CRISIL Q2 FY27 Results (NSE: CRISIL)
Signal: Earnings grew
The read
CRISIL posted robust revenue growth of 27.6% YoY with Ratings margin surging 330bps, though OPM (27.2%) dipped QoQ on higher depreciation and lower other income. PAT growth of 26.2% tracks revenue. Net cash position and dividend reinforce financial health. Key monitor: receivable build-up and sequential profit dip.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,075.39 Cr | 27.6% | 1.7% |
| EBIT | ₹292.31 Cr | 32.0% | |
| Net profit | ₹216.46 Cr | 26.2% | |
| EPS | ₹29.6 | 26.2% | |
| EBIT margin | 27.2% |
P&L walk
Revenue growth driven by Research segment (+30.1% YoY) and Ratings (+21.4%); operating margin (segment profit) expanded 90bps YoY but contracted 400bps QoQ due to higher depreciation and mix.
Segments
Research segment (72% of revenue) grew 30.1% YoY; Ratings segment grew 21.4% but delivered 330bps margin expansion to 44.3%. Both segments contributed to consolidated profit growth.
Key positives
- Consolidated revenue growth of 27.6% YoY, with Research segment accelerating at 30.1% and Ratings at 21.4%
- Ratings segment profit margin expanded 330bps YoY to 44.3%, reflecting pricing power and operational efficiency
- Net cash position improved to ₹62.9 Cr from ₹23.3 Cr; interim dividend of ₹10 per share declared
Key concerns
- PAT declined 7.2% QoQ due to lower other income (₹21 Cr vs ₹36 Cr) and higher depreciation
- Trade receivables rose 44% in half year to ₹992 Cr, growing faster than revenue (29%)
- Standalone results distorted by merger; consolidated is the true measure of performance
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