Interim report
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ICRA Insights that empower October 29, 2026 BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001, India Scrip Code: 532835 Dear Sir/Madam, National Stock Exchange of India Limited Exchange Plaza, Plot no. C/1, G Block Bandra-Kurla Complex Bandra (East) Mumbai - 400 05 I, India Symbol: ICRA Sub: - Outcome of the Board Meeting dated October 29, 2026; commenced at 3:30pm 1ST and concluded at 5:00pm IST Pursuant to Regulations 30, 33 and any other applicable regulations of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"), please find enclosed the Unaudited Financial Results (Standalone & Consolidated) ofICRA Limited (the "Company") for the second quarter and half year ended September 30, 2026, reviewed by the Audit Committee, and approved by the Board of Directors of the Company in its meeting held today. Please also find enclosed Limited Review Reports submitted by M/s. Deloitte Haskins & Sells, Chartered Accountants, (Firm Registration No. 117365W), the Statutory Auditors of the Company. The above information shall also be made available on the Company's website https://www.icra.in/ Kindly take the above on record. Regards, Sincerely, (S. Shakeb Rahman) Company Secretary & Compliance Officer Encl.: As above ICRA Limited Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001. Tel. +91-ll-23357940-41 3rd & 4th Floor, Electric Mansion, Appasaheb Marathe Marg, Prabhadevi, Mumbai-400025 ® www.icra.in � info@icraindia.com c{;b +91-93547-38909 � 022-61693300 CIN: L74999DLJ991PLC042749 000034
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Deloitte Haskins & Sells Chartered Accountants 19th Floor, Shapath - V S G Highway Ahmedabad - 380 015 Gujarat, India Tel: +91 79 6682 7300 Fax: +91 79 6682 7400 INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF ICRA LIMITED 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of ICRA LIMITED (the "Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as the "Group") for the quarter and six months ended September 30, 2026 (the "Statement") being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). 2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements ("SRE") 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India ("ICAI"). A review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. The Statement includes the results of the following entities: Sr. No. Name of the Entitv Parent Company 1 ICRA Limited Subsidiaries / Step Down Subsidiaries 1 ICRA Analvtics Limited 2 ICRA ESG Ratinqs Limited 3 D2K Technoloqies India Private Limited 4 ICRA Employees Welfare Trust 5 ICRA Neoal Limited 6 ICRA Lanka Limited 7 Fintellix India Private Limited 8 Fintellix South Africa Proorietary Ltd 9 Fintellix US LLC Page 1 of 2
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Deloitte Haskins & Sells 5. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disciosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. The consolidated unaudited financial results includes the financial results of 6 subsidiaries which have not been reviewed by us or their auditors, whose financial results reflect total assets of Rs. 4,835.21 lakhs as at September 30, 2026, total revenue of Rs. 276.61 lakhs and Rs. 545.57 lakhs for the quarter and six months ended September 30, 2026 respectively, total profit after tax (net) of Rs. 134.02 lakhs and Rs. 172.15 lakhs for the quarter and six months ended September 30, 2026 respectively, total comprehensive income (net) of Rs. 143.38 lakhs and Rs. 194.36 lakhs for the quarter and six months ended September 30, 2026 respectively and net cash flows (net inflows) of Rs. 108.00 lakhs for the six months ended September 30, 2026, as considered in the Statement. According to the information and explanations given to us by the Management, these financial results are not material to the Group. Our conclusion on the Statement is not modified in respect of our reliance on the financial results of the aforesaid subsidiaries certified by the Management. Place: Mumbai Date: October 29, 2026 For Deloitte Haskins & Sells Chartered Accountants (Firm's Registration No. 117365W) Jayesh Parmar Partner (Membership No. 106388) umN:26 Jo63s s �xvY1'r.117g Page 2 of 2
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ICR Insights that empower ICRA Limited Corporate Identity Number(CIN): L74999DL1991PLC042749 Registered Office: B-710, Statesman House, 148,Barakbamba Road,New Delbi-110001 Telephone No.:+91-11-23357940 Website: l't'Wl\·.icra.in, Email ID: imrestors@k:raindia.com 'OF ..... • -'! -..,n.u TIU.' n■!.:\RTC.R AND SIX I\IONTIIS l.:NOli'n .s°r.n------ -~ ,,.,.(i R in lakh" .,,ce I 1hare dal ner •hare data and -here otherwio. Uaterl� Quarter ended Quarter ended Quarter mded Six months t:nded Six months ended S.No. Particulars 30-Ser>-2026 30-Ju•2026 30-Se•,-202S 30-Seu-2026 30-5<•1-2025 Unaudited Unaudited Unaudited Unaudited Unaudited I Re\·enue from operations 17,785.64 16,336.60 13,657.87 34,122.24 26.106.74 ll Other income {Refer Note 4) l 739.14 2.762.72 2,090.77 4 501.86 4.526.96 Ill Total income (l+11) 19.!