India · Delayed Price · Currency is INR ICRA Limited Earnings Call Transcripts
Fiscal Year 2026
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Revenue and profit grew strongly in H1 FY26, led by ratings and new product launches. Fintellix acquisition expands risk tech offerings, while macro headwinds and automation impact non-ratings growth. Margins improved in ratings, but non-ratings margins may dilute as business mix shifts.
Fiscal Year 2025
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Group revenue grew 11.6% and PAT rose 12.5% year-over-year, with ratings and analytics segments both expanding. Margin improvement was driven by operating leverage and tech investments, while strategic partnerships and product innovation supported growth. Dividend payout increased to INR 60 per share.
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Q2 FY25 saw 20.2% top-line growth, with ratings up 24.1% YoY and research/analytics up 15.2% YoY. Bond issuances and risk management products drove performance, while margins are expected to improve through technology and process enhancements. Cash reserves remain strong, with ongoing review of capital allocation.