CRISIL Ltd.

CRISILFinancial Services filings

We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.

Earnings calls

2 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 2 documents here); elsewhere sentences render unattributed.

Kind	Date	Period	Served	Attribution rate
TRANSCRIPT	20240424	2024-03-31	yes
TRANSCRIPT	20250509	2025-03-31	yes

CRISIL

files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.

Identity


Statement division	general
Scope served	consolidated
Panels on this page	4

Market

No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.


Last close	4,503.50
52-week range	3705.9 – 5031.3
Return 1M	0.52%
Return 3M	10.11%
Return 1Y	-5.52%
Return 3Y	15.83%
Return 5Y	57.33%
Market capitalisation	not shown — we could not confirm it
Shares outstanding	not shown — we could not confirm it
P/E	not shown — we could not confirm it
P/B	not shown — we could not confirm it
EV/EBITDA	not shown — we could not confirm it

Latest quarter filed — period ending 2026-06-30

In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.


Revenue from operations	1,075.00
Other income	21.00
Total income	1,097.00
Cost of materials consumed	0.00
Purchases of stock-in-trade	0.00
Changes in inventories	0.00
Employee benefit expense	577.00
Finance costs	7.00

Ownership — 2026-06-30, and the change from 2026-03-31

Holder	Per cent	Change
promoter and promoter group	0.67	0.00
institutions foreign	0.06	-0.01
institutions domestic	0.13	0.00
mutual funds	0.07	0.00
public	0.33	0.00

Documents on file

Class	Most recent	On file
TRANSCRIPT	2025-03-31	2

Financial statements

Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.

Quarterly results, as filed

Line	2022-09-30	2022-12-31	2023-03-31	2023-06-30	2023-09-30	2023-12-31	2024-03-31	2024-06-30	2024-09-30	2024-12-31	2025-03-31	2025-06-30	2025-09-30	2025-12-31	2026-03-31	2026-06-30
Revenue from operations	683.00	822.00	715.00	771.00	736.00	918.00	738.00	797.00	812.00	913.00	813.00	843.00	911.00	1,082.00	1,058.00	1,075.00
Other income	65.00	18.00	17.00	18.00	36.00	36.00	21.00	18.00	21.00	30.00	31.00	24.00	37.00	27.00	36.00	21.00
Total income	748.00	841.00	732.00	789.00	772.00	954.00	759.00	815.00	833.00	943.00	844.00	867.00	948.00	1,109.00	1,094.00	1,097.00
Cost of materials consumed	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Purchases of stock-in-trade	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Changes in inventories	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Employee benefit expense	411.00	442.00	393.00	435.00	434.00	486.00	424.00	448.00	430.00	464.00	427.00	463.00	492.00	561.00	556.00	577.00
Finance costs	2.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	2.00	6.00	6.00	6.00	5.00	7.00	7.00
Depreciation and amortisation	26.00	26.00	26.00	26.00	26.00	25.00	17.00	16.00	16.00	21.00	30.00	32.00	32.00	35.00	39.00	42.00
Other expenses	120.00	164.00	119.00	132.00	110.00	163.00	122.00	143.00	158.00	161.00	154.00	141.00	156.00	181.00	183.00	191.00
Total expenses	559.00	634.00	539.00	594.00	572.00	675.00	563.00	607.00	605.00	649.00	616.00	642.00	686.00	782.00	785.00	817.00
Profit before exceptional items and tax	189.00	207.00	194.00	195.00	200.00	279.00	195.00	208.00	229.00	294.00	227.00	225.00	262.00	327.00	308.00	280.00
Exceptional items	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit before tax	189.00	207.00	194.00	195.00	200.00	279.00	195.00	208.00	229.00	294.00	227.00	225.00	262.00	327.00	308.00	280.00
Current tax	59.00	33.00	55.00	49.00	57.00	62.00	61.00	61.00	37.00	68.00	67.00	37.00	80.00	118.00	73.00	43.00
Deferred tax	-18.00	16.00	-7.00	-5.00	-9.00	7.00	-3.00	-3.00	20.00	1.00	1.00	17.00	-11.00	-33.00	3.00	20.00
Tax expense	41.00	49.00	48.00	44.00	48.00	69.00	58.00	58.00	57.00	70.00	67.00	53.00	69.00	85.00	75.00	63.00
Profit for the period	148.00	158.00	146.00	151.00	152.00	210.00	138.00	150.00	172.00	225.00	160.00	172.00	193.00	242.00	233.00	216.00
Profit attributable to owners	0.00	0.00	0.00	151.00	152.00	210.00	0.00	150.00	172.00	0.00	160.00	172.00	193.00	242.00	—	0.00
Profit attributable to non-controlling interests	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	0.00
Other comprehensive income	-26.00	65.00	21.00	29.00	24.00	15.00	36.00	-11.00	12.00	77.00	-51.00	220.00	-57.00	24.00	-6.00	65.00
Total comprehensive income	122.00	223.00	167.00	179.00	176.00	225.00	173.00	139.00	183.00	302.00	109.00	392.00	136.00	266.00	227.00	281.00
Earnings per share, basic	20.24	21.63	19.95	20.60	20.79	28.74	18.84	20.53	23.46	30.72	21.86	23.46	26.41	33.02	31.90	29.60
Earnings per share, diluted	20.22	21.62	19.94	20.59	20.78	28.73	18.83	20.53	23.46	30.72	21.86	23.46	26.41	33.02	31.90	29.60

