ICRA Q1 FY27: PAT up 32%, revenue to ₹163 crore

Key takeaway from the June quarter

ICRA Ltd reported double-digit growth in profit and revenue for the quarter ended June 30, 2026 (Q1 FY27), even as its consolidated revenue declined sequentially from the preceding quarter. The credit rating and research agency said the numbers also include the impact of consolidating Fintellix, which it acquired in October 2025. Because of this consolidation, ICRA flagged that the current quarter’s financials are not directly comparable with the year-ago period.

The results kept the stock in focus on the market, with different updates showing ICRA trading at levels around ₹4,850 to ₹4,919.70 on BSE during the session. Another report tracked ICRA at ₹4,890, down 0.67% from a previous close of ₹4,923, after the quarterly results.

Q1 FY27 profit and revenue: what ICRA reported

For Q1 FY27, ICRA reported consolidated profit after tax (PAT) of ₹56.46 crore, up 32.05% year-on-year from ₹42.76 crore in Q1 FY26. Revenue from operations rose 31.23% year-on-year to ₹163.37 crore from ₹124.49 crore.

In another filing-style summary, ICRA also described revenue from operations at ₹163.4 crore, up 31.2% year-on-year, and PAT at ₹56.5 crore, up 32% year-on-year. The differences are marginal and consistent with rounding.

ICRA’s consolidated total income for the quarter was reported at ₹190.99 crore to ₹191 crore, compared with ₹148.85 crore in the year-ago quarter. Total consolidated expenses were ₹119.26 crore in Q1 FY27 versus ₹90.48 crore in Q1 FY26.

Sequential movement: revenue down, profit up

On a quarter-on-quarter basis, ICRA reported a 6.57% sequential decline in consolidated revenue from operations to ₹163.4 crore in Q1 FY27 from ₹174.85 crore in Q4 FY26. This highlighted that while the company delivered strong year-on-year expansion, the June quarter was softer compared with the immediately preceding quarter on the revenue line.

Profit, however, was reported higher sequentially. One result extract said consolidated PAT increased to ₹56.46 crore in Q1 FY27 from ₹52.69 crore in Q4 FY26.

Ratings business: growth supported by bank credit demand

ICRA said demand conditions supported its Ratings and ancillary services business during the quarter. One segment update in the provided data pegged Ratings and ancillary services revenue at ₹83.79 crore in Q1 FY27, up 12.9% year-on-year, with a segment result (PBIT) of ₹29.98 crore.

ICRA also linked the ratings momentum to broader credit growth trends. The company said its ratings revenue was supported by strong 18.3% year-on-year growth in bank credit as of the June quarter FY2027, with demand led mainly by industries and the non-banking financial company (NBFC) segments.

Risk & Analytics: Fintellix integration remains central

Risk & Analytics was described as maintaining healthy momentum during the quarter. ICRA attributed this to the acquisition of Fintellix and sustained demand across risk, data, and regulatory technology solutions.

A segment snapshot in the text reported Risk & Analytics revenue of ₹80.56 crore in Q1 FY27, up 58.8% year-on-year, with segment result (PBIT) of ₹15.58 crore. Another description stated Risk & Analytics revenue rose 58.7% year-on-year, again indicating broad alignment with the same trend.

Full ownership moves: Fintellix and D2K transactions

ICRA’s quarter also included updates on simplifying the group structure and increasing ownership in acquired entities. On July 28, 2026, ICRA completed the buyout of the remaining 1.25% shareholding in Fintellix India Private Limited for ₹3.17 crore, making it a 100% wholly-owned subsidiary.

Separately, ICRA Analytics Limited, described as a wholly-owned subsidiary, completed the acquisition of the remaining 40% stake in D2K Technologies India Private Limited for ₹32.02 crore. This made D2K Technologies a wholly-owned subsidiary of ICRA Analytics Limited, with a gain of ₹6.76 crore recognised under other income.

Profit before tax, exceptional items, and EPS

ICRA reported consolidated profit before tax (PBT) of ₹76.12 crore for the quarter ended June 30, 2026. This included an exceptional gain of ₹4.39 crore from the sale of property, plant, and equipment. The year-ago quarter’s consolidated PBT was reported at ₹58.37 crore.

On per-share profitability, consolidated basic earnings per share (EPS) for the quarter was ₹58.36, up from ₹44.11 in the quarter ended June 30, 2025. Diluted EPS rose to ₹58.27 from ₹44.05 over the same period.

Stock moves: mixed reaction across updates

ICRA’s stock reaction was mixed across different snapshots cited in the material. One update said shares were trading at ₹4,850, up 1.36% over the previous close on BSE. Another market track showed ICRA falling 0.67% to ₹4,890 from a previous close of ₹4,923, with the move framed as a post-results reaction.

A separate intraday reference said ICRA was trading 3.06% higher at ₹4,919.70 around 3:25 p.m. Together, these data points suggest the market was actively repricing the stock through the session after the quarterly release.

Table: Q1 FY27 results snapshot (consolidated)

Table: Transactions and ownership updates disclosed

Why these results matter for investors tracking ICRA

The quarter underlined that ICRA is seeing demand in its core ratings franchise, with management commentary tying the environment to growth in bank credit and demand from industrial companies and NBFCs. At the same time, the Risk & Analytics segment is scaling rapidly, with the large year-on-year jump in segment revenue linked directly to the Fintellix acquisition and continued demand for risk, data, and regulatory technology solutions.

ICRA’s statement that the financials are not directly comparable with the year-ago quarter due to consolidation impact is also a key context point for interpretation. Investors typically look for clarity on what portion of growth is organic versus consolidation-led, and ICRA’s segment disclosures in Ratings and Risk & Analytics provide a structured way to read that performance.

Conclusion

ICRA’s Q1 FY27 results showed PAT rising 32% year-on-year to ₹56.46 crore and revenue from operations increasing 31% to ₹163.37 crore, alongside a sequential dip in revenue from Q4 FY26. The company also moved to full ownership of Fintellix and D2K Technologies through disclosed buyouts. Markets responded with mixed intraday moves, while investors will track how the integration of Fintellix continues to reflect in segment performance in subsequent quarters.