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ICRA Limited Updates Insider Trading Policy for Legitimate Information Sharing
ICRA Limited's Board has approved modifications to its 'Policy for Determination of Legitimate Purposes' effective January 29, 2026. This update, replacing the 2019 version, ensures compliance with SEBI (Prohibition of Insider Trading) Regulations regarding the sharing of price-sensitive information. The policy mandates a 'need-to-know' approach for sharing data with external parties like auditors and legal advisors. Additionally, the company will maintain a structured digital database with audit trails to track information flow and prevent misuse.
Key Highlights
Board approved Version 2.0 of the Legitimate Purposes Policy on January 28, 2026
Policy defines 'legitimate purposes' for sharing UPSI with stakeholders in the ordinary course of business
Requires maintenance of an internal digital database containing PAN details of persons receiving UPSI
The update aligns with SEBI PIT Regulations 8(1) and 8(2) to enhance corporate governance
💼 Action for Investors
No action is required as this is a standard regulatory update. Investors should view this as a positive step toward robust internal compliance and governance.
ICRA Q3 FY26 Revenue Rises 35% to ₹163.5 Cr; PAT Dips to ₹39.1 Cr on Exceptional Costs
ICRA reported a robust 35.2% YoY increase in consolidated revenue to ₹163.49 crore for the quarter ended December 2025. Consolidated Net Profit declined by 7.5% YoY to ₹39.06 crore, primarily dragged down by a one-time exceptional expense of ₹6.92 crore related to the New Labour Codes. The quarter marked the completion of the Fintellix India acquisition for ₹248.06 crore, which significantly boosted the Research & Analytics segment. Despite the PAT dip, operational income remains strong across both rating and research divisions.
Key Highlights
Consolidated Revenue from operations grew 35.2% YoY to ₹163.49 crore compared to ₹120.87 crore in Q3 FY25.
Net Profit after tax stood at ₹39.06 crore, down from ₹42.22 crore YoY due to a ₹6.92 crore exceptional charge.
Completed the acquisition of Fintellix India Private Limited for a total consideration of ₹248.06 crore.
Research & Analytics segment revenue surged to ₹77.86 crore from ₹49.18 crore YoY, aided by the Fintellix integration.
Employee benefit expenses increased significantly to ₹83.64 crore from ₹64.63 crore in the previous year's quarter.
💼 Action for Investors
Investors should look past the one-time exceptional cost and focus on the strong 35% revenue growth and the strategic integration of Fintellix. The underlying business momentum in both ratings and analytics remains healthy.