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CRISIL Ltd

| Integrated Annual Report 2025-26

Report Source

⬤23rd Mar 26

Summary : Crisil delivered strong financial performance in 2025, driven by strategic AI investments, global expansion, and robust client relationships, while navigating macroeconomic challenges.

Annual Report Analysis & Insights

Financial Disclosures

  1. Total expenses ₹2,714.52 Cr (Consolidated 2025).
  2. Total expenses ₹1,592.58 Cr (Standalone 2025).
  3. Employee benefits expense is the largest expense category.
  4. Other expenses include professional fees and business promotion.
  5. Provision for doubtful trade receivables 1.53% in 2025.
  6. Total trade receivables ₹68,743 Lakh (Consolidated 2025).
  7. Total trade receivables ₹33,691 Lakh (Standalone 2025).
  8. Uses a provision matrix for impairment loss allowance.
  9. Total income ₹3,755.55 Cr (Consolidated 2025).
  10. Total income ₹2,299.66 Cr (Standalone 2025).
  11. Ratings services contributed 30% of turnover.
  12. Research, Analytics and Solutions contributed 70% of turnover.
  13. Net cash from operating activities ₹75,558 Lakh (Consolidated 2025).
  14. Net cash used in investing activities ₹(26,802) Lakh (Consolidated 2025).
  15. Net cash used in financing activities ₹(46,994) Lakh (Consolidated 2025).
  16. Net cash from operating activities ₹23,625 Lakh (Standalone 2025).
  17. Claims against the Group not acknowledged as debts.
  18. Disputed direct taxes and indirect taxes.
  19. Bank guarantees in the normal course of business.
  20. Total contingent liabilities ₹80,150 Lakh (Consolidated 2025).
  21. Consolidated Total Assets ₹463,194 Lakh (2025).
  22. Consolidated Total Equity ₹303,344 Lakh (2025).
  23. Standalone Total Assets ₹288,425 Lakh (2025).
  24. Standalone Total Equity ₹202,653 Lakh (2025).
  25. Transactions with S&P Global Inc. and its subsidiaries.
  26. Support services provided at arm's-length pricing.
  27. No materially significant transactions with potential conflicts.
  28. Disclosed in Annual Report and stock exchanges.
  29. Financial statements are presented on both standalone and consolidated bases.
  30. Consolidated statements include Crisil Limited and its subsidiaries.
  31. Standalone statements cover Crisil Limited only.
  32. Audited by M/s. Walker Chandok & Co LLP.

Corporate Overview

  1. Global presence in 40+ countries and 26 offices.
  2. Revenue breakdown: India (39%), North America (31%), Rest of World (20%), Europe (10%).
  3. Onsite delivery centers in Australia, Switzerland, UK, US.
  4. Offshore delivery centers in Argentina, China, Colombia, India, Poland.
  5. Dynamic macroeconomic backdrop persisted.
  6. Global uncertainties and geopolitical tensions.
  7. Impact of higher US tariffs on export-oriented sectors.
  8. Potential disruption from GenAI and competitive intensity.
  9. Relies on S&P Global Inc. for support services.
  10. Supply chain includes 1,300+ service providers, with 86.24% procured locally.
  11. Significant portion of procurement through SMEs (31.21%).
  12. Exposure to foreign currency exchange rate fluctuations.
  13. Provides credit ratings, insights, consulting, technology-driven risk, market intelligence, and data analytics.
  14. Offers strategic benchmarking and analytics services to financial institutions.
  15. Transforms data into actionable insights and conviction for clients.
  16. Pioneers domain-led GenAI-enabled analytics and builds future-ready workforce.
  17. bullish
  18. Large and mid-scale corporates and financial institutions.
  19. Investors and lenders, including asset managers and wealth managers.
  20. Governments, multilateral institutions, and public enterprises.
  21. Small and medium enterprises (SMEs).
  22. Ratings services (30% of turnover)
  23. Research, Analytics and Solutions (70% of turnover)
  24. Crisil ESG Ratings & Analytics Limited
  25. Crisil Integral IQ
  26. Crisil Coalition Greenwich
  27. 5,081 employees in 26 offices globally.
  28. 431,428 sq ft of office building space.
  29. 700+ employees in tech roles.
  30. 77,673 hours of training on skill building in 2025.
  31. Accelerating revenue growth and driving margin expansion.
  32. Expanding client footprint in Middle East and Asia.
  33. Continuous investments in new products and solutions.
  34. Scaling domain-led AI products and solutions.

