- ICRA's consolidated revenue rose 31.2% YoY to Rs 163.4 crore in Q1 FY27
- Profit after tax increased 32% YoY to Rs 56.5 crore in the June quarter
- Ratings business revenue grew 12.9% with strong demand from banks and NBFCs
ICRA Ltd. reported a strong set of earnings for the June quarter, with consolidated revenue and profit rising more than 30% year-on-year, aided by robust growth in its Ratings and Risk & Analytics businesses.
The company's consolidated revenue from operations rose 31.2% year-on-year (YoY) to Rs 163.4 crore in the June quarter of FY27, compared with Rs 124.5 crore in the corresponding period last year.
Profit after tax (PAT) increased 32% YoY to Rs 56.5 crore, from Rs 42.8 crore a year earlier.
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The company noted that the quarterly financial performance includes the impact of the consolidation of Fintellix, which was acquired in October 2025. As a result, the current quarter's performance is not directly comparable with the corresponding period last year.
On the Q1 results, Ramnath Krishnan, managing director and group CEO of ICRA, said the company delivered "a strong quarterly performance", supported by healthy growth in its Ratings business and sustained momentum in Risk & Analytics. He said the ratings business continued to benefit from high-quality analytical delivery and market engagement, while Risk & Analytics witnessed robust demand for data, risk management and technology-led solutions.
During the quarter, revenue from Ratings and ancillary services grew 12.9%, supported by strong growth in bank credit and continued demand from the industrial and NBFC segments. The company said bond issuances moderated from the high base of the previous year, although issuances picked up towards the end of the quarter as yields eased and liquidity conditions improved.
Meanwhile, Risk & Analytics revenue surged 58.7% YoY, driven by the acquisition of Fintellix and sustained demand for risk, regulatory technology and data solutions. The company said the business also benefited from increased demand for BankTech and CapTech offerings, alongside a gradual shift towards product-led engagements.
ICRA also completed the acquisition of the remaining stake in D2K Technologies India Pvt. Ltd. and Fintellix India Pvt. Ltd., making both companies wholly owned subsidiaries.
Looking ahead, the company said it expects India's GDP growth to moderate to 6.7% in FY27, from 7.7% in FY26, citing geopolitical uncertainties, elevated commodity prices and the risk of uneven monsoon rainfall.
On the bourses, ICRA shares were trading 1.06% higher at Rs 4,830.70 around 2:20 p.m. In comparison, the BSE Sensex was trading largely flat at 77,625.
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