KOTAK ON ICRA ; BUY | TP ₹6,400

• Kotak maintains Buy rating on ICRA with a target price of ₹6,400. • Expects ratings revenue CAGR of 14% over FY27–29, supported by strong corporate credit demand. • Forecasts ratings segment margins to expand to 43% by FY29. • Higher interest rates could moderate near-term growth in the ratings business. • Acquisitions in non-ratings businesses expected to support revenue diversification and long-term growth.

ICRA LIMITED

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