'ICRA conducted a conference call on 29 October 2025 to discuss the financial results for the quarter ended September 2025. Ramnath Krishnan, MD and Group CEO, ICRA addressed the call:

Highlights:

The company has delivered a strong performance in Q2FY2026. Consolidated revenue grew by 8.3% yoy to Rs 136.6 crore and PAT increased by 29.4% to Rs 48 crore in Q2FY26. The revenue grew by 8.4% to Rs 261.1 crore, while PAT increased by 24.4% to Rs 90.8 crore in H1FY26.

The ratings revenue grew by 13% in Q2FY26 and 13.6% for H1FY26, despite a slowdown in the credit environment, reflecting consistent quality of ratings.

Research and analytics revenue increased 2.1% in Q2FY26 and 1.8% in H1FY26. This segment benefited from new product launches, expanded offerings, and strong traction in risk management and market data solutions.

The business is focused on strong client engagement, diversified business model and ability to deliver value.

A key mile...

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