ICRA Reports Strong Q2 FY2027 Earnings: Revenue Jumps 30.2% To ₹177.9 Crore, PAT Up 9.2% As Fintellix Acquisition Drives Growth

Mumbai: ICRA Limited announced its financial results for the second quarter and half-year ended September 30, 2026, on October 29, 2026.

Quarterly Performance

Consolidated revenue from operations for Q2 FY2027 stood at ₹177.9 crore, up from ₹136.6 crore in the same period last year. Consolidated PAT increased to ₹52.4 crore from ₹48.0 crore reported in the corresponding quarter of the previous year.

Half-Year Results

For the half-year ended September 30, 2026, consolidated revenue from operations rose by 30.7 per cent to ₹341.2 crore, compared to ₹261.1 crore in the prior year's corresponding period. PAT for the half-year increased by 20.0 per cent to ₹108.9 crore from ₹90.8 crore previously.

Fintellix Acquisition Impact

The consolidated results for Q2 and H1 FY2027 include the financial performance of Fintellix India Private Limited, which ICRA acquired in October 2025.

Management Commentary

Ramnath Krishnan, managing director and group chief executive officer of ICRA Limited, said the Ratings business experienced broad-based growth, supported by client engagement. He added that consolidating Risk & Analytics businesses onto a common operating platform is important for serving clients' risk, data, and regulatory needs.

Ratings and Ancillary Services

Revenue from ratings and ancillary services for Q2 FY2027 grew by 17.3 per cent, and for the half-year, it increased by 15.2 per cent. Bank credit grew 21.4 per cent year-on-year, driven by borrowers shifting towards bank funding due to elevated bond yields.

Risk & Analytics Growth

Risk & Analytics revenue for the quarter increased by 52.2 per cent, and by 55.4 per cent for the half-year. This growth primarily reflects the consolidation of Fintellix, with BankTech benefiting from demand for risk and regulatory solutions.

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