CRISIL

PAT up 13%, OPM improves

CRISIL has posted 12% jump in the consolidated income from operations to Rs 911.24 crore for the quarter ended September 2025, compared with Rs 811.84 crore in the corresponding quarter of the previous year. Consolidated total income for the quarter ended September 2025, moved up 14% to Rs 948.22 crore, compared with Rs 833.20 crore in the corresponding quarter of the previous year. Net profit improved 13% to Rs 193.10 crore in Q3CY2025.

Profit before tax for the quarter ended September 2025, increased 15% to Rs 262.27 crore, compared with Rs 228.53 crore in the corresponding quarter of the previous year.

Sales of Rating Services segment improved 11% to Rs 267.64 crore (accounting for 29.4% of total sales). Sales of Research & Information Services segment jumped 13% to Rs 643.60 crore (accounting for 70.6% of total sales).

Profit before interest, tax and other unallocable items (PBIT) increased 19% to Rs 261.69 crore. PBIT of Rating Services segment increased 4% to Rs 120.17 crore (accounting for 45.9% of total PBIT). PBIT of Research & Information Services segment surged 35% to Rs 141.52 crore (accounting for 54.1% of total PBIT).

PBIT margin of Rating Services segment was flat at 44.9%. PBIT margin of Research & Information Services segment rose to 22.0%.

Operating profit margin has improved yoy to 28.9% from 27.6%, leading to 18% jump in operating profit to Rs 263.23 crore. Employee expenses rose 15% to Rs 492.03 crore and other expenses declined 2% to Rs 79.5 crore in the quarter ended September 2025, professional rose 1% and associate services fees declined 3%.

Other income jumped 73% to Rs 36.96 crore. PBIDT increased 22% to Rs 300.21 crore. Provision for interest surged 779% to Rs 5.98 crore. PBDT moved up 22% to Rs 294.23 crore.

Provision for depreciation jumped 100% to Rs 31.96 crore. Profit before tax grew 15% to Rs 262.27 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 69.17 crore, compared to Rs 56.98 crore. Effective tax rate was 26.4% compared to 24.9%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 13% to Rs 193.10 crore in Q3CY2025.

Says Amish Mehta, Managing Director & CEO, Crisil, We saw growth across our businesses, delivering value to all our stakeholders amid global uncertainties. The global economy demonstrated greater resilience than anticipated, and India continues to be the fastest-growing major economy. We are expanding our global benchmarking offerings in the wealth management segment through our proposed acquisition of McKinsey PriceMetrix Co. With this acquisition, Crisil reinforces its position as a leading provider of benchmarking and analytics across financial services, enabling us to deliver enhanced insights and create significant value for clients globally. We remain focused on driving sustainable growth through domain-led Al solutions and investing in future-ready talent.

Other updates

Amid heightened global volatility, the bond issuances de-grew at 32.9% y-o-y in Q3CY2025 after showcasing strong growth in previous quarter. The bank credit growth remains constrained at 10.0% as of Aug 2025 (vs. 13.6% as of Aug 2024). Large industry credit growth continues to be muted, at 1.8% as of Aug 2025 (vs. 8.6% as of Aug 2024).

Crisil Ratings maintained its leadership in corporate bond ratings. The revenue of Crisil Ratings grew 6.6% on-year in Q3 2025.

Global Analytics Centre continued to see growth, driven by new engagements with S&P Global.

The rating services segment revenue grew 11 .2% on-year in 03 2025.

Crisil Integral IQ saw traction and wins in buy-side solutions. Crisil Coalition Greenwich continues to focus on deepening client engagement and developing new benchmarking solutions. The businesses added new logos during the quarter.

Crisil Intelligence saw traction in data analytics, consulting, credit and risk solutions segments.

The research, analytics and solutions segment revenue grew 12.7% on-year in Q3CY2025.

Consolidated Performance ?9MCY2025

Crisil`s consolidated income from operations for the nine months ended September 2025 (9MCY2025) was up 9% to Rs 2567.44 crore, compared with Rs 2346.87 crore in the corresponding period of the previous year. Consolidated total income, rose 9.9% to Rs 2646.9 crore, compared with 2407.4 crore in the corresponding period of the previous year. Profit before tax was up 13.1 % to Rs 714.5 crore, compared with Rs 632.0 crore in the corresponding period of the previous year. Profit after tax was up 14.2% to Rs 524.5 crore, compared with Rs 459.4 crore in the corresponding period of the previous year.

