CRISIL Q2 FY27 Results (NSE: CRISIL)
Signal: Earnings grew
The read
The growth engine remains intact at ₹1,095.16 crore of revenue, +20.2% YoY, but the trajectory has shifted from margin expansion to normalization: estimated EBITDA margin fell about 300bps YoY to 29.9%, Research, Analytics & Solutions profit declined 8.3%, and PAT growth slowed to 6.0% as lower other income compounded operating pressure.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,095.16 Cr | +20.2% | +1.8% |
| Net profit | ₹204.64 Cr | +6.0% | |
| EPS | ₹27.97 | +5.9% | |
| EBIT margin | 29.9% |
P&L walk
Consolidated revenue increased to ₹1,095.16 crore, +20.2% YoY and +1.8% QoQ, led by Ratings services, while employee costs rose 20.3% YoY and depreciation rose 38.2%; the resulting 29.9% EBITDA margin was about 300bps below the estimated prior-year operating margin and PAT growth slowed to 6.0% because other income fell 30.4%.
Segments
Ratings services was the momentum engine, with revenue up 28.9% YoY to ₹345.63 crore and segment profit up 28.5% to ₹155.19 crore, while Research, Analytics & Solutions revenue grew 16.5% but segment profit fell 8.3% to ₹129.32 crore and dragged consolidated operating momentum.
Key positives
- Consolidated revenue reached ₹1,095.16 crore, up 20.2% YoY, with Ratings services revenue growing 28.9% to ₹345.63 crore.
- Ratings services segment profit increased 28.5% YoY to ₹155.19 crore, providing the clearest current operating momentum.
- Consolidated EPS of ₹27.97 grew 5.9% YoY and tracked PAT growth, with the PAT-to-EPS cross-check clean.
- Segment assets increased alongside depreciation, with Ratings assets up 17.7% and Research, Analytics & Solutions assets up 43.8% YoY, making the depreciation trend clean rather than a clear under-capitalisation signal.
Key concerns
- Estimated EBITDA margin declined approximately 300bps YoY to 29.9%, despite revenue growth of 20.2% YoY.
- Research, Analytics & Solutions segment profit fell 8.3% YoY to ₹129.32 crore even as segment revenue rose 16.5%, indicating pressure in the larger business.
- PAT growth of 6.0% materially lagged revenue growth because other income declined 30.4% YoY to ₹25.75 crore.
Research and educational content only. Not investment advice.