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In the news

RE bidding activity drops to 14.7 GW in FY26 from 40.6 GW: ICRA

CARE Ratings vs ICRA: Different Growth Strategies

ICRA Q1 Results: Net Profit Jumps 32% YoY to ₹56.5 Crore

Gold loan NPAs may rise as NBFCs shift to monthly installments

India's air traffic to grow 3-6% in FY27: ICRA

Gold Loans Hit 'Sweet Spot' as NBFC Securitisation Surges to ₹2.7L Cr

ICRA acquires full ownership of D2K Technologies for ₹32 crore

CV wholesales up 13.5% in May, ICRA forecasts 4-6% FY27 growth

SEBI Forms Working Group for Blockchain Bond Tokenisation

ICRA Q4 net profit drops 5.90% to ₹52.45 crore despite strong revenue growth

ICRA projects 3-5% growth in domestic two-wheeler volumes for FY27

Airlines Face Growing Pressure as ATF Costs Surge, Traffic Growth Slows

ICRA forecasts PV industry growth slowdown to 4-6% in FY27

ICRA forecasts 4-6% PV growth moderation for FY27
Company insights, generated from the most recent coverage.
MSCI Smallcap exclusion may raise funding costs by 25-35 bps, impacting ability to finance international rating operations and AI-powered analytics platforms.
Lower trading volumes due to exclusion could disadvantage ICRA against peers with MSCI membership in attracting ESG-focused institutional capital.
The Quarter story
The two most recent quarterly results, compared side-by-side.
ICRA shows steady profit growth and strong analytics demand, though core ratings revenue and EBITDA face seasonal cooling.
Consolidated profit after tax grew from ₹42.8 Cr to ₹56.5 Cr from Q1 FY26 to Q1 FY27.
Consolidated revenue eased from ₹124.5 Cr to ₹163.4 Cr from Q1 FY26 to Q1 FY27, peaking at ₹174.9 Cr in Q4 FY26.
Research & Analytics revenue climbed from ₹50.3 Cr to ₹84.3 Cr from Q1 FY26 to Q4 FY26.
Consolidated EBITDA fell from ₹37.9 Cr to ₹44.6 Cr from Q1 FY26 to Q1 FY27, dropping from a Q4 FY26 high of ₹59.3 Cr.
Research & Analytics EBITDA increased from ₹14.9 Cr to ₹18.8 Cr from Q1 FY26 to Q4 FY26.
Ratings & ancillary services revenue declined from ₹74.2 Cr to ₹83.8 Cr from Q1 FY26 to Q1 FY27, softening after a Q4 FY26 peak of ₹91.6 Cr.
Ratings & ancillary services EBITDA dropped from ₹23.0 Cr to ₹29.0 Cr from Q1 FY26 to Q1 FY27, normalizing after reaching ₹40.5 Cr in Q4 FY26.