-24.78 194199.32 15,748.64 38 1124.10 30.i.33.70 E:1penses IV Employee benefit expenses 8,935.43 8,726.10 7,249.16 17,661.53 14,220.62 V Finao;e costs 39.39 44.63 86.55 84.02 251.27 VJ Depreciation and amortization expense 1,077.12 1,054.48 420.54 2,131.60 829.75 VII Otter expenses 2 274.27 2,101.23 I 555.58 43 75.50 3,058.44 vm Total npenses {IV to VII) 12.326.21 11 926.44 9111.83 24.!52.65 18..J60.08 IX Profit before exceptional items and tax (III-VIII) 7.198.57 71 72.88 6A'l6,8] 14.171.45 12 273.62 X Eneptional items Ore tim:: impact of New Labour Codes . Gain on sale of property, plant and equipment (438.66) (438.66) XI Profit before tu (IX-X) 7 198.57 7.611.54 6.436.81 14.ll]0.11 12.173.62 Tai:expeose: Current tax 2,059.73 1,678.02 1,356.40 3,737.75 2,575.77 Deferred tax U04.69l 287.64 278.17 182.95 619.79 XII Total ta:1 expense 1.955.04 ].965.66 1.634.57 3.920.70 3,195.56 XIII Profit after tax (XI-XII) 5143.53 5,045.88 i.iio2.24 10 ° 89.41 9 078.06 Othu comprehensin income A (i) Items that will rot be reclassified to profit or loss 24.41 (12.15) 5.34 12.26 (44.98) (ii) Income tax relating to items that will not be reclassified to profit or loss 0.44 (0,69) (2.05) (0.25) 10.74 B (i) Items that will be reclassified to profit or loss 9.36 12.85 2.30 22.21 1.71 (ii) Income tax relating to items that will be reclassified to profit or loss XIV Total other compreheosive income/ (loss), net of income tax (A+B) 34.21 0.01 •.<9 34,22 IJ253 xv Total comprehensive income for the period (XIIJ+XIV) si11.1• 5.645.89 4 '"7.83 ffi �23 63 9 f\45_4,J: XVI Profit attributable to: (a) Owners of the oompan:i,· 5,216.97 5,616.16 4,780.77 10,833.13 9.024.70 (b) Non-controlling interests 26.56 29.72 21.47 56.28 53.36 � ..... ,5� ' . .,, ··- 0 "Sl:n 9 ll7Mtf& XVII Other oomprehensin income/ (loss) attributable to: (a) Owners of the company 34.21 0.01 5.59 34.22 (32.53) (b) Non-controlling interests . . . ,. " "" ��9 3 .22 'u --· XVIII Total comprehensi,.·e income attributable to: (a) Owners of the company 5,251.18 5,616.17 4,786.36 10,867.35 8,992.17 (b) Non-controlling interests 26.56 29.72 21.47 56.28 53.36 :11177 7..I 5.::�ss9 4 11n7.83 -;;; '!'3.63 9 04�.53 XIX Paid-up equity sban capi1al 965.12 965.12 965.12 965.12 965.12 {Face value: i 10 per share) xx Other equity XXI Earnings per equit�· shart (t) (not annualized) (Face value of� 10 per share): Basic 54.20 58,36 49.68 112.56 93.79 Diluled 54.07 58.27 49.57 112.34 93.62 Year ended 31-Mar-2026 Audited 59,951.01 75 02.17 67,,53.18 31.011.53 442,63 2,826.00 7.436.66 41 716.82 25 736.36 691.83 251144,53 6,416.75 374.56 6.791.31 18-153.22 (40.19) 9.35 22.73 18.IH 18-'45.11 18,151.55 101.67 ,...,5� .,., (8.11) 8:JI\ 18,143.44 101.67 8-"45.11 965,12 I.17.109.04 188.63 188.32
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ICR Insights that empower ICRALlmlt<d Corporate Identity Number (ClN): L74999DLt991PLC042749 Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delbi-lJOOOl Tdephonr No.:+91-11-233579-lO Website: w,n,·.icra.in, Email ID: ionston�icraindia.com Consolidated StatC'ment of Ands and Liabilitic, a, at September 30, 2026 is gin:n below: S. No. Par1iculan: A ASSHS I Noo-curreo.t assets <•) Propert)·, plant and equipment (b) Risht-of-use assets (c) Capital woJk-in-progress (d) Goodwill (e) Otrer intangible assets (f) Intangible assets under development (g) Fimncial assets (i) Investments (ii) Loans (iii) Other financial assets (h) Defened tax assets (ret) (;) Non-current tax assets {net) 0) Other non-current assets Total ooo-currtnt assets 2 Cun-enl a.utts (a) Financial assets (i) lnvestmerts (ii) Trade recetrnbles (iii) Cash ard cash equin1lents (I\·) Bari;: ba1ances other than (iii) above (v) Loans (vi) Other financial assets (b) Cwrent tax assets (net) (c) Other current assets Total current assets Total assets B EQUITY AND LIABILITIES I Equit�· (a) Equity share capital (b) Other equity Equity attnDUtable to equit�· shntholders oftbe Compaay Non-conlrolling interests Tolal�quity LitbiUtie! 2 No11-currcot liabilities (a) Fina�ial liabilities (i) Borrowings (ii) Lea.5e liabilities (iii) Other financial liabilities (b) Provisions (c) Deferred ta,: liabilities (rel) Total non-current liabiliHes 3 Current liabilities (a) Fimocialliabilities (i)Borroy,ings (ii) Lease liabilities (iu) Trade payables (A) Total outslaOOing du es ofrnk:ro and small eruerprises (8) TotaJ outs landing dues of credi1ors other than micro and small en1erprises (iv) Other financial liabilities (b) Other cum:nt liabilities (c) Provisions (d) Current lax liabilities (net) ToUII current liabilities Total liabilities Total eauih" and liabilities If ffl �L-lut Asa .... JO-Sto--26 Jl-Ma.r-26 Unaudilffl Audited 2.900.63 2,970.48 1,225.24 L,621.38 106.59 16,565.05 16,590.38 8,959.52 10,098.57 389.69 223.06 271.34 250.61 0.36 0.63 1,070.23 19,851.64 438.40 531.94 f406.68 3,499.64 95.87 103.23 34-'29.60 5S 741.56 76,874.57 72,699.63 10,031.85 7,841.01 2,987.34 2,971.68 2,269.75 1,277.05 0.53 0.51 20,695.60 5.056.42 288.60 206.78 2.714.74 2,815.18 ].]5Jki2.98 92J168,26 ]_<