Risk Factors

  1. Dynamic macroeconomic backdrop persists.
  2. Geopolitical tensions and US tariffs.
  3. Potential disruption from GenAI.
  4. Intense competitive market environment.

Key Drivers

  1. Accelerating revenue growth and margin expansion.
  2. Domain-led AI solutions drive competitiveness.
  3. Expanding client footprint in new geographies.
  4. Government investments in infrastructure.

Auditor’s Report

  1. Unmodified opinion on consolidated financial statements.
  2. Unmodified opinion on standalone financial statements.
  3. Revenue recognition due to complexity and judgment.
  4. Business combination, specifically Crisil PriceMetrix Co. acquisition.

Board Commentary

  1. Re-appointment of Mr. Amish Mehta as MD & CEO for 3 years.
  2. Re-appointment of Mr. Amar Raj Bindra as Independent Director for 5 years.
  3. Mr. Yann Le Pallec retires by rotation and seeks re-appointment.
  4. Merger of Bridge to India Energy Private Limited with Crisil Limited.
  5. Final dividend of ₹28 per equity share for 2025.
  6. Total dividend of ₹61 per share for 2025.
  7. Dividend Distribution Policy determines distribution.
  8. Aims for fair balance between cash retention and dividend.
  9. Cybersecurity and data breach risks.
  10. Macroeconomic and geopolitical risks.
  11. Potential disruption due to GenAI.
  12. Competitive intensity and people risk.
  13. Compliance with Companies Act, 2013 and SEBI regulations.
  14. No qualifications or adverse remarks in auditor's reports.
  15. No fraud reported to Audit Committee.
  16. No materially significant related party transactions.
  17. Estimated amount of contracts remaining to be executed on capital account: ₹904 Lakh.
  18. Acquisition of Crisil PriceMetrix Co. for wealth management analytics.
  19. Investment in Online PSB Loans Limited (4.08% stake).
  20. Incorporation of Crisil Canada Inc. for offering expansion.

Corporate Governance

  1. Code of Ethics guides behavior and interactions.
  2. Gift Policy ensures transparent and ethical dealings.
  3. Anti-slavery policy prohibits forced labor.
  4. Supplier Code of Conduct ensures human rights.
  5. Board comprises individuals with high competence and integrity.
  6. 50% of Board members are Non-Executive, Independent Directors.
  7. Independent Directors fulfill specified conditions and criteria.
  8. Board members bring diverse perspectives and expertise.
  9. Board has Audit Committee, CSR Committee.
  10. Risk Management, Nomination & Remuneration Committees.
  11. Stakeholder Relationship Committee in place.
  12. Sustainability Steering Committee chaired by MD & CEO.
  13. Annual evaluation of Board and Committees conducted.
  14. Grievance redressal mechanism for stakeholders.
  15. Compliance monitoring framework in place.
  16. Internal financial controls are operating effectively.

Management Discussion & Analysis

Future Strategy

  1. Accelerating revenue growth and driving margin expansion.
  2. Expanding client footprint in Middle East and Asia.
  3. Delivering targeted, solution-driven offerings.
  4. Developing future-ready talent and scaling AI products.

Industry Overview

  1. Ratings industry maintained growth momentum.
  2. Bank credit growth expected to gain traction.
  3. Bond market remained subdued due to global uncertainties.
  4. Demand for new-age research and risk solutions robust.

Macroeconomic Outlook

  1. Dynamic macroeconomic backdrop expected to persist.
  2. Healthy medium-term growth driven by government investments.
  3. Global growth conditions remain mixed amidst geopolitics.
  4. India and emerging markets supported by resilient domestic demand.

Operational Focus Areas

  1. Creating domain-led AI solutions for competitiveness.
  2. Enhancing client experiences and insights.
  3. Augmenting operational efficiencies.
  4. Implementing responsible AI practices with transparency.

Performance Drivers

  1. Strong revenue and EBITA growth in 2025.
  2. Operational resilience and consistent execution across businesses.
  3. Leveraging diversified portfolio and deep analytical rigour.
  4. Focus on creating domain-led AI solutions.

Risk Control Measures

  1. Maintaining risk-aware culture and governance.
  2. Implementing robust cybersecurity frameworks.
  3. Adopting a proactive and structured approach to GenAI.
  4. Continuous investment in talent development and upskilling.

Critical Risks

  1. Dynamic macroeconomic backdrop persists.
  2. Geopolitical tensions and US tariffs.
  3. Potential disruption due to GenAI.
  4. Intense competitive market environment.
CRISIL Ltd (CRISIL) Annual Report Analysis & Insights | Dhanarthi