Annual results, as filed

Line	2018-12-31	2019-12-31	2020-12-31	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31
Revenue from operations	1,748.00	1,732.00	1,982.00	2,301.00	2,769.00	3,140.00	3,260.00	3,649.00
Other income	83.00	83.00	95.00	82.00	139.00	107.00	90.00	107.00
Total income	1,832.00	1,815.00	2,076.00	2,382.00	2,908.00	3,246.00	3,349.00	3,756.00
Cost of materials consumed	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Purchases of stock-in-trade	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Changes in inventories	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Employee benefit expense	887.00	878.00	1,068.00	1,287.00	1,553.00	1,748.00	1,765.00	1,943.00
Finance costs	2.00	0.00	14.00	9.00	6.00	4.00	4.00	22.00
Depreciation and amortisation	43.00	37.00	121.00	106.00	103.00	104.00	70.00	129.00
Other expenses	400.00	408.00	414.00	408.00	503.00	524.00	584.00	620.00
Total expenses	1,332.00	1,323.00	1,618.00	1,810.00	2,165.00	2,379.00	2,423.00	2,715.00
Profit before exceptional items and tax	500.00	492.00	458.00	573.00	742.00	868.00	926.00	1,041.00
Exceptional items	0.00	0.00	0.00	46.00	0.00	0.00	0.00	0.00
Profit before tax	500.00	492.00	458.00	618.00	742.00	868.00	926.00	1,041.00
Current tax	157.00	131.00	120.00	150.00	191.00	223.00	227.00	301.00
Deferred tax	-21.00	16.00	-16.00	3.00	-13.00	-14.00	15.00	-26.00
Tax expense	136.00	148.00	104.00	153.00	178.00	209.00	242.00	275.00
Profit for the period	363.00	344.00	355.00	466.00	564.00	658.00	684.00	766.00
Profit attributable to owners	—	—	0.00	0.00	0.00	658.00	0.00	766.00
Profit attributable to non-controlling interests	—	—	0.00	0.00	0.00	0.00	0.00	0.00
Other comprehensive income	-95.00	-88.00	-9.00	32.00	-43.00	88.00	113.00	137.00
Total comprehensive income	268.00	256.00	346.00	498.00	521.00	746.00	797.00	903.00
Earnings per share, basic	50.50	47.61	48.93	64.03	77.31	90.08	93.55	104.75
Earnings per share, diluted	50.33	47.55	48.90	63.96	77.26	90.07	93.55	104.75

