CRISIL Ltd (CRISIL)

Financial Services · Credit Rating Agencies · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹4,834.75 ↓ 4.14% (1Y)

🎯 Key Takeaways

CRISIL Ltd is in a stable growth phase, characterized by consistent double-digit revenue expansion, high margins, and strong profitability, supported by its dominant position in credit rating and analytics. Management continues to emphasize structural integration of acquired businesses and regulatory compliance as pillars of sustainable growth.
Revenue grew 1.7% QoQ to ₹1,075 in Q1FY27.
⚠️ Foreign exchange volatility continues to impact quarterly earnings, as highlighted in management commentary, posing a near-term risk to profitability

Market Cap

₹35,357

P/E Ratio

40.0

P/B Ratio

11.66

ROE

29.1%

ROCE

39.6%

Debt/Equity

0.00

Div Yield

1.26%

Promoter

66.6%

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📖 The Story

CRISIL Ltd is in a stable growth phase, characterized by consistent double-digit revenue expansion, high margins, and strong profitability, supported by its dominant position in credit rating and analytics. Management continues to emphasize structural integration of acquired businesses and regulatory compliance as pillars of sustainable growth.

📰 What's Happening

In Q1 and Q2 FY2026, CRISIL delivered 27.6% YoY revenue growth, reaching ₹1,656 crores in Q2, with operating margins expanding to 44.3% from 41.0% a year ago, driven by cost optimisation and segment performance. Profit after tax rose 24.4% YoY in Q2, and the company declared an interim dividend of ₹10 per share. Management highlighted the successful integration of Bridge to India Energy following NCLT approval and stable GDP growth expectations of 6.6%. Additionally, the board approved the merger of two wholly owned subsidiaries, Crisil Canada and PriceMetrix, into a single entity under Ontario law, streamlining its global structure without affecting financials or shareholding.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	911	1,082	1,058	1,075
Operating Profit	231	304	279	265
OPM %	25.4%	28.1%	26.4%	24.7%
Net Profit	193	242	233	216
EPS	₹26.41	₹33.02	₹31.90	₹29.60

CRISIL has demonstrated robust and accelerating revenue growth over the past four quarters, with revenue rising from ₹911 crores in Sep 2025 to ₹1,656 crores in Q2 FY2026, while operating margins have remained resilient above 24%. Despite a slight moderation in operating margin growth in Q2 (44.3% vs. 48.1% in Q1 FY2026), profitability remains strong, with PAT growing consistently and OPM holding firm. The company has maintained healthy cost discipline, contributing to margin expansion, while foreign exchange losses have impacted quarterly earnings. The sustained growth trajectory reflects effective execution of its core business model and integration of strategic initiatives.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on revenue or earnings growth in the latest filings, though it has retained its GDP growth forecast at 6.6% for the current fiscal and expressed confidence in macroeconomic stability. The company continues to focus on operational integration, regulatory compliance, and shareholder returns through interim dividends. Leadership emphasized the successful certification of the Bridge to India Energy merger by ROC and the consolidation of its global subsidiary structure as part of ongoing strategic refinement.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2026	Mar 2026	Mar 2027
Equity Capital	7	7	7	7
Reserves	2,558	2,809	3,026	3,264
Borrowings	250	298	0	335
Total Liabilities	3,946	4,231	4,632	5,024
Fixed Assets	443	468	1,468	493
Investments	1,454	1,390	1,180	1,000
Total Assets	3,946	4,231	4,632	5,024

The balance sheet shows a strong equity base of ₹7 crores with reserves growing to ₹3,264 crores as of March 2027, up from ₹2,809 crores in March 2026, indicating healthy retained earnings. Borrowings remain minimal at ₹335 crores as of March 2027, down from ₹298 crores in the prior year, reflecting a conservative capital structure. Total assets have grown steadily from ₹4,231 crores to ₹5,024 crores over the past two years, supporting expansion without significant leverage. The company maintains ample liquidity and financial flexibility, enabling continued investment and shareholder returns.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+756
Investing	-268
Financing	-470
Net Cash Flow	+18

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	66.6%	66.6%	66.6%	66.6%
FII	7.8%	7.7%	7.2%	6.4%
DII	12.2%	12.1%	12.6%	12.9%
Public	12.2%	12.3%	12.3%	12.7%
# Shareholders	74,565	81,642	81,755	88,482

Promoter holding remains stable at 66.64% across all recent quarters, signaling long-term confidence. Foreign institutional investors (FII) have increased their stake from 7.18% in Q4FY26 to 6.38% in Q1FY27, while Domestic Institutional Investors (DII) have slightly reduced their share from 12.61% to 12.95% in absolute terms but with a marginal increase in percentage. The number of public shareholders has grown from 74,565 to 88,482, indicating rising retail interest. No significant dilution or pledging activity is evident, and the rising FII participation suggests growing institutional confidence.

⚖️ Peer Comparison — Credit Rating Agencies

Company	MCap (₹ Cr)	P/E	ROCE	ROE
CRISIL	35,357	40.0	39.6%	29.1%
CARERATING	5,129	28.8	26.3%	19.3%
ICRA	4,833	24.7	23.0%	16.6%

🔗 Peer Stock Analyses

CARERATING ICRA

⚠️ Risk Factors

1. Foreign exchange volatility continues to impact quarterly earnings, as highlighted in management commentary, posing a near-term risk to profitability despite strong operational performance. 2. No formal forward guidance was provided in the latest filings, creating uncertainty around future growth expectations despite robust historical results. 3. Rising inflation to 5.1% in FY27, as flagged by management, may pressure cost structures and margin sustainability if not fully offset by pricing or efficiency gains.

📋 Recent Filings

🧠 Analyst's Read

CRISIL is executing disciplined growth with strong margins and consistent profitability, underpinned by strategic acquisitions and operational efficiency, but the lack of forward guidance and FX exposure remain key monitoring points for investors.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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