CRISIL Ltd. — Investor Presentation 2025

Jul 22, 2025

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July 22, 2025

Listing Department Listing Department National Stock Exchange of India Ltd. BSE Limited Exchange Plaza, 5[th] floor P J Towers Plot No. C/1, G Block Dalal Street Bandra-Kurla Complex Mumbai 400 001 Bandra (East) Mumbai 400 051

Dear Sirs,

Sub.: Corporate Presentation Q2 2025

We are enclosing herewith our corporate presentation updated with Q2 FY2025 Financial Results. This presentation will be published on the Company's website - www.crisil.com shortly.

Kindly take this communication on record.

Yours faithfully,

For Crisil Limited MINAL Digitally signed by AMIT MINAL AMIT BHOSALE Date: 2025.07.22 BHOSALE 18:17:26 +05'30'

Minal Bhosale Company Secretary ACS 12999

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Analyst presentation

July 2025

1

Disclaimer / Safe harbour

This presentation has been prepared solely as a concise update of Crisil Limited’s (“Crisil” or “Company”) quarterly and/or annual results. By reading the presentation slides, you agree to be bound by the following limitations: (a) Crisil cannot give assurance to the correctness of forward-looking statements. These forward-looking information and statements can generally be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use terminology such as “targets”, “believes”, “expects”, “aims”, “assumes”, “intends”, “plans”, “seeks”, “will”, “may”, “anticipates”, “would”, “could”, “continues”, “estimate”, “milestone” or other words of similar meaning and similar expressions or the negatives thereof; (b) By their nature, forward-looking information and statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements that may be expressed or implied by the forward-looking information and statements in this presentation. Should one or more of these risks or uncertainties materialize, or should any underlying assumptions prove to be incorrect, the Company's actual financial condition or results of operations could differ materially from that or those described herein as anticipated, believed, estimated or expected; c) Given the aforementioned uncertainties, prospective or present investors are cautioned not to place undue reliance on any of these forward-looking statements; d) No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investments decision whatsoever. Investor/prospective advisors must be sought on specific situation from well-informed legal, investment, tax, financial, and management professionals; e) This presentation and its contents are confidential and must not be distributed, published or reproduced. This presentation does not constitute a recommendation regarding the securities of the Company.

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Agenda

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1. Crisil overview

2. Business environment

3. Performance update

4. Financials

5. Segment performance

6. Thought leadership 7. Corporate social responsibility

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Overview and our new brand identity

Crisil is a global, insights-driven analytics organisation whose extraordinary rigour and domain expertise give clients the confidence to make mission-critical decisions.

• Our new brand identity reinforces our position as a global, insights-driven analytics organization and conveys a more progressive vision of our future

• Celebrates a pioneering and illustrious past and showcases our commitment to deliver actionable insights to clients

• Positions our businesses under a cohesive identity that offers a consistent and more connected experience for clients around the world

• Our people’s analytical rigour and domain expertise will continue to set standards and empower clients to make mission-critical decisions with confidence

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Offers independent credit ratings in Offers insights, consulting, technologyIndia that empower informed decisions driven risk solutions and advanced data and objective benchmarking by analytics, serving clients across lenders, investors and issuers government, private and public enterprises, empowering them to make informed decisions

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Offers strategic benchmarking, Offers solutions and actionable analytics and insights to the financial intelligence to financial institutions services industry and specialises in around the globe to deliver strategic providing unique, high-value and transformation, optimise risk and drive actionable information to help clients operational excellence measure and drive their business performance

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Global presence

4,600+ employees globally

14 recognitions in H1 2025 from 4 Chartis assessments

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Crisil featured as Category leader in Use of AI for commercial banking-related workflow in Chartis RiskTech AI50 2025

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Crisil featured in Chartis RiskTech100[® ] 2025 list and won in the Model Validation category for the 3[rd] consecutive year

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Certified ‘Great Place to Work’ in India for 5[th] consecutive year and India’s Best Workplaces for Women 2024

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‘Silver’ employer by India Workplace Equality Index (IWEI)

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Agenda

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1. Crisil overview

2. Business environment

3. Performance update

4. Financials

5. Segment performance

6. Thought leadership 7. Corporate social responsibility

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Key trends in macro and business environment

~~Global~~

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Global banks maintain their measured stance, as they invest in digital transformation initiatives and AI

Asset managers continue to focus on private markets and client experience solutions

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Greater need for benchmarking solutions in CIBs to assess headcount and costs including vendor spends amidst geopolitical uncertainties and evolving tariff policies

Continued client activity in private markets leading to demand for specialized services

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Global growth expected to slow to 2.9% in 2025 with risks tilted to the downside. Weaker growth likely in the US and China and growth expected to hold up in Eurozone at last year’s weak level

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Longer lead times in deal closures by global banks in discretionary spend areas

~~India~~

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Likely traction in corporate bond issuances driven by easing monetary policy, provided the impact of macro and geopolitical risks is minimal

