ICRA Limited has filed its Business Responsibility and Sustainability Report (BRSR) for the financial year 2025-26 with the stock exchanges, detailing its performance on environmental, social, and governance parameters. The filing confirms that the credit rating agency achieved 100% training coverage for its employees on the principles of the National Guidelines on Responsible Business Conduct (NGRBC) during the year. The report, which forms part of the Annual Report 2025-26, was submitted by S. Shakeb Rahman, Company Secretary & Compliance Officer, on July 3, 2026.

The company reported a total workforce of 101 permanent employees as of the end of FY 2025-26, with no workers on its payroll. Female representation stood at 39.60% of the total employee strength. The data covers ICRA Limited and its wholly owned subsidiaries, ICRA Analytics Limited and ICRA ESG Ratings Limited. The group’s operations span 36 states and union territories within India and extend to three international geographies, including offices in Nepal, South Africa, and the US.

Financial and Operational Metrics

Exports accounted for 33.36% of the total turnover for the entity during the reporting period. The company operates primarily in the ratings, research, and analytics sectors, serving a diversified client base that includes corporates, banks, non-banking financial companies, and public sector undertakings. The report notes that ICRA Lanka is currently under liquidation and was not considered for these disclosures.

Governance and Compliance

ICRA disclosed that it did not pay any material fines, penalties, or settlement amounts during the financial year, nor did it face any adverse orders from regulatory authorities regarding anti-competitive conduct. The company maintains a comprehensive policy framework, including an Anti-Bribery and Anti-Corruption Policy integrated within its Code of Business Conduct. No disciplinary action was taken against any directors or employees regarding bribery or corruption, and no complaints related to conflict of interest were reported.

Environmental and Social Impact

The company reported that 73% of inputs were sourced sustainably. It disposed of 0.915 metric tonnes of e-waste through certified recyclers during the year. As a service-sector entity, ICRA stated that it does not generate significant hazardous waste or require environmental impact assessments for its office-based operations. The company holds ISO 9001:2015 and ISO/IEC 27001:2022 certifications for quality management and information security, respectively.

Under its Corporate Social Responsibility (CSR) initiatives, the company focused on education, livelihoods, and women’s empowerment. It reported undertaking projects in a government-identified aspirational district, including an education sponsorship programme and a renewable energy initiative involving a 12 kW solar power plant. The company received the 10th ICSI CSR Excellence Award 2025 for its initiatives.

ICRA Limited has executed a deed of modification to update the composition of the ICRA Employees Welfare Trust, appointing Mr. Harinderjit Singh as a new trustee. This action follows the resignation of Mr. PR Khanna from the Trust. The modification was mutually agreed upon between the company and the trustees, with the Board of Directors approving the appointment and resignation.

The deed, executed on July 1, 2026, amends the original Trust Deed dated July 11, 2006. This is the seventh modification to the Trust Deed, following previous updates in 2006, 2014, 2015, 2018, and 2019. The changes were made in accordance with the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

Updated Trustee Composition

The modification revises the list of trustees for the ICRA Employees Welfare Trust. The updated composition includes three individuals who will manage the Trust's operations moving forward.

Procedural Details

The company submitted the deed of modification to BSE Limited and the National Stock Exchange of India Limited for record-keeping purposes. The document was signed by Mr. Ramnath Krishnan, Authorised Representative of ICRA Limited, and the three trustees. The provisions of the deed became effective immediately upon execution on July 1, 2026. All other provisions of the Trust Deed remain in full force and effect.