Crisil Limited has uploaded the transcript of its analyst call held on April 20, 2026, to its official website in compliance with Regulation 30 read with Part A of Schedule III and Regulation 46 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was digitally signed by Minal Amit Bhosale, Company Secretary and ACS 12999, on April 24, 2026, at 17:25:33 +05'30'.

Financial Performance Overview

The company delivered strong financial results for FY25 and Q1 FY26. For Financial Year 25, revenues grew by 11.9% year-on-year, reflecting broad-based performance across all businesses. The momentum strengthened further in Q1 FY26, with revenues up 30.1% year-on-year. Profit before tax increased by 12.4% in full year 25 and 35.7% in Q1 FY26. At the profit after tax level, the company delivered 12.6% growth in FY25 and a robust 45.9% growth in Q1 FY26.

Q1 FY26 included a foreign exchange gain of INR14.4 crores compared to a loss of INR5.2 crores in the corresponding quarter last year. Additionally, accelerated closure of renewals in one global business led to incremental revenues of approximately USD4.5 million in Q1 FY26, largely a timing effect expected to normalize over the year.

Segment Performance

The research analytics and solutions segment delivered strong Q1 FY26 performance, with income from operations growing 34.9% year-on-year to INR735.6 crores. Segment profit increased 66.9% year-on-year, with margins expanding to 22.7% compared to 18.3% in the corresponding quarter last year. For the full year 2025, this segment revenues grew 9.4% year-on-year to INR2,572.4 crores, with segment profit increasing 12.6% and margins improving to 22%.

The rating services segment grew by approximately 20.2% year-on-year in Q1 2026, supported by strong traction in both surveillance fees and new rating revenues. The Global Analytical Center division saw growth from new engagements and robust surveillance work delegation from S&P Global Rating Services.

Macroeconomic Outlook

Crisil expects India's GDP to grow at 7.1% in the base case for this fiscal, compared with 7.6% in the last fiscal. Increasing downside risk from the ongoing West Asia conflict could slow GDP growth to 6.8% this fiscal if the conflict prolongs through April. On the inflation front, the company projects an average of 4.5% in Fiscal 2027, with potential to touch 4.7% depending on conflict duration and impact.

Global growth is forecast to moderate to 3.2% in 2026, with the US economy expected to remain resilient, growing to 2.2% in 2026, supported by energy independence, strong domestic consumption, and investment in big tech and AI.

Gen-AI Strategy

The company outlined its Gen-AI strategy through four key levers: domain-led AI, horizontal AI capabilities, workforce AI expertise, and responsible AI. In 2025, Crisil launched several pioneering Gen-AI products including GenEye Credit for automating credit report creation, DeepMind for intelligent loan data extraction, Crisil i360 unified intelligence platform, and ICON for AI-first credit workflow management. The company received 26 independent AI-related recognitions, including 20 from Chartis Research.

The transcript is accessible through the company's investor relations section on its website at https://www.crisil.com/content/crisilcom/en/home/investors/analyst-hub.html .

Crisil Limited has received an income tax assessment order with significant financial implications, as disclosed in a regulatory filing dated April 21, 2026. The assessment pertains to the company's tax return for Assessment Year 2023-24, covering the financial year 2022-23.

Assessment Order Details

The income tax assessment order was issued under Section 143(3) read with Section 144B of the Income-tax Act. The assessing officer has proposed certain disallowances in the company's tax computation, leading to additional tax liability.

Financial Impact

The assessment order has resulted in a substantial financial demand against the company. The total liability includes both tax and interest components.

Company's Response and Next Steps

Crisil Limited has clarified that the assessment order does not create any immediate impact on the company's financial, operational, or other business activities. The company has indicated its intention to challenge the assessment through the appropriate legal channels.

The management plans to file an appeal against the assessment order, suggesting they believe the disallowances proposed by the assessing officer are not justified. This is a standard practice when companies disagree with tax authorities' interpretations or calculations.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 read with Schedule III of the SEBI Listing Regulations, in compliance with the SEBI Circular dated January 30, 2026. The information was simultaneously communicated to both BSE Limited and National Stock Exchange of India Ltd, ensuring transparency with all stakeholders.

The filing was signed by Minal Bhosale, Company Secretary (ACS 12999), maintaining proper corporate governance protocols in the disclosure process.