CRISIL Limited (CRISIL)
Large CapFinancial Services stocks · Large cap · NSE
Crisil is a global, insights-driven analytics organisation offering independent credit ratings in India, strategic benchmarking, analytics, and risk solutions to financial services globally. It is majority-owned by S&P Global.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 75/100Rev +28% YoY · PAT +26% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,075 Cr | +27.5% | +1.6% |
| EBITDA | ₹308 Cr | +28.9% | -3.4% |
| Operating margin | 29.0% | +100 bps | -100 bps |
| PAT | ₹216 Cr | +25.6% | -7.3% |
| PAT margin | 20.1% | -31 bps | -193 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
CRISIL reported strong Q2 2026 performance with Income from operations up 27.6% YoY and PBT up 24.4% YoY. H1 2026 also saw robust growth, with Income from operations up 28.8% and PBT up 30.1% YoY, despite macro uncertainties.
CRISIL demonstrated resilient performance in Q2 and H1 2026, with strong revenue and profit growth across its Ratings and Research, Analytics & Solutions segments. Strategic acquisitions and AI upgrades are enhancing competitiveness, supporting the overall growth trajectory despite some macro headwinds.
Crisil Ratings leadership
INTACTContinued to grow revenues and maintain leadership position backed by investor preference for best-in-class assessments.
Crisil Global Analytics Center (GAC)
INTACTSaw growth in delegation of surveillance support to S&P Global Ratings and expanded analytical and operational support in new areas.
Crisil Coalition Greenwich
INTACTSaw momentum in Corporate and Investment Banking and continued traction in Commercial Banking, with accelerated pipeline conversion and PriceMetrix acquisition.
Crisil Integral IQ
INTACTSaw demand for Credit Lending Solutions and Fundamental Research.
PriceMetrix acquisition
INTACTThe PriceMetrix acquisition is reflected in the Q2 2026 and H1 2026 results for Crisil Coalition Greenwich.
AI upgrades
INTACTContinued strengthening competitiveness by building domain-led products and implementing AI upgrades to enhance client experience, sharpen insights, and improve efficiency.
Community Financial Learning (CFL) centers
INTACT707 CFL centres are operational, reaching over 22 lakh community individuals across 13 states and 4 UTs for financial awareness.
AI investment boom
INTACTPartially offsetting the Middle East energy supply shock, supporting global GDP growth.
Robust government capex in India
INTACTSupporting India's GDP growth in the current fiscal.
Resilient services exports & private consumption in India
INTACTSupporting India's GDP growth in the current fiscal.
Strong upticks in ECM and DCM
INTACTDriving projected 45% and 28% growth in Investment Banking and Markets revenues respectively in Q2 2026.
Global GDP growth markdown
UNDER_STRESSForecast at 3.1% in 2026, a 10 bps markdown from previous forecasts.
Middle East energy supply shock
UNDER_STRESSDriving up global inflation and leading to renewed bias toward raising policy rates.
Higher crude oil and commodity prices
UNDER_STRESSMultiple headwinds impacting India's GDP growth forecast.
Below-normal monsoon forecast
UNDER_STRESSMultiple headwinds impacting India's GDP growth forecast.
Global inflation and policy rates
UNDER_STRESSEnergy supply shock is driving up global inflation, leading to a renewed bias toward raising policy rates across several central banks.
Input cost pressures
UNDER_STRESSWill impact manufacturing and construction in India.
Rupee under pressure
UNDER_STRESSDriven by a widening current account deficit and volatile capital flows amid the West Asia conflict.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation provides both Q2 (quarterly) and H1 (half-yearly) comparisons against the previous year, indicating the importance of both sequential momentum and annual performance trends for this business.
Bond issuance quantum
UNDER_STRESSQ2 2026 bond issuances declined 26% YoY to Rs 2,693 billion; H1 2026 declined 18% YoY to Rs 5,456 billion. Number of issuers decreased from ~840 in H1 2025 to ~430 in H1 2026.
Bank Credit Growth
INTACTBank credit growth was 15.4% in May-26. Data from Dec-25 onwards is not comparable on a like-for-like basis with prior periods due to change in RBI reporting.
India Mutual Funds AUM
INTACTIndia mutual funds AUM grew from Rs 8,252 thousand crore in Q1 2026 to Rs 8,527 thousand crore in Q2 2026.
Indian Banking Sector Gross NPAs
INTACTIndian banking sector gross NPAs declined from 7.50% in FY21 to 1.80% in FY26.
Strengthening competitiveness
INTACTContinued by building domain-led products and implementing AI upgrades to enhance client experience, sharpen insights, and improve efficiency.
Community impact expansion
INTACTCrisil Foundation expanded community impact through Mein Pragati and Crisil RE, reaching an additional 2.65 lakh people.
Interim dividend increase
INTACTInterim dividend of Rs 10 per share declared in Q2 2026 vs. Rs 9 per share in the same quarter last year.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Global GDP growth | 3.1% (2026 forecast, 10 bps markdown) | Further revisions due to energy supply shocks and AI investment impact. |
| India GDP growth | 6.6% (current fiscal forecast) | Monitor impact of crude oil prices, global growth, and monsoon on manufacturing and construction. |
| Bond issuance quantum | Q2 2026: Rs 2,693 billion (-26% YoY) | Observe recovery in corporate bond issuances and number of issuers. |
| Investment Banking and Markets revenues | Projected to grow by 45% and 28% respectively in Q2 2026 | Track actual growth rates and sustained upticks in ECM and DCM. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
84Strong Bullfull bull SMA stack · SMA20 +5.3% / mo · MACD +
Technical chart
CRISILdaily · 1Y · AUTO+10.9%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 66.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- Recent golden cross (SMA50 crossed above SMA200).
- SMA20 rising (~5.0% over last month) — short-term momentum positive.
- RSI(14) at 66 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 6% off 52W high · 30% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 13.6% above the 30-week proxy without full trend alignment.
- The 30-week proxy changed -0.3% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 53 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 53 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 18/20 to the score.
- Balance sheet contributes 11/15 to the score.
Main drags
- Fair-value margin of safety is negative at -43.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 12/25; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 97th percentile of the scored universe and 99th percentile within Financial Services. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 66.6%. Key concern: ROCE trend is -3.4%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Financial Services: 99th pctile, median 62 · Large: 90th pctile, median 73
69 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 66.6%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.4%.
- ▸12 years of positive FCF.
Trust risks
- ▸ROCE trend is -3.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 39.70
- P/B
- 10.74
- EV/EBITDA
- 25.73
- Market Cap
- 35117.00Cr
Profitability
- ROE
- 24.50%
- ROCE
- 32.60%
- ROA
- 17.60%
- Dividend Y
- 0.52%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 14.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 7.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 49.16×
- Altman Z
- 8.77
- Book Value
- 447.00
Cash Flow
- FCF Yield
- 1.39%
- FCF Positive Y
- 12/5
- OCF
- 756.00 Cr
- EPS TTM
- 120.93
Shareholding
- Promoter Hold
- 66.64%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 78%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.