Crisil Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Crisil Ltd filed with BSE on 24 Apr 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Crisil reported revenue growth of 30.1% year-on-year in Q1 FY26 and profit after tax growth of 45.9%, helped by an accelerated closure of renewals in one global business and a foreign exchange gain compared to a loss in the prior-year quarter. The Ratings segment grew about 20.2% year-on-year in Q1 2026, driven by surveillance fees and new rating revenues, while the Research Analytics and Solutions segment grew 34.9% with margins expanding to 22.7%. Management described macroeconomic, Gen-AI adoption, and foreign exchange risks, and said bank credit growth is expected to be around 13% in fiscal 2027.
Numbers mentioned
Revenue growth: 11.9% year-on-year (Financial Year 25)
p. 5
“For Financial Year 25, our revenues grew by 11.9% year-on-year, reflecting broad-based performance across all businesses.”
Dinesh V., page 5 of the filed PDF · View the filing
Revenue growth: 30.1% year-on-year (Q1 FY26)
p. 5
“The momentum has strengthened further in Quarter 1 FY26, with revenues up 30.1% year-on-year, aided by both underlying business growth as well as certain timing effects that I will touch upon shortly.”
Dinesh V., page 5 of the filed PDF · View the filing
Profit before tax growth: 35.7% year-on-year (Q1 FY26)
p. 5
“In Quarter 1 FY26, our profit before tax grew by 35.7% year-on-year, supported by operating leverage resulting in improved margins.”
Dinesh V., page 5 of the filed PDF · View the filing
Profit after tax growth: 45.9% year-on-year (Q1 FY26)
p. 5
“At the profit after tax level, we delivered a 12.6% growth in full year 25 and a robust 45.9% growth in Quarter 1 FY26.”
Dinesh V., page 5 of the filed PDF · View the filing
Foreign exchange gain: INR14.4 crores (Q1 FY26)
p. 5
“Quarter 1 FY26 includes a foreign exchange gain of INR14.4 crores compared to a loss of INR5.2 crores in the first quarter of the corresponding quarter last year.”
Dinesh V., page 5 of the filed PDF · View the filing
Incremental revenue from accelerated renewals: approximately USD4.5 million (Q1 FY26)
p. 5
“the accelerated closure of renewals in one of our global businesses has led to incremental revenues of approximately USD4.5 million in quarter 1 FY26 when”
Dinesh V., page 5 of the filed PDF · View the filing
Interim dividend: INR9 per share (Q1 FY26)
p. 6
“the Board declared an interim dividend of INR9 per share in quarter 1 FY26 compared to INR8 per share in the same quarter last year.”
Dinesh V., page 6 of the filed PDF · View the filing
Rating services segment growth: 20.2% year-on-year (Q1 2026)
p. 7
“Overall, the rating services segment grew by about 20.2% on Y-o-Y basis in the first quarter of 2026.”
Subodh Rai, page 7 of the filed PDF · View the filing
Research Analytics and Solutions income from operations: INR735.6 crores, up 34.9% year-on-year (Q1 FY26)
p. 10
“Starting with the quarter, income from operations grew by 34.9% year-on-year to INR735.6 crores.”
Dinesh V., page 10 of the filed PDF · View the filing
RAS segment profit margin: 22.7% (Q1 FY26)
p. 10
“At the profitability level, segment profit increased by 66.9% year-on-year, with margins expanding to 22.7% compared to 18.3% in the corresponding quarter last year.”
Dinesh V., page 10 of the filed PDF · View the filing
RAS segment revenue: INR2,572.4 crores, up 9.4% year-on-year (CY 2025)
p. 10
“Looking at the 2025 full year performance for this segment, revenues grew 9.4% year-on-year to INR2,572.4 crores, with segment profit increasing by 12.6% and margins improving to 22%.”
Dinesh V., page 10 of the filed PDF · View the filing
India GDP growth forecast: 7.1% base case (FY2027)
p. 4
“Crisil expects India's GDP, Gross Domestic Product to grow at 7.1% in the base case for this fiscal, compared with 7.6% in the last fiscal.”
Amish Mehta, page 4 of the filed PDF · View the filing
Bond issuances growth: declined 12% year-on-year (Q1 2026)
p. 6
“In Q1 2026, the bond issuances declined by 12% on Y-o-Y basis.”
