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Crisil Ltd
NSE: CRISIL BSE: 500092 INE007A01025 Financial Services NBFC 🔎 Screen
NIFTY 500 Midcap 150 MNC
₹32,227 Cr
Market Cap
10.65
P/B
32.6%
ROCE
24.5%
ROE
0.10
D/E
29.8%
Fin. Margin
+19.2%
% from 52W High
40
α RS
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📈 Price History
Ratio Health
Excellent
Good
Average
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By Category
Shareholding
About

CRISIL Ltd is a globally diversified analytical Company providing ratings, research, risk and policy advisory services. CRISIL is India’s leading ratings agency and the foremost provider of high-end research to large banks and leading corporations.

✓ Strengths 2
  • Company has a good return on equity (ROE) track record: 3 Years ROE 27.0%
  • Company has been maintaining a healthy dividend payout of 59.0%
! Concerns

No concerns data yet.

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Strong beat — revenue up 27.6% YoY and PAT up 26.2% YoY, driven by robust performance in both Ratings and Research, Analytics & Solutions segments despite a 26% decline in bond issuances. quarter Investor Presentation One-Pager? Jun 2026
Revenue
₹1,075 Cr
+27.6% YoY (Q2 FY25: ₹843 Cr)
PAT
₹216 Cr
+26.2% YoY (Q2 FY25: ₹172 Cr)
Key Metric
Interim dividend ₹10/share
Up from ₹9/share in Q2 FY25
What Went Right
  • Revenue grew 27.6% YoY to ₹1,075 Cr, with both segments posting double-digit growth.
  • Ratings segment profit rose 31.1% to ₹135.2 Cr, margin expanded 330 bps to 44.3% even as bond issuances fell 26%.
  • Research, Analytics & Solutions segment revenue up 30.1% to ₹770.9 Cr, segment profit up 32.9% to ₹157.1 Cr, margin improved to 20.4%.
  • Interim dividend increased to ₹10 per share from ₹9 per share in the prior year.
What to Watch
  • Corporate bond issuances declined 26% YoY in Q2 to ₹2,693 billion, posing headwinds for Ratings revenue sustainability.
  • Foreign exchange recorded a net loss of ₹8.2 Cr in Q2 vs a gain of ₹14.4 Cr in Q1'26 and a loss of ₹6.6 Cr in Q2'25.
  • India's GDP growth forecast for FY2027 was lowered to 6.6% from 7.6% due to crude price pressures and below-normal monsoon, which may dampen overall business confidence.
  • Consolidated EBITDA margin was not disclosed, and segment margins remain modest (RAS at 20.4%), indicating high cost base in the analytics business.
Investor Lens
Crisil delivered a strong quarter with 27.6% revenue growth, beating expectations despite a 26% slump in bond issuances — a testament to its diversified model and resilient Ratings franchise (helped by GAC surveillance delegation) and strong momentum in Coalition Greenwich and Integral IQ. The Ratings segment margin expansion to 44.3% shows pricing power and operational leverage. However, the continued bond market weakness and forex volatility (₹8.2 Cr loss) are near-term concerns. The interim dividend hike signals confidence, but without explicit management guidance, sustainability hinges on bond market recovery and continued RAS demand. Next quarter, watch for bond issuance trends, forex impact, and RAS margin improvement.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Net profit up 25.6% YoY; revenue +27.5%
Revenue
Revenue grew 27.5% YoY to ₹1,075 Cr, with a marginal QoQ increase of 1.6%. The double-digit YoY growth reflects broad-based strength across the company's core businesses.
Profitability
Net profit rose 25.6% YoY to ₹216 Cr, with EPS improving to ₹29.60 from ₹23.46. PBT stood at ₹280 Cr, and tax rate was 23%, indicating healthy operational efficiency.
Margins
Operating profit margin came in at 29%, up from 28% in the year-ago quarter but down from 30% in the previous quarter. The YoY improvement indicates effective cost management and operating leverage.
Cash Flow
Cash flow data was not provided in the release. For a comprehensive assessment, investors typically monitor CFO quality relative to PAT.
Balance Sheet
The company maintains a low debt-to-equity ratio of 0.1, reflecting a conservative capital structure. ROE is strong at 24.5% and ROCE at 32.6%, indicating efficient capital utilisation.
Key Risks
1) Revenue concentration in rating and advisory services may expose CRISIL to regulatory and cyclical risks. 2) Competitive pressure from peers could compress margins. 3) QoQ margin dip from 30% to 29% warrants monitoring for cost escalation.
Outlook
Given the strong YoY growth in both revenue and profit, CRISIL is well-positioned to benefit from increased demand for financial analytics. Sustained focus on cost control and diversification will be key to maintaining margins.
Generated by AI · Jun 2026 results · Not investment advice
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Revenue by Segment

Segment Q3FY26 Q4FY26 Trend
Ratings services
291
EBIT 121
323
EBIT 163
Research, Analytics and Solutions
791
EBIT 207
736
EBIT 167
Total 1,082 1,058

Source: NSE Integrated Filing XBRL (Reg. 33 Ind AS). Values in ₹ Crore.

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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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