Balance sheet, as filed

Line	2022-12-31	2023-06-30	2023-12-31	2024-06-30	2024-12-31	2025-06-30	2025-12-31	2026-06-30
Total assets	2,831.00	2,924.00	3,315.00	3,356.00	3,942.00	4,231.00	4,632.00	5,024.00
Non-current assets	1,070.00	1,103.00	1,217.00	1,314.00	1,799.00	2,011.00	2,362.00	2,480.00
Current assets	1,761.00	1,821.00	2,097.00	2,042.00	2,143.00	2,220.00	2,270.00	2,544.00
Property, plant and equipment	47.00	98.00	44.00	42.00	160.00	154.00	151.00	162.00
Capital work-in-progress	0.00	—	0.00	41.00	1.00	0.00	2.00	0.00
Goodwill	380.00	406.00	421.00	418.00	425.00	452.00	681.00	691.00
Other intangible assets	192.00	122.00	169.00	164.00	108.00	152.00	308.00	320.00
Inventories	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Trade receivables	759.00	886.00	690.00	734.00	550.00	764.00	687.00	992.00
Cash and cash equivalents	319.00	191.00	366.00	301.00	302.00	245.00	320.00	398.00
Total equity and liabilities	2,831.00	2,924.00	3,315.00	3,356.00	3,942.00	4,231.00	4,632.00	5,024.00
Equity	1,792.00	1,925.00	2,189.00	2,247.00	2,565.00	2,817.00	3,033.00	3,271.00
Equity share capital	7.00	7.00	7.00	7.00	7.00	7.00	7.00	7.00
Other equity	1,785.00	1,918.00	2,182.00	2,240.00	2,558.00	2,809.00	3,026.00	3,264.00
Total liabilities	1,039.00	999.00	1,125.00	1,109.00	1,377.00	1,414.00	1,598.00	1,752.00
Non-current liabilities	95.00	83.00	118.00	99.00	285.00	323.00	392.00	391.00
Current liabilities	944.00	916.00	1,007.00	1,010.00	1,092.00	1,091.00	1,206.00	1,362.00
Borrowings, non-current	0.00	0.00	0.00	0.00	202.00	0.00	0.00	0.00
Borrowings, current	0.00	0.00	0.00	0.00	48.00	0.00	0.00	0.00
Trade payables	144.00	134.00	143.00	146.00	185.00	159.00	146.00	167.00

Cash flow, as filed

Line	2022-12-31	2023-06-30	2023-12-31	2024-06-30	2024-12-31	2025-06-30	2025-12-31	2026-06-30
Net cash from operating activities	456.00	130.00	780.00	220.00	765.00	205.00	756.00	314.00
Net cash from investing activities	-62.00	-14.00	-327.00	-21.00	-386.00	5.00	-268.00	73.00
Net cash from financing activities	-368.00	-243.00	-408.00	-265.00	-442.00	-262.00	-470.00	-304.00
Purchase of property, plant and equipment	41.00	11.00	63.00	70.00	173.00	44.00	73.00	46.00
Net increase in cash	29.00	-128.00	47.00	-65.00	-64.00	-57.00	18.00	77.00
con:CFO.BEFORE_TAX	677.00	242.00	1,093.00	403.00	1,078.00	338.00	1,016.00	486.00
con:INTEREST_RECEIVED.OPERATING	0.00	0.00	-9.00	-4.00	0.00	0.00	0.00	0.00
con:INTEREST_PAID.OPERATING	0.00	0.00	-4.00	-1.00	0.00	0.00	0.00	0.00
con:DIVIDENDS_RECEIVED.OPERATING	0.00	0.00	-8.00	0.00	0.00	0.00	0.00	0.00
con:TAX_PAID.OPERATING	220.00	113.00	244.00	153.00	313.00	133.00	284.00	172.00
con:CF_OTHER.OPERATING	0.00	0.00	-55.00	-28.00	0.00	0.00	23.00	0.00
con:INVESTMENTS_PURCHASED	0.00	0.00	0.00	0.00	0.00	33.00	33.00	0.00
con:INVESTMENTS_SOLD	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
con:PPE_DISPOSALS	2.00	3.00	4.00	1.00	2.00	6.00	6.00	0.00
con:CF_INVESTING.SUBSIDIARIES_SOLD	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
con:CF_INVESTING.SUBSIDIARIES_ACQUIRED	1.00	26.00	33.00	0.00	0.00	0.00	285.00	0.00
con:CF_INVESTING.JV_SOLD	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
con:CF_INVESTING.JV_ACQUIRED	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Who owns it