Subodh Rai, page 6 of the filed PDF · View the filing
Bank credit growth: 14.5% year-on-year (as on February 2026)
p. 6
“the bank credit growth showed some improvement at 14.5% on Y-o-Y basis as on February 2026 versus 11.1% as on February 2025.”
Subodh Rai, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
GDP growth — 6.8% · this fiscal
stated conditionally by Amish Mehta
p. 4
“If the current West Asia conflict and disruption prolongs through April, we expect the GDP growth to slow to 6.8% this fiscal.”
Amish Mehta, page 4 of the filed PDF · View the filing
Inflation — average of 4.5%, potential to touch 4.7% · Fiscal 2027
stated conditionally by Amish Mehta
p. 4
“On the inflation front, we project an average of 4.5% in Fiscal 2027, with the potential to touch 4.7% depending on the duration and the impact of the conflict.”
Amish Mehta, page 4 of the filed PDF · View the filing
Global growth — 3.2% · 2026
stated firmly by Amish Mehta
p. 4
“We forecast global growth to moderate to 3.2% in 2026.”
Amish Mehta, page 4 of the filed PDF · View the filing
Bank credit growth — around 13% · fiscal 2027
stated firmly by Subodh Rai
p. 7
“We expect the bank credit to grow at around 13% in fiscal 2027, driven by healthy growth in MSME and retail segment, as well as the continued preference of corporates for bank credit rather than issuance of bonds due to the prevailing interest rate differential.”
Subodh Rai, page 7 of the filed PDF · View the filing
Bank gross NPAs — 2% to 2.5% · end of March 2027
stated conditionally by Priti Arora
p. 8
“banks are expected to keep their gross NPAs in check at about 2% to 2.5% by the end of March 2027 compared with a historical low of an estimated 2% as of March '26.”
Priti Arora, page 8 of the filed PDF · View the filing
Corporate profitability — decline by around 100 basis points · FY 2027
stated conditionally by Priti Arora
p. 8
“We estimate the corporate profitability to remain almost flat in fiscal 2026 and decline by around 100 basis points in FY 2027, primarily impacted by the West Asia crisis-related disruptions.”
Priti Arora, page 8 of the filed PDF · View the filing
Accelerated renewal revenue normalization — rest of the year
stated firmly by Dinesh V.
p. 6
“this is largely a timing effect, and we expect this to normalize over the course of the rest of the year.”
Dinesh V., page 6 of the filed PDF · View the filing
Wallet share and margin sustainability
stated as an aspiration by Amish Mehta
p. 12
“we are looking forward to making sure that we are able to drive growth while sustaining margins across our businesses and overall, at a Crisil level.”
Amish Mehta, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said their endeavor is to leverage AI tools and build capability to minimize risk and grow, without claiming full immunity.
Answered by Amish Mehta
Asked by Balaji Subramanian: Would Crisil be immune to revenue compression worries seen in IT services companies due to AI?
p. 15
“Our endeavor is to like I said leverage the AI tools, to build the capability with our people and ensure that we are delivering value to our clients to be able to minimize that risk.”
Amish Mehta, page 15 of the filed PDF · View the filing
Management said they have not seen a decline in client engagement in Q1 26 and are diversifying into other segments to offset any discretionary spend risk.
Answered by Amish Mehta
Asked by Balaji Subramanian: What is the outlook for discretionary spending by global banks given geopolitical headwinds?
p. 15
“We have not seen any decline in the level of engagement from clients in Q1 26 as a result of the current geopolitical situation.”
Amish Mehta, page 15 of the filed PDF · View the filing
Management declined to disclose the specific margin, saying it is benchmarked to transfer pricing.
Answered by Amish Mehta
Asked by Arpit Kumar: Can you share the fixed margin in the GAC engagement with S&P?
p. 16
“We don't disclose that, that is benchmarked with transfer pricing.”
Amish Mehta, page 16 of the filed PDF · View the filing
Management said the margin profile is similar because the nature of work is similar.
Answered by Amish Mehta
Asked by Varun Bang: Is the margin profile of incremental GAC business different from ratings work for S&P?
p. 18
“No, see we are doing similar profile of work, so the margin profile remains to be similar.”
Amish Mehta, page 18 of the filed PDF · View the filing
Subodh Rai said bond market softness continues due to hardened yields, while bank loan growth showed good numbers in Q1, particularly March, and reiterated the 13% credit growth estimate for FY27.
