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 the appointment of Deloitte Haskins & Sells as the new statutory auditor for its subsidiary Fintellix India Private Limited, following the recent resignation of the previous auditing firm and completing the audit transition process.

New Auditor Appointment Details

The Board of Directors of Fintellix India Private Limited has recommended the appointment of Deloitte Haskins & Sells, Chartered Accountants, as statutory auditor to fill the casual vacancy created by the previous auditor's resignation. The recommendation was made on December 17, 2025, and will be presented to the members of Fintellix for approval.

Previous Auditor Transition

This appointment follows the resignation of M/s. Chandran & Raman, Chartered Accountants, who served as statutory auditors of Fintellix India Private Limited until December 12, 2025. The previous auditors had been appointed on November 15, 2024, with their term originally scheduled to expire at the conclusion of the 23rd Annual General Meeting.

About the New Auditor

Deloitte Haskins & Sells is a Chartered Accountants firm with a strong presence in major cities across the country. The firm is engaged in statutory audits of large companies across various sectors, bringing extensive experience and expertise to the role.

Strategic Audit Alignment

The auditor change represents the completion of ICRA's strategic initiative to align audit processes following its acquisition of a majority stake in Fintellix India Private Limited in October 2025. This transition is designed to create operational efficiencies and maintain consistency in audit standards across the corporate structure.

Regulatory Compliance

The appointment disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. ICRA Limited has notified both BSE Limited and National Stock Exchange of India Limited of this development, with the information also being hosted on the company's website at https://www.icra.in/ .