ICRA LimitedQuarter ended 30-Sep-2026 Results & Financial Update
ICRA Limited: Quarter ended 30-Sep-2026 consolidated results and company financials – revenue ₹177.86 Cr, PAT ₹51.44 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore ICRA Quarter ended 30-Sep-2026 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 consolidated revenue from operations of INR 177.86 crore for the quarter ended September 30, 2026, marking a 30.22% increase year-on-year compared to INR 136.58 crore in the corresponding quarter of the previous fiscal year.
Profit after tax (PAT) for the quarter stood at INR 51.44 crore, representing a 7.11% growth over INR 48.02 crore recorded in the same period last year, while reflecting an 8.90% contraction sequentially from INR 56.46 crore in the preceding June quarter.
The top-line expansion was underpinned by broad-based activity across the Ratings and ancillary segment, driven by healthy bank credit demand and a sharp pickup in bond issuances as borrowers rushed to lock in funds ahead of anticipated rate cycles.
The Risk & Analytics segment demonstrated robust year-on-year growth primarily reflecting the consolidation of Fintellix, alongside steady demand for regulatory technology and market data solutions despite integration-related amortisation headwinds.
Segmental performance figures show Ratings and ancillary revenue reaching INR 98.7 crore compared to INR 84.1 crore a year ago, while Risk & Analytics revenue climbed to INR 80.5 crore from INR 52.9 crore.
Management highlighted that while core credit activity remained resilient, overall margins were influenced by acquisition-related depreciation and amortisation alongside evolving macroeconomic pressures, including sub-par monsoon trends and rising input costs.
01 · Business model
What does ICRA do?
ICRA Limited operates primarily as a credit rating agency in India while expanding its footprint into broader risk, regulatory, and market intelligence solutions through its Risk & Analytics (R&A) division.
The company's core revenue engines comprise Ratings and ancillary services—covering bank credit, bond issuances, commercial paper, and securitisation—alongside specialized tech-enabled risk solutions delivered through subsidiaries.
ICRA serves a diverse client base across retail, industrial, and services sectors, leveraging strategic acquisitions such as Fintellix and D2K Technologies to broaden its product suite across the financial data and regulatory reporting lifecycle.
02 · Historical context
What shaped the business before this quarter
The company progressively built its Risk & Analytics capabilities, transitioning from early investments in ICRA Analytics and D2K Technologies to an integrated platform framework combining sales, product, and delivery functions.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended 30-Sep-2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹177.86 Cr | ₹136.58 Cr | ₹163.37 Cr |
| Total income | ₹195.25 Cr | ₹157.49 Cr | ₹190.99 Cr |
| Profit before tax | ₹71.99 Cr | ₹64.37 Cr | ₹76.12 Cr |
| Profit after tax | ₹51.44 Cr | ₹48.02 Cr | ₹56.46 Cr |
| EPS | ₹54.20 | ₹49.68 | ₹58.27 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 28.9% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 40.5% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹17.39 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Bank credit grew by 21.4% year-on-year as elevated bond yields prompted borrowers to shift toward bank funding.
Bond issuances rebounded sharply in Q2 FY2027, growing 39.9% year-on-year driven by large-ticket transactions and preponement of issuances ahead of anticipated rate hikes.
Commercial paper outstanding rose sharply at the end of the quarter, reflecting higher working capital requirements and issuer preference for short-term funding amid elevated bond yields.
What drove margins
Segment results for Risk & Analytics were partially weighed down by acquisition-related depreciation and amortisation charges stemming from the Fintellix integration.
Underlying R&A operating performance remained healthy, with EBITDA increasing by 35% year-on-year to INR 47.1 crore in H1 FY2027.
05 · Demand, customers & order book
Where demand is coming from
ICRA continued to strengthen its outreach and franchise-development initiatives, contributing to an expansion of its overall client base across key economic segments.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Segment revenue reached INR 98.7 crore in Q2 FY2027 compared to INR 84.1 crore in Q2 FY2026, supported by robust bank credit, bond, commercial paper, and securitisation activity.
Segment revenue advanced to INR 80.5 crore from INR 52.9 crore in the year-ago period, driven by Fintellix consolidation, BankTech regulatory demand, and CapTech renewals.
07 · Strategy & new businesses
How the company is trying to change its growth mix
ICRA unified sales, customer support, product, and delivery functions under a common framework within Risk & Analytics to offer integrated risk, data, and regulatory solutions.
08 · Reported developments
What changed operationally
Growth was supported by expansion across all credit segments including bank loans, bonds, commercial paper, and securitisation.
Ratings performance metrics remained strong, with investment-grade default rates staying low and average default position demonstrating consistently high accuracy.
09 · Pressure points & risks
What is not going smoothly
Management noted that sub-par monsoon rainfall, reservoir storage deficits, and rising inflation pose downside risks to rural consumption and value-added business growth.
10 · Management guidance & targets
What management is targeting from here
ICRA expects a relatively lower growth of 8-12% in commercial paper outstanding as on March 31, 2027, compared to levels witnessed as on September 30, 2026.
Securitisation volumes in FY2027 are expected to reach approximately INR 2.6 to 2.7 lakh crore, marking an all-time high driven by NBFCs and HFCs.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Conclave and Outreach
ICRA conducted its Infrastructure and Corporate Conclave in Delhi on August 20, 2026, alongside 17 outreach events, 4 market webinars, 5 media webinars, and the publication of 142 industry research reports.
12 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations expanded from INR 163.37 crore in Q1 FY2027 to INR 177.86 crore in Q2 FY2027.
13 · Key Q&A
The quarter, answered directly
What does ICRA do?
ICRA Limited operates primarily as a credit rating agency in India while expanding its footprint into broader risk, regulatory, and market intelligence solutions through its Risk & Analytics (R&A) division.
What is the clearest takeaway from Quarter ended 30-Sep-2026?
ICRA Limited posted consolidated revenue from operations of INR 177.86 crore for the quarter ended September 30, 2026, marking a 30.22% increase year-on-year compared to INR 136.58 crore in the corresponding quarter of the previous fiscal year.
What drove revenue or demand?
Bank credit grew by 21.4% year-on-year as elevated bond yields prompted borrowers to shift toward bank funding.
What mattered most for margins or profitability?
Segment results for Risk & Analytics were partially weighed down by acquisition-related depreciation and amortisation charges stemming from the Fintellix integration.
What changed operationally beyond the headline numbers?
ICRA unified sales, customer support, product, and delivery functions under a common framework within Risk & Analytics to offer integrated risk, data, and regulatory solutions.
What is management guiding or targeting from here?
ICRA expects a relatively lower growth of 8-12% in commercial paper outstanding as on March 31, 2027, compared to levels witnessed as on September 30, 2026.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Macroeconomic Policy Trajectory: Monitor potential monetary tightening and upcoming repo rate decisions expected by December 2026.
- 02
Securitisation Volume Milestone: Track full-year securitisation volume progress against the projected INR 2.6 to 2.7 lakh crore target for FY2027.
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