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CRISIL Ltd

CRISIL

NSE

₹4,527.40-0.45%19 Oct 2026

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Credit Rating Agencies

CRISIL Ltd

CRISIL

NSE

₹4,527.40

-0.45%

19 Oct 2026

SOICxStockScans Reports

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Credit Rating Agencies

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Deep Dive Report: In-depth business analysis.

Crisil is fundamentally an insights factory - it takes raw financial and market data and turns it into credit ratings, benchmarks, and risk analytics that banks, investors, and companies use to make decisions they cannot afford to get wrong. It began in 1987 as India’s first credit rating agency and has since expanded, step by step, into a global analytics company majority-owned by S&P Global, now serving more than 11,400 clients across 40 countries. The recurring pattern is this: build a dominant position in one information-intensive market, then use that expertise and cash flow to enter the next - from domestic ratings to global research, benchmarking, and risk solutions, each new engine fed by the credibility and capabilities of the ones before it.

Business segments

Four engines, each serving a different set of decision-makers - a domestic ratings franchise that is the company’s original moat, a captive analytical centre for its majority owner, and two global subscription-and-project businesses that sell intelligence to the world’s largest financial institutions.

1. Crisil Ratings: the credit gatekeeper for Indian debt

India’s largest and most preferred credit rating agency, earning a fee on every bond and bank loan it rates, with a default track record that competitors cannot match.

Issuer-preferred brand - companies and banks actively choose Crisil Ratings over six other agencies because investors trust its ratings more, a preference that strengthened after the IL&FS default (which Crisil did not rate) made the market focus on rating quality.
Best-in-class default record - its one-year investment-grade default rate, averaged over a decade, is the lowest among Indian rating agencies, and SEBI requires every agency to publish this statistic, so the comparison is public and direct.
Two revenue streams, roughly balanced - it collects an initial fee when a rating contract is signed and a recurring surveillance fee for ongoing monitoring; the split has historically been around 50-50, with surveillance sometimes exceeding half.
Pricing tied to debt size - rack rates are about 10 basis points of the debt amount for corporate bonds and 4 basis points for bank loan ratings, though actual yields are lower and capped for very large issuers.
Scale and reach - it has rated more than 33,000 large and mid-scale corporates and financial institutions, graded over 150,000 MSMEs, and had 7,200-plus active credit ratings outstanding as of FY25.

2. Crisil Global Analytical Centre: the analytical engine room for S&P Global

A dedicated unit that acts as the largest data, analytics, and research partner for S&P Global Ratings, earning revenue under an arm’s-length agreement with its sole customer.

Twenty-year partnership - it provides surveillance work delegation across all of S&P Global Ratings’ analytical practices, meaning S&P’s own analysts rely on Crisil’s team to monitor and update credit assessments.
Beyond ratings - the centre has expanded into ESG diagnostics and evaluations, data and technology transformation programmes, and automation initiatives using machine learning and data sciences.

3. Crisil Intelligence: the data and research backbone for Indian finance

A subscription-and-project business that 90% of Indian banks consume, providing everything from credit scores on 60,000 companies to the indices that mutual funds use to build passive debt products.

Platforms that banks run on - its Quantix platform covers more than 60,000 companies with financial and non-financial data, models, and outlooks, while Fulkrum adds Big Data analytics with natural-language querying and sentiment analysis.
Indices as infrastructure - its fixed-income indices are the top choice for mutual funds launching sectoral passive target-maturity funds, with passive fixed-income assets tracking Crisil indices reaching roughly ₹39,500 crore.
Full loan-life-cycle coverage - it serves banks from opportunity identification through origination, credit assessment, and risk monitoring, with 50-plus bank clients and 300-plus corporates.
ESG ratings under licence - its step-down subsidiary holds a SEBI Category 1 ESG rating provider licence and scores most of India’s top 1,000 listed companies.

4. Crisil Coalition Greenwich: the scorekeeper for global investment banks

A subscription benchmarking business that tells the world’s top corporate and investment banks exactly how they rank against competitors - and then sells them the tools to improve.

Quantitative meets qualitative - the legacy Coalition franchise provided hard-data benchmarking for investment banks; the 2020 acquisition of Greenwich Associates added qualitative survey-based insights and opened doors to asset managers and commercial banks.
Multi-year subscription model - revenue is recognized over the contract term, and demand rises when market volatility increases because banks need more actionable intelligence to navigate uncertainty.
The Q2 flagship - the combined Coalition-Greenwich offering gained material traction by cross-selling a larger suite to investment banks and entirely new products to non-CIBs such as asset management companies.
Wealth management expansion - the 2025 acquisition of PriceMetrix added a proprietary database covering $8 trillion in assets under management and 30 million investment accounts, plus software tools that help wealth managers benchmark pricing and practice performance.

