ICRA (ICRA) Q2 25/26 earnings summary

Executive summary

• Achieved strong revenue and profit growth in Q2 and H1 FY26, driven by robust performance in Ratings and Research & Analytics segments.

• Acquisition of Fintellix, a RegTech and risk solutions company, expands risk technology portfolio and global reach.

• Consolidated and standalone unaudited financial results for Q2 and H1 FY26 were reviewed and approved by the Board and Audit Committee, with auditors issuing an unmodified conclusion.

• The group comprises the parent and subsidiaries, including ICRA Analytics, ICRA ESG Ratings, D2K Technologies, ICRA Lanka, and ICRA Nepal.

Financial highlights

• Q2 FY26 consolidated revenue: ₹13,657.87 lakhs (+8.3% YoY); PAT: ₹4,275.82 lakhs (+29.4% YoY).

• H1 FY26 consolidated revenue: ₹30,633.70 lakhs (+8.4% YoY); PAT: ₹9,078.06 lakhs (+24.4% YoY).

• Standalone revenue for Q2 FY26: ₹8,206.14 lakhs; standalone PAT: ₹3,091.03 lakhs.

• Ratings segment revenue up 13% in Q2 and 13.6% in H1.

• Dividend of ₹60 per equity share for FY25 was approved and paid in August 2025.

Outlook and guidance

• GDP growth forecast for FY26 revised to 6.5%, with upside potential from trade deals and festive demand.

• Domestic consumption outlook remains strong, supported by tax cuts, rate reductions, and favorable monsoons.

• Export growth faces headwinds from US tariffs and geopolitical tensions, potentially delaying private capex.

• Securitisation volumes in FY26 estimated at ~₹2.5 trillion, with growth dependent on NBFC AUM pickup.

• Continued investment in D2K and non-ratings businesses to drive future growth.