1. Fintellix acquisition - value-accretive, not dilutive; PAT-accretive after 2-3 years On track - At the Q2 FY26 call, management stated the Fintellix acquisition is expected to be "value-accretive, not dilutive" overall, with PAT-accretion "in the initial 2 to 3 years at least" and accelerated depreciation "linger around for another 10 to 12 months". Fintellix was consolidated from October 2025, contributing ₹24.9 cr revenue and ₹4.8 cr EBITDA in Q3 FY26, with full-year revenue \~₹91 cr and EBIDA margin \~20%; the PAT-accretion horizon runs to FY28-FY29.
2. Non-Moody's client expansion - intensify efforts in coming months Pending - At the Q2 FY25 call, management stated they expect to intensify efforts to expand services to non-Moody clients "in the coming months," and at the Q4 FY25 call stated the Knowledge Services business is "looking at avenues outside of Moody's" to penetrate. FY26: the KnowTech segment was directed to "diversify beyond the captive base," but no quantified disclosure of non-Moody's revenue share or new client wins appears in our record.
3. D2K acquisition - strengthen risk management; continued investment for 1-1.5 years to ramp product On track - At the Q2 FY24 call, management stated the D2K acquisition will add significant value to the banking and risk management business, and at the Q2 FY26 call stated D2K will require continued investment "one or one and a half years" to ramp up the product. D2K was acquired in November 2023 with a 60% stake, generated \~₹19-20 cr revenue in FY25, and by FY26 its products were combined with Fintellix into a unified suite with benefits expected over the next 2 years.
4. Non-ratings domestic business - grow significantly; non-Knowledge Services to match Knowledge Services in 3-4 years On track - At the Q4 FY23 call, management stated the non-Rating India business is a focus area expected to grow, and at the Q4 FY25 call set a target for non-ratings, non-Knowledge Services to match Knowledge Services in size "over the next 3 to 4 years". Research & Analytics revenue grew from ₹189 cr in FY24 to ₹266 cr in FY26, with non-Knowledge Services businesses delivering growth and turning profitable in FY26; the 3-4 year window runs to FY28-FY29 (SQL, D7 p.5).
5. Technology investment - significant ongoing investment; IT spend to taper On track - At the Q4 FY23 call, management stated they will continue to invest in technology significantly, and at the Q4 FY25 call stated IT spend "in terms of absolute quantum will slowly start tapering off". By Q2 FY24 the technology investment journey was \~25-30% complete, and in FY26 the company was deploying AI-powered agents and integrating an AI layer into analytical tools; no absolute IT spend figures have been disclosed in our record to confirm the taper.
6. Operating margins - continually improve through revenue growth and cost control Partial - At the Q4 FY23 call, management stated margins will continually improve through healthy revenue growth and cost control, and at the Q2 FY24 call aimed to improve margins year-on-year in the rating business. Consolidated OPM moved from 35.44% in FY23 to 33.35% in FY24, recovering to 35.87% in FY26; Ratings segment PBIT margin improved steadily from 26.38% in FY24 to 37.57% in FY26, while Research & Analytics PBIT margin declined from 36.83% to 24.25% (SQL).
7. ESG ratings - launch and grow; SEBI licence obtained Delivered - At the Q2 FY24 call, management stated ICRA had applied to SEBI for a licence to commence ESG ratings business and expected the ESG rating space to evolve considerably over time. SEBI approval was received in April 2024, ICRA ESG published 5 ratings in its first year FY25, and published 7 ESG ratings in H1 FY26 alone, surpassing the full previous year.
8. Dividend payout - maintain 25-50% of PAT policy; return excess cash if no acquisition within 6-8 months Delivered - At the Q4 FY23 call, management stated the dividend policy is 25-50% of PAT and they will not shy away from returning cash to shareholders, and at the Q4 FY25 call stated that if no acquisition materialises within "6 or 8 months" they will "definitely look at either increasing the payout ratio or in some other way, returning the cash". Dividends were ₹130/sh in FY23, ₹100/sh in FY24, ₹60/sh in FY25, and ₹105/sh in FY26, while the Fintellix acquisition for ₹249.06 cr was completed within the 6-8 month window, overtaking the standalone cash-return trigger.