ICRA Limited — Earnings Release 2026

Oct 28, 2025

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ICRA
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ICRA Limited

October 28, 2025

BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400001, India Scrip Code: 532835

National Stock Exchange of India Limited Exchange Plaza, Plot no. C/1, G Block Bandra-Kurla Complex Bandra (East) Mumbai - 400051, India Symbol: ICRA

Dear Sir/Madam,

Sub: - Press release on the Unaudited Financial Results

Pursuant to the applicable regulations of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"), please find enclosed a press release on the Unaudited Financial Results (Standalone and Consolidated) of ICRA Limited for the second quarter and half year ended September 30, 2025.

Kindly take the above on record.

Regards,

Sincerely,

SYED Digitally signed by SYED SHAKEB SHAKEB RAHMAN RAHMAN Date: 2025.10.28 19:21:41 +05'30'

(S. Shakeb Rahman) Company Secretary & Compliance Officer

Encl.: As above

Building No. 8, 2 [nd ] Floor, Tower A DLF Cyber City, Phase II

Gurugram - 122002, Haryana

Tel. : +91.124.4545300 CIN : L74999DL 1991 PLC042749

Website : www.icra.in Email : info@icraindia.com Helpdesk: +91.9354738909

Registered Office : B - 71 o, Statesman House, 148, Barakhamba Road, New Delhi - 110001. Tel. : +91.11.23357940-41 RATING • RESEARCH • INFORMATION

INFORMATION 133665

'ICRA

Q2 FY2026 RESULTS PRESS RELEASE

October 28[th] , 2025

Revenue from operations Q2 FY2026 up by 8.3%; Hl FY2026 up by 8.4% Profit after tax (PAT) Q2 FY2026 up by 29.4%; Hl FY2026 up by 24.4%

Mumbai: ICRA Limited announced its results for the second quarter and half year ended September 30, 2025, on October 28[th] , 2025.

Consolidated revenue from operations increased 8.3% to" 136.6 crore for the second quarter ended September 2025, compared to "126.1 crore in the corresponding quarter of the previous year. The PAT increased 29.4% to ai:: 48.0 crore from "37.1 crore in the corresponding quarter of the previous year.

Consolidated revenue from operations increased 8.4% to " 261.1 crore for the half year ended September 2025, compared to ai:: 240.9 crore in the corresponding previous year. The PAT for the half year ended September 2025 increased 24.4% to" 90.8 crore from ai:: 73.0 crore in the corresponding previous year.

Commenting on the results, Mr. Ramnath Krishnan, MD & Group CEO, ICRA Limited, said: "ICRA's solid financial performance in this quarter was driven by strong growth in our Ratings segment, reflecting the consistent quality and credibility of our ratings, alongside robust momentum in our Research & Analytics segment, led by marquee client wins and expanded offerings.

The acquisition of Fintellix marks a pivotal step in our ambition to lead in risk analytics, enabling our clients to anticipate and address risks effectively. By combining ICRA's domain expertise with Fintellix's product innovation, we are uniquely positioned to help clients navigate the fast-evolving regulatory landscape and deliver enhanced value across markets."

In Q2 FY2026, ICRA reinforced its commitment to market engagement and sectoral research through a series of high-impact initiatives. ICRA hosted two flagship outreach events, one in Delhi in August, spotlighting the Renewable Energy and Infrastructure sectors, and another in Mumbai in September, focused on the NBFC sector. ICRA was also the knowledge partner in the Annual Infrastructure Conclave 2025 organized by NaBFID, wherein our report was unveiled by leading financial sector regulators. Over the quarter, ICRA executed a total of 16 market outreach engagements and conducted 6 webinars tailored for market participants, addressing key sectoral developments.

ICRA further continued its commitment to the research vertical by publishing an impressive total of 145 research reports. These reports spanned across 60 sectors and included both thematic analyses and regular quarterly updates, showcasing ICRA's comprehensive approach to market insights.

ICRA projects India's GDP growth to reach 6.5% in FY2026, supported by potential upsides from the anticipated finalisation of the India-US trade agreement and a stronger-than-expected festive season performance, driven by recent GST rate adjustments.

Rating & ancillarserices revenue fr the quarter up by 13.0; HaH-year up by 13.6%

After a strong growth in Ql FY2026, Bond issuances de-grew 10.9% in Q2 FY2026 due to a rise in bond yields as the rate cut cycle nears its end and the likelihood of further rate cuts got pushed away. Specifically, bond issuances from Banks and NBFCs de-grew sharply as their own growth got moderated - Banks had a calibrated growth amid pressure on interest margins and NBFCs had asset quality concerns in certain segments. Bank credit growth was lower at 10.4% in September 2025 year-on-year compared with 12.9% in September 2024 year-on-year. However, in Q2 FY2026, bank lending has improved as large borrowers preferred to avail bank funding compared to market borrowing in anticipation of future rate cuts. Commercial Paper outstanding maintained the elevated level seen in the last four quarters, supported by steep yield curve with favorable short-term interest rate and working capital demand from securities broking firms. Securitisation grew supported by the vehicle and home loan segments from NBFCs even as pool sales from banks slowed down.

Research & Analycs revenue for the quarter up by 2.1%; Half-lear up by 1.8%

The Research & Analytics segment growth is supported by new client wins and expanded offerings. Security valuation extended beyond AMCs, while newly launched Risk Management solutions gained solid traction. The Knowledge Services vertical recorded broad-based growth, though the residual impact of the ESG project discontinuation moderated the overall performance.

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www.icra.in

ICRA

About ICRA Limited:

ICRA Limited is leading credit rating agency in India, and along with its subsidiaries is a preferred partner in providing best in class and independent research and analytics solutions. ICRA is a Public Limited Campany, with its shares listed an the Bombay Stock Exchange and the ional Stock Exchange. The International Credit Rating Agency Moody's Investors Service is ICRA's largest shareholder

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Managing Director & Group CEO

For further information, please contact:

Venkatesh Viswanathan

Group Chief Financial Officer

Naznin Prodhani Head Group Media &

Communications

Email: naznin.prodhani@icraindia.com Tel: + (91124) 4545300

© 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 any warranty of any kind, and ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. Also, ICRA or any of its group companies, while publishing or otherwise disseminating other reports may have presented data, analyses and/or opinions that may be inconsistent with the data, analyses and/or opinions presented in this publication. All information contained herein must be construed solely as statements of opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication or its contents.

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www.icra.in