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CRISIL
17-Apr-26   20:27 Hrs IST
CRISIL has posted strong 30% jump in the consolidated income from operations to Rs 1057.66 crore for the quarter ended March 2026, compared with Rs 813.18 crore in the corresponding quarter of the previous year. Consolidated total income for the quarter ended March 2026, moved up 30% to Rs 1093.67 crore, compared with Rs 843.77 crore in the corresponding quarter of the previous year. Net profit galloped 46% to Rs 233.26 crore in Q1CY2026.

Profit before tax for the quarter ended March 2026, increased 36% to Rs 308.38 crore, compared with Rs 227.27 crore in the corresponding quarter of the previous year.

Sales of Rating Services segment improved 20% to Rs 322.63 crore (accounting for 30.5% of total sales). Sales of Research & Information Services segment jumped 35% to Rs 735.63 crore (accounting for 69.5% of total sales).

Profit before interest, tax and other unallocable items (PBIT) increased 41% to Rs 329.85 crore. PBIT of Rating Services segment increased 22% to Rs 162.92 crore (accounting for 49.4% of total PBIT). PBIT of Research & Information Services segment moved up 67% to Rs 166.93 crore (accounting for 50.6% of total PBIT).

PBIT margin of Rating Services segment improved yoy to 50.5%. PBIT margin of Research & Information Services segment rose to 22.7%.

Operating profit margin has increased to 30.1% in Q1CY2026 from 28.5% in Q1CY2025, leading to 37% jump in operating profit to Rs 318.57 crore. Employee expenses increased 30% to Rs 556.14 crore and other expenses rose 2% to Rs 87.9 crore in the quarter ended March 2026. The professional jumped 60% and associate services fees increased 18%.

Other income moved up 18% to Rs 36.01 crore. PBIDT increased 35% to Rs 354.58 crore. Provision for interest increased 22% to Rs 6.78 crore. PBDT moved up 35% to Rs 347.80 crore.

Provision for depreciation jumped 32% to Rs 39.42 crore. Profit before tax grew 36% to Rs 308.38 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 75.12 crore, compared to Rs 67.43 crore. Effective tax rate was 24.4% compared to 29.7%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company surged 46% to Rs 233.26 crore in Q1CY2026.

The net impact of foreign exchange movement was favourable in Q1CY26. PBT earnings include a foreign exchange gain of Rs 14.4 crore as compared to a loss of Rs 5.2 crore for the same period in 2025.

The company has approved the payment of a first interim dividend of Rs 9 per equity share for CY26.

Says Amish Mehta, Managing Director & CEO, Crisil, Our businesses saw growth during Q1CY26, driven by customer centricity and differentiated, domain-led solutions. The ongoing geopolitical issues underscore the essentiality of our insights and risk solutions for clients navigating complexity. The growth and resilience of Indian economy continue to offer opportunities for our businesses. As we enter the 40th year of making markets function better, our focus remains sharp on increasing wallet share in our core markets, and expanding into adjacencies, new client segments and geographies, while continuing to invest in GenAI, digitalisation and future-ready talent.

Other updates

Yields on corporate bonds remain elevated, resulting in a 12% on-year decline in issuance by volume in Q1CY26. The number of issuers saw marginal 5% increase yoy, while the number of issuances remained largely stable. Bank credit was up 14.5% 1 as of February 2026, compared with 11.1 % in the same month last year. The credit to large corporates continues to be moderate at 7.8%.

Crisil Ratings maintained its leadership position backed by investor preference for best-in-class ratings and its revenue grew 18.9% on-year in Q1 FY26.

Crisil Global Analytics Center (GAC) saw growth in delegation of surveillance support to S&P Global Ratings and expanded analytical and operational support to S&P in new areas beyond ratings.

Overall, the ratings segment revenue grew 20.2% on-year in Q1CY26.

Crisil Integral IQ saw demand for risk and credit lending solutions.

Crisil Coalition Greenwich benefited from momentum in Corporate and Investment Banking and increased engagement with regional banks. Accelerated renewal pipeline conversion has resulted in higher revenue of US$ 4.5 million in Q1CY26 compared to same quarter in prior year, and the company expect this effect to normalize over the year.

Crisil Intelligence saw continued demand for data analytics, consulting, and credit and risk solutions. The rupee depreciation in Q1CY26 provided a near-term tailwind for the businesses.

The Research, Analytics and Solutions segment revenue grew 34.9% yoy in Q1CY26.

The company continue to strengthen competitiveness by building domain-led products and implementing generative artificial intelligence (GenAI) solutions. These initiatives enhance client experience, sharpen insights and improve efficiency-such as Crisil i360, launched in February 2026, a unified intelligence platform offering a macro-to-micro view across economy, industries, companies and projects. The company continue to build a future-ready workforce through GenAl-focused interventions.