The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.

Holder	2023-03-31	2023-06-30	2023-09-30	2023-12-31	2024-03-31	2024-06-30	2024-09-30	2024-12-31	2025-03-31	2025-06-30	2025-09-30	2025-12-31	2026-03-31	2026-06-30
Promoter and promoter group	66.69	66.67	66.66	66.65	66.65	66.64	66.64	66.64	66.64	0.67	0.67	0.67	0.67	0.67
Domestic institutions	13.16	13.18	13.09	12.94	12.96	12.51	12.71	12.68	12.38	0.12	0.12	0.12	0.13	0.13
Mutual funds	—	—	—	—	—	—	—	—	—	0.07	0.07	0.07	0.07	0.07
Insurance companies	7.47	7.02	6.81	5.86	5.84	5.78	5.65	5.36	5.23	0.05	0.05	0.05	0.05	0.05
Foreign institutions	6.90	7.17	7.25	7.19	7.20	7.17	7.22	7.55	7.69	0.08	0.08	0.08	0.07	0.06
Government	—	—	—	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00
Public	33.31	33.33	33.34	33.35	33.35	33.36	33.36	33.36	33.36	0.33	0.33	0.33	0.33	0.33
Non-institutional	13.25	12.98	13.00	13.22	13.19	13.68	13.43	13.12	13.28	0.13	0.13	0.14	0.14	0.14
Shares outstanding	73076874	73095989	73106362	73113605	73117718	73123836	73129650	73129790	73130017	73130017	73130017	73130017	73130017	73130017

Related parties

Transactions with related parties as disclosed to the exchange for the period ending 2024-12-31, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.

Counterparty	Relationship	Type	Amount in the period	Transactions
CRISIL Irevna UK Limited	Subsidiary	Any other transaction, Purchase of goods or services	3,536,400,000.00	9
Coalition Development Limited	Subsidiary	Any other transaction, Dividend received, Purchase o	2,647,500,000.00	11
CRISIL Ratings Limited	Subsidiary	Any other transaction, Dividend received, Purchase o	1,391,100,000.00	11
CRISIL Irevna US LLC	Subsidiary	Any other transaction, Purchase of goods or services	993,100,000.00	20
Standard & Poor's Financial Services LLC	Fellow subsidiary	Any other transaction, Sale of goods or services	986,300,000.00	2
S&P India LLC	Fellow subsidiary	Any other transaction, Dividend paid	717,800,000.00	2
S&P Global Asian Holdings Pte. Limited	Fellow subsidiary	Any other transaction, Dividend paid	265,000,000.00	2
S&P Global Ratings Europe Limited	Fellow subsidiary	Any other transaction, Sale of goods or services	258,700,000.00	5
CRISIL Irevna Information Technology (Hangzhou) Co., Ltd	Subsidiary	Any other transaction, Dividend received, Purchase o	218,100,000.00	5
S&P Global Ratings UK Limited	Fellow subsidiary	Any other transaction, Sale of goods or services	183,200,000.00	4
CRISIL Irevna Argentina S.A.	Subsidiary	Any other transaction, Purchase of goods or services	168,100,000.00	5
Greenwich Associates Singapore Pte Ltd	Subsidiary	Any other transaction, Purchase of goods or services	166,800,000.00	7
S&P Global UK Limited	Fellow subsidiary	Any other transaction, Sale of goods or services	162,700,000.00	4
S&P Global Market Intelligence LLC	Fellow subsidiary	Any other transaction, Purchase of goods or services	152,900,000.00	12
S&P Global Ratings Hong Kong Limited	Fellow subsidiary	Any other transaction, Sale of goods or services	150,700,000.00	4

