ICRA (ICRA) Q3 25/26 earnings summary

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.