ICRA Q2 FY27 Results: Consolidated Net Profit ₹52.44 Crore on Total Income of ₹191 Crore

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Blacklitt Research29 October 20263 min read

ICRA (NSE: ICRA) reported consolidated total income of ₹191.25 crore and consolidated net profit of ₹52.44 crore for the quarter ended 30 Sep 2026, and standalone total income of ₹166.81 crore with net profit of ₹92.43 crore, it said in a filing on 29 Oct 2026. Standalone profit includes dividend income from a subsidiary.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹191.25 crore, up 21.4% YoY and down 0.4% QoQ
Net profit and EPS: ₹52.44 crore, up 9.2% YoY and down 7.1% QoQ; basic EPS ₹54.20
Other income: ₹13.39 crore, down 35.9% YoY, including a ₹6.76 crore remeasurement gain

Standalone

The company on its own, without its subsidiaries

Total income: ₹166.81 crore, up 70.3% YoY and 65.4% QoQ
Net profit and EPS: ₹92.43 crore, up 199.0% YoY and 163.4% QoQ; basic EPS ₹96.03
Other income: ₹70.30 crore, including ₹53.74 crore dividend income from ICRA Analytics Limited

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	191.25	157.49	+21.4%	191.99	-0.4%
Revenue from operations	177.86	136.58	+30.2%	163.37	+8.9%
Other income	13.39	20.91	-35.9%	27.63	-51.5%
	52.44	48.02	+9.2%	56.46	-7.1%
Profit before tax	71.99	64.37	+11.8%	76.12	-5.4%
Finance costs	0.39	0.87	-54.5%	0.45	-11.7%
Depreciation	10.77	4.21	+156.1%	10.54	+2.1%
Tax expense	19.55	16.35	+19.6%	19.66	-0.5%
Net profit margin	27.42%	30.49%	-3.08 pp	29.41%	-1.99 pp
EPS, basic (₹)	54.20	49.68	+9.1%	58.36	-7.1%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Consolidated total income rose 21.4% year on year, but net profit rose only 9.2%. Other income fell 35.9% to ₹13.39 crore while revenue from operations rose 30.2% to ₹177.86 crore, so the mix of income moved toward operating revenue.

Other income of ₹13.39 crore is 18.6% of profit before tax of ₹71.99 crore, against ₹20.91 crore in the year-ago quarter. The consolidated notes record a gain of ₹6.76 crore under Other Income from remeasurement of the D2K Technologies liability after an amended share purchase agreement; the notes give this gain as a figure without setting it against the quarter's other income.

Depreciation rose to ₹10.77 crore from ₹4.21 crore a year earlier, and the notes say Fintellix, acquired in Oct 2025, is not in the year-ago consolidated figures, so the two quarters are not directly comparable. Finance costs fell to ₹0.39 crore from ₹0.87 crore. Tax expense of ₹19.55 crore is 27.2% of profit before tax.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	166.81	97.96	+70.3%	100.87	+65.4%
Revenue from operations	96.52	82.06	+17.6%	81.79	+18.0%
Other income	70.30	15.90	+342.2%	18.25	+285.2%
	92.43	30.91	+199.0%	35.09	+163.4%
Profit before tax	106.70	41.80	+155.3%	47.72	+123.6%
Finance costs	0.16	0.24	-35.1%	0.18	-13.0%
Depreciation	2.20	2.17	+1.3%	2.17	+1.5%
Tax expense	14.28	10.89	+31.1%	12.63	+13.1%
Net profit margin	55.41%	31.55%	+23.85 pp	34.79%	+20.62 pp
EPS, basic (₹)	96.03	32.11	+199.1%	36.46	+163.4%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Standalone net profit rose 199.0% year on year to ₹92.43 crore, faster than total income, which rose 70.3%. Other income of ₹70.30 crore is 42.1% of total income and 65.9% of profit before tax of ₹106.70 crore, against ₹15.90 crore a year earlier.

The standalone notes record dividend income of ₹53.74 crore from ICRA Analytics Limited, a wholly owned subsidiary, within other income. The notes also record a gain of ₹4.39 crore on sale of property, plant and equipment as an exceptional item in the quarter. Tax expense of ₹14.28 crore is 13.4% of profit before tax.

Revenue from operations rose 17.6% to ₹96.52 crore, so the year-on-year change in profit is far larger than the change in operating revenue. The filing does not say how the subsidiary's dividend relates to its profits.

Inference

The notes record the completed acquisitions of the remaining stakes in D2K Technologies for ₹32.02 crore and in Fintellix for ₹3.17 crore in consolidated notes, while standalone notes give ₹0.17 crore for Fintellix.

The filing does not say why the standalone other income rose, or whether the ₹3.17 crore or ₹0.17 crore Fintellix consideration is the correct figure. The statutory auditors, Deloitte Haskins & Sells, issued unmodified limited review conclusions on both sets of results.

Reference: Original filing (PDF)

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ICRA Q2 FY27 Results: Consolidated Net Profit ₹52.44 Crore on Total Income of ₹191 Crore

Key highlights

Consolidated

Standalone

Summary

Inference

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