ICRA Limited has announced the resignation of statutory auditors at its recently acquired subsidiary, marking a strategic alignment in audit processes following a major corporate acquisition.

Auditor Resignation Details

M/s. Chandran & Raman, Chartered Accountants, have resigned as statutory auditors of Fintellix India Private Limited, a subsidiary of ICRA Limited, effective December 12, 2025. The resignation was communicated through a formal letter submitted on the same date.

Background of the Acquisition

The auditor resignation stems from ICRA's acquisition of a majority stake in Fintellix India Private Limited in October 2025. Following this transaction, Fintellix and its subsidiaries became subsidiaries of ICRA Limited. The acquisition necessitated organizational changes to achieve greater synergy with the holding company's audit firm and ensure consistency in audit processes.

Auditor Tenure and Performance

Chandran & Raman were appointed as statutory auditors on November 15, 2024, with their term originally scheduled to expire at the conclusion of the 23rd Annual General Meeting. During their tenure, the auditors submitted their latest audit report on August 29, 2025.

Regulatory Compliance and Disclosures

The resignation was disclosed under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The auditors confirmed that:

• No concerns warranted further action during their tenure
• All information requested was provided without limitations
• No communication to the Audit Committee or Board of Directors was necessary regarding concerns
• Form ADT-3 will be submitted with the Registrar of Companies within prescribed time limits

Strategic Alignment Initiative

The resignation represents a strategic move by Fintellix to align its statutory auditor with that of its holding company, ICRA Limited. This alignment is intended to create operational efficiencies and maintain consistency in audit standards across the corporate structure following the recent acquisition.

The auditors expressed appreciation for the cooperation and courtesies extended during their tenure and confirmed no additional material reasons beyond those disclosed for their resignation. 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.

ICRA Limited , a leading credit rating agency in India, has reported strong financial results for the first half of fiscal year 2026, demonstrating resilience in a challenging credit environment. The company's performance was marked by significant growth in both revenue and profitability, alongside strategic expansion through acquisition.

Financial Highlights

ICRA's consolidated financial performance for H1 FY26 showcased impressive growth:

The ratings segment emerged as a key driver of growth, with a 13.60% increase in revenue, despite the prevailing slowdown in the credit environment.

Strategic Acquisition

In a move to bolster its risk technology portfolio, ICRA successfully acquired Fintellix, a Bangalore-based RegTech and risk solutions company. Key details of the acquisition include:

This strategic acquisition is expected to enhance ICRA's capabilities in the risk technology sector.

Operational Performance

ICRA's operational metrics reflect a strong market position:

The company's ESG division, ICRA ESG, published 7 ratings in H1, surpassing the total from the previous year.

Research and Analytics Segment

The Research and Analytics segment reported a modest growth of 1.80%. Notable developments in this segment include:

• Launch of ECL version 3
• Introduction of InfRE 360
• Release of cloud-based MFI 360 Explorer

These new product launches are aimed at enhancing ICRA's offerings in the research and analytics space.

Market Outlook

Management expressed optimism for the second half of FY26, anticipating strong consumption growth. Factors contributing to this positive outlook include:

• GST rationalization
• Income tax benefits
• Favorable monsoon conditions

These factors are expected to drive growth in Q3 and Q4 of the fiscal year.

ICRA's robust performance in H1 FY26, coupled with its strategic initiatives and positive market outlook, positions the company well for continued growth in the evolving financial services landscape.