ICRA Moat Analysis: Score & Risks
ICRA Ltd
A first-pass moat teardown of ICRA Ltd, built from single-pass filing evidence. Free note — provisional, and the full two-pass deep dive may revise it.
First-pass narrow read — primary edge in Switching Costs. Provisional, single-pass evidence.
ICRA Ltd scores 4.69 on MoatSCORE 6.0 — a narrow moat in Ratings. This is a first-pass note: the dimensional read and the filing receipts below come from a single GFIP evidence pass, not the full two-pass deep corpus behind our flagship deep dives. Provisional — published free while the deep version is queued.
Seven dimensions of moat
Ordered by contribution. Each dimension carries a verified filing quote, graded [M] mechanism or [O] outcome.
“We have now been able to put all our products together into a more combined product suite, realizing the benefits of carrying all of these products together, which are broadly complementary in nature.”
“fairly disciplined cost management, and of course, improved pricing framework, which gives us transactions, which essentially are quite high yielding and remunerative.”
“overall momentum was moderated by the planned exit from ESG-related assignments.”
“there is a lot of automation which keeps happening within Moody's ecosystem. And as a result of that, some of the business which comes our way does get automated and therefore, there could be an impact there.”
D8 rating: ADEQUATE. Not part of the moat score — it governs the cost of equity and the fade window. First-pass; not yet deep-reviewed.
The barrier gate — first-pass
Effective barrier 5.0 — below 6, so the band is capped narrow. First-pass estimate.
Deep two-pass review. This draft rests on a single GFIP evidence pass; the full 10-year AR + concall corpus may move the read.
The barrier gate. A firmer replication or bypass estimate is the most likely thing to shift the band.
Adverse events. Any governance, regulatory or funding shock captured in D8 could re-rate the fade window.
Where this note fits. This company is one of 113 Indian companies we have scored for moat durability — 88 narrow, 25 narrow-trending-wide, none wide. The full ranked read: Wide-Moat Stocks in India: We Scored 113 Companies and Found None. Every score, dimension by dimension, is free in the Moat Screener.
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