Consolidated Performance - CY2025

Crisil`s consolidated income from operations in 12-months ended December 2025 (CY2025), was up 11.9% to Rs 3649.0 crore, compared with Rs 3259.8 crore in CY2024. Consolidated total income, rose 12.1% to Rs 3755.6 crore, compared with Rs 3349.4 crore in CY2024. Profit before tax was up 12.4% to Rs 1041.0 crore, compared with Rs 926.5 crore in CY2024. Profit after tax was up 12.0% to Rs 766.0 crore, compared with Rs 684.1 crore in CY2024.

For the year ended December 2025, the company paid three interim dividends totalling Rs 33 per equity share of face value of Re 1 each. The Board of Directors has recommended a final dividend of Rs 28 per share (of Re 1 face value), taking the total dividend for the year to Rs 61 per share from Rs 56 per share in the previous year.

'

Crisil : Consolidated Results''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''

'

2603 (3)

2503 (3)

Var. (%)

2512 (12)

2412 (12)

Var. (%)
Income from Operations

 1057.66

 813.18

 30

 3649.01

 3259.78

 12
OPM (%)

 30.1

 28.5

 '

 30.2

 27.9

 '
OP

 318.57

 232

 37

 1102.03

 910.81

 21
Other income

 36.01

 30.59

 18

 106.54

 89.64

 19
PBIDT

 354.58

 262.59

 35

 1208.57

 1000.45

 21
Interest

 6.78

 5.55

 22

 22.22

 4.03

 451
PBDT

 347.8

 257.04

 35

 1186.35

 996.42

 19
Depreciation

 39.42

 29.77

 32

 128.52

 69.95

 84
PBT

 308.38

 227.27

 36

 1057.83

 926.47

 14
Share in profit/loss of associates

 0

 0

 -

 0

 0

 -
PBT before EO

 308.38

 227.27

 36

 1057.83

 926.47

 14
EO

 0

 0

 -

 -16.8

 0

 -
PBT after EO

 308.38

 227.27

 36

 1041.03

 926.47

 12
Tax

 75.12

 67.43

 11

 275.02

 242.4

 13
PAT before MI

 233.26

 159.84

 46

 766.01

 684.07

 12
Minority Interest

 0

 0

 -

 0

 0

 -
PAT after MI

 233.26

 159.84

 46

 766.01

 684.07

 12
EPS (Rs)*

 #

 #

 '

 106.5

 93.6

 '
* Annualised on current equity of Rs 7.31 crore. Face Value: Rs 1 each''''''''''''''''''''''''

*EPS is calculated after excluding EO items
#EPS not annualised due to seasonality of business
EO: Extraordinary items''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''

Figures in Rs crore'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''

Source: Capitaline Corporate Database

'

Crisil : Consolidated Segment Results''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''

'

% of total

2603 (3)

2503 (3)

Var. (%)

% of total

2512 (12)

2412 (12)

Var. (%)

Segment Revenue

'

'

'

'

'

'

'

'
Rating Services

 30.5

 322.63

 268.41

 20

 29.5

 1078.74

 911.26

 18
Research, Analytics and Solutions

 69.5

 735.63

 545.30

 35

 70.5

 2572.38

 2350.63

 9

Total Sales

 100.0

 1058.26

 813.71

 30

 100.0

 3651.12

 3261.89

 12
Less:- Inter Segment Revenue

 '

 0.60

 0.53

 '

 '

 2.11

 2.11

 '

Net Sales/Income from operation

 100.00

 1057.66

 813.18

 30

 100.0

 3649.01

 3259.78

 12

'

 '

 '

 '

 '

 '

 '

 '

 '

Segment Result (PBIDT)

 '

 '

 '

 '

 '

 '

 '

 '
Rating Services

 49.4

 162.92

 133.39

 22

 45.8

 478.22

 400.12

 20
Research Services

 50.6

 166.93

 99.99

 67

 54.2

 566.55

 503.10

 13
Total

 100.0

 329.85

 233.38

 41

 100.0

 1044.77

 903.22

 16
Add: Unallocable Income net of unallocable Expenses

 '

 3.98

 11.03

 -64

 '

 74.01

 72.39

 2
Less: Depreciation

'

 25.46

 17.14

 49

 '

 77.75

 49.14

 58
Add: Unallocable Income net of unallocable Expenses

 '

 0.00

 0.00

 -

 '

 0.00

 0.00

 -

Profit Before Tax

 '

 308.38

 227.27

 36

 '

 1041.03

 926.47

 12
Figures in Rs crore, PL: Profit to Loss, LP: Loss to Profit'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''

Source: Capitaline Corporate Database

'