5. Crisil Integral IQ: the risk and regulatory outsourcer for global banks

A global provider of research, credit, and risk solutions that helps the world’s largest banks comply with ever-changing regulations and transform their risk operations.

Regulation as a demand driver - banks must comply with frameworks like FRTB, CCAR, Basel IV, and IBOR transition, and CRISIL supported clients in meeting their IBOR, FRTB, and CCAR mandates.
Sell-side and buy-side research - it is the world’s leading provider of equity and fixed-income research support to banks, while also serving asset managers with ESG integration and monitoring.
Proprietary tools that won awards - its Scenario Expansion Manager, a centralized framework for regulatory and internal scenario analysis, won the Risk Markets Technology 2021 award for Best Modelling Innovation.

Group structure and partners

Crisil is majority-owned by S&P Global and operates through a web of wholly owned subsidiaries that separate its regulated ratings business from its global analytics engines, with a deliberate programme of simplification through mergers and closures.

S&P Global control - S&P Global Inc. owns Crisil through a chain of holding companies, and the relationship is foundational: Crisil provides analytical support under a Master Services Agreement, and related-party sales to S&P Global entities represent 13% of total sales.
Regulatory ring-fencing - the ratings business was carved into a separate wholly owned subsidiary, Crisil Ratings Limited, in December 2020 because SEBI mandated the segregation of ratings and non-ratings businesses; it has its own independent board.
ESG subsidiary - Crisil ESG Ratings & Analytics Limited sits under Crisil Ratings Limited, holds a SEBI Category 1 ESG rating provider licence, and was a founding subscriber to the industry association for SEBI-registered ESG rating providers.
International subsidiary chain - overseas operations are held through Crisil Irevna UK Limited and its subsidiaries in the US, Argentina, Poland, China, Australia, and Colombia, plus Crisil Canada Inc., which acquired Crisil PriceMetrix Co..

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Mkt Cap

Market Capitalization

₹33,109Cr

Close Price

₹4,527.40

Industry

Credit Rating Agencies

Price To Earnings

37.44

Price To Sales

8.02

Revenue

₹4,126Cr

Rev Gr TTM

Revenue Growth TTM

22.03%

PAT Gr TTM

PAT Growth TTM

21.53%

Upcoming Results on

23 Oct 2026

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	736	918	738	797	812	913	813	843	911	1,082	1,058	1,075
Growth YoY Revenue Growth YoY%	7.7	11.6	3.2	3.4	10.3	-0.5	10.2	5.7	12.2	18.5	30.1	27.6
Expenses ExpensesCr	544	649	546	591	588	626	581	604	648	742	739	768
Operating Profit Operating ProfitCr	192	269	192	207	224	287	232	239	263	340	319	308
OPM OPM%	26.1	29.3	26.0	25.9	27.6	31.4	28.5	28.3	28.9	31.4	30.1	28.6
Other Income Other IncomeCr	36	36	21	18	21	30	31	24	37	27	36	21
Interest Expense Interest ExpenseCr	1	1	1	1	1	2	6	6	6	5	7	7
Depreciation DepreciationCr	27	25	17	16	16	21	30	32	32	35	39	42
PBT PBTCr	200	279	195	208	229	294	227	225	262	327	308	280
Tax TaxCr	48	69	58	58	57	70	67	53	69	85	75	63
PAT PATCr	152	210	138	150	172	225	160	172	193	242	233	216
Growth YoY PAT Growth YoY%	2.8	33.0	-5.5	-0.3	12.9	6.9	16.1	14.3	12.6	7.5	45.9	26.2
NPM NPM%	20.6	22.9	18.7	18.8	21.1	24.6	19.7	20.4	21.2	22.3	22.1	20.1
EPS EPS₹	20.8	28.7	18.8	20.5	23.5	30.7	21.9	23.5	26.4	33.0	31.9	29.6

