Financial Performance - Consolidated Results

Second Quarter FY2027 (Q2)

  • Revenue from operations: ₹177.9 crore, up 30.2% from ₹136.6 crore in Q2 FY2026
  • Profit after tax (PAT): ₹52.4 crore, up 9.2% from ₹48.0 crore in Q2 FY2026

Half Year FY2027 (H1)

  • Revenue from operations: ₹341.2 crore, up 30.7% from ₹261.1 crore in H1 FY2026
  • Profit after tax (PAT): ₹108.9 crore, up 20.0% from ₹90.8 crore in H1 FY2026

Acquisition Impact

The consolidated results for Q2 and H1 FY2027 include the financial performance of Fintellix India Private Limited, which was acquired in October 2025.

Business Segment Performance

Ratings & Ancillary Services

  • Q2 FY2027 revenue growth: 17.3% year-on-year
  • H1 FY2027 revenue growth: 15.2% year-on-year
  • Growth drivers: Broad-based expansion across bank credit (21.4% YoY growth), bonds, commercial paper, and securitization
  • Bond issuances grew 39.9% in Q2 FY2027 and 3.7% in H1 FY2027 year-on-year
  • Bank credit growth was broad-based across retail, industrial, and services sectors
  • Commercial paper outstanding rose sharply reflecting higher working-capital requirements
  • NBFCs continued reliance on securitization to reduce funding costs

Risk & Analytics

  • Q2 FY2027 revenue growth: 52.2% year-on-year
  • H1 FY2027 revenue growth: 55.4% year-on-year
  • Primary growth driver: Consolidation of Fintellix acquisition
  • BankTech: Benefited from continued demand for risk and regulatory solutions from existing clients
  • Cap Tech: Supported by renewals and new offerings aligned with recent capital market regulations
  • Knowledge Tech: Remained resilient amid automation-led changes, aided by favourable currency movement
  • Segment milestone: Sales, customer support, product, and delivery functions brought under common framework

Management Commentary

Mr. Ramnath Krishnan, MD & Group CEO, ICRA Limited stated: "Our Ratings business recorded broad-based growth during the quarter, supported by continued engagement with a growing client base. In Risk & Analytics, bringing our businesses onto a common operating platform is an important step, allowing us to serve clients' risk, data and regulatory needs in a more integrated manner. As the operating environment evolves, our priority is to pair analytical rigour with scale to build lasting value for stakeholders."

Stakeholder Engagement & Thought Leadership

  • ICRA hosted Infrastructure and Corporate Conclave in Delhi on August 20, 2026
  • Keynote speech delivered by Dr. Ashok Kumar Lahiri, Vice Chairman, NITI Aayog
  • Event focused on reframing perspectives on corporate India and infrastructure amid evolving headwinds
  • Attended by senior officials from leading banks and corporates
  • Q2 FY2027 activities: 17 outreach events, 4 market webinars, 5 media webinars, 142 industry research reports published

Economic Outlook Commentary

  • India's GDP growth likely remained above 7.0% in Q2 FY2027, easing from 7.8% in Q1 FY2027
  • Agriculture and rural demand outlook clouded by deficient monsoon and El Nino conditions impacting rabi crops
  • Strong base of GST rationalisation expected to weigh on volume growth through H2 FY2027
  • Elevated input prices impacting growth in value-added businesses
  • Rising inflation and monetary tightening expected to weigh on household consumption
  • Fiscal slippage risks could lead to cuts in discretionary government spending