Crisil Ltd has approved the amalgamation of its wholly owned step-down subsidiaries, Crisil Canada Inc and Crisil PriceMetrix Inc. The board of directors approved the merger at a meeting held on July 21, 2026. The transaction aims to consolidate CRISIL's global entity structure, resulting in the formation of a single entity under the name Crisil PriceMetrix Inc. Both existing entities will cease to exist as separate entities upon completion of the amalgamation.

The amalgamation is subject to necessary statutory and regulatory approvals under the applicable laws of the Ontario Business Corporation Act (OBCA). The transaction involves two wholly owned step-down subsidiaries and does not fall within the purview of related party transactions under the Companies Act, 2013 and SEBI Listing Regulations. Consequently, there will be no impact on the shareholding pattern of CRISIL.

Crisil PriceMetrix Inc is a Toronto-based software-as-a-service (SaaS) and data analytics provider specializing in wealth management, benchmarking, and pricing intelligence. Its total income for the period from November 7, 2025, to December 31, 2025, was USD 1,431,352. Crisil Canada Inc provides offerings in the research and benchmarking business segment, recording a total income of USD 51,215 for the year ended December 31, 2025.

Financial Details of Subsidiaries

The share capital of Crisil Canada Inc amounting to $ 38 million will be retained as the capital of the amalgamated entity and issued to the parent company. The disclosure was made pursuant to Regulation 30 of the SEBI Listing Regulations read with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

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 a second 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.