Slide 1: Revised Investor Presentation filing cover letter
I ICRA October 28, 2025 ICRA Limited BSE Limited National Stock Exchange oflndia 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 Q2 & H1 FY2026
Investor Presentation Q2 & H1 FY2026 October 2025 1
Slide 3: Agenda
AGENDA Financial Synopsis Macro-economic Outlook Business Segment Drivers & Outlook Media Outreach & Corporate Social Responsibility 2
Slide 4: Financial Synopsis
• Financial Synopsis Financial Synopsis 3
Slide 5: Strong revenue growth across businesses: Q2 and H1 FY2026 (INR Cr)
Strong revenue growth across businesses: Q2 and H1 FY2026 (INR Cr) Revenue ` Profit after tax 8.3% 8.4% 24.4% 29.4% 261.1 90.8 240.9 48.0 126.1 136.6 73.0 37.1 Q2 FY2025 Q2 FY2026 H1 FY2025 H1 FY2026 Q2 FY2025 Q2 FY2026 H1 FY2025 H1 FY2026 ▪ ICRA’s solid financial performance in this quarter was dri
Slide 6: Segmental performance: Q2 and H1 FY2026 (INR Cr)
Segmental performance: Q2 and H1 FY2026 (INR Cr) Segment Revenue Segment Results 261.1 82.6 136.6 240.9 44.7 126.1 68.7 37.3 158.4 52.5 84.1 139.5 39.7 74.4 29.4 21.6 51.8 52.9 101.8 103.6 29.0 30.1 15.7 15.3 Q2 FY2025 Q2 FY2026 H1 FY2025 H1 FY2026 Q2 FY2025 Q2 FY2026 H1 FY2025 H1 FY2026 ▪ Bond issu
Slide 7: Brief about Fintellix
Brief about Fintellix ▪ Incorporated: March 17, 2006 ▪ Business Focus: Bengaluru-based Reg-Tech and risk ▪ Banks, NBFCs, regulators, and global financial sector entities About Client solutions provider ▪ Trusted by 30+ institutions across India, UK, US, and Fintellix other key markets Segments ▪ Glo
Slide 8: Macro-economic Outlook
• Financial Synopsis Macro-economic Outlook 7
Slide 9: Macro-economic outlook
Macro-economic outlook GDP EXTERNAL ACCOUNT Current Account Balance Real GDP Growth Real GVA Growth FY2025: -0.6% of GDP FY2025: +6.5% FY2025: +6.4% FY2026e: -1.2% of GDP, assuming US FY2026e: +6.5% FY2026e: +6.3% tariffs (including penalties) continue till March 2026 INFLATION FISCAL DEFICIT REPO R
Slide 10: Business Segment Drivers & Outlook
• Financial Synopsis Business Segment Drivers & Outlook 9
Slide 11: Rating performance metrics remain robust
Rating performance metrics remain robust Trend in rating reaffirmation and rating changes – Momentum in rating upgrades remains healthy* 100% 3.5 81% 84% 81% 81% 80% 83% 75% 78% 80% 81% 2.8 Reaffirmations 3.0 80% 10-year average: 3.0 2.8 2.1 2.0 75% 2.5 81% 60% 1.5 2.0 1.4 1.3 1.2 1.5 Downgrades 40%
Slide 12: Ratings & ancillary services: Business environment and outlook
Ratings & ancillary services: Business environment and outlook Bond Bank Credit Outstanding Securitisation H1 FY2026: 10.4% YoY growth as in Market volumes are estimated to have H1 FY2026: 30.7% YoY growth [PY 4.6%] Sept [PY 12.9%] grown by ~9% in H1 FY2026 YoY [PY 39%] ▪ Bond issuances surged to an
Slide 13: Research & Analytics: Business environment and outlook
Research & Analytics: Business environment and outlook Research & Analytics ▪ Tariff related uncertainty coupled with ▪ Strong AUM growth in MF- peak of ▪ Increasing regulatory oversight covering geo-political headwinds resulted in Rs 75 lakhs crore in Aug 25. 13% Y-o-Y • Expected Credit Loss contin
Slide 14: Domestic drivers to support growth in FY2026, even as external outlook remains uncertain
Domestic drivers to support growth in FY2026, even as external outlook remains uncertain The outlook for rural demand appears upbeat in the near term, given healthy trends in kharif sowing, reasonable increase in MSPs for the upcoming rabi season, as well as GST rate rationalisation. However, episod
Slide 15: Media Outreach & Corporate Social Responsibility
• Financial MediaSynopsis Outreach & Corporate Social Responsibility 14
Slide 16: Research and Outreach
Research and Outreach 1 WEBINARS & EVENTS 2 RESEARCH PUBLISHED 3 MEDIA COVERAGE 15 www.icra.in 15
Slide 17: Social Listening
Social Listening . . . . . 16 www.icra.in 16
Slide 18: CSR Initiatives - Change begins here!
CSR Initiatives - Change begins here! Women supported and Students' education Youth supported in 500 empowered 3100 sponsored 450 learning skills New Joiners Trained on Sponsored education of 9 Employee volunteering events 97 Environmental Sustainability 335 children with Intellectual and Health & S
Slide 19: CSR Champs - Employee engagement
CSR Champs - Employee engagement 18 www.icra.in 18
Slide 20: Disclaimer
Disclaimer This 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. These forward
Slide 21: © Copyright, 2025 ICRA Limited. All Rights Reserved.
© Copyright, 2025 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 22: Thank You!
Q) ic Thank You! ey / Sensitivity Label