ICRA Limited has informed the Exchange about Transcript
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ICRA Limited filed the transcript of its Q2 & H1 FY26 earnings call held on October 29, 2025. Consolidated revenue from operations grew 8.3% year-on-year to INR136.6 crore in Q2, with PAT up 29.4% to INR48 crore. For H1 FY26, revenue rose 8.4% to INR261.1 crore and PAT grew 24.4% to INR90.8 crore. The Ratings segment led growth at 13% in Q2 and 13.6% in H1, while Research & Analytics grew modestly at around 2%. ICRA completed the acquisition of Fintellix, a Bangalore-based RegTech firm with INR91 crore turnover and 20% EBIDA margin. Credit quality stayed strong with upgrades outpacing downgrades (214 vs 75) for a credit ratio of 2.8 and a low default rate of 0.2%. ICRA revised its FY26 GDP growth forecast to 6.5%.
Strong earnings growth, healthy margin trajectory in the core Ratings business, and a strategic acquisition in the high-potential RegTech space are positive signals for shareholders. However, the company acknowledged that margins in the non-ratings business may dilute as it shifts mix away from Knowledge Services toward product businesses like Fintellix and D2K, which are still in investment mode.