ICRA Q2 FY2027 revenue up 30.2% to ₹177.9 crore as Fintellix lifts Risk & Analytics; PAT up 9.2%
Q2 FY2027 revenue up 30.2% to ₹177.9 crore, PAT up 9.2% to ₹52.4 crore; H1 revenue up 30.7%, PAT up 20.0%.
By ScoutQuest · · 1 min read
- Q2 Revenue
- ₹177.9 crore, up 30.2%
- Q2 PAT
- ₹52.4 crore, up 9.2%
- H1 Revenue
- ₹341.2 crore, up 30.7%
- Period
- Q2 & H1 FY2027
- Positioning
- ICRA presents itself as a credit rating agency that has built an integrated Risk & Analytics platform through ICRA Analytics, D2K and Fintellix, serving banks, asset managers and regulators.
📈 Q2 FY2027 revenue rose 30.2% to ₹177.9 crore and PAT 9.2% to ₹52.4 crore; for H1 revenue rose 30.7% to ₹341.2 crore and PAT 20.0% to ₹108.9 crore. Ratings segment revenue was ₹98.7 crore in Q2 and R&A ₹80.5 crore.
📈 The company says Ratings growth was broad-based across bank loans, bonds, CP and securitisation, while R&A growth was led by the Fintellix acquisition; acquisition-related depreciation and amortisation weighed on PAT, though R&A EBITDA rose 35% YoY to ₹47.1 crore in H1.
🏭 Management lists strategic priorities: maintain rating quality and profitability, grow R&A organically and inorganically, diversify the client mix, embed AI, and expand into adjacent data, analytics, risk and reporting markets. For R&A it targets moving up the value chain, integrated platforms, AI-enabled solutions and international expansion.
🔬 The presentation backs this with a FY2021-FY2026 record: Ratings revenue CAGR of 12.4%, R&A revenue CAGR of 22.2% to ₹313.2* crore (pro forma), and anchor client share down to 49% from 80%. ICRA Research flags downside risks to FY2027 GDP growth from weak monsoon, inflation and monetary tightening.
Also from ICRA
ICRA uploads audio recording of Q2 & H1 FY27 earnings conference call held November 4, 2026
4 Nov 2026
ICRA Q2 FY27: Risk & Analytics revenue up 52.2%, Ratings & ancillary services revenue up 17.3%
29 Oct 2026
Unaudited results for quarter and six months ended September 30, 2026 approved; review conclusion unmodified
29 Oct 2026
More numbers
- Revenue, Q2 FY2027177.9 (₹ crore)
- Revenue growth, Q2 FY2027 YoY30.2%
- Revenue, H1 FY2027341.2 (₹ crore)
- PAT, Q2 FY202752.4 (₹ crore)
- PAT growth, Q2 FY2027 YoY9.2%
- PAT, H1 FY2027108.9 (₹ crore)
- R&A EBITDA, H1 FY2027₹ 47.1 crore
- Ratings segment revenue, Q2 FY202798.7 (₹ crore)
- R&A segment revenue, Q2 FY202780.5 (₹ crore)
- Group revenue FY2026 pro forma₹ 646.9* crore
- Ratings margin, FY202637.6%
- R&A revenue FY2026 pro forma₹ 313.2* crore
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