ICRA Q1 FY2027: Growth Holds Up as Ratings and Risk Analytics Scale Together

Consolidated revenue was INR 163.4 crore and profit after tax was INR 56.5 crore in Q1 FY2027.

Revenue grew 31.2% YoY (from INR 124.5 crore to INR 163.4 crore) and PAT grew 32.0% YoY (from INR 42.8 crore to INR 56.5 crore).

Ratings and ancillary services reported INR 83.8 crore and Risk and Analytics reported INR 80.6 crore in Q1 FY2027.

Ratings growth was supported by bank credit growth with demand led mainly by Industries and NBFC segments, while Risk and Analytics growth was supported by the Fintellix acquisition and demand for risk, data and regulatory technology solutions.

ICRA highlights downside risks from the West Asia conflict and weak monsoon, which could impact inflation, exports, and demand.

The presentation cites FY2027e real GDP growth of 6.7%, CPI inflation of 5.0%, WPI inflation of 8.0%, fiscal deficit/GDP of 4.5%, and current account balance/GDP of -0.9%.

ICRA acquired the remaining stakes in D2K Technologies India Private Limited and Fintellix India Private Limited, making both wholly-owned subsidiaries.