NSE: CRISIL · BSE: 500092
CRISIL LTD
Operates two segments. Ratings services (30.5% of segment revenue in the quarter ended 31 March 2026, Rs 322.63 crore) assigns credit ratings to bond and loan issuers and earns recurring surveillance fees; its Q2 FY26 segment margin was 44.3%. Research, Analytics and Solutions (69.5% of segment revenue, Rs 735.63 crore) sells research, analytics and advisory to financial institutions, with Q1 FY26 segment margins at 22.7%. Within RAS, the Coalition Greenwich unit serves global corporate and investment banking clients, the recently acquired PriceMetrix adds wealth-management analytics in Canada, and the domestic India business covers industry and credit intelligence. Q1 FY26 consolidated revenue rose 27.6% year-on-year to Rs 1,075.39 crore with PAT of Rs 216.46 crore, and H1 FY26 revenue reached Rs 2,133.05 crore. The business model is asset-light and people-driven, with revenue tied to capital-markets activity (bond issuance volumes, bank credit growth) and to global CIB discretionary spending. The company is a step-down subsidiary of S&P Global, which remains the promoter. As of Q1 FY26, it served 11,400+ clients across 40 countries. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Research, Analytics and Solutions (70%), Ratings services (31%). Asset-light, people-intensive financial information services with cyclical exposure to capital-markets activity and global CIB spend
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | — | — | — | — | — |
| ROE % · ROCE % | — · — | — · — | — · — | — · — | — · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | — | — | — | — | — |
| Capex | — | — | — | — | — |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 812 | 913 | 813 | 843 | 911 | 1,082 | 1,058 | 1,075 |
| Profit before tax | 229 | 294 | 227 | 225 | 262 | 327 | 308 | 280 |
| Net profit | 172 | 225 | 160 | 172 | 193 | 242 | 233 | 216 |
| EPS (₹) | 23.46 | 30.72 | 21.86 | 23.46 | 26.41 | 33.02 | 31.90 | 29.60 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Ratings services | 1,132 | 29.1 |
| Research, Analytics and Solutions | 1,379 | 35.4 |
| Research, Analytics & Solutions | 1,383 | 35.5 |
| Total, before eliminations | 3,895 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CRISIL LTD ◆ | 33,999 | 38.5 | 10.39 | — | 13.7 | 16.1 | — | 30.6 |
| ONEMI TECHNOLOGY SOL LTD | 5,509 | 19.5 | 4.10 | 9.4 | 21.0 | 18.8 | — | 32.0 |
| GYFTR LIMITED | 1,234 | — | 2.54 | 37.9 | 4.5 | 5.3 | 32.8 | 4.3 |
| CENTRUM CAPITAL LIMITED | 969 | — | 0.74 | 9.7 | (21.4) | (2.5) | 49.7 | 29.7 |
| PRIME SECURITIES LIMITED | 968 | 172.9 | 3.78 | — | 5.1 | — | 25.7 | 19.0 |
| WEALTH FRST PORT. MG. LTD | 881 | 26.7 | 5.18 | 16.9 | 22.5 | 30.3 | — | 97.5 |
| REGENCY FINCORP LIMITED | 571 | 52.3 | 3.56 | — | 8.4 | — | — | 84.3 |
| STELLANT SECURITIES (INDIA) LT | 529 | — | 1687.57 | — | 18.2 | 18.2 | — | 56.7 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 38.5 | 19.0 | 53 of 76 | 31% |
| P/B | 10.4 | 1.0 | 100 of 105 | 5% |
| ROCE | 16.1 | 1.8 | 12 of 83 | 87% |
| ROE | 13.8 | 1.3 | 12 of 111 | 90% |
| Debt / Equity | 0.0 | 0.0 | 1 of 77 | 55% |
| EBITDA margin | 30.6 | 25.6 | 42 of 91 | 54% |
| Revenue growth | 27.6 | (4.1) | 28 of 85 | 68% |
| Profit growth | 26.2 | (0.2) | 47 of 109 | 57% |
| Market cap | 33999 | 26 | 1 of 113 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Special window opened for re-lodging physical share transfer requests | compliance | minimal | — | — |
| 24 Oct 2026 · CRISIL Q2 FY27 PAT rises 6% to Rs 204.54 crore; dividend Rs 17 | compliance | minimal | — | — |
| 23 Oct 2026 · Q3 FY26 profit after tax rises 5.9%; dividend Rs 17 per share | investor communications | medium | — | — |
| 23 Oct 2026 · CRISIL Q3 revenue rises 20.2%; interim dividend of Rs 17 declared | compliance | minimal | — | — |
| 23 Oct 2026 · Crisil sets October 29 record date for Rs 17 interim dividend | corporate actions | high | — | — |
| 23 Oct 2026 · CRISIL declares Rs 17 third interim dividend | corporate actions | high | — | — |
| 23 Oct 2026 · CRISIL third-quarter revenue rises 20.2%; Rs 17 dividend declared | results | high | — | — |
| 7 Oct 2026 · CRISIL files dematerialisation certificate under SEBI Reg 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 1 Oct 2026 · Board meeting on Oct 23, 2026 to consider Q3 FY26 results and third interim dividend | compliance | minimal | — | — |
| 1 Oct 2026 · Board to consider Q3 results and third interim dividend on Oct 23 | results | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.