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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
ICRA
ICRA (ICRA) investor relations material
ICRA Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 26/27 earnings summary4 Nov, 2026
Executive summary
Q2 consolidated operating revenue was ₹17,785.64 lakh and PAT was ₹5,243.53 lakh; H1 revenue was ₹34,122.24 lakh and PAT was ₹10,989.41 lakh.
Revenue grew 30.2% YoY in Q2 and 30.7% in H1, driven by Ratings growth and Fintellix-led Risk & Analytics expansion.
Strategic priorities include growing Ratings and R&A, diversifying revenue, developing people and technology, and selective inorganic growth; R&A is positioned as an intelligence-as-a-service provider.
Financial highlights
Q2 consolidated revenue was ₹17,785.64 lakh versus ₹13,660 lakh; H1 revenue was ₹34,122.24 lakh versus ₹26,110 lakh.
Consolidated Q2 PAT was ₹5,243.53 lakh; H1 PAT was ₹10,989.41 lakh. Acquisition-related depreciation and amortisation partly offset H1 profit growth.
Consolidated basic EPS was ₹54.20 for Q2 and ₹112.56 for H1; diluted EPS was ₹54.07 and ₹112.34, respectively.
Ratings revenue grew 15.2% in H1 FY2027; management cited credit growth and activity in target segments.
Outlook and guidance
Management expects bank credit growth to remain buoyant in H2; R&A performance is expected to improve seasonally, with BankTech renewals concentrated in Q1.
Ratings margin expansion remains possible if double-digit revenue growth continues; technology investment is largely complete.
FY2027 real GDP growth is projected at 7.1%, with downside risks; CPI inflation is estimated at 5.2% and WPI inflation at 9.0%.
FY2027 securitisation volumes are forecast at ₹2.6–2.7 lakh crore; bond issuance is expected to remain volatile amid elevated yields and macro uncertainty.
No specific acquisition profitability timetable or revenue guidance was provided; RBI clarification remains pending on Basel III risk-weight calculations effective 1 April 2027.
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Latest events from ICRA
- Ratings growth lifted standalone PAT 65%, while FX and expansion costs pressured subsidiaries.ICRA
Q4 07/08 - Rating volumes and structured finance expanded, but higher costs and lower other income cut PAT.ICRAQ4 04/05
- Profit rose 56% as financial-sector ratings gained ground and consulting operations were spun off.ICRAQ4 05/06
- Consolidated FY07 profit rose as ratings and subsidiary businesses expanded.ICRAQ4 06/07
- Basel II ratings drove profit growth despite market stress and investment losses.ICRAQ4 08/09
- Profit rose 38% as ratings expanded, despite weakness in structured finance.ICRAQ4 09/10
- Operating revenue rose, but PAT fell as costs surged and investment income normalized.ICRAQ4 10/11
- Standalone profit rose; group revenue grew 21% as ratings remained the core business.ICRAQ4 12/13
- Bank-loan rating growth lifted FY12 results despite weak investment and credit markets.ICRAQ4 11/12
Next ICRA earnings date
Q3 26/2729 Jan, 2027
ICRA
Next ICRA earnings date
Q3 26/2729 Jan, 2027
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