Crisil’s operating income rose 20.2% in the third quarter, net profit 5.9%
Key Facts
Crisil announced on October 23 results for the third quarter ended September 30, 2026, reporting a 20.2% year-on-year increase in consolidated income from operations to 1,095.2 crore rupees, compared with 911.2 crore in the corresponding period of 2025. By contrast, consolidated net profit rose 5.9% to 204.5 crore rupees from 193.1 crore. Total income increased 18.2% to 1,120.9 crore rupees. The results therefore show a gap between operating income growth and net profit growth during the quarter. These figures relate to the third quarter of calendar year 2026; the company’s fiscal year begins in January and ends in December.
At the segment level, revenue from ratings services grew 28.9% year on year in the third quarter, outpacing the 16.5% growth in revenue from research, analytics and solutions. The company also said revenue from Crisil Ratings businesses rose 25.6% during the quarter, maintaining its leadership position. These rates highlight different growth paces across the two businesses, with ratings recording the faster growth among the two segments for which the company disclosed results. The company did not report equal performance across the businesses; ratings growth clearly exceeded that of research, analytics and solutions.
The results showed faster growth over the first nine months of the year through September 30. Income from operations rose 25.7% to 3,228.2 crore rupees, compared with 2,567.4 crore in the corresponding period of 2025. Net profit over the same period increased 24.7% to 654.3 crore rupees, from 524.5 crore. These figures put the quarter’s performance in the context of the period since the start of the year: profit growth over nine months was stronger than in the third quarter alone. The increase in operating income for the nine months also exceeded the quarterly rise of 20.2%.
Crisil said third-quarter net profit included a foreign exchange gain of 2.3 crore rupees, compared with a gain of 15.5 crore in the corresponding quarter of 2025. The difference between the gains recorded in the two periods means foreign exchange contributed less to profit in the current quarter than in the year-earlier comparison. In the same results, profit before tax rose 5.3% to 276.1 crore rupees, from 262.3 crore a year earlier. Profit-before-tax growth was close to the rate of net profit growth, with both below the growth rate in income from operations. The company did not provide an operational explanation for this gap in the available disclosure.
On the Indian economy, Crisil raised its forecast for gross domestic product growth in the current fiscal year to 7.0% from 6.6%. The company attributed the revision to stronger-than-expected growth in the first quarter and healthy growth indicators in the second quarter. It expects growth to moderate in the second half as the effect of goods and services tax rationalisation fades, alongside weather and global environment risks. The company said: "We have raised our forecast for India’s GDP growth for this fiscal year to 7.0% from 6.6%." The forecast puts an improved growth outlook alongside the company’s warning that the pace in the second half may be more subdued.
Crisil said India’s consumer price inflation rose to 5.5% in September, with increases in food, fuel and core inflation. In the same month, the Reserve Bank of India raised the repo rate by 25 basis points to 5.50% and adopted what the company described as a "measured tightening" stance, keeping the option of raising rates or pausing contingent on the inflation trajectory. Globally, S&P Global Ratings raised its forecast for real global GDP growth in 2026 by 10 basis points to 3.2%. These developments provided the backdrop to the economic outlook Crisil reported alongside its results.
In credit markets, the company said the value of corporate bond issuances fell 6.1% year on year in the first nine months of 2026, despite rising 35.7% in the third quarter. The quarterly increase followed a 31.7% decline in issuance value in the third quarter of 2025. The decline over the nine months was not limited to value: the number of issuers fell 7.2% and the number of issuances 10.4%. By contrast, bank credit growth remained strong at 19.1% in August 2026, compared with 10.3% in August 2025, while credit to large companies grew 14.9%. These indicators show a divergence between bank credit growth and corporate issuance performance over the nine months.
Alongside the results, the company approved an interim dividend of 17 rupees per share, its third interim dividend recorded for 2026. The confirmed details here did not include the record date or payment date. The dividend was announced with quarterly results that showed operating income up 20.2% and net profit up 5.9% year on year. The company also reported some of its community activity during the quarter: its "Mein Pragati" programme through the "Sakhi" network directly reached an additional 2.7 lakh people and facilitated 1.69 lakh community connections. The company concluded its results presentation with these figures alongside its financial performance and economic outlook.