Crisil Limited has completed the amalgamation of its wholly owned step-down subsidiaries, Crisil Canada Inc. and Crisil PriceMetrix Inc., consolidating them into a single entity effective August 1, 2026. The company received the Certificate of Amalgamation on August 5, 2026, confirming that all formalities related to the restructuring have been finalized. This consolidation simplifies the corporate structure for these specific international units.

The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. It serves as an update to a previous intimation issued on July 21, 2026, which had announced the proposed amalgamation of the two entities. The filing confirms that the legal process has concluded without any reported delays or regulatory hurdles.

Key Details of the Amalgamation

Both subsidiaries were wholly owned step-down subsidiaries of the parent company prior to the merger. The surviving entity continues to operate under the name Crisil PriceMetrix Inc. The certificate was received by the company on August 5, 2026, marking the final administrative step in the process.

Structural Implications

The amalgamation represents a routine corporate restructuring exercise aimed at streamlining operations within the subsidiary layer. By merging Crisil Canada Inc. into Crisil PriceMetrix Inc., the company reduces the number of distinct legal entities it maintains in its international portfolio. Such consolidations are common for multinational firms seeking to optimize governance frameworks and reduce administrative overheads associated with maintaining multiple standalone entities.

The move does not appear to impact the operational scope of the combined entity, as the surviving name retains the "PriceMetrix" branding, suggesting continuity in its core business activities. The completion of this formalities ensures compliance with local jurisdictional requirements where the subsidiaries are incorporated.

Minal Bhosale, Company Secretary & Head - Legal at Crisil Limited, signed the disclosure filed with the National Stock Exchange of India Ltd. and BSE Limited. The filing explicitly states that all formalities relating to the amalgamation have been completed, leaving no pending actions required from the shareholders or regulatory bodies regarding this specific transaction.

Crisil Limited reported a 26.2% year-on-year increase in consolidated net profit to ₹216.46 crore for the quarter ended June 30, 2026, driven by strong performance across its Ratings and Research, Analytics & Solutions segments. Revenue from operations rose 27.5% to ₹1,075.39 crore from ₹843.02 crore in the same period last year. EBITDA for the quarter stood at ₹308 crore compared to ₹240 crore in the prior year period, with the EBITDA margin improving to 28.64% from 28.32% year-on-year. The Board of Directors approved the unaudited financial results and declared an interim dividend of ₹10 per equity share of face value ₹1 each, payable on or before August 5, 2026, for the financial year ending December 31, 2026.

Financial Performance

The following table outlines the key financial metrics for the quarter and half year ended June 30, 2026:

Standalone net profit for the quarter declined to ₹166.31 crore from ₹194.24 crore, primarily due to a decrease in dividend income from subsidiaries to ₹101.00 crore from ₹129.96 crore in the prior year period. Total consolidated expenses increased to ₹816.69 crore in Q1 from ₹641.58 crore, largely attributed to higher employee benefit expenses of ₹576.94 crore and professional fees of ₹42.27 crore.

Segment Performance

The Research, Analytics & Solutions segment led revenue growth for the quarter, while the Ratings services segment also posted a strong improvement. The table below summarises segment-wise revenue and operating profit:

For the half year ended June 30, 2026, the Ratings services segment contributed ₹627.75 crore and the Research, Analytics & Solutions segment contributed ₹1,506.48 crore to total revenue from operations.

Balance Sheet Highlights

As at June 30, 2026, consolidated total assets stood at ₹5,023.67 crore compared to ₹4,631.94 crore as at December 31, 2025. Total equity increased to ₹3,271.36 crore from ₹3,033.44 crore. Cash and cash equivalents on a consolidated basis rose to ₹397.58 crore from ₹320.13 crore at the previous year-end. Net cash generated from consolidated operating activities for the half year stood at ₹314.04 crore, compared to ₹204.51 crore in the corresponding prior period.

Board Changes

The Board announced significant changes in its composition. Mr. Saugata Saha (DIN: 10496237) resigned as Non-executive Director effective from the close of business hours on July 21, 2026, consequent to his decision to leave S&P Global Inc. In a strategic move, the Board appointed Mr. Abhishek Tomar (DIN: 07093852) as an Additional Director (Non-executive) effective July 22, 2026, subject to shareholder approval. Mr. Tomar is the Head of Data for S&P Global's Enterprise Data Organization and serves on both the EDO Operating Committee and the S&P Global Energy Operating Committee. He brings more than 20 years of experience across data, operations, and financial services, and previously served as Chief Data Officer for S&P Global Market Intelligence and Managing Director, India Operations, where he led a workforce of more than 8,000 employees. Mr. Tomar is not related to any of the Directors of the Company.

Audit and Compliance

The financial results were reviewed by the Audit Committee at its meeting held on July 20, 2026, and subsequently approved by the Board of Directors on July 21, 2026. The independent auditor's review report was issued by Walker Chandiok & Co LLP, confirming compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The auditors noted that the interim financial results of 2 subsidiaries, reflecting total assets of ₹1,411.54 crore as at June 30, 2026 and total revenues of ₹353.73 crore and ₹718.54 crore for the quarter and six-month period respectively, were reviewed by other auditors, whose reports were relied upon for the consolidated conclusion.