CRISIL
Large CapCRISIL Limited
Financial Services
CRISIL is a global, insights-driven analytics organisation. It offers independent credit ratings in India, insights, consulting, technology-driven risk solutions, advanced data analytics, strategic benchmarking, and actionable intelligence to financial institutions globally, empowering mission-critical decisions.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 90/100Rev +30% YoY · PAT +46% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,058 Cr | +30.1% | -2.2% |
| EBITDA | ₹319 Cr | +37.5% | -6.2% |
| Operating margin | 30.0% | +100 bps | -100 bps |
| PAT | ₹233 Cr | +45.6% | -3.7% |
| PAT margin | 22.0% | +234 bps | -35 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
CRISIL reported strong Q1 FY26 performance with Income from operations up 30.1% YoY, PBT up 35.7% YoY, and PAT up 45.9% YoY. Ratings Services revenue grew 20.2% and Research, Analytics & Solutions revenue grew 34.9%, driven by leadership position, expanded support to S&P Global, and demand for risk solutions.
CRISIL demonstrated robust Q1 FY26 growth across segments, maintaining leadership in ratings and expanding analytics support. While macro uncertainties persist, strategic focus on GenAI and domain-led solutions positions the company for continued relevance, despite potential normalization of accelerated renewals.
Leadership in Credit Ratings
Crisil Ratings maintained its leadership position backed by investor preference for best-in-class ratings.
Expanded Analytical Support
Crisil Global Analytics Center (GAC) saw growth in delegation of surveillance support to S&P Global Ratings and expanded analytical and operational support.
Corporate & Investment Banking Momentum
Crisil Coalition Greenwich benefited from momentum in Corporate and Investment Banking and increased engagement with regional banks.
Demand for Risk & Data Solutions
Crisil Integral IQ saw demand for risk and credit lending solutions. Crisil Intelligence saw continued demand for data analytics, consulting, and credit and risk solutions.
Rupee Depreciation
The rupee depreciation in Q1 FY26 provided a near-term tailwind for our businesses.
Global Markets & Investment Banking Performance
Large global banks are expected to deliver growth in Q1 2026, driven by robust Markets and Investment banking performances.
Domestic Consumption & Investment in India
Growth in the current fiscal will be supported by private consumption, gradually improving private investment and fiscal measures.
Accelerated GenAI Evolution
Accelerated evolution of new Gen-AI models with enhanced capabilities. Increased spending on data centers and AI initiatives was a major driver of economic activity in the US in 2025.
Global Economic Moderation
Global economic growth is forecast to moderate by c. 20 bps to 3.2% in 2026.
Geopolitical Tensions
Tensions in the Middle East offset previously expected upside to growth. If the conflict and disruption prolong, India GDP growth expected to slow.
Inflationary Pressure in India
Inflation is projected to increase to an average of 4.5% in fiscal 2027 and could further rise to 4.7% predicated on duration of Middle East conflict.
Rupee Pressure from Capital Outflows
Rupee has been under pressure from capital outflows amid global market turbulence, and Middle East conflict escalation.
Macroeconomic and Geopolitical Risks
Macroeconomic and geopolitical risks are identified as a key risk factor.
Legal, Regulatory and Policy Risks
Legal, regulatory and policy risks are identified as a key risk factor.
Potential Disruption due to GenAI
Potential disruption due to GenAI is identified as a key risk factor.
Cybersecurity and Data Breach Risks
Cybersecurity and data breach risks are identified as a key risk factor.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation provides both Q1 FY26 vs Q1 FY25 (YoY) and FY25 vs FY24 (YoY) data. Quarterly YoY is crucial for assessing current period performance. The mention of 'accelerated renewals' normalizing over the year also implies a need to monitor sequential (QoQ) trends for specific segments.
Income from operations (Q1 FY26)
Income from operations: ₹1,058 crore, +30.1% YoY
Profit before tax (PBT) (Q1 FY26)
Profit before tax (PBT): ₹308 crore, +35.7% YoY
Profit after tax (PAT) (Q1 FY26)
Profit after tax (PAT): ₹233 crore, +45.9% YoY
Ratings Services Income from operations (Q1 FY26)
Ratings Services Income from operations: ₹322.6 crore, +20.2% YoY
Normalization of Accelerated Renewals
Accelerated renewals in Q1 FY26 has resulted in higher revenue compared to same quarter in prior year, and we expect this effect to normalize over the year.
Focus on Domain-Led AI Solutions
Focus on creating domain-led AI solutions that drive competitiveness by enhancing client value and augmenting operational efficiencies.
Upskilling Workforce for AI
Domain specialization and expertise is augmented with AI skills to deliver superior client value through layered training.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Overall Income from operations growth | +30.1% YoY in Q1 FY26 | Sustained double-digit growth in subsequent quarters, indicating continued demand for services. |
| Research, Analytics & Solutions segment growth | +34.9% YoY in Q1 FY26 | Impact of normalization of accelerated renewals on this segment's revenue growth in future quarters. |
| Adoption and impact of GenAI solutions | Deploying GenAI solutions like GenEye Credit, DeepMine, Crisil I360. | Management commentary on revenue contribution or efficiency gains from GenAI-native products and AI-enabled workflows. |
| Corporate bond issuance trend in India | Fell 12% YoY in Q1 2026. | Reversal of the decline, as it impacts Crisil Ratings' business volume. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
41NeutralSMA20 -7.7% / mo · near 52W low
Technical chart
CRISILdaily · 3Y-18.2%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 37. Wait for confirmation.
- SMA20 falling (~5.8% over last month) — short-term momentum negative.
- RSI(14) at 37 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 16/20 to the score.
- Balance sheet contributes 11/15 to the score.
Main drags
- Fair-value margin of safety is negative at -1.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 12/25; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 97th percentile of the scored universe and 99th percentile within Financial Services. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 66.6%. Key concern: ROCE trend is -3.4%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Financial Services: 99th pctile, median 62 · Large: 89th pctile, median 74
69 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 66.6%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.8%.
- ▸12 years of positive FCF.
Trust risks
- ▸ROCE trend is -3.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 33.60
- P/B
- 9.30
- EV/EBITDA
- 21.98
- Market Cap
- 28234.00Cr
Profitability
- ROE
- 24.50%
- ROCE
- 32.60%
- ROA
- 18.31%
- Dividend Y
- 0.65%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 14.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 7.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 50.43×
- Altman Z
- 8.85
- Book Value
- 415.00
Cash Flow
- FCF Yield
- 1.73%
- FCF Positive Y
- 12/5
- OCF
- 756.00 Cr
- EPS TTM
- 114.79
Shareholding
- Promoter Hold
- 66.64%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 7%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.