Quarterly Financial Results
ICRA Q1 FY27 Results: Revenue Rises 31%, PAT Grows 32% on Strong Ratings and Risk & Analytics Growth
NSE
ICRA
BSE
532835
ICRA Limited reported a strong Q1 FY27 performance with consolidated revenue from operations increasing 31.2% YoY to ₹163.4 crore and Profit After Tax (PAT) rising 32.0% YoY to ₹56.5 crore. Growth was driven by healthy momentum in the Ratings business and Risk & Analytics segment, supported by the consolidation of Fintellix, acquired in October 2025.
PRICE-SENSITIVE TRIGGER
Event: ICRA Limited announced its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026.
Type: Quarterly Financial Results
Impact: Positive
Immediate Effect: The company reported robust growth in revenue and profitability, driven by strong performance in its Ratings business and sustained demand for Risk & Analytics solutions.
Metrics:
Key Financial Metrics:
- Revenue from Operations: ₹163.4 crore (+31.2% YoY)
- Profit After Tax (PAT): ₹56.5 crore (+32.0% YoY)
Segment Performance:
- Ratings & Ancillary Services Revenue: +12.9% YoY
- Risk & Analytics Revenue: +58.7% YoY
Highlight:
- ICRA delivered 31.2% growth in consolidated revenue and 32.0% growth in PAT, supported by strong Ratings performance and rapid expansion in the Risk & Analytics business following the Fintellix acquisition.
What Happened ?
ICRA reported a strong start to FY27 as consolidated revenue from operations increased to ₹163.4 crore, while PAT rose to ₹56.5 crore. The company noted that the quarter’s financial performance includes the consolidation impact of Fintellix, acquired in October 2025, making year-on-year comparisons not directly comparable. Growth was supported by steady expansion in the Ratings business and continued momentum in Risk & Analytics across risk, data, and technology-led solutions.
key details
Business & Operational Highlights:
- Consolidated revenue increased 31.2% YoY to ₹163.4 crore.
- PAT grew 32.0% YoY to ₹56.5 crore.
- Financial performance includes the consolidation of Fintellix, acquired in October 2025.
- Ratings & Ancillary Services revenue increased 12.9% YoY.
- Ratings business benefited from:
- 18.3% YoY growth in bank credit.
- Strong demand from industrial and NBFC segments.
- Increased commercial paper issuances towards the end of the quarter.
- Risk & Analytics revenue grew 58.7% YoY.
- Growth in Risk & Analytics was supported by:
- Fintellix acquisition.
- Strong demand for risk, data, and regulatory technology solutions.
- Momentum in BankTech and CapTech offerings.
- Stable KnowTech performance aided by favorable currency movements.
- During the quarter, ICRA:
- Hosted the Moody’s ICRA Annual India Credit Conference with over 220 participants.
- Conducted five sector-focused webinars.
- Participated in 13 industry forums.
- Published 136 research reports.
- Issued 11 media releases covering key sector developments.
Note:
- ICRA currently expects India’s GDP growth to moderate to 6.7% in FY2027, compared with 7.7% in FY2026, citing geopolitical tensions in West Asia, higher commodity prices, and uncertainties around monsoon rainfall as downside risks to economic growth.
Risk Analysis
Summary:
- ICRA delivered strong operating performance; however, management highlighted macroeconomic risks including geopolitical uncertainty, commodity price volatility, and weaker monsoon conditions that could affect credit demand and economic activity.
Key Risks:
- The Fintellix acquisition makes year-on-year comparisons less comparable.
- Elevated commodity prices may impact corporate borrowing and economic activity.
- Geopolitical tensions could affect market sentiment and business conditions.
- Slower GDP growth could moderate future demand for ratings and analytics services.
Worst Case:
- A sharper-than-expected slowdown in India’s economy or prolonged geopolitical disruptions could reduce credit activity and soften demand across ICRA’s Ratings and Risk & Analytics businesses.
Risk Level: Medium
Company Commentary
- Managing Director & Group CEO Ramnath Krishnan stated that ICRA delivered a strong quarterly performance driven by healthy growth in Ratings and sustained momentum in Risk & Analytics.
- Management highlighted that the Ratings business remained focused on analytical quality and market engagement.
- Risk & Analytics continued benefiting from robust demand across risk, data, and technology-led solutions.
- ICRA reaffirmed its commitment to providing independent insights and solutions aligned with evolving business and regulatory requirements.
- The company also acquired the remaining stakes in D2K Technologies India Private Limited and Fintellix India Private Limited, making both wholly owned subsidiaries.
Official Exchange Filing: ICRA Limited