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Crisil : Consolidated Results????????????????????????????????????????????????????????????????????????????????????????????????
?	2509 (3)	2409 (3)	Var. (%)	2509 (9)	2409 (9)	Var. (%)	2412(12)	2312(12)	Var. (%)
Income from Operations	911.24	811.84	12	2567.44	2346.87	9	3259.78	3139.52	4
OPM (%)	28.9	27.6	?	29.0	26.5	?	27.9	28.1	?
OP	263.23	223.83	18	745.66	622.6	20	910.81	881.5	3
Other income	36.98	21.36	73	79.44	60.54	31	89.64	93.64	-4
PBIDT	300.21	245.19	22	825.1	683.14	21	1000.45	975.14	3
Interest	5.98	0.68	779	17.17	2.03	746	4.03	3.66	10
PBDT	294.23	244.51	20	807.93	681.11	19	996.42	971.48	3
Depreciation	31.96	15.98	100	93.42	49.13	90	69.95	103.78	-33
PBT	262.27	228.53	15	714.51	631.98	13	926.47	867.7	7
Share in profit/loss of associates	0	0	-	0	0	-	0	0	-
PBT before EO	262.27	228.53	15	714.51	631.98	13	926.47	867.7	7
EO	0	0	-	0	0	-	0	0	-
PBT after EO	262.27	228.53	15	714.51	631.98	13	926.47	867.7	7
Tax	69.17	56.98	21	190	172.6	10	242.4	209.26	16
PAT before MI	193.1	171.55	13	524.51	459.38	14	684.07	658.44	4
Minority Interest	0	0	-	0	0	-	0	0	-
PAT after MI	193.1	171.55	13	524.51	459.38	14	684.07	658.44	4
EPS (Rs)*	#	#	?	#	#	?	93.6	90.1	?
* Annualised on current equity of Rs 7.31 crore. Face Value: Rs 1 each????????????????????????
*EPS is calculated after excluding EO items
#EPS not annualised due to seasonality of business
EO: Extraordinary items????????? ???????????????????????????????????????????????????????????????????????????????????????????
Figures in Rs crore???????????????????????????????????????????????????????????????????????????????????????????????????????????
Source: Capitaline Corporate Database

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Crisil : Consolidated Segment Results??????????????????????????????????????????????????????????????????????????????????????????????????????????? ???????????
?	% of total	2509 (3)	2409 (3)	Var. (%)	% of total	2509 (9)	2409 (9)	Var. (%)	% of total	2412 (12)	2312 (12)	Var. (%)
Segment Revenue	?	?	?	?	?	?	?	?	?	?	?	?
Rating Services	29.4	267.64	240.62	11	30.6	786.25	655.29	20	27.9	909.15	772.39	18
Research, Analytics and Solutions	70.6	643.60	571.22	13	69.4	1781.19	1691.58	5	72.1	2350.63	2367.13	-1
Total Sales	100.0	911.24	811.84	12	100.0	2567.44	2346.87	9	100.0	3259.78	3139.52	4
Less:- Inter Segment Revenue	?	0.00	0.00	?	?	0.00	0.00	?	?	0.00	0.00	?
Net Sales/Income from operation	100.00	911.24	811.84	12	100.0	2567.44	2346.87	9	100.0	3259.78	3139.52	4
?	?	?	?	?	?	?	?	?	?	?	?	?
Segment Result (PBIDT)	?	?	?	?	?	?	?	?	?	?	?	?
Rating Services	45.9	120.17	116.07	4	49.6	355.62	303.87	17	44.1	398.01	334.65	19
Research Services	54.1	141.52	104.65	35	50.4	360.83	313.81	15	55.9	505.21	493.63	2
Total	100.0	261.69	220.72	19	100.0	716.45	617.68	16	100.0	903.22	828.28	9
Add: Unallocable Income net of unallocable Expenses	?	19.48	18.94	3	?	52.94	49.17	8	?	72.39	91.69	-21
Less: Depreciation	?	18.90	11.13	70	?	54.88	34.87	57	?	49.14	52.27	-6
Add: Unallocable Income net of unallocable Expenses	?	0.00	0.00	-	?	0.00	0.00	-	?	0.00	0.00	-
Profit Before Tax	?	262.27	228.53	15	?	714.51	631.98	13	?	926.47	867.70	7
Figures in Rs crore, PL: Profit to Loss, LP: Loss to Profit???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
Source: Capitaline Corporate Database

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