ICRA Limited — Investor Meet, 04-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

ICRA reported strong H1 FY26 results: Revenue up 8.4% to ₹261.1 Cr, PAT up 24.4% to ₹90.8 Cr. Ratings revenue grew 13.6%. The acquisition of Fintellix significantly boosts its risk technology portfolio and global reach. ICRA ESG is gaining traction, surpassing previous year's ratings in H1. Credit quality improved with 214 upgrades vs. 75 downgrades (2.8x credit ratio). Management sees domestic consumption as a key growth driver, supported by strategic focus on infrastructure and BFSI. AI is being deployed for operational efficiencies. The company is rebalancing its non-ratings business for future growth.