Answered by Subodh Rai
Asked by Varun Bang: What is the outlook for domestic ratings business, split by bank loan ratings and capital market issuances?
p. 19
“we've already put this number in public domain that credit growth for the financial year 2027 is going to be around 13%, which is more or less the same what we saw in 2026.”
Subodh Rai, page 19 of the filed PDF · View the filing
Management said they aim to drive consistent growth across all businesses without giving a specific number.
Answered by Amish Mehta
Asked by Pritesh Chheda: What growth is expected in the RAS business given past growth of 9-10%?
p. 20
“So, I think the overarching comment I would make is that we are wanting to drive consistent growth across all our businesses.”
Amish Mehta, page 20 of the filed PDF · View the filing
Subodh Rai attributed it to strong surveillance revenue driven by prior years' new rating revenue and continued investor preference for Crisil ratings.
Answered by Subodh Rai
Asked by Abhijeet Sakhare: What is driving the ratings business growth of 16-17% versus broader market indicators?
p. 21
“So, if you look at the revenue growth, it is largely driven by a pretty robust surveillance revenue, and also to an extent by new rating revenues.”
Subodh Rai, page 21 of the filed PDF · View the filing
Amish Mehta said the company must keep running faster and disrupt itself, focusing on minimizing impact while taking advantage of opportunities.
Answered by Amish Mehta
Asked by Abhijeet Sakhare: Is there any imminent risk to international business growth or margins from Gen-AI or GCC competition?
p. 24
“Abhijeet, like I mentioned, we have to keep running at a much faster pace, to be at the same level.”
Amish Mehta, page 24 of the filed PDF · View the filing
Dinesh confirmed the accelerated closures would smooth out seasonality in subsequent quarters of the RAS segment.
Answered by Dinesh V.
Asked by Abhijeet Sakhare: Can you clarify the impact of accelerated renewal closures on future quarter seasonality?
p. 29
“this will very much have an impact of smoothing in subsequent quarters and some of the seasonality that you've been used to seeing in the RAS segment should hopefully normalize to some extent.”
Dinesh V., page 29 of the filed PDF · View the filing
Management declined to comment, citing policy against forward-looking statements.
Answered by Amish Mehta
Asked by Bhavin Vithlani: Can the recent growth rate in the Global Analytical Center be sustained going forward?
p. 28
“I’m sorry, Bhavin, like I mentioned, no we don't comment on any forward-looking statement.”
Amish Mehta, page 28 of the filed PDF · View the filing
Risks flagged
West Asia geopolitical uncertainty could delay decisions and discretionary spend in global businesses
p. 12
“The current West Asia geopolitical uncertainty could lead to some delay in decisions and deferring of discretionary spend in our global businesses.”
Sanjay Chakravarti, page 12 of the filed PDF · View the filing
Domestic uncertainty may delay capex and slow borrowings and new rating revenues, with a weakened IPO pipeline
p. 12
“On the domestic front, uncertainty may delay capex, therefore slowing borrowings and new rating revenues. There could also be weakened IPO pipeline due to market sentiment.”
Sanjay Chakravarti, page 12 of the filed PDF · View the filing
Emergence of enhanced Gen-AI models and inadequate pace of adoption could constrain competitiveness
p. 12
“The two key risks here would be the emergence of enhanced Gen-AI models and inadequate pace of Gen-AI adoption by organizations, which may constrain competitiveness and operational efficiency.”
Sanjay Chakravarti, page 12 of the filed PDF · View the filing
Sharp INR appreciation against USD could negatively impact margins
p. 12
“Sharp INR appreciation against the USD will have a negative impact on margins.”
Sanjay Chakravarti, page 12 of the filed PDF · View the filing
Prolonged elevated energy prices could pressure borrower cash flows and raise stress risk in select retail and MSME pockets
p. 8
“The prolonged elevated energy prices could pressure borrower cash flows and raise stress risk in the select retail and MSME pockets and sectors which have significant dependence on crude, crude derivatives, and natural gas as inputs.”
Priti Arora, page 8 of the filed PDF · View the filing
Continuation of heightened uncertainties can deter corporate investment and affect borrowing plans
p. 6
“A continuation of heightened uncertainties can deter corporate investment, thereby affecting their borrowing plans.”
Subodh Rai, page 6 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.