ICRA Limited's Board of Directors has approved significant modifications to the company's Policy for Determination of Legitimate Purposes under SEBI Prohibition of Insider Trading Regulations. The board meeting, held on January 28, 2026, focused on enhancing the company's compliance framework for handling sensitive financial information.

Policy Update Details

The approved modifications represent version 2.0 of the policy, marking the first major update since the original adoption on March 29, 2019. The updated policy becomes effective from January 29, 2026, demonstrating the company's commitment to maintaining current regulatory compliance standards.

Regulatory Framework and Compliance

The policy modifications align with SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2018, which became effective from April 1, 2019. These regulations require listed companies' boards to establish policies for determining "legitimate purposes" as part of their Codes of Fair Disclosure and Conduct under regulation 8 of the SEBI Prohibition of Insider Trading Regulations, 2015.

The updated policy addresses the requirements of sub-regulation 2A of regulation 3 of the Regulations, forming an integral part of ICRA's "code of practices and procedures for fair disclosure of unpublished price sensitive information."

Key Policy Components

The modified policy establishes comprehensive guidelines for legitimate sharing of Unpublished Price Sensitive Information in ordinary business operations. The policy defines legitimate purposes to include sharing information with:

• Promoters or Promoter Group of the Company
• Partners, collaborators, lenders, customers, suppliers
• Merchant bankers, legal advisors, auditors
• Insolvency professionals or other advisors and consultants

The policy emphasizes that such sharing must occur on a 'need to know' basis and should not circumvent regulatory prohibitions.

Information Scope and Database Requirements

The policy covers multiple categories of sensitive information, including Unpublished Price Sensitive Information, material information under SEBI Listing Regulations, and other non-public information affecting company business. The Board of Directors must maintain a structured digital database containing:

• Nature of Unpublished Price Sensitive Information
• Names of persons sharing and receiving information
• Permanent Account Numbers or authorized identifiers
• Time stamping and audit trails for security

Implementation and Availability

The updated policy will be made available on the company's website at www.icra.in , ensuring transparency and accessibility for stakeholders. The policy includes provisions for confidentiality agreements and notices when sharing sensitive information for legitimate purposes, strengthening the company's information security framework.

Company Secretary & Compliance Officer S. Shakeb Rahman signed the regulatory intimation, confirming the board's approval and commitment to enhanced compliance standards under the modified policy framework.

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.