ICRA cash flow

Latest FY26

Cash from operations: ₹157cr+8.5% on FY25
Capital spending: ₹12.5cr+0.6% on FY25
Free cash flow: ₹145cr+9.3% on FY25
Cash from financing: −₹66.9cr−₹103 cr in FY25

₹ crore except per share

Tap a line for its trend	Last 12Mto Sep 2026	FY26Mar 2026	FY25Mar 2025	FY24Mar 2024	FY23Mar 2023	FY22 and earlierAlpha Plus

Changes in working capital
Adjustments to reconcile profit — non-cash items						FY22 and earlierEvery year the company has filed comes with Alpha Plus.
	—	28.3	16.4	13.5	9.8
	—	0.0	1.7	−2.9	0.0
	—	1.8	4.2	1.7	1.4
	—	−14.5	−17.5	−15.9	−24.6
	—	−34.6	−52.8	−42.7	−21.6
	—	3.8	3.6	1.7	0.0
	—	−0.5	0.1	−0.0	0.0
	—	0.0	0.0	−0.6	0.0
	—	−19.5	−6.4	−4.3	−0.8
	—	−1.6	−0.7	−1.7	3.5
	—	−5.1	1.9	−13.4	−16.5
	—	−5.4	−3.0	8.4	−0.4
	—	4.3	0.5	−3.4	−1.9
	—	2.7	1.7	−0.1	−0.9
	—	−3.6	11.3	1.3	0.8
	—	10.4	13.7	9.3	13.3
	—	3.9	−8.5	7.2	3.4
Cash from operating activities
	276	250	234	200	181
	—	−29.6	−33.9	−42.0	−34.4
	—	221	200	158	147
	—	63.5	55.2	50.8	47.6
	—	157	145	107	99.3
Cash from investing activities
	—	12.5	12.4	6.9	9.1
	—	0.4	0.2	0.1	0.2
	—	766	409	312	225
	—	895	390	337	131
	—	1.4	0.0	0.0	0.0
	—	231	0.0	15.3	0.0
	—	20.0	14.2	24.6	25.8
	—	−95.5	−16.9	27.5	−76.8
Cash from financing activities
	—	0.3	0.4	5.3	0.0
	—	6.1	5.0	4.6	0.0
	—	—	—	0.0	2.9
	—	1.8	0.3	0.5	1.4
	—	58.8	97.5	126	27.9
	—	0.0	0.0	0.0	0.0
	—	0.0	0.0	0.0	−0.0
	—	−66.9	−103	−137	−32.1
	—	−5.1	24.9	−2.2	−9.7
	—	0.0	0.0	0.0	−0.1
	—	−5.1	24.9	−2.2	−9.8
	—	—	—	10.0	12.2
Reference items
	248	215	178	149	143
	36.4%	35.9%	35.7%	33.4%	35.4%
	145	145	132	100	90.2
	—	142	132	101	—
	₹150.00	₹150.00	₹137.27	₹103.73	₹93.43
	29.92×	—	—	—	—
	—	0.86×	0.85×	0.70×	0.73×
	—	63.5	55.2	50.8	47.6
	—	1.8	0.3	0.5	1.4

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From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.

