Crisil Limited (CRISIL)
₹4,547.90 +3.00% last close, 16 Oct
Q2 FY27 results
📅 Next results: 23 Oct 2026 (board meeting)Crisil Limited's board meets on 23 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Crisil's net interest income was ₹1,069 Cr, and net profit ₹216 Cr (+25.8% year on year).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Net interest income | ₹1,069 | — | — |
| Operating profit | ₹280 | +26.4% | — |
| Net profit | ₹216 | +25.8% | — |
| EPS (₹) | 29.60 | +26.2% | — |
CRISIL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 54.59% of the CRISIL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 53.66%. That is close to its usual level.
Delivery in the last 5 sessions: 52.6% · 44.0% · 58.5% · 38.3% · 54.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
CRISIL Limited submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. Issued by registrar KFin Technologies Limited on October 2, 2026, the certificate confirms that details of securities dematerialized or rematerialized during the quarter and nine months ended September 30, 2026, have been furnished to the stock exchanges. This is a recurring administrative filing and carries no financial or operational impact.
- Regulation 74(5) certificate submitted for the quarter and nine months ended September 30, 2026
- Issued by Registrar and Transfer Agent KFin Technologies Limited on October 2, 2026
- Confirms compliance regarding dematerialized and rematerialized securities to NSDL, CDSL, and stock exchanges
CRISIL Limited announced the results of its postal ballot e-voting conducted between August 7, 2026, and September 5, 2026. Shareholders approved the ordinary resolution for the appointment of Mr. Abhishek Tomar as a Non-Executive Director (liable to retire by rotation). The resolution received overwhelming support with 99.509% of votes cast in favor (6,39,10,198 votes) out of total 6,42,25,579 votes polled (87.824% voter turnout).
- Appointment of Mr. Abhishek Tomar approved as Non-Executive Director, liable to retire by rotation
- Resolution passed with 99.509% votes in favor (6,39,10,198 votes) vs 0.491% against (3,15,381 votes)
- Total voter turnout stood at 87.824% with 6,42,25,579 votes polled out of 7,31,30,017 shares
- 100% of promoter votes (4,87,32,586 shares) were cast in favor of the resolution
CRISIL Limited has announced its participation in the Motilal Oswal 22nd Annual Global Investor Conference scheduled for August 17, 2026, in Mumbai. The interaction will be an in-person group meeting with institutional investors. The company will utilize its existing corporate presentation, which was previously disclosed to the exchanges on July 21, 2026. As a large-cap entity with a market capitalization of Rs 32,793 Cr, such interactions are standard practice for maintaining institutional relations.
- Scheduled meeting date: August 17, 2026
- Event: Motilal Oswal 22nd Annual Global Investor Conference
- Mode of interaction: In-person group meeting in Mumbai
- Reference presentation: Previously filed with exchanges on July 21, 2026
CRISIL has announced its participation in the Emkay Confluence 2026 conference, organized by Emkay Global Financial Services Ltd. The in-person group meeting is scheduled for August 13, 2026, in Mumbai. The company will utilize its latest corporate presentation, which was previously disclosed to the exchanges on July 21, 2026. This is a standard investor relations activity for a company with a market capitalization of Rs 33,924 Cr and TTM revenue of Rs 2,606 Cr.
- Group meeting scheduled for August 13, 2026, in Mumbai.
- Interaction organized by Emkay Global Financial Services Ltd as part of the Emkay Confluence 2026.
- Company will use the corporate presentation previously filed on July 21, 2026.
- CRISIL maintains a high Operating Profit Margin (OPM) of 36.3% as per TTM data.
CRISIL has finalized the merger of its two Canadian step-down subsidiaries, Crisil Canada Inc. and Crisil PriceMetrix Inc., effective August 1, 2026. The combined entity will now operate under the name Crisil PriceMetrix Inc. This move follows the November 2025 acquisition of McKinsey PriceMetrix, which was integrated to bolster the company's wealth management data analytics segment. As both entities were already wholly owned step-down subsidiaries, this restructuring is administrative and does not impact consolidated financials or promoter shareholding.
- Amalgamation of 2 wholly owned step-down subsidiaries completed successfully.
- Effective date of the merger is August 1, 2026.
- Certificate of Amalgamation received by the company on August 5, 2026.
- Resulting entity named Crisil PriceMetrix Inc. to streamline North American operations.