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Bank credit continues to witness growth moderation at 9% on-year in May 2025 (16.2% in May 2024) following sluggishness in both wholesale and retail segments

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India’s GDP expected to hold up at 6.5% in fiscal 2026 with downside risks to the forecast because of likely tariff moves by the US and the overhang from global economic activity

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Medium-term growth trend expected to be driven by investments, efficiency and continued deregulation

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Agenda

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1. Crisil overview

2. Business environment

3. Performance update

4. Financials

5. Segment performance

6. Thought leadership 7. Corporate social responsibility

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Resilient performance amidst macro-economic uncertainty

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7.9%
H1 2025
5.7%
Q2 2025
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• Crisil Ratings continues to strengthen its leadership in corporate bond ratings driven by investor preference for best-in-class ratings

• Global Analytics Centre (GAC) saw growth driven by new engagements from S&P Global

• Research, Analytics and Solutions segment showed resilience amid curtailed discretionary spending by global clients. The business saw momentum and wins on the buy-side, data analytics, credit and risk solutions, and benchmarking offerings

Income from operations

• Continued strategic investments in technology and talent

• Interim dividend of ₹9 per share declared in Q2 2025

• Key highlights of franchise activities during the quarter:

12.1% H1 2025

8.2% Q2 2025

• Crisil Ratings hosted 3[rd] Annual Infrastructure Summit titled, ‘Transition, Transform, Transcend’ focusing on three sectors - real estate, renewable energy and roads

• Crisil Integral IQ hosted a roundtable in New York on ‘Reimagining Private Markets and Asset Servicing’ and participated in various panel discussions in USA & Europe

• Published insights on private equity, debt markets, US investors, risk models, neo banks, regional & community banks, ESG, middle office transformation, equities, fixed income, CIB pre-earnings, asset management trends, commercial lending, and digital banking in the Middle East

Profit before tax (PBT)

• Crisil Foundation expanded its outreach over 4.5 lakh+ marginalised community members through its cadre of Sakhis in Assam and Rajasthan under the flagship ‘Mein Pragati’ programme

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Agenda

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1. Crisil overview

2. Business environment

3. Performance update

4. Financials

5. Segment performance 6. Thought leadership 7. Corporate social responsibility

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Financial performance for H1 and Q2 2025

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Income from operations Profit before tax (PBT)
+7.9% +12.1%
₹ crore ₹ crore
1,535.0 1,656.2 403.5 452.2
H1 2024 H1 2025 H1 2024 H1 2025
+5.7% +8.2%
797.4 843.0 208.0 225.0
Q2 2024 Q2 2025 Q2 2024 Q2 2025
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Profit after tax (PAT)

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+15.1%
₹ crore
331.4
287.8
H1 2024 H1 2025
+14.3%
171.6
150.1
Q2 2024 Q2 2025
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Numbers rounded off

• Interim dividend of Rs. 9 per share declared in Q2 FY25 vs. Rs. 8 per share in the same quarter last year

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Agenda

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1. Crisil overview

2. Business environment

3. Performance update

4. Financials

5.[Segment performance – Ratings ] Services

6. Thought leadership

7. Corporate social responsibility

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Bond issuances rebounded in Q2 2025 albeit on a low base driven by few large issuances; Bank credit continues to witness growth moderation

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Bond issuance quantum (Rs. billion)
+28.6%
6,511
+62.5%
5,064
3,461
2,130
H1 2024 H1 2025 Q2 2024 Q2 2025
No of
~730 ~680 ~420 ~360
Issuers
Source: Prime Database, RBI
Data may get revised by Prime Database
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25.0% Bank Credit growth (%)
20.0%
15.0%
11.1%
10.0%
9.0%
7.0%
5.0%
0.0%
Credit Growth Wholesale Credit Growth Retail Credit Growth
© 2025 CRISIL Ltd. All rights reserved.
Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24 Jun-24 Aug-24 Oct-24 Dec-24 Feb-25 Apr-25 May-25
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Ratings Services performance highlights

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Financials

Particulars (Rs crore)	H1 2024	H1 2025	Growth
Income from operations	414.7	518.6	25.1%
Segment profit	187.8	235.4	25.4%
Margin	45.3%	45.4%

Particulars (Rs crore)	Q2 2024	Q2 2025	Growth
Income from operations	212.5	250.7	18.0%
Segment profit	86.5	102.6	18.6%
Margin	40.7%	40.9%

Note: Numbers rounded off

Business update

• Crisil Ratings continues to strengthen its leadership in corporate bond ratings while driving growth in bank loan ratings. Revenue of Crisil Ratings grew 15.7% on-year in Q2 2025

• Global Analytics Centre (GAC) saw growth driven by new engagements from S&P Global

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Agenda

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1. Crisil overview

2. Business environment

3. Performance update

4. Financials

5.[Segment performance – Research, ] Analytics and Solutions

6. Thought leadership

7. Corporate social responsibility

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Profitability focus of global banks leading to measured stance on discretionary spends

