Q2 2026 ICRA Ltd Earnings Call Transcript
Key Points
- ICRA Ltd (BOM:532835) reported a strong financial performance with consolidated revenue from operations growing by 8.3% year-on-year in Q2 FY2026.
- EBITDA increased significantly by 29.4% to INR 48 crore, indicating improved operational efficiency.
- The ratings revenue grew by 13% in Q2, showcasing resilience despite a challenging credit environment.
- Successful acquisition of Fintelli expands ICRA's risk technology portfolio, enhancing its position in risk and investment analytics.
- ICRA ESG ratings saw rapid growth, with 7 ratings published in the first half of the year, surpassing the total number from the previous year.
- Research and analytics revenue growth was modest at 2.1% in Q2, impacted by the discontinuation of the ESG business.
- The macroeconomic environment remains uncertain due to geopolitical tensions, which could affect future growth.
- Bond issuances declined by 10% in Q2 as bond yields rose, impacting the ratings business.
- Non-ratings business margins are expected to be lower as the company rebalances its portfolio towards non-knowledge services.
- Fintelli's profitability was affected by a shift from a license cost model to a subscription model, impacting short-term revenue recognition.
Ladies and gentlemen, good day and welcome to the ICRA Limited half-yearly FY 2026 Investor and analyst conference call hosted by ICRA.
As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing start then 0 on a touchtone phone. Please note that this conference is being recorded.
Joining us today from the management side we have Mr. Ramnath Krishnan, Managing Director and Group CEO, Mr. Venkatesh Vishwanathan, Group Chief Financial Officer, Mr. L. Shivakumar, EVP Business Development and Chief Business Officer â ICRA Limited and CEO â ICRA ESG Ratings, Mr. K. Ravindran, Executive Vice President and Chief Rating Officer, Mr. Abhishek Daria, Head of Group Strategy and Business Transformation, and Mr. Jayaraj Chatterjee, MD and CEO of ICRA Analytics Limited, to discuss the performance of the company followed by the Q&A session.
Before we begin today's conference call, I would like to
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