ICRA Limited — PPTs, 28-01-2026: Investor Presentation

ICRA delivered a strong Q3 FY26, with consolidated revenue jumping 35.3% year-on-year to ₹163.6 Cr. For the first nine months of FY26, revenue grew 17.4% to ₹424.7 Cr. Profit Before Tax (PBT) also rose, up 10.9% in Q3 to ₹61.8 Cr and 15.4% in 9M to ₹184.6 Cr.

Growth in the Research & Analytics segment was significantly boosted by the Fintellix acquisition, which contributed ₹24.9 Cr to revenue and ₹4.8 Cr to EBITDA in Q3 alone. Beyond the acquisition, Market Data, Risk Management, and Knowledge Services showed strong momentum. The Ratings segment saw good revenue expansion, driven by robust bank credit growth, lower funding costs, and improved sequential bond issuances.

Looking ahead, ICRA observes an upbeat rural demand outlook but notes potential headwinds from a projected contraction in government capital expenditure in H2 FY26 and global trade uncertainties. Urban consumption, however, is expected to get a boost from tax relief and moderating inflation.