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CIB revenue pools [(1)] ($ billion) CIB return on equity [(2)] (%)
+3% 20%
700
30 bps
lower
600
15%
500
400
10%
300
200
5%
100
0 0%
FY19 FY20 FY21 FY22 FY23 FY24 FY25F FY19 FY20 FY21 FY22 FY23 FY24 FY25F
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(1) Revenue pools analysis includes revenues from all Institutional Clients and Corporates with annual sales turnover > $ 1.5bn

(2) RoE calculated based on Coalition Index Universe; RoE Index numbers include Credit Suisse until 2020 and have been replaced with Wells Fargo from 2021 onwards Source: Coalition Greenwich Competitor Analytics; Coalition Greenwich Proprietary data

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Domestic asset flows, low NPAs augur well for Indian financials

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Indian banking sector gross NPAs (%) India mutual funds AUM
8.4 7,315
₹ ‘000 crore
6,869 6,831
7.5
5.9
4,993
4,085
3,864
3.9
2.7
2.3
2.1-2.2
FY20 FY21 FY22 FY23 FY24 FY25 FY26F 2021 2022 2023 2024 Q1 2025 Q2 2025
Source: Crisil Intelligence Average AUM for the Quarter; Source: AMFI
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Research, Analytics & Solutions performance highlights

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Financials

Particulars(Rs crore)	H1 2024	H1 2025	Growth
Income from operations	1120.4	1137.6	1.5%
Segment profit	209.2	219.3	4.9%
Margin	18.7%	19.3%

Particulars(Rs crore)	Q2 2024	Q2 2025	Growth
Income from operations	584.9	592.3	1.3%
Segment profit	122.3	118.8	-2.9%
Margin	20.9%	20.1%

Note: Numbers rounded off

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Business update

• Crisil Integral IQ showed resilience amid curtailed discretionary spending by global clients. The business saw momentum and wins on the buy-side and in risk solutions

• Crisil Coalition Greenwich continues to focus on deepening client engagement and developing new benchmarking solutions

• Both the global businesses added new logos during the quarter

• Crisil Intelligence saw traction in data analytics, consulting, credit and risk solutions

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Agenda

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1. Crisil overview

2. Business environment

3. Performance update

4. Financials

5. Segment performance

6. Thought leadership 7. Corporate social responsibility

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Thought leadership

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Crisil Ratings hosted 3rd Edition of Crisil
Ratings Annual Infrastructure Summit Crisil Ratings Roundup
Crisil Integral IQ moderated a roundtable
Participated in the CII Corporate Governance Summit at Private Equity New York Forum
Crisil Integral IQ moderated a panel Crisil Integral IQ participated in the panel
discussion at IACPM Vienna discussion at S&P Global Interact 2025
Mint
Times of India
© 2025 CRISIL Ltd. All rights reserved.
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Agenda

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1. Crisil overview

2. Business environment

3. Performance update

4. Financials

5. Segment performance

6. Thought leadership

7. Corporate social responsibility

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Driving positive social impact through CSR and volunteering initiatives

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Financial capability building of marginalised communities

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• Through Mein Pragati, over 4.5 lakh community individuals reached out through trained Sakhi cadre in Assam and Rajasthan

• As part of RBI’s scale-up of the CFL project, 669 centres continue to be operational, reaching out to over 20 lakh community individuals across 13 states and 4 UTs.

Promoting environment conservation and social consciousness among employees

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As part of Crisil RE, plantation of 71,000 saplings initiated/ sanctioned.

As part of the World Environment Day, #PensOfPromise , a volunteering campaign organised during June.

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• 1,700+ hand-made paper pens crafted by Crisilites across India locations to help create awareness

• around sustainability as well as engage with

• underprivileged school children.

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About Crisil

Crisil is a global, insights-driven analytics company. Our extraordinary domain expertise and analytical rigour help clients make mission-critical decisions with confidence.

Large and highly respected firms partner with us for the most reliable opinions on risk in India, and for uncovering powerful insights and turning risks into opportunities globally. We are integral to multiplying their opportunities and success.

Headquartered in India, Crisil is majority owned by S&P Global.

Founded in 1987 as India’s first credit rating agency, our expertise today extends across businesses: Crisil Ratings, Crisil Intelligence, Crisil Coalition Greenwich and Crisil Integral IQ.

Crisil’s global workforce operates in the Americas, Asia-Pacific, Europe, Australia and the Middle East, setting the standards by which industries are measured.

For more information, visit Crisil.com

Connect with us: LinkedIn | Twitter

Crisil Privacy

Crisil respects your privacy. We may use your personal information, such as your name, location, contact number and email id to fulfil your request, service your account and to provide you with additional information from Crisil. For further information on Crisil’s privacy policy please visit https://www.crisil.com/content/crisilcom/en/home/crisil-privacy-notice.html.

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