CRISIL has initiated a postal ballot process to seek shareholder approval for the appointment of Mr. Abhishek Tomar as a Non-executive Director. Mr. Tomar was previously appointed as an Additional Director on July 22, 2026, and currently serves as the Head of Data for S&P Global's Enterprise Data Organization. The e-voting period will run from August 7 to September 5, 2026, with results to be declared by September 8, 2026. This appointment reinforces the strategic leadership link with CRISIL's majority promoter, S&P Global, which holds a 66.6% stake.
- Appointment of Mr. Abhishek Tomar as Non-executive Director, liable to retire by rotation.
- E-voting period scheduled for 30 days, starting August 7, 2026, and ending September 5, 2026.
- Cut-off date for determining shareholder eligibility for voting is July 31, 2026.
- Mr. Tomar brings over 20 years of experience in data, operations, and financial services from S&P Global.
- Promoter S&P Global maintains a 66.6% stake in the company as of June 2026.
CRISIL's board has approved the amalgamation of its two Canadian step-down subsidiaries, Crisil Canada Inc. and Crisil PriceMetrix Inc., into a single entity. This restructuring follows the November 2025 acquisition of PriceMetrix and aims to streamline the company's global corporate structure. Crisil PriceMetrix reported USD 1.43 million in income for the final two months of 2025, significantly higher than Crisil Canada's full-year income of USD 51,215. The merger involves retaining USD 38 million in share capital within the new entity, with no change to the parent company's consolidated shareholding.
- Amalgamation of two wholly owned step-down subsidiaries into a single entity named Crisil PriceMetrix Inc.
- Crisil PriceMetrix Inc. generated USD 1,431,352 in income between Nov 7 and Dec 31, 2025.
- Crisil Canada Inc. reported a total income of USD 51,215 for the full year ended December 31, 2025.
- USD 38 million share capital of Crisil Canada Inc. will be retained as capital in the amalgamated entity.
CRISIL Limited has updated its internal 'Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information (UPSI)' as of July 21, 2026. This administrative update, approved by the Board of Directors, aligns the company's disclosure practices with SEBI's Prohibition of Insider Trading (PIT) Regulations. The code designates the Chief Financial Officer as the Chief Investor Relations Officer and outlines 16 specific categories of information deemed price-sensitive. This is a routine governance filing and does not impact the company's financial performance or operations.
- The updated code became effective immediately on July 21, 2026, following Board approval.
- The policy mandates a review at least once every 3 years to ensure continued compliance.
- The Chief Financial Officer is designated as the Chief Investor Relations Officer for UPSI dissemination.
- The code identifies 16 specific events as UPSI, including dividends, M&A, and changes in capital structure.
- CRISIL maintains a structured digital database to track the sharing of UPSI for legitimate purposes.
CRISIL reported a strong Q2 2026 with revenue from operations growing 27.6% YoY to ₹1,075 crore. Profit After Tax (PAT) increased 26.2% to ₹216 crore, while H1 2026 PAT showed an even stronger growth of 35.7% reaching ₹450 crore. The company declared an interim dividend of ₹10 per share, an increase from ₹9 in the corresponding quarter last year. Growth was driven by momentum in Global Analytics and the integration of the PriceMetrix acquisition, despite macro headwinds and a decline in bond issuances.
- Q2 2026 Revenue from operations increased 27.6% YoY to ₹1,075 crore.
- Profit After Tax (PAT) for Q2 2026 rose 26.2% to ₹216 crore from ₹172 crore.
- Interim dividend declared at ₹10 per share for Q2 2026 vs ₹9 per share in Q2 2025.
- H1 2026 Revenue reached ₹2,133 crore, a 28.8% increase over H1 2025.
- Foreign exchange movement resulted in a loss of ₹8.2 crore in Q2 2026 compared to a ₹14.4 crore gain in Q1 2026.
CRISIL reported a strong performance for Q2FY26 (ended June 30, 2026), with consolidated income from operations rising 27.6% YoY to ₹1,075.4 crore. Profit after tax (PAT) increased 26.2% to ₹216.5 crore, while H1FY26 PAT surged 35.7% to ₹449.7 crore. The growth was driven by a 30.1% increase in the Research Analytics and Solutions segment, bolstered by the PriceMetrix acquisition. Despite a 25.7% decline in the value of corporate bond issuances in India, the Ratings segment managed 21.4% revenue growth.
- Consolidated income from operations grew 27.6% YoY to ₹1,075.4 crore in Q2FY26.
- Research Analytics and Solutions segment revenue increased by 30.1% YoY.