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	736	918	738	797	812	913	813	843	911	1,082	1,058	1,075
Growth YoY Revenue Growth YoY%	7.7	11.6	3.2	3.4	10.3	-0.5	10.2	5.7	12.2	18.5	30.1	27.6
Expenses ExpensesCr	544	649	546	591	588	626	581	604	648	742	739	768
Operating Profit Operating ProfitCr	192	269	192	207	224	287	232	239	263	340	319	308
OPM OPM%	26.1	29.3	26.0	25.9	27.6	31.4	28.5	28.3	28.9	31.4	30.1	28.6
Other Income Other IncomeCr	36	36	21	18	21	30	31	24	37	27	36	21
Interest Expense Interest ExpenseCr	1	1	1	1	1	2	6	6	6	5	7	7
Depreciation DepreciationCr	27	25	17	16	16	21	30	32	32	35	39	42
PBT PBTCr	200	279	195	208	229	294	227	225	262	327	308	280
Tax TaxCr	48	69	58	58	57	70	67	53	69	85	75	63
PAT PATCr	152	210	138	150	172	225	160	172	193	242	233	216
Growth YoY PAT Growth YoY%	2.8	33.0	-5.5	-0.3	12.9	6.9	16.1	14.3	12.6	7.5	45.9	26.2
NPM NPM%	20.6	22.9	18.7	18.8	21.1	24.6	19.7	20.4	21.2	22.3	22.1	20.1
EPS EPS₹	20.8	28.7	18.8	20.5	23.5	30.7	21.9	23.5	26.4	33.0	31.9	29.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025	TTM
Revenue RevenueCr	1,380	1,548	1,658	1,748	1,732	1,982	2,301	2,769	3,140	3,260	3,649	4,126
Growth Revenue Growth%	10.1	12.1	7.2	5.4	-1.0	14.4	16.1	20.3	13.4	3.8	11.9	22.0
Expenses ExpensesCr	980	1,104	1,203	1,277	1,276	1,471	1,690	2,039	2,258	2,349	2,564	2,897
Operating Profit Operating ProfitCr	400	443	455	471	456	511	611	730	882	911	1,085	1,229
OPM OPM%	29.0	28.6	27.4	26.9	26.3	25.8	26.5	26.4	28.1	27.9	29.7	29.8
Other Income Other IncomeCr	43	50	25	73	73	83	123	122	94	90	107	121
Interest Expense Interest ExpenseCr	0	0	0	2	0	14	9	6	4	4	22	25
Depreciation DepreciationCr	37	55	47	43	37	121	106	103	104	70	129	149
PBT PBTCr	406	438	434	500	492	458	618	742	868	926	1,041	1,177
Tax TaxCr	121	144	129	136	148	104	153	178	209	242	275	293
PAT PATCr	285	294	304	363	344	355	466	564	658	684	766	884
Growth PAT Growth%	6.2	3.2	3.4	19.3	-5.3	3.1	31.3	21.2	16.7	3.9	12.0	21.5
NPM NPM%	20.7	19.0	18.4	20.8	19.9	17.9	20.3	20.4	21.0	21.0	21.0	21.4
EPS EPS₹	40.0	45.8	42.6	50.5	47.6	48.9	64.0	77.3	90.1	93.5	104.8	120.9

Financial Year	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025	TTM
Revenue RevenueCr	1,380	1,548	1,658	1,748	1,732	1,982	2,301	2,769	3,140	3,260	3,649	4,126
Growth Revenue Growth%	10.1	12.1	7.2	5.4	-1.0	14.4	16.1	20.3	13.4	3.8	11.9	22.0
Expenses ExpensesCr	980	1,104	1,203	1,277	1,276	1,471	1,690	2,039	2,258	2,349	2,564	2,897
Operating Profit Operating ProfitCr	400	443	455	471	456	511	611	730	882	911	1,085	1,229
OPM OPM%	29.0	28.6	27.4	26.9	26.3	25.8	26.5	26.4	28.1	27.9	29.7	29.8
Other Income Other IncomeCr	43	50	25	73	73	83	123	122	94	90	107	121
Interest Expense Interest ExpenseCr	0	0	0	2	0	14	9	6	4	4	22	25
Depreciation DepreciationCr	37	55	47	43	37	121	106	103	104	70	129	149
PBT PBTCr	406	438	434	500	492	458	618	742	868	926	1,041	1,177
Tax TaxCr	121	144	129	136	148	104	153	178	209	242	275	293
PAT PATCr	285	294	304	363	344	355	466	564	658	684	766	884
Growth PAT Growth%	6.2	3.2	3.4	19.3	-5.3	3.1	31.3	21.2	16.7	3.9	12.0	21.5
NPM NPM%	20.7	19.0	18.4	20.8	19.9	17.9	20.3	20.4	21.0	21.0	21.0	21.4
EPS EPS₹	40.0	45.8	42.6	50.5	47.6	48.9	64.0	77.3	90.1	93.5	104.8	120.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025	Jun 2026
Equity Capital Equity CapitalCr	7	7	7	7	7	7	7	7	7	7	7	7
Reserves ReservesCr	849	978	1,041	1,129	1,165	1,305	1,569	1,785	2,182	2,558	3,026	3,264
Current Liabilities Current LiabilitiesCr	447	385	429	476	494	689	802	944	990	1,052	1,206	1,362
Non Current Liabilities Non Current LiabilitiesCr	28	15	17	22	23	206	124	95	118	329	392	391
Total Liabilities Total LiabilitiesCr	1,331	1,385	1,495	1,634	1,689	2,207	2,504	2,831	3,297	3,946	4,632	5,024
Current Assets Current AssetsCr	828	961	707	825	965	1,084	1,434	1,761	2,080	2,143	2,270	2,544
Non Current Assets Non Current AssetsCr	503	425	788	809	724	1,122	1,070	1,070	1,217	1,803	2,362	2,480
Total Assets Total AssetsCr	1,331	1,385	1,495	1,634	1,689	2,207	2,504	2,831	3,297	3,946	4,632	5,024

