ICRA LimitedQ1 FY27 Results & Financial Update
ICRA Limited: Q1 FY27 consolidated results and company financials – revenue ₹163.37 Cr, PAT ₹56.46 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore ICRA Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
ICRA Limited posted a consolidated revenue of INR 163.37 crore for the quarter ended June 30, 2026, alongside a profit after tax of INR 56.46 crore, supported by robust activity in its rating and risk analytics divisions. Total consolidated income for Q1 FY27 reached INR 191.00 crore, reflecting solid top-line performance across operating pillars.
The Ratings & Ancillary Services division delivered INR 83.80 crore in segment revenue during the quarter, benefiting directly from healthy bank credit expansion. Demand for credit ratings was led primarily by the industrial and non-banking financial company sectors as lenders and borrowers sought independent evaluations.
Bond issuances experienced a year-on-year decline due to elevated market yields during much of the period. However, issuances rebounded toward the end of the quarter as systemic liquidity improved, which also stimulated growth in commercial paper outstanding volumes.
Securitisation activity during the quarter was driven entirely by non-banking financial companies. Smaller and newer entities leveraged securitisation structures to expand their access to cost-effective funding sources.
The Risk & Analytics division generated INR 80.60 crore in revenue, propelled by steady demand for data, risk management, and regulatory technology solutions. This division also benefited from the integration of recent acquisitions and consistent performance in KnowTech operations despite broader automation-led ramp-downs.
Profitability metrics for the quarter included profit before tax of INR 76.12 crore and tax expenses of INR 19.66 crore, resulting in a net profit margin of approximately 34.56%. Finance costs remained minimal at INR 0.45 crore, while depreciation and amortisation stood at INR 10.54 crore.
Other income contributed INR 27.63 crore to the total consolidated income pool, bolstering overall earnings during the period. Earnings per share for the quarter stood at INR 58.27 on an unadjusted basis.
01 · Business model
What does ICRA do?
ICRA Limited operates as a premier credit rating agency and diversified professional analytics provider in India. The company delivers independent credit ratings, risk management solutions, data services, and regulatory technology solutions to financial institutions, corporate houses, and market participants. Its operations span across essential financial infrastructure services, assisting investors and lenders in evaluating creditworthiness and pricing debt instruments.
ICRA generates revenue primarily through professional fees charged for credit rating assignments, data analytics subscriptions, risk advisory mandates, and research publications. Its customer ecosystem encompasses commercial banks, non-banking financial companies (NBFCs), manufacturing enterprises, and service sector firms.
The economic model of the firm relies heavily on debt capital market activity, banking credit expansion, and regulatory compliance demand within the financial services sector. Higher corporate borrowing and regulatory reporting requirements directly influence engagement volumes across both operating segments.
02 · Historical context
What shaped the business before this quarter
The company consolidated its operational footprint by acquiring the remaining stakes in D2K Technologies India Private Limited and Fintellix India Private Limited, converting both entities into wholly-owned subsidiaries.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹163.37 Cr |
| Total income | ₹190.99 Cr |
| Profit before tax | ₹76.12 Cr |
| Profit after tax | ₹56.46 Cr |
| EPS | ₹58.27 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Expansion in overall bank credit creation spurred robust demand for credit ratings across industrial borrowers and NBFCs.
Increased institutional spending on risk management, data analytics, and regulatory compliance solutions drove revenues within the Risk & Analytics segment.
A late-quarter improvement in systemic liquidity spurred growth in commercial paper outstanding volumes and associated rating fees.
What drove margins
Higher-margin contributions from the Ratings segment, which accounted for INR 83.80 crore of segment revenue, supported overall profitability.
Consolidated finance costs remained low at INR 0.45 crore, preserving operating profitability and supporting net margins.
Depreciation and amortisation expenses were maintained at INR 10.54 crore, keeping overhead growth balanced relative to revenue expansion.
