Crisil Q2 FY27 results: net profit up 5.9% to ₹204.54 crore, revenue up 20.2%

How did Crisil perform in Q2 FY27?

Crisil reported consolidated revenue of ₹1,095 crore for the quarter ended 30 September 2026, up 20.2% from ₹911.24 crore in Q2 FY26. EBITDA was ₹301.50 crore, up 14.5%, while EBITDA margin declined 1.4 percentage points to 27.5%. Profit before tax rose 5.3% to ₹276.05 crore.

Net profit for the quarter was ₹204.54 crore, up 5.9% from ₹193.10 crore, and basic EPS was ₹27.97 compared with ₹26.41. Against Q1 FY27, revenue rose 1.8% to ₹1,095 crore from ₹1,075 crore, but EBITDA fell 2.1% to ₹301.50 crore and net profit fell 5.5% to ₹204.54 crore.

On a standalone basis, Crisil reported revenue of ₹536.75 crore and profit after tax of ₹151.94 crore. The standalone profit before tax was ₹137.39 crore. The consolidated results are the basis of the figures above.

What changed in Crisil's costs and profit?

Total expenses rose 23.2% year on year to ₹844.86 crore, from ₹685.95 crore, outpacing the 20.2% increase in revenue. Employee cost rose by ₹101.59 crore to ₹593.62 crore, while other expenses increased by ₹44.06 crore to ₹200.04 crore. Depreciation rose by ₹12.22 crore to ₹44.18 crore and finance costs increased by ₹1.04 crore to ₹7.02 crore.

Other income fell by ₹11.23 crore to ₹25.75 crore from ₹36.98 crore in Q2 FY26, and tax expense rose by ₹2.34 crore to ₹71.51 crore from ₹69.17 crore. There was no exceptional item. As a result, the EBITDA margin fell 1.4 percentage points to 27.5%, and the profit-after-tax margin fell 2.5 percentage points to 18.7%. The filings do not state a reason for the increase in expenses.

How did the first half of FY27 go?

For the first half of FY27, consolidated revenue was ₹3,228.21 crore, up 25.7% from ₹2,567.44 crore in H1 FY26. Total income rose 24.8% to ₹3,302.89 crore from ₹2,646.88 crore, while profit before tax increased 21.0% to ₹864.27 crore from ₹714.51 crore.

Net profit for the first half was ₹654.26 crore, up 24.7% from ₹524.51 crore, and EPS rose 24.7% to ₹89.47 from ₹71.72. The board approved the unaudited consolidated and standalone results for the nine months ended 30 September 2026.

How has Crisil done over the last 8 quarters?

Revenue increased year on year in each of the last seven quarters. It reached a low of ₹813.18 crore in Q4 FY25, before rising to a high of ₹1,095.16 crore in Q2 FY27. In the latest quarter, revenue was higher than ₹1,075.39 crore in Q1 FY27.

Profit rose year on year in each of the last eight quarters. Net profit was lowest at ₹159.84 crore in Q4 FY25 and highest at ₹241.5 crore in Q3 FY26, before declining to ₹216.46 crore in Q1 FY27 and ₹204.54 crore in Q2 FY27. The EBITDA margin also fell to 27.5% from 31.4% at its latest peak in Q3 FY26.

Which businesses drove the quarter?

Ratings services reported revenue of ₹345.63 crore, up 29.1% from ₹267.64 crore in Q2 FY26. Segment EBIT rose to ₹155.19 crore from ₹120.17 crore, and the segment’s reported EBIT margin was 44.9%.

Research, Analytics and Solutions reported revenue of ₹749.89 crore, up 16.5% from ₹643.6 crore in Q2 FY26. Segment EBIT fell to ₹129.32 crore from ₹141.52 crore, while the reported EBIT margin was 17.2%.

What else did the company announce?

The board approved the unaudited consolidated and standalone financial results for the quarter and nine months ended 30 September 2026. It also approved a third interim dividend of Rs. 17 per equity share of face value of Re 1 each for the financial year ending December 31, 2026, payable on or before 17 November 2026.

The company set 29 October 2026 as the record date for the dividend. The same-day filings did not report a fund raise or any appointment. The board meeting commenced at 3:30 p.m. IST and concluded at 4:10 p.m. IST on 23 October 2026.

What did Crisil's management say?

Management described the quarter as resilient amid macroeconomic uncertainty. It said Crisil Ratings continued to grow revenue and maintain its leadership despite an on-year decline in bond issuances, while the Global Analytics Center expanded its support to S&P Global Ratings through surveillance delegation and new analytical and operational areas.

Management said Coalition Greenwich’s revenue growth moderated after the accelerated renewal-pipeline conversion in H1 2026, while Crisil Integral IQ reported wins in Fundamental Research and Credit Lending Solutions. Crisil Intelligence continued to gain traction in data analytics, consulting, and credit and risk solutions.

Management highlighted continued scaling of domain-led AI capabilities through differentiated products and solutions. It also identified lower corporate bond issuance, moderation at Coalition Greenwich, and a prior-year foreign-exchange gain in the Research, Analytics & Solutions comparison as risks or headwinds. The presentation did not provide formal guidance.

How did Crisil shares react?

The filing was released after market hours. From the price when it appeared, CRISIL fell 1.8% after 5 minutes, 2.5% after 15 minutes and 2.1% after 30 minutes. On the reaction day, the stock closed 0.2% above its pre-results close.

By the next day’s close, the stock was down 0.9% from the pre-results close. By the fifth session, it was down 4.2%. The Other Financial Services industry median was down 1.5% by the next-day close and unchanged by the fifth session, leaving CRISIL 4.2 percentage points behind the industry median over five sessions.

Earlier reaction-day moves were positive on 17 October 2025 at 4.4% and 22 July 2025 at negative 0.4%. The preceding results-day move, on 21 July 2026, was 4.3%.

How did other Other Financial Services companies do?

Fifteen other Other Financial Services companies were compared for revenue growth, with a median revenue growth of negative 19.6%. Of the 12 peers that grew more slowly than Crisil, three grew faster; Crisil’s own growth is excluded from these peer counts.

Twelve of the 27 peers covered for profit reported higher profit. The peer comparison was recorded as of 4 November 2026.