ICRA Q1 FY27 Consolidated Net Profit Rises 32% YoY

Financial Results - Consolidated (₹ lakhs)

Quarterly Performance Comparison

| Revenue from operations | 16,336.60 | 17,485.16 | 12,448.87 |

| Other income | 2,762.72 | 1,418.17 | 2,436.19 |

| Total income | 19,099.32 | 18,903.33 | 14,885.06 |

| Total expenses | 11,926.44 | 11,623.54 | 9,048.25 |

| Profit before exceptional items and tax | 7,172.88 | 7,279.79 | 5,836.81 |

| Exceptional items | (438.66) | - | - |

| Profit before tax | 7,611.54 | 7,279.79 | 5,836.81 |

| Total tax expense | 1,965.66 | 2,010.71 | 1,560.99 |

| Profit after tax | 5,645.88 | 5,269.08 | 4,275.82 |

| Total comprehensive income | 5,645.89 | 5,291.95 | 4,237.70 |

Earnings Per Share (Consolidated)

Basic EPS: ₹58.36 (not annualized)
Diluted EPS: ₹58.27 (not annualized)
Face value: ₹10 per share

Financial Results - Standalone (₹ lakhs)

Quarterly Performance Comparison

| Revenue from operations | 8,178.86 | 8,940.31 | 7,220.19 |

| Other income | 1,825.00 | 1,190.21 | 2,217.82 |

| Total income | 10,003.86 | 10,130.52 | 9,438.01 |

| Total expenses | 5,670.50 | 5,228.60 | 5,471.90 |

| Profit before exceptional items and tax | 4,333.36 | 4,901.92 | 3,966.11 |

| Exceptional items | (438.66) | - | - |

| Profit before tax | 4,772.02 | 4,901.92 | 3,966.11 |

| Total tax expense | 1,262.78 | 1,262.18 | 951.33 |

| Profit after tax | 3,509.24 | 3,639.74 | 3,014.78 |

| Total comprehensive income | 3,506.21 | 3,637.63 | 3,006.36 |

Earnings Per Share (Standalone)

Basic EPS: ₹36.46 (not annualized)
Diluted EPS: ₹36.41 (not annualized)
Face value: ₹10 per share

Segment Information (Consolidated)

The Group operates through two reporting segments:

Ratings & Ancillary Services

Includes credit ratings and ESG ratings
Q1 FY27 segment revenue: ₹16,435.52 lakhs
Q1 FY27 segment results: ₹2,898.00 lakhs

Risk & Analytics (formerly Research & Analytics)

Includes research, data analytics and risk solutions
Q1 FY27 segment revenue: Included in total
Q1 FY27 segment results: ₹1,558.18 lakhs

Significant Events and Transactions

Acquisition of D2K Technologies

During the quarter, ICRA Analytics Limited (wholly owned subsidiary) executed an amended Share Purchase Agreement
Acquired remaining 40% stake in D2K Technologies India Private Limited for consideration of ₹32.02 crore
Gain of ₹6.76 crore recognized under Other Income due to remeasurement of related liability
Post-acquisition, IAL's shareholding increased from 60% to 100%, making D2K Technologies a wholly owned subsidiary
Consideration paid net of amount withheld in escrow account; share transfer formalities completed in July 2026

Acquisition of Fintellix India

Subsequent to June 30, 2026, company completed acquisition of remaining 1.25% equity share capital of Fintellix India Private Limited
Consideration of ₹3.17 crore paid upon completion of regulatory formalities
Fintellix became a wholly owned subsidiary of the Company

Subsidiaries Included in Consolidation

The consolidated financial results include the following entities:

1. ICRA Limited (Parent)

2. ICRA Analytics Limited

3. ICRA ESG Ratings Limited

4. D2K Technologies India Private Limited

5. ICRA Employees Welfare Trust

6. ICRA Nepal Limited

7. ICRA Lanka Limited

8. Fintellix India Private Limited

9. Fintellix South Africa Proprietary Ltd

10. Fintellix US LLC

Auditor Review

Deloitte Haskins & Sells conducted limited review of both consolidated and standalone financial results
Issued unmodified conclusion on both sets of financial results
Review conducted in accordance with SRE 2410 issued by ICAI
Consolidated results include financial results of 6 subsidiaries not reviewed by auditors, representing total revenue of ₹268.96 lakhs and PAT of ₹38.13 lakhs for the quarter

Capital Structure

Paid-up equity share capital: ₹965.12 lakhs (face value ₹10 per share)
Number of shares: 96,51,200 shares

Notes and Qualifications

Figures for quarter ended March 31, 2026 are balancing figures between audited annual figures and published year-to-date figures
Q1 FY26 figures do not include results of Fintellix India Private Limited, which was acquired in October 2025
Results are not directly comparable year-on-year due to acquisition