Icra Limited · NSE:ICRA
Icra — H1 FY2027 Earnings Presentation
24 slides from Icra's earnings presentation, Oct 29, 2026
Slide 1: ICRA exchange filing cover letter
ICRA Insights that empower October 29, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Dalal Street Plot no. C/1, G Block Mumbai 400 001, hldia Bandra-Kurla Complex Scrip Code: 532835 Bandra (East) Mumbai - 400 051, India Symbol: ICRA Dear Sir/Mada
Slide 2: Investor Presentation Q2 & H1 FY2027
INVESTOR PRESENTATION Q2 & H1 FY2027 October 2026 1 #35YearsofUnwaveringCredibility
Slide 3: Agenda
Agenda ICRA’S STRATEGIC PRIORITIES SCALING RISK & ANALYTICS BUSINESS RATINGS & ANCILLARY SERVICES FINANCIAL SYNOPSIS MACRO-ECONOMIC OUTLOOK RESEARCH & OUTREACH 2 www.icra.in 2
Slide 4: ICRA's Strategic Priorities
ICRA’S STRATEGIC PRIORITIES 3
Slide 5: ICRA's strategic priorities
ICRA’s strategic priorities Ratings & ancillary Risk & Analytics (R&A) Human Resources Digital Transformation Inorganic Growth ▪ Maintain high rating ▪ Enhance R&A revenues ▪ Build a future-ready ▪ Embed technology and AI ▪ Expand into adjacent quality to remain a trusted through organic and workfor
Slide 6: Scaling Risk & Analytics Business
SCALING RISK & ANALYTICS BUSINESS 5
Slide 7: Risk & Analytics: Strategic investments that bring scale and diversification
Risk & Analytics: Strategic investments that bring scale and diversification The capability set expanded in stages, from a knowledge and analytics foundation to engineering agility, and then to greater scale, breadth and operating maturity ▪ Banking risk solutions, consulting- THE FOUNDATION R&A Rev
Slide 8: Risk & Analytics business structure
Risk & Analytics business structure Risk & Analytics (R&A) Knowledge Tech BankTech CapTech Tech-enabled Data & Knowledge Services Risk, Regulatory & Supervisory Technology Market Data, Valuation & Investment Intelligence Offshore tech-enabled data management, analytical, Advanced tools and consultin
Slide 9: Building future-ready platform
Building future-ready platform The combined platform brings together the core capabilities, operating model and go-to-market needed to drive growth Traditional Strength | Built Internally | Integrated | Cross-sold | Being Expanded Next Steps Build broader intelligence propositions, DOMAIN DATA ANALY
Slide 10: Growth opportunities for R&A
Growth opportunities for R&A Present Target Action Future Established offerings across Credit Risk, MOVE UP THE VALUE Expanded offerings across Enterprise Risk Regulatory & Data and Investment Analytics for CHAIN Serving Insurance, Broker and Private Markets Banks, Asset Managers and Regulators Esta
Slide 11: Ratings & Ancillary Services
RATINGS & ANCILLARY SERVICES 10
Slide 12: Ratings & ancillary services: Business environment and outlook
Ratings & ancillary services: Business environment and outlook Environment Outlook The tailwinds from FY2026, including the income tax cuts, GST GDP growth is expected to ease in H2 FY2027 with lower than normal monsoon, rationalisation, low inflation, monetary easing, and healthy crop output elevat
Slide 13: Ratings performance metrics remain strong
Ratings performance metrics remain strong Trend in rating reaffirmation* and rating changes – Momentum in rating upgrades remains healthy 100% 4.0 84% 81% 81% 80% 83% 75% 78% 80% 81% 78% 82% Reaffirmations 80% 3.0 3.1 10-year average: 3.4 3.0 2.8 60% 81% 2.1 2.0 2.0 Downgrades 40% 1.5 0.6 1.2 1.3 0.
Slide 14: Financial Synopsis
ANNUAL REPORT FINANCIAL STATEMENTS E ;
Slide 15: Financial performance: Q2 & H1 FY2027
Financial performance: Q2 & H1 FY2027 (₹ crore) 30.2% 30.7% 177.9 341.2 136.6 261.1 Revenue Q2 FY2026 Q2 FY2027 H1 FY2026 H1 FY2027 9.2% 20.0% 52.4 108.9 48.0 90.8 *PAT Q2 FY2026 Q2 FY2027 H1 FY2026 H1 FY2027 ▪ ICRA delivered strong revenue growth, led by broad-based growth in Ratings, supported by
Slide 16: Segmental performance: Q2 & H1 FY2027
Segmental performance: Q2 & H1 FY2027 (₹ crore) 177.9 30.7% 341.2 30.2% 261.1 136.6 182.6 98.7 158.4 84.1 80.5 161.0 52.9 103.6 *Segment Revenue Q2 FY2026 Q2 FY2027 H1 FY2026 H1 FY2027 99.6 55.0 82.6 20.5% 23.0% 44.7 69.3 40.3 52.5 29.4 **Segment 15.3 14.7 30.1 30.3 Results Q2 FY2026 Q2 FY2027 H1 FY
Slide 17: Macro-Economic Outlook
MACRO-ECONOMIC OUTLOOK 16
Slide 18: Baseline macroeconomic projections for FY2027
Baseline macroeconomic projections for FY2027 GDP INFLATION REPO RATE FISCAL DEFICIT EXTERNAL ACCOUNT Real GDP Growth CPI Inflation Another rate hike is Government of India’s Current Account FY2026: 7.8% FY2026: 2.1% expected in December (GoI’s) Deficit/GDP 2026, followed by a Fiscal Deficit/GDP ra
Slide 19: India's FY2027 growth outlook subject to external and domestic headwinds
India’s FY2027 growth outlook subject to external and domestic headwinds Sub-par and uneven rainfall during the Southwest Monsoon While the GoI’s capex growth of 14.3% budgeted for FY2027 season 2026, has weighed on kharif acreage, and is likely to augurs well for investment activity, fiscal slippag
Slide 20: Research & Outreach
RESEARCH & OUTREACH 19
Slide 21: Research & Outreach
Research & Outreach 1 WEBINARS & EVENTS 2 RESEARCH PUBLISHED 3 MEDIA COVERAGE 20 www.icra.in 20
Slide 22: Social listening
Social listening 21 www.icra.in 21
Slide 23: Copyright and disclaimer
© Copyright, 2026 ICRA Limited. All Rights Reserved. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable. Although reasonable care has been taken to ensure that the information herein is true, such information is provided 'as is' without
Slide 24: Thank You!
Thank You! #35YearsofUnwaveringCredibility 23