ICRA

ICRA reported a strong Q4 FY26 with consolidated revenue growth of 28.4% YoYCurrent reported value: 28.4% YoY. No comparable prior figure is available in the source record., driven by the research & analytics segment (+56.8%Current 56.8%. Reported change: +56.8% YoY. YoY) from the Fintelix acquisition and sustained demand for risk/compliance solutions. The ratings business grew 10.6% YoYCurrent 10.6% YoY. Reported change: +10.6% YoY., supported by steady credit activity. For FY26, revenue grew 20.4% YoYCurrent 20.4% YoY. Reported change: +20.4% YoY. and PBT (pre-exceptional) rose 10%. Management highlighted a shift in R&A business mix toward product-led offerings (banktech, captech) with structurally different margin profiles, leading to some segment margin moderation. Guidance is cautious: near-term bond market activity may be subdued due to geopolitical tensions and rising yields, but bank credit growth is expected to support ratings. The knowledge services business faces muted growth from automation and insourcing by parent Moody's. A key risk is the potential for prolonged elevated energy prices and weak monsoon to weigh on GDP growth and credit demand. Capital allocation remains a focus, with a special dividend of ₹105/share recommended.