fall while consolidated profit grew?
- Consolidated net profit rose 6.6% to ₹182.5 crore, but standalone profit fell 14.5% to ₹126.7 crore. The filing attributes the standalone decline to higher employee costs.
- How significant is the special dividend relative to earnings?
- The special dividend of ₹35 per share represents a cash return of about ₹52 crore to shareholders. This is a significant portion of the standalone net profit of ₹126.7 crore.
- What was the top-line growth for the year?
- Consolidated revenue for the year ended March 2026 increased 22% to ₹599 crore.
ICRA Ltd.
Latest quarter · Mar 2026
Strength & growth
Story so far
All notes on ICRA →- 21 May 2026 · 6:34 PM IST ICRA raises dividend 75% with special ₹35 payout for its 35th year
- 42d ago ICRA signals buyback as cash reserves top ₹700 cr
- 46d ago ICRA's Q4 revenue jumps 28.4%, board recommends ₹105 dividend
- 46d ago ICRA lifts dividend to ₹105/share, 75% more than last year
- 46d ago ICRA lifts dividend to ₹105 per share, up 75%