CRISIL - CRISIL

📊 NSE: CRISIL 🏢 Miscellaneous 📅 Last Updated: 12/13/2025 21:14

💰 Financial Performance

Revenue Growth by Segment

Ratings Services grew 11.2% YoY in Q3 2025 to INR 267.6 Cr; Research, Analytics and Solutions (RAS) grew 12.7% YoY to INR 643.6 Cr. For the full year 2024, Ratings grew 17.7% to INR 909.15 Cr, while RAS saw a marginal decline of 0.7% to INR 2,350.63 Cr.

Geographic Revenue Split

Not explicitly disclosed as a percentage, but global operations generate significant foreign currency revenue, with a notable INR 29.4 Cr one-off gain in 2023 from Argentinian peso devaluation.

Profitability Margins

Consolidated PBT margin was 28.4% in 2024 (INR 926.47 Cr). Ratings segment margin stood at 55.6% in 2024, while RAS segment margin was 16.9%. In Q3 2025, RAS margins improved to 22.0% from 18.3% YoY.

EBITDA Margin

Consolidated PBT margin was 28% in 2024 compared to 27% in 2023. Standalone PBT margin was 33% in 2024 (INR 705.42 Cr).

Capital Expenditure

INR 380.30 Cr was capitalized in 2024 towards property, plant, equipment, and software to enhance technological infrastructure.

Credit Rating & Borrowing

Not disclosed in available documents; however, standalone finance costs were minimal at INR 3.11 Cr in 2024.

⚙️ Operational Drivers

Raw Materials

Talent/Human Capital (53% of total revenue), IT Software and Infrastructure (INR 380.30 Cr capitalized).

Import Sources

Not applicable for a service-based analytics firm.

Key Suppliers

S&P Global (strategic partner for GAC), various IT and software vendors for the INR 380.30 Cr infrastructure investment.

Capacity Expansion

Not applicable for a knowledge-driven service organization.

Raw Material Costs

Employee benefits expense of INR 1,765.09 Cr in 2024, representing 53% of total revenue, up 1% from INR 1,747.77 Cr in 2023.

Manufacturing Efficiency

Not applicable.

Logistics & Distribution

Not applicable.

📈 Strategic Growth

Expected Growth Rate

9.40%

Growth Strategy

CRISIL aims to achieve growth through the acquisition of McKinsey PriceMetrix Co. (completed Nov 2025) to bolster its wealth management data analytics, leveraging Gen AI in its 'Integral IQ' buy-side solutions to improve efficiency, and deepening engagement with global corporate and investment banks (CIB) through Coalition Greenwich benchmarking.

Products & Services

Credit ratings, industry research, consulting, risk solutions, benchmarking analytics (Coalition Greenwich), and wealth management data analytics (PriceMetrix).

Brand Portfolio

CRISIL, Coalition Greenwich, CRISIL Intelligence, CRISIL Integral IQ, CRISIL PriceMetrix.

New Products/Services

Gen AI-leveraged client solutions in Integral IQ and updated AIF (Alternative Investment Fund) benchmarks.

Market Expansion

Targeting new segments and geographies to broaden the revenue base, specifically emerging markets and niche segments.

Market Share & Ranking

Maintained leadership in corporate bond ratings in India.

Strategic Alliances

Partnership with S&P Global for the Global Analytics Centre (GAC).

🌍 External Factors

Industry Trends

The industry is shifting towards automation, Gen AI integration, and efficiency-led solutions as banks redesign operating models; CRISIL is positioning itself by leveraging Gen AI in buy-side offerings.

Competitive Landscape

Intensifying competition from local players scaling rapidly and global competitors expanding offerings.

Competitive Moat

Durable moat through leadership in corporate bond ratings and deep domain expertise in CIB benchmarking (Coalition Greenwich), which are difficult for local competitors to replicate quickly.