- Ratings services revenue grew 21.4% YoY despite a 25.7% drop in corporate bond issuance value.
- Interim dividend of ₹10 per share declared for the quarter.
- H1FY26 PAT rose 35.7% YoY to ₹449.7 crore compared to ₹331.4 crore in H1FY25.
CRISIL has declared a second interim dividend of Rs 10 per equity share for the financial year ending December 31, 2026, with a payment deadline of August 5, 2026. The board also approved the Q1 and H1 2026 financial results. In a key management shift, Mr. Saugata Saha resigned as Non-executive Director, replaced by Mr. Abhishek Tomar, who leads S&P Global's Enterprise Data Organization. Two subsidiaries alone contributed Rs 353.73 cr to the quarterly revenue and Rs 270.27 cr to the quarterly net profit.
- Second interim dividend of Rs 10 per equity share (Face Value Re 1) declared for FY2026.
- Dividend payment to be completed on or before August 5, 2026.
- Appointment of Abhishek Tomar as Additional Director (Non-executive) effective July 22, 2026.
- Two subsidiaries reported total assets of Rs 1,411.54 cr and quarterly revenue of Rs 353.73 cr as of June 30, 2026.
- Quarterly net profit from two specific subsidiaries reached Rs 270.27 cr for the period ended June 30, 2026.
CRISIL has declared its second interim dividend of Rs 10 per equity share (face value Re 1) for the financial year ending December 31, 2026. The board also approved the unaudited financial results for the quarter and half-year ended June 30, 2026. In a management transition, Mr. Saugata Saha has resigned as a Non-executive Director, and Mr. Abhishek Tomar from S&P Global has been appointed as an Additional Director. The dividend is scheduled to be paid to shareholders on or before August 5, 2026.
- Second interim dividend of Rs 10 per equity share approved for FY 2026
- Dividend payment to be completed on or before August 5, 2026
- Mr. Abhishek Tomar appointed as Additional Director (Non-executive) effective July 22, 2026
- Two subsidiaries reviewed by auditors contributed Rs 353.73 cr to quarterly revenue
- Consolidated net profit from these two subsidiaries stood at Rs 270.27 cr for the quarter ended June 30, 2026
CRISIL has approved its unaudited financial results for the quarter and half-year ended June 30, 2026, alongside a second interim dividend of ₹10 per share. The dividend is scheduled for payment by August 5, 2026. The board also underwent a management transition, with Mr. Abhishek Tomar (Head of Data at S&P Global) replacing Mr. Saugata Saha as a Non-executive Director. Auditor reports highlight significant subsidiary performance, with two units contributing ₹353.73 cr to quarterly revenue and ₹270.27 cr to net profit.
- Second interim dividend of ₹10 per equity share (Face Value ₹1) declared for FY2026.
- Dividend payment to be completed on or before August 5, 2026.
- Two subsidiaries reported combined revenue of ₹353.73 cr for the quarter ended June 30, 2026.
- Net profit from these two subsidiaries stood at ₹270.27 cr for the same quarter.
- Appointment of Mr. Abhishek Tomar as Additional Director (Non-executive) effective July 22, 2026.
CRISIL has announced a 12-month extension for the closure of its wholly-owned subsidiary, Coalition Development Singapore Pte. Ltd. The closure, originally expected to be completed by July 21, 2026, is now targeted for July 20, 2027, due to pending regulatory approvals in Singapore. The subsidiary is currently non-operational and has no ongoing business activities. This delay is administrative and does not impact the company's consolidated financial performance or core operations.
- Closure deadline for Coalition Development Singapore Pte. Ltd. extended by 12 months to July 20, 2027
- Original closure target date was July 21, 2026
- Subsidiary is confirmed to have 0 ongoing business activities as of July 21, 2026
- Entity is a 100% wholly-owned subsidiary of CRISIL Limited
CRISIL Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by the company's Registrar and Transfer Agent (RTA), KFin Technologies Limited, confirms that share dematerialization and rematerialization requests for the period ended June 30, 2026, have been processed. This is a standard administrative filing required by SEBI to ensure the integrity of electronic shareholding records. There are no financial implications or changes to business operations reported in this document.
- Compliance certificate covers the quarter ended June 30, 2026
- Registrar and Transfer Agent (RTA) KFin Technologies Limited issued the certification on July 1, 2026
- Confirmation provided to both NSDL and CDSL depositories as per SEBI requirements
Financial Performance
Revenue Growth by Segment
Ratings Services grew 11.2% YoY in Q3 2025 to INR 267.6 Cr; Research, Analytics and Solutions (RAS) grew 12.7% YoY to INR 643.6 Cr. For the full year 2024, Ratings grew 17.7% to INR 909.15 Cr, while RAS saw a marginal decline of 0.7% to INR 2,350.63 Cr.
