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ICRA Ltd

Q2 FY26Capital Markets

ICRA Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹4,965
Market cap₹4.9K Cr
P/E25.2
Updated23 Aug 2026
Read4 min read

The short version

ICRA expects continued growth in the Ratings business, driven by focus on high-growth segments like infrastructure and BFSI, with revenue growth of around 13% seen in recent periods. Fintellix acquisition expected to provide stable, annuity-like revenues due to shift from license upfront to subscription model, adding to steady future cash flows.

From ICRA Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

  • ICRA expects continued growth in the Ratings business, driven by focus on high-growth segments like infrastructure and BFSI, with revenue growth of around 13% seen in recent periods.
  • Non-ratings business, especially non-Knowledge Services vertical, is expected to expand, rebalancing the revenue mix towards more diversified, margin-accretive areas.
  • Acquisitions such as Fintellix and D2K are expected to contribute to revenue growth by adding complementary products targeted at the BFSI segment and expanding geographic reach, including the US and Middle East.
  • Fintellix’s shift from license fees to subscription model supports more stable, annuity-style revenues.

2 more points from ICRA Ltd's call on revenue

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Profitability & Margins

See what ICRA Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

  • Fintellix shifted its revenue model from upfront license fees to a subscription model about 1-2 years ago, enabling more stable annuity revenues moving forward.
  • Ongoing investments in technology and process reengineering continue to drive efficiencies and margin improvements, particularly in the Ratings business.
  • Some continued investments are planned in D2K to ramp up product development over the next 1 to 1.5 years, driven by increasing market interest.

2 more points from ICRA Ltd's call on capex

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Top-ranked in Capital Markets

Ranked on what management guided this quarter

Guidance-ranked
1BSE
Rev 2Mar 3
2Nippon Life Ind.
Rev 2Mar 3
3
Rev 2Mar 3
4
Rev 2Mar 3
5
Rev 2Mar 3
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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

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Order Book & Pipeline

Related insights include: - ICRA Analytics and Fintellix acquisitions are expanding product portfolios and market reach, potentially increasing future orders. - The company is focused on growing non-ratings and non-Moody's businesses, including scaling up risk analytics and regulatory tech offerings.

2 more points from ICRA Ltd's call on order book

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ICRA Ltd — Quarterly revenue & net profit

Revenue Net profit
Mar 2025Q4 FY25
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26
Mar 2026Q4 FY26
Jun 2026Q1 FY27

Reported quarterly figures (₹ Cr). Latest (Q1 FY27): revenue ₹163 Cr, net profit ₹56 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What ICRA's management said in earlier quarters

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Frequently Asked Questions

What were ICRA Ltd Q2 FY26 results?

ICRA expects continued growth in the Ratings business, driven by focus on high-growth segments like infrastructure and BFSI, with revenue growth of around 13% seen in recent periods. Fintellix acquisition expected to provide stable, annuity-like revenues due to shift from license upfront to subscription model, adding to steady future cash flows.

What is ICRA Ltd share price analysis?

ICRA Ltd currently shows a neutral. The stock trades at a P/E of 25.2 with a market cap of ₹4,943 Cr. Investors should review the full earnings analysis for detailed insights.

Is ICRA Ltd planning capital expenditure?

Fintellix shifted its revenue model from upfront license fees to a subscription model about 1-2 years ago, enabling more stable annuity revenues moving forward.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.