ICRA Limited delivered a strong financial performance in Q3FY26, reporting significant revenue growth and maintaining profitability despite regulatory challenges. The credit rating and research company announced its unaudited financial results for the quarter ended December 31, 2025, showcasing robust business momentum across its key segments.

Financial Performance Overview

The company's consolidated financial results demonstrated impressive top-line growth, with revenue from operations increasing substantially year-over-year. Total income, including other income, reached ₹17,916.15 lakhs compared to ₹13,972.61 lakhs in the corresponding quarter of the previous year.

Nine-Month Performance Highlights

For the nine-month period ended December 31, 2025, ICRA maintained its growth trajectory with consolidated revenue from operations reaching ₹42,465.85 lakhs, representing a 17.4% increase from ₹36,180.83 lakhs in the corresponding period of FY25. Net profit after tax for the nine-month period stood at ₹12,984.14 lakhs, up 12.7% from ₹11,521.45 lakhs in the previous year.

Segment-wise Performance

ICRA operates through two primary business segments: Ratings & ancillary services and Research & Analytics. The Ratings & ancillary services segment generated revenue of ₹8,653.08 lakhs in Q3FY26, compared to ₹7,229.78 lakhs in Q3FY25. The Research & Analytics segment showed remarkable growth with revenue of ₹7,786.29 lakhs versus ₹4,917.81 lakhs in the previous year quarter.

Strategic Acquisition and Exceptional Items

During Q3FY26, ICRA completed the acquisition of Fintellix India Private Limited for a total consideration of ₹249.06 crore. The acquisition included an upfront payment of ₹245.64 crore for 98.75% equity stake, with the remaining 1.25% to be acquired upon regulatory approvals. Fintellix contributed ₹24.91 crore in revenue and ₹0.70 crore in net profit for the period October 1 to December 31, 2025.

The company reported exceptional items of ₹691.83 lakhs in Q3FY26, primarily due to the one-time impact of new Labour Codes implementation. These codes resulted in increased gratuity liability of ₹538.66 lakhs and leave liability of ₹133.17 lakhs on a consolidated basis.

Standalone Results

On a standalone basis, ICRA reported revenue from operations of ₹8,456.97 lakhs in Q3FY26, up from ₹7,082.64 lakhs in Q3FY25. Standalone net profit after tax was ₹2,925.87 lakhs compared to ₹3,110.05 lakhs in the previous year quarter. For the nine-month period, standalone revenue grew to ₹23,883.30 lakhs from ₹20,611.03 lakhs, while net profit reached ₹9,031.68 lakhs versus ₹10,614.07 lakhs in the corresponding period of FY25.

ICRA Limited has announced key leadership changes with the appointment of Mr. Shailendra Chikkebagilu Mruthyunjayappa as senior management personnel, effective December 17, 2025. The appointment marks a strategic leadership transition as the company strengthens its management structure across its operations and subsidiary businesses.

Leadership Transition at ICRA Analytics

The Board of Directors of ICRA Analytics Limited, a wholly-owned subsidiary of ICRA, approved Mr. Mruthyunjayappa's appointment as President & CEO-Designate effective December 18, 2025. He will transition to the role of Chief Executive Officer of ICRA Analytics from February 1, 2026, taking over from the current leadership.

Outgoing Leadership

Mr. Jayanta Chatterjee will complete his tenure as Managing Director & CEO of ICRA Analytics on January 31, 2026, and will be relieved from his services and position. The transition ensures continuity in leadership while bringing fresh expertise to guide the subsidiary's strategic direction.

Professional Background and Expertise

Mr. Mruthyunjayappa brings over 25 years of experience in banking technology, data analytics, and enterprise product businesses. His educational credentials include an engineering degree from Kuvempu University and executive management programs from the Indian Institute of Management Calcutta and MIT Sloan School of Management.

Key Qualifications

• Certified Project Management Professional
• Fellow of the Institute of Directors India
• Mentor with the NASSCOM DeepTech Club
• Extensive international experience across Europe, Asia, and Africa

Previous Leadership Experience

Prior to this appointment, Mr. Mruthyunjayappa served as President & CEO of Fintellix India Private Limited, a leading provider of smart and scalable products for data analytics, regulatory reporting, risk management, compliance insights, and supervisory data collection for financial institutions globally. Under his leadership, he successfully guided the company through multiple transformational phases from an early-stage startup to a profitable and stable enterprise.

His extensive experience within the Temenos ecosystem included contributing to core product development in Europe, leading implementation teams across India and Southeast Asia, heading professional services operations in West Africa, and building a successful consulting business in Central Europe. This international experience has provided him with deep insights into global financial systems and regulatory frameworks.

Strategic Implications

The appointment reflects ICRA's commitment to strengthening its leadership capabilities across its core rating business and analytics subsidiary. Mr. Mruthyunjayappa's expertise in regulatory technology and data analytics aligns with the evolving needs of financial institutions navigating complex regulatory environments through advanced analytics, intelligent automation, and data-driven decision making.