The call ran from 4:31 PM to 5:46 PM IST (1 h 15 min).
Key takeaways
Management skipped detailed numbers and gave no guidance. Ratings revenue grew 15.2% in H1, non-ratings stayed flat near ₹80 Cr a quarter, and acquisition losses were left unresolved.
| Revenue growth | Ratings H1 up 15.2%; non-ratings flat near ₹80 Cr/quarter. |
|---|---|
| Margins | Ratings margin 37.6% in FY26, up from 20.8% in FY21; risk-analytics margins compressing by design. |
| Demand visibility | Bank credit growth about 21% in H1; bond issuance low single digit; H2 expected buoyant. |
| Management confidence | Balanced; deflects market share and Moody's questions with timing explanations. |
Growth
Management cites 15.2% H1 ratings growth; non-ratings run-rate flat near ₹80 Cr per quarter. Anchor client share cut to about 51%.
Outlook
No numeric guidance given. Basel III risk-weight reset called positive but unquantified. Buyback or special dividend under consideration, no decision.
Risks
Bond-yield-driven ratings slowdown, flat Moody's revenue, bank-tech H1 moderation, margin compression from mix shift, and D2K/Fintelix losses.
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
ICRA Q2 FY27 Results: Net Profit ₹52.4 Cr, Up 9.2% YoY
ICRA Ltd reported revenue from operations of ₹177.9 Cr (+30.2% YoY) and net profit of ₹52.4 Cr (+9.2% YoY) for Q2 FY27.
- Key figure
- Net profit ₹52.4 Cr · +9.2% YoY
What management said last time
Full summary →From the call summary published .
Outlook they gave
Focus on product-led offerings (BankTech, CapTech) and AI integration; expects demand from ECL framework transition.
Growth they described
Q4 revenue grew 28.4% YoY. FY26 Ratings grew 14.2%; Research and Analytics grew 29.8%.
Call details
| Company | ICRA Ltd |
|---|---|
| NSE symbol | ICRA |
| ISIN | INE725G01011 |
| Call | Q2 FY27 earnings call |
| Date | Wednesday, 4 November 2026 |
| Time | 4:30 PM IST |
| Length | 1 h 15 min |
| Audio | Our stream on YouTube ↗ |
ICRA Ltd: key numbers
- Share price
- ₹4,426.00
- Market cap
- ₹4,272 Cr
- Revenue (annual)
- ₹599.5 Cr
- Net profit (annual)
- ₹181.5 Cr
- P/E (TTM)
- 21.4×Sector 19.4×
- Promoter holding
- 51.87%+0.00% QoQ
- FII holding
- 8.01%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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