What management said

Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.

Date	Quarter	Who spoke
2025-05-09	Q4FY25	Amish Mehta, Dinesh Venkatasubramanian, Duncan McCredie, Gurpreet Chhatwal, Priti Arora, S	Read the call
2024-04-24	Q4FY24	Analytics, Mr. Amish Mehta, Mr. Ashish Vora, Mr. Gurpreet Chhatwal, Mr. Sanjay Chakravarti	Read the call

What they said about it, quarter by quarter

Topic	Q4FY24	Q4FY25
Capex	Overall, the medium-term growth prospects for India are expected to be healthy, thanks to strengthened corporate balance sheets, a robust banking syst…	The material deleveraging, as you can see on the chart, and improved financial flexibility has been broad-based and facilitated by low capex, new issu…
Capital allocation	—	We've also declared a first interim dividend of INR 8 as compared to INR 7 at the end of quarter one last year.
Costs	Traditional sell-side research faced cost-cutting pressures amid headwinds driven by factors such as a challenging deal environment, regional banking …	Overall, curtailed discretionary spending and cost-cutting pressures by financial services clients impacted growth and revenue in the system.
Debt and cash	—	India's corporate sector has been through a period of deleveraging, which combined with lower key commodity prices has contributed to better financial…
Demand	Banks are also looking at digitization and automation as the way to drive growth and operational efficiency, leading to demand for CRISIL's integrated…	Crisil Global Analytical Center witnessed growth in delegation of surveillance from S&P Global Ratings and demand for support in new areas from S&P Gl…
Guidance	The issuers and the capital market investors are awaiting a decisive turnaround in the interest rate outlook for the market to pick up in the coming y…	Hence, we expect increased bond issuances in 2025, added by potential rate cuts, and softening bond yields.
Margin	For example, the net EBITDA, for instance, the net debt to EBITDA was at 1.9x at the end of fiscal 23, down sharply from about 2.8x about three years …	We continue to focus on cost management and margin improvement across our businesses, and both PBT and PAT for the quarter have grown by approximately…
People	And as you can see on the capacity utilization slide, capacity utilizations are trending upwards of 70- odd percent down.	So the industry is poised to explore both opportunities underpinned by these robust credit fundamentals, efforts by the government such as the PLI sch…
Pricing	I mean, typically, you will have – I mean, some of it is issue-based pricing, some of it is pricing, which is bulk.	I think we don't comment on pricing of the players.
Revenue growth	Bank credit growth was 16.5% driven by demand from retail and services sectors, large corporate credit growth was tepid at 6.6%.	Our businesses have demonstrated resilience in 2024 and delivered revenue growth and robust margins in the first quarter.

What they said they would do

Sentences in which management set an expectation. Each names the speaker and the page of the transcript it came from.

Date	Quarter	Who	What they said
2024-04-24	Q4FY24	Mr. Ashish Vora	We expect about INR1.82 lakh crores of PLI incentives to be paid across 14 sectors to generate revenues of close to INR30 lakh crores and capital spending of INR3.2 lakh crores for these particular initiatives.
2025-05-09	Q4FY25	Subodh Rai	We expect a slight uptick in the bank credit growth by 100 to 200 bps on-year in fiscal 2026 with the growth supported by rollback of risk weights for NBFC, a boost to consumption from tax cuts, and softening of interest rates.