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ICRA Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary28 Jan, 2026
Executive summary
Revenue and profit before tax (PBT) showed strong growth in Q3 and the nine-month period of FY2026, with notable contributions from the Fintellix acquisition.
Consolidated and standalone unaudited financial results for the quarter and nine months ended December 31, 2025, were reviewed and approved by the Board and Audit Committee on January 28, 2026.
Statutory auditors issued unmodified review reports for both consolidated and standalone results.
Research & Analytics and Ratings segments led revenue expansion, with Research & Analytics boosted by both acquisition and organic growth.
A one-time Labour Code impact was treated as a non-recurring exceptional item and excluded from core results for comparability.
Financial highlights
Q3 FY2026 revenue grew 35.3% year-over-year; nine-month revenue up 17.4% year-over-year.
Consolidated revenue from operations for Q3 FY26 was ₹16,359.11 lakhs, up from ₹13,657.87 lakhs in Q2 FY26 and ₹12,087.24 lakhs in Q3 FY25.
Profit before tax (excluding exceptional items) increased 10.9% in Q3 and 15.4% for the nine-month period, year-over-year.
Fintellix contributed ₹24.9 crore in revenue and ₹4.8 crore in EBITDA in Q3 FY2026.
Consolidated profit after tax for Q3 FY26 was ₹3,911.74 lakhs, compared to ₹4,780.77 lakhs in Q2 FY26 and ₹4,203.29 lakhs in Q3 FY25.
Outlook and guidance
Real GDP growth projected at 7.4% for FY2026, up from 6.5% in FY2025.
Nominal growth expected to moderate to 8.5% in FY2026 from 9.8% in FY2025.
CPI inflation forecast to decline to 2.0% in FY2026 from 4.6% in FY2025; WPI inflation to 0.5% from 2.3%.
Fiscal deficit/GDP ratio projected to improve to 4.4% in FY2026.
The company continues to monitor regulatory developments, especially regarding the new Labour Codes, and will adjust accounting as needed.
Fintellix acquisition's segment impact
Future implications of new labor codes
Research & Analytics segment profitability
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Next ICRA earnings date
Q4 25/2622 May, 2026
ICRA
Next ICRA earnings date
Q4 25/2622 May, 2026
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