Geographic Revenue Split
Not explicitly disclosed as a percentage, but global operations generate significant foreign currency revenue, with a notable INR 29.4 Cr one-off gain in 2023 from Argentinian peso devaluation.
Profitability Margins
Consolidated PBT margin was 28.4% in 2024 (INR 926.47 Cr). Ratings segment margin stood at 55.6% in 2024, while RAS segment margin was 16.9%. In Q3 2025, RAS margins improved to 22.0% from 18.3% YoY.
EBITDA Margin
Consolidated PBT margin was 28% in 2024 compared to 27% in 2023. Standalone PBT margin was 33% in 2024 (INR 705.42 Cr).
Capital Expenditure
INR 380.30 Cr was capitalized in 2024 towards property, plant, equipment, and software to enhance technological infrastructure.
Credit Rating & Borrowing
Not disclosed in available documents; however, standalone finance costs were minimal at INR 3.11 Cr in 2024.
Operational Drivers
Raw Materials
Talent/Human Capital (53% of total revenue), IT Software and Infrastructure (INR 380.30 Cr capitalized).
Key Suppliers
S&P Global (strategic partner for GAC), various IT and software vendors for the INR 380.30 Cr infrastructure investment.
Raw Material Costs
Employee benefits expense of INR 1,765.09 Cr in 2024, representing 53% of total revenue, up 1% from INR 1,747.77 Cr in 2023.
Strategic Growth
Expected Growth Rate
9.40%
Growth Strategy
CRISIL aims to achieve growth through the acquisition of McKinsey PriceMetrix Co. (completed Nov 2025) to bolster its wealth management data analytics, leveraging Gen AI in its 'Integral IQ' buy-side solutions to improve efficiency, and deepening engagement with global corporate and investment banks (CIB) through Coalition Greenwich benchmarking.
Products & Services
Credit ratings, industry research, consulting, risk solutions, benchmarking analytics (Coalition Greenwich), and wealth management data analytics (PriceMetrix).
Brand Portfolio
CRISIL, Coalition Greenwich, CRISIL Intelligence, CRISIL Integral IQ, CRISIL PriceMetrix.
New Products/Services
Gen AI-leveraged client solutions in Integral IQ and updated AIF (Alternative Investment Fund) benchmarks.
Market Expansion
Targeting new segments and geographies to broaden the revenue base, specifically emerging markets and niche segments.
Market Share & Ranking
Maintained leadership in corporate bond ratings in India.
Strategic Alliances
Partnership with S&P Global for the Global Analytics Centre (GAC).
External Factors
Industry Trends
The industry is shifting towards automation, Gen AI integration, and efficiency-led solutions as banks redesign operating models; CRISIL is positioning itself by leveraging Gen AI in buy-side offerings.
Competitive Landscape
Intensifying competition from local players scaling rapidly and global competitors expanding offerings.
Competitive Moat
Durable moat through leadership in corporate bond ratings and deep domain expertise in CIB benchmarking (Coalition Greenwich), which are difficult for local competitors to replicate quickly.
Macro Economic Sensitivity
Sensitive to bank credit growth (10.0% in Aug 2025) and bond issuance volumes (which fell 32.9% in Q3 2025).
Consumer Behavior
Increased demand for thematic research and passive target maturity funds among mutual funds.
Geopolitical Risks
Geopolitical tensions and tariffs are keeping private capex sluggish, impacting discretionary spending by global financial clients.
Regulatory & Governance
Industry Regulations
Compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
Taxation Policy Impact
Effective tax rate of approximately 26.6% based on 9M 2025 PBT of INR 714.5 Cr and PAT of INR 524.5 Cr.
Risk Analysis
Key Uncertainties
Cybersecurity breaches and data protection (high impact), and volatility in global bond markets (32.9% de-growth in Q3 2025).
Third Party Dependencies
Dependency on S&P Global for growth in the Global Analytics Centre (GAC).
Technology Obsolescence Risk
Risk of falling behind in Gen AI adoption; mitigated by progress in leveraging Gen AI for client solutions in Integral IQ.
Credit & Counterparty Risk
Debtor turnover ratio of 5.2 times indicates healthy receivables quality.