CRISIL vs ICRA: Share Price, Comparison and Key Differences

August 11, 2026
Posted by: Neeraj Pandey
Category: News

CRISIL MCap Rs 33,673 Cr, PE 38.08x, ROE 27.03%, Div 1.30%. ICRA MCap Rs 4,831 Cr, PE 24.62x, ROE 15.37%, Div 2.10%.

CRISIL vs ICRA is a comparison financial services investors look up when evaluating India’s two largest credit rating agencies. CRISIL (Credit Rating Information Services of India), majority-owned by S&P Global (USA), is India’s leading credit rating agency and research company providing ratings, research, risk and policy advisory services. ICRA, majority-owned by Moody’s Investors Service (USA), is India’s second-largest credit rating agency. Both CRISIL vs ICRA are listed, US-parent-owned credit rating agencies operating in India’s structured finance and corporate bond market.

This CRISIL vs ICRA article covers reach and market position, key products, latest declared results and stock valuation. The CRISIL vs ICRA data below is sourced from Groww and public company filings and reflects the most recently available information at the time of writing.

Table of Contents

CRISIL vs ICRA: Reach and Market Position

On the CRISIL side of the CRISIL vs ICRA comparison, CRISIL rates Indian corporates, structured finance instruments, mutual funds and banks; and provides global analytical services to S&P Global. Market capitalisation is Rs 33,673 Cr.

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On the ICRA side of the CRISIL vs ICRA comparison, ICRA provides credit ratings, grading and research services for Indian companies, banks, financial institutions and structured finance instruments. Market capitalisation is Rs 4,831 Cr.

CRISIL vs ICRA: Key Products and Business Mix

In the CRISIL vs ICRA product comparison, CRISIL offers: CRISIL earns from credit ratings, CRISIL Research (industry reports, data analytics), risk solutions and global analytical support for S&P. EPS is Rs 120.92. PE is 38.08x, ROE 27.03 percent, Div 1.30 percent.

For ICRA in this CRISIL vs ICRA breakdown: ICRA earns from credit ratings, grading (real estate, MFI, sports) and research. EPS is Rs 203.32. PE is 24.62x, ROE 15.37 percent, Div 2.10 percent.

CRISIL vs ICRA: Latest Results

The CRISIL vs ICRA results for CRISIL: CRISIL has a market cap of Rs 33,673 Cr and PE of 38.08x. ROE is 27.03 percent. CRISIL is 7 times larger than ICRA by market cap – reflecting its market leadership and research business.

The CRISIL vs ICRA results for ICRA: ICRA has a market cap of Rs 4,831 Cr and PE of 24.62x. ROE is 15.37 percent. ICRA is cheaper on PE with a higher dividend yield.

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CRISIL vs ICRA: Stock and Valuation

The CRISIL vs ICRA stock comparison uses the latest available market data from Groww. Investors tracking CRISIL vs ICRA should verify current prices on NSE or BSE before trading.

CRISIL vs ICRA at current valuations: CRISIL trades at Rs 33,673 Cr market cap, PE 38.08x, ROE 27.03 percent. ICRA trades at Rs 4,831 Cr market cap, PE 24.62x, ROE 15.37 percent. ICRA is cheaper on PE with a higher dividend yield. CRISIL commands a significant premium for its research business and S&P relationship.

CRISIL vs ICRA: Quick Comparison Table

The CRISIL vs ICRA comparison table below summarises the key metrics covered in this article side by side.

Parameter	CRISIL	ICRA
Sector	Credit ratings + global research + risk analytics (S&P India arm)	Credit ratings + grading + research (Moody’s India arm)
Market Cap	Rs 33,673 Cr	Rs 4,831 Cr
P/E Ratio	38.08x	24.62x
ROE	27.03%	15.37%
Parent	S&P Global (USA)	Moody’s Investors Service (USA)
Revenue Mix	Ratings + research + global analytics	Ratings + grading + research
Dividend Yield	1.30%	2.10%

Conclusion

The CRISIL vs ICRA comparison above covers the key data points on reach, products, results and valuation. CRISIL vs ICRA covers India’s two largest credit rating agencies. CRISIL commands a large premium for its S&P-backed research and risk analytics platform beyond core ratings. ICRA is a focused rating and research business with Moody’s backing. CRISIL vs ICRA investors should review bond issuance volumes, SEBI rating regulations and global analytical business growth. CRISIL vs ICRA are both regulated oligopoly businesses in India’s debt market. Consult a SEBI-registered advisor for personalised guidance. CRISIL vs ICRA investors should track SEBI bond market development policies and regulatory mandates for credit ratings which drive both companies revenue. The growth of India’s corporate bond market remains a long-term structural tailwind for the credit rating sector.

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Disclaimer: Data and figures in this article are sourced from publicly available information, including company results filings and exchange data, and are current as of the time of writing. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).

Frequently Asked Questions

What is CRISIL?

Ans. CRISIL (Credit Rating Information Services of India) is India’s largest credit rating agency, majority-owned by S&P Global. It rates bonds, bank loans and structured finance, and provides global research and analytics services to S&P.

What is ICRA?

Ans. ICRA is India’s second-largest credit rating agency, majority-owned by Moody’s Investors Service. It provides credit ratings for corporate bonds, bank loans, securitisation and structured finance, along with grading and research.

Are there other credit rating agencies in India?

Ans. India has six SEBI-registered credit rating agencies: CRISIL, ICRA, CARE, India Ratings (Fitch subsidiary), ACUITE and Brickwork. CRISIL and ICRA are the two largest listed agencies.

Why is CRISIL so much larger than ICRA?

Ans. CRISIL is larger because its revenue extends significantly beyond core ratings into research reports, risk solutions and global analytical services provided to S&P Global – not just India rating business.

Does CRISIL pay dividends?

Ans. Yes. CRISIL pays a dividend yield of approximately 1.30 percent.

Are CRISIL and ICRA in Nifty 50?

Ans. Neither is in Nifty 50. Both are tracked in broader indices.

Which is more expensive on PE, CRISIL or ICRA?

Ans. CRISIL at PE 38.08x is more expensive than ICRA at 24.62x, reflecting CRISIL’s research and analytics premium.

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Author: Neeraj Pandey

Neeraj Pandey is a Financial Content Writer at Univest, covering Indian equity markets with a specialisation in quarterly earnings previews and analyst consensus analysis. His published work tracks Q4 FY26 results across 10+ sectors — from IT heavyweights like Infosys and TCS to PSUs like Coal India and Balmer Lawrie, and mid-caps like Neuland Laboratories, MCX, and Whirlpool of India. His writing approach is data-first: every article anchors on NSE/BSE filings, analyst consensus estimates (revenue, PAT, EBITDA margins), 52-week price context, and YoY/QoQ comparisons — giving retail investors the same structured framework institutional desks use before an earnings event. He combines SEO-optimised structure with rigorous data sourcing, ensuring each preview ranks for investor search intent while meeting SEBI editorial standards. All articles are reviewed by Univest's in-house equity research team, led by Ankit Jaiswal, Senior Equity Research Analyst, to meet SEBI editorial standards.