Financial Year	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025	Jun 2026
Equity Capital Equity CapitalCr	7	7	7	7	7	7	7	7	7	7	7	7
Reserves ReservesCr	849	978	1,041	1,129	1,165	1,305	1,569	1,785	2,182	2,558	3,026	3,264
Current Liabilities Current LiabilitiesCr	447	385	429	476	494	689	802	944	990	1,052	1,206	1,362
Non Current Liabilities Non Current LiabilitiesCr	28	15	17	22	23	206	124	95	118	329	392	391
Total Liabilities Total LiabilitiesCr	1,331	1,385	1,495	1,634	1,689	2,207	2,504	2,831	3,297	3,946	4,632	5,024
Current Assets Current AssetsCr	828	961	707	825	965	1,084	1,434	1,761	2,080	2,143	2,270	2,544
Non Current Assets Non Current AssetsCr	503	425	788	809	724	1,122	1,070	1,070	1,217	1,803	2,362	2,480
Total Assets Total AssetsCr	1,331	1,385	1,495	1,634	1,689	2,207	2,504	2,831	3,297	3,946	4,632	5,024

Consolidated

Standalone

Financial Year	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow Operating Cash FlowCr	270	279	291	379	446	500	403	456	780	765	756
Investing Cash Flow Investing Cash FlowCr	1	-25	-177	-72	-71	-323	-88	-62	-327	-386	-268
Financing Cash Flow Financing Cash FlowCr	-262	-227	-187	-203	-229	-265	-291	-368	-408	-442	-470
Net Cash Flow Net Cash FlowCr	10	27	-73	103	146	-87	24	26	46	-63	18
Free Cash Flow Free Cash FlowCr	245	256	257	347	418	466	430	417	721	594	688
CFO To PAT CFO To PAT%	94.8	94.8	95.5	104.3	129.6	141.1	86.5	80.9	118.5	111.8	98.6
CFO To EBITDA CFO To EBITDA%	67.7	62.9	63.9	80.3	97.8	98.0	66.0	62.5	88.5	84.0	69.6

Financial Year	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow Operating Cash FlowCr	270	279	291	379	446	500	403	456	780	765	756
Investing Cash Flow Investing Cash FlowCr	1	-25	-177	-72	-71	-323	-88	-62	-327	-386	-268
Financing Cash Flow Financing Cash FlowCr	-262	-227	-187	-203	-229	-265	-291	-368	-408	-442	-470
Net Cash Flow Net Cash FlowCr	10	27	-73	103	146	-87	24	26	46	-63	18
Free Cash Flow Free Cash FlowCr	245	256	257	347	418	466	430	417	721	594	688
CFO To PAT CFO To PAT%	94.8	94.8	95.5	104.3	129.6	141.1	86.5	80.9	118.5	111.8	98.6
CFO To EBITDA CFO To EBITDA%	67.7	62.9	63.9	80.3	97.8	98.0	66.0	62.5	88.5	84.0	69.6

