Icra Limited · NSE:ICRA
Icra — Q4 FY2026 Earnings Presentation
26 slides from Icra's earnings presentation, May 22, 2026
Slide 1: Exchange filing cover letter
I ICRA May 22, 2026 ICRA Limited BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Dalal Street Plot no. C/1, G Block Mumbai - 400 001, India Bandra-Kurla Complex Scrip Code: 532835 Bandra (East) Mumbai - 400 051, India Symbol: ICRA Dear Sir/Madam, Sub: -
Slide 2: Investor Presentation Q4 & FY2026
Investor Presentation Q4 & FY2026 MAY 2026 1 #35YearsofUnwaveringCredibility
Slide 3: Agenda
Agenda ICRA AT A GLANCE FINANCIAL SYNOPSIS MACRO-ECONOMIC OUTLOOK BUSINESS ENVIRONMENT & OUTLOOK RESEARCH & OUTREACH CORPORATE SOCIAL RESPONSIBILITY 2 www.icra.in 2
Slide 4: ICRA at a Glance
Cudualild, ; ™ ICRA AT A GLANCE
Slide 5: ICRA's journey
ICRA’s journey 1991 1999 Launch of Credit Rating Services Moody’s acquires initial stake at ICRA 2007 ICRA gets listed 2014 Moody’s acquires 2004 a majority stake Knowledge Services set up 2025 2023 Acquisition of Fintellix Acquisition of D2K Technologies 2024 ICRA forays into ESG Ratings 4 www.icra
Slide 6: ICRA's business segments
ICRA’s business segments ICRA Limited Ratings & ancillary services Research & Analytics (R&A) Rating, Research and Other Services KnowTech BankTech CapTech ▪ Ratings for Corporate Debt, Financial Sector, Structured Finance, Infrastructure and InvITs Tech-enabled Data & Knowledge Services Risk, Regul
Slide 7: Key call-outs FY2026
Key call-outs FY2026 Financial Non-Financial ↑ 20.4% ↑ 10.0% ↑ 6.6% ₹ 599.5 ₹ 257.4 ₹ 182.5 ICRA Celebrates 35 Acquisition of Fintellix Years India Pvt Ltd (Fintellix) ▪ Marked a significant ▪ Strengthening risk analytics milestone with 35 years of and RegTech capabilities service to India’s financi
Slide 8: Financial Synopsis
FINANCIAL SYNOPSIS 7
Slide 9: Revenue grew across businesses: Q4 and FY2026 (₹ crore)
Revenue grew across businesses: Q4 and FY2026 (₹ crore) 28.4% 20.4% 599.5 174.9 498.0 136.2 Revenue Q4 FY2025 Q4 FY2026 FY2025 FY2026 (1.7%) 10.0% 74.1 72.8 257.4 234.0 *PBT Q4 FY2025 Q4 FY2026 FY2025 FY2026 ▪ ICRA delivered a strong revenue growth, driven by continued momentum in Ratings and robust
Slide 10: Segmental performance: Q4 & FY2026 (₹ crore)
Segmental performance: Q4 & FY2026 (₹ crore) 174.9 599.5 498.0 136.2 91.6 336.5 82.8 294.6 84.3 204.8 265.8 *Segment 53.8 Revenue Q4 FY2025 Q4 FY2026 FY2025 FY2026 59.3 190.9 54.7 161.4 37.3 40.5 126.4 100.4 **Segment 17.4 18.8 64.5 Results 61.0 Q4 FY2025 Q4 FY2026 FY2025 FY2026 ▪ Ratings performanc
Slide 11: Macro-Economic Outlook
MACRO-ECONOMIC OUTLOOK 10
Slide 12: Macroeconomic projections for FY2027
Macroeconomic projections for FY2027 (Baseline; assuming average crude oil price at ~$95/barrel) GDP, GVA INFLATION REPO RATE FISCAL DEFICIT EXTERNAL ACCOUNT Real GDP Growth CPI Inflation A prolonged pause on Fiscal Deficit/GDP ratio Current Account FY2026e: +7.5% FY2026: +2.1% the policy repo rate
Slide 13: West Asia conflict poses downside risks to India's growth outlook
West Asia conflict poses downside risks to India’s growth outlook Rural demand is expected to turn cautious as constrained remittances from The GoI’s capex is budgeted to rise by 11.5% in FY2027, which augurs well migrants working in sectors affected by the West Asia crisis, and the below- for inves
Slide 14: Business Environment & Outlook
BUSINESS ENVIRONMENT & OUTLOOK 13
Slide 15: Ratings & ancillary services: Business environment and outlook
Ratings & ancillary services: Business environment and outlook Environment Outlook As the economic momentum was moderating, the commencement The uncertainty around duration of the West Asia conflict poses risks to of rate cut cycle in February 2025, and GST rate cuts boosted the macro-outlook, amid
Slide 16: Rating performance metrics remain strong
Rating performance metrics remain strong Trend in rating reaffirmation and rating changes – Momentum in rating upgrades remains healthy* 84% 81% 81% 80% 83% 75% 78% 80% 81% 78% Reaffirmations 10-year average: 3.0 2.0 81% 2.8 3.1 1.5 Downgrades 1.2 1.3 0.6 2.1 0.9 10-year average: 13% 6% 8% 8% 8% 5%
Slide 17: Research & Analytics: Business environment and outlook
Research & Analytics: Business environment and outlook Business Segment Environment Outlook Research & Analytics ▪ Enterprises are piloting Gen-AI-led automation, leading to more measured discretionary spend and ▪ Continue repositioning offerings with AI-powered capabilities; longer outsourcing deci
Slide 18: Research & Outreach
RESEARCH & OUTREACH 17
Slide 19: Research & outreach
Research & outreach 1 WEBINARS & EVENTS 2 RESEARCH PUBLISHED 3 MEDIA COVERAGE 18 www.icra.in 18
Slide 20: Social listening
Social listening “ “ “ “ “ “ “ “ “ “ www.icra.in 19 19
Slide 21: Corporate Social Responsibility
CORPORATE SOCIAL RESPONSIBILITY 20
Slide 22: ICRA CSR isn't just about milestones, it's about shaping futures together
ICRA CSR isn’t just about milestones, it’s about shaping futures together Powering Education with Clean Energy Volunteering with Purpose ICRA inaugurated a 12-kW on-grid solar power system at Employee volunteering at Group ICRA enabled leaders and Deepalaya School, Nuh (an aspirational district of H
Slide 23: CSR & Sustainability: Driving positive change, building a sustainable future
CSR & SUSTAINABILITY: Driving positive change, building a sustainable future 4,550+ students 450+ youth 500 3,000+ 1000+ supported through Education made job ready Women Lives Students Entreprenures Empowered Impacted through Volunteering Got access to renewable energy IMPACTING LIVES, BUILDING TOMO
Slide 24: Disclaimer
Disclaimer This Investor Presentation contains certain forward-looking statements (including expectations and plans) that may be identified by words, phrases, or expressions such as “expected”, “likely”, “will”, “would”, “continue”, “intend to”, “in future”, “opportunities” or their variations. Thes
Slide 25: © Copyright, 2026 ICRA Limited. All Rights Reserved.
© 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 26: Thank You!
Thank You! #35YearsofUnwaveringCredibility 25