alphave

ICRA₹4,488.00

ICRA Limited

· Banking & Finance

₹ CrorePeersCARERATINGMcap ₹4,331 Cr

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In ₹ Crore except Per Share 12 Months Ending	FY23 31/03/2023	FY24 31/03/2024	FY25 31/03/2025	FY26 31/03/2026	Last 12M 30/09/2026
Adjustments to Reconcile Profit — Non-cash Items
+ Depreciation & Amortisation	9.8	13.5	16.4	28.3	—
+ Impairment Loss / (Reversal)	0.0	-2.9	1.7	0.0	—
+ Finance Costs	1.4	1.7	4.2	1.8	—
+ Interest Income	-24.6	-15.9	-17.5	-14.5	—
+ Fair Value (Gains) / Losses	-21.6	-42.7	-52.8	-34.6	—
+ Share-based Payments	0.0	1.7	3.6	3.8	—
+ Unrealised FX (Gain) / Loss	0.0	-0.0	0.1	-0.5	—
+ Other Non-cash Items	0.0	-0.6	0.0	0.0	—
+ Other — Cash Effects are Investing / Financing	-0.8	-4.3	-6.4	-19.5	—
+ Other Reconciling Items	3.5	-1.7	-0.7	-1.6	—
Changes in Working Capital
+ Trade Receivables — Current	-16.5	-13.4	1.9	-5.1	—
+ Other Financial Assets — Current	-0.4	8.4	-3.0	-5.4	—
+ Other Current Assets	-1.9	-3.4	0.5	4.3	—
+ Trade Payables — Current	-0.9	-0.1	1.7	2.7	—
+ Other Financial Liabilities — Current	0.8	1.3	11.3	-3.6	—
+ Other Current Liabilities	13.3	9.3	13.7	10.4	—
+ Provisions — Current	3.4	7.2	-8.5	3.9	—
Cash from Operating Activities
Profit Before Tax (per I/S)	181.2	199.9	234.0	250.4	275.8
+ Total Adjustments (incl. Working Capital)	-34.4	-42.0	-33.9	-29.6	—
Cash from Operations (pre-tax)	146.9	157.8	200.1	220.8	—
+ Income Taxes Paid	47.6	50.8	55.2	63.5	—
Cash from Operating Activities	99.3	107.0	144.9	157.3	—
Cash from Investing Activities
+ Acq of Fixed Assets (Capex)	9.1	6.9	12.4	12.5	—
+ Disp of Fixed Assets	0.2	0.1	0.2	0.4	—
+ Acq of Other Long-term Assets	224.9	312.3	408.5	765.9	—
+ Disp of Other Long-term Assets	131.1	337.4	389.6	894.8	—
+ Purchase of Investments (Equity / Debt)	0.0	0.0	0.0	1.4	—
+ Acq of Subsidiaries / Businesses (net)	0.0	15.3	0.0	230.9	—
+ Interest Received — Investing	25.8	24.6	14.2	20.0	—
Cash from Investing Activities	-76.8	27.5	-16.9	-95.5	—
Cash from Financing Activities
+ Repayment of Borrowings	0.0	5.3	0.4	0.3	—
+ Payment of Lease Liabilities	0.0	4.6	5.0	6.1	—
+ Payment of Finance Lease Liabilities	2.9	0.0	—	—	—
+ Interest Paid	1.4	0.5	0.3	1.8	—
+ Dividends Paid	27.9	126.4	97.5	58.8	—
+ Income Taxes (Paid) / Refund — Financing	0.0	0.0	0.0	0.0	—
+ Other Inflows / (Outflows) — Financing	-0.0	0.0	0.0	0.0	—
Cash from Financing Activities	-32.1	-136.7	-103.1	-66.9	—
Net Changes in Cash (pre-FX)	-9.7	-2.2	24.9	-5.1	—
+ Effect of FX Rate Changes on Cash	-0.1	0.0	0.0	0.0	—
Net Changes in Cash	-9.8	-2.2	24.9	-5.1	—
Closing Cash	12.2	10.0	—	—	—
Reference Items
EBITDA	142.9	148.8	177.8	215.0	247.6
EBITDA Margin %	35.44	33.35	35.69	35.87	36.43
Free Cash Flow (CFO − Capex)	90.2	100.1	132.5	144.8	144.8
Free Cash Flow to Equity	—	101.4	131.6	142.5	—
Free Cash Flow per Basic Share	93.43	103.73	137.27	150.00	150.00
Price to Free Cash Flow	—	—	—	—	29.92
Cash Flow to Net Income	0.73	0.70	0.85	0.86	—
Cash Paid for Taxes	47.6	50.8	55.2	63.5	—
Cash Paid for Interest	1.4	0.5	0.3	1.8	—

As filed, sign as filed: a payment tagged as a positive magnitude in the filing stays positive here, so read the label, not the sign. A line appears only when the company tagged that concept in at least one period shown — depth follows the filer, so a thin statement means a thin filing. Total Adjustments is the filer's own grand total of the reconciliation and spans BOTH the non-cash items and the working-capital block; Profit Before Tax plus it equals Cash from Operations (pre-tax). It can be reported when its components are not, so it is never a sum of the rows above it. No consensus estimates → no Est columns. Click any row to chart it.

« ‹ › »Latest: FY26 · ConsolidatedFA Financial Analysis · alphave

Data & compliance. Descriptive financial information from official NSE/BSE filings — for information and education only, not investment advice, a recommendation, or a valuation. Standalone = parent entity; consolidated includes subsidiaries. Historical multiples pair each fiscal year's filed figures with that FY-end market close; the Current column uses the last close with the latest filed annuals. Figures are cross-verified via accounting identities and NSE×BSE agreement — XBRL cross-verified ✓ 95%.