Consolidated

Standalone

Financial Year	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	14,043	15,769	13,429	11,675	13,812	13,959	21,027	22,404	31,728	48,882	31,630	33,109
Price To Earnings Price To Earnings	55.8	58.8	44.1	32.1	40.2	39.4	45.2	39.7	48.2	71.4	41.3	37.4
Price To Sales Price To Sales	10.2	10.2	8.1	6.7	8.0	7.0	9.1	8.1	10.1	15.0	8.7	8.0
Price To Book Price To Book	16.4	16.0	12.8	10.3	11.8	10.6	13.3	12.5	14.5	19.1	10.4	10.1
EV To EBITDA EV To EBITDA	34.8	35.2	29.2	24.3	29.6	26.8	34.2	30.4	35.6	53.6	29.1	27.0
Profitability Ratios Profitability Ratios
GPM GPM%	97.6	97.8	97.8	97.5	97.6	98.3	99.0	98.5	98.0	97.5	98.0	98.0
OPM OPM%	29.0	28.6	27.4	26.9	26.3	25.8	26.5	26.4	28.1	27.9	29.7	29.8
NPM NPM%	20.7	19.0	18.4	20.8	19.9	17.9	20.3	20.4	21.0	21.0	21.0	21.4
ROCE ROCE%	47.4	44.5	41.4	44.1	41.9	36.0	36.7	39.9	39.0	33.1	31.9	36.7
ROE ROE%	33.3	29.9	29.0	32.0	29.4	27.0	29.6	31.5	30.1	26.7	25.3	27.0
ROA ROA%	21.4	21.3	20.4	22.2	20.4	16.1	18.6	19.9	20.0	17.3	16.5	17.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	14,043	15,769	13,429	11,675	13,812	13,959	21,027	22,404	31,728	48,882	31,630	33,109
Price To Earnings Price To Earnings	55.8	58.8	44.1	32.1	40.2	39.4	45.2	39.7	48.2	71.4	41.3	37.4
Price To Sales Price To Sales	10.2	10.2	8.1	6.7	8.0	7.0	9.1	8.1	10.1	15.0	8.7	8.0
Price To Book Price To Book	16.4	16.0	12.8	10.3	11.8	10.6	13.3	12.5	14.5	19.1	10.4	10.1
EV To EBITDA EV To EBITDA	34.8	35.2	29.2	24.3	29.6	26.8	34.2	30.4	35.6	53.6	29.1	27.0
Profitability Ratios Profitability Ratios
GPM GPM%	97.6	97.8	97.8	97.5	97.6	98.3	99.0	98.5	98.0	97.5	98.0	98.0
OPM OPM%	29.0	28.6	27.4	26.9	26.3	25.8	26.5	26.4	28.1	27.9	29.7	29.8
NPM NPM%	20.7	19.0	18.4	20.8	19.9	17.9	20.3	20.4	21.0	21.0	21.0	21.4
ROCE ROCE%	47.4	44.5	41.4	44.1	41.9	36.0	36.7	39.9	39.0	33.1	31.9	36.7
ROE ROE%	33.3	29.9	29.0	32.0	29.4	27.0	29.6	31.5	30.1	26.7	25.3	27.0
ROA ROA%	21.4	21.3	20.4	22.2	20.4	16.1	18.6	19.9	20.0	17.3	16.5	17.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	CRISIL	CARERATING	ICRA
Market CapitalizationMkt CapCr	33,109	4,870	4,335
Close PriceClose₹	4,527.40	1,616.30	4,491.30
IndustryIndustry	Credit Rating Agencies	Credit Rating Agencies	Credit Rating Agencies
Price To EarningsPE	37.44	27.32	22.14
Price To SalesPS	8.02	9.92	6.79
RevenueRevenueCr	4,126	491	638
Revenue Growth TTMRev Gr TTM%	22.0%	17.6%	25.7%
PAT Growth TTMPAT Gr TTM%	21.5%	24.2%	10.2%

	CRISIL	CARERATING	ICRA
Market CapitalizationMkt CapCr	33,109	4,870	4,335
Close PriceClose₹	4,527.40	1,616.30	4,491.30
IndustryIndustry	Credit Rating Agencies	Credit Rating Agencies	Credit Rating Agencies
Price To EarningsPE	37.44	27.32	22.14
Price To SalesPS	8.02	9.92	6.79
RevenueRevenueCr	4,126	491	638
Revenue Growth TTMRev Gr TTM%	22.0%	17.6%	25.7%
PAT Growth TTMPAT Gr TTM%	21.5%	24.2%	10.2%

FY2025

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26