CRISIL Ltd

- There is no explicit mention of any current or planned fundraising through debt or equity in the provided pages. - The company discusses growth, expansion, acquisitions (e.g., PriceMetrix), and investments but does not specify fundraising methods. - Foreign exchange risk and hedging are mentioned, but no new debt issuance or equity raising is indicated. - The focus appears to be on organic and inorganic growth funded through operations and selective acquisitions without public disclosure of new fundraising plans. - The management refrains from commenting on forward-looking statements related to growth or financial specifics.

- The company continues to invest in growth across technology, Gen-AI, client development, and other necessary areas to sustain and grow the franchise (Page 25). - Investments are evenly spread across businesses and segments, not focused on any specific area (Page 25). - Acquired PriceMetrix to deepen presence in wealth management, enhancing capabilities in this growing space (Pages 4, 26). - Took a small stake in an SME platform company in India to expand strategic reach (Page 26). - Focus on building domain-led Gen-AI solutions, capability development, and upskilling to accelerate innovation and commercialization of emerging technologies (Page 12). - Continuing to invest in centers of expertise (COEs) in areas like program management, research, and technology to add client value and drive growth (Page 18). - No explicit mention of large-scale capital expenditures or physical capex projects; focus lies on strategic investments, technology, and talent development.

- The company aims to drive consistent growth across all businesses (ratings, research analytics, intelligence), leveraging new client offerings, segments, and geographic expansions. - Growth is supported by increasing wallet share in core markets, adjacent offerings, and new client segments including regional banks and private markets globally. - Recent acceleration in contract renewals in benchmarking business (RAS segment) in Q1 FY26 will smooth out seasonality, normalizing revenues over subsequent quarters. - Diversification into private markets, risk and credit solutions for regional banks aims to offset any discretionary spend delays from large global banks. - Emphasis on leveraging Gen-AI and technology to enhance productivity and client value, supporting sustainable growth and margin expansion. - Expansion into wealth management via acquisition of PriceMetrix and new geographies like Canada and West Asia are growth catalysts. - Pricing is managed to cover inflation and sustain margins while delivering client value. - While no specific CAGR guidance is given, strong underlying business momentum and expanded client engagements underpin optimistic growth outlook.

- The company refrains from giving specific forward-looking statements on growth rates (Page 28). - Focus remains on driving consistent, sustainable growth across all businesses including Ratings, Research Analytics & Solutions (RAS), and Global Analytical Center (Pages 21, 24). - Growth drivers include expansion in client segments, adjacent markets (e.g., wealth management via PriceMetrix acquisition), and leveraging AI for productivity and value enhancement (Pages 9, 24, 28). - Margins expected to be sustained through value-driven pricing and operational efficiencies (Pages 24, 28). - Continued investments in technology, Gen-AI, and talent to maintain competitive advantage and further growth potential (Pages 15, 24). - Diversification across geographies and client segments to offset discretionary spending risks among large global banks (Pages 15, 24). - 2026 Q1 saw strong revenue and profit growth (30%+ revenue YoY; 45.9% PAT growth), signaling momentum to continue (Page 10).

- Crisil management does not disclose order book details or metrics related to pending orders for their individual businesses, including the RAS (Research, Analytics, and Solutions) segment. - During the call, when asked about order book growth or visibility of growth in the RAS segment, Amish Mehta stated they do not comment on order books. - However, the management is focused on driving growth across all businesses and maintains that their customer segments and offerings are well positioned. - Directionally, the business is growing with improved visibility, but no specific quantitative order book information is shared publicly.