05 · Demand, customers & order book
Where demand is coming from
Securitisation volumes were driven entirely by newer and smaller NBFCs utilizing structured finance routes to access cheaper funding.
Rating mandates were concentrated heavily in the industrial and NBFC client categories in response to active credit off-take.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Generated segment revenue of INR 83.80 crore and segment results of INR 29.00 crore, benefiting from bank credit expansion and NBFC demand.
Generated segment revenue of INR 80.60 crore and segment results of INR 15.60 crore, supported by the Fintellix acquisition and regulatory technology demand.
Geography and market mix
The company's business activities remain centered on the Indian financial ecosystem, responding directly to domestic credit cycles, regulatory mandates, and macroeconomic trends.
07 · Strategy & new businesses
How the company is trying to change its growth mix
ICRA completed the acquisition of remaining stakes in D2K Technologies India Private Limited and Fintellix India Private Limited, establishing them as wholly-owned subsidiaries to strengthen its regulatory technology and data analytics offerings.
08 · Reported developments
What changed operationally
Delivered consolidated revenue of INR 163.37 crore and profit after tax of INR 56.46 crore for Q1 FY27.
Successfully integrated D2K Technologies and Fintellix India as wholly-owned subsidiaries to bolster technological capabilities in risk and data analytics.
09 · Pressure points & risks
What is not going smoothly
Corporate bond issuances remained lower year-on-year for a significant part of the quarter due to elevated yields before recovering near the end of the period.
ICRA Research highlighted downside risks to India's FY2027 growth outlook stemming from below-normal southwest monsoon rainfall, West Asia geopolitical conflicts, and potential inflationary pressures.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
Corporate Identity Refresh
ICRA unveiled a refreshed corporate identity and logo, themed 'Built on Trust. Ready for the Future,' to reflect its evolving business scope and strategic ambitions.
Reported update
Macroeconomic Research Outreach
ICRA published extensive research reports and hosted webinars during the quarter covering topics such as West Asia geopolitical tensions, banking sector outlook, renewable energy transmission, and sectoral inflation trends.
11 · Key Q&A
The quarter, answered directly
What does ICRA do?
ICRA Limited operates as a premier credit rating agency and diversified professional analytics provider in India. The company delivers independent credit ratings, risk management solutions, data services, and regulatory technology solutions to financial institutions, corporate houses, and market participants. Its operations span across essential financial infrastructure services, assisting investors and lenders in evaluating creditworthiness and pricing debt instruments.
What is the clearest takeaway from Q1 FY27?
ICRA Limited posted a consolidated revenue of INR 163.37 crore for the quarter ended June 30, 2026, alongside a profit after tax of INR 56.46 crore, supported by robust activity in its rating and risk analytics divisions. Total consolidated income for Q1 FY27 reached INR 191.00 crore, reflecting solid top-line performance across operating pillars.
What drove revenue or demand?
Expansion in overall bank credit creation spurred robust demand for credit ratings across industrial borrowers and NBFCs.
What mattered most for margins or profitability?
Higher-margin contributions from the Ratings segment, which accounted for INR 83.80 crore of segment revenue, supported overall profitability.
What changed operationally beyond the headline numbers?
ICRA completed the acquisition of remaining stakes in D2K Technologies India Private Limited and Fintellix India Private Limited, establishing them as wholly-owned subsidiaries to strengthen its regulatory technology and data analytics offerings.
What are the main pressure points disclosed for the quarter?
Corporate bond issuances remained lower year-on-year for a significant part of the quarter due to elevated yields before recovering near the end of the period.
12 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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13 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Monsoon and Rural Demand Trajectory: Monitor the progression of southwest monsoon rainfall and its subsequent impact on rural sentiment, agricultural output, and broader economic demand.
- 02
Interest Rate and Liquidity Trends: Track systemic liquidity conditions and potential monetary policy adjustments by the Reserve Bank of India that could influence corporate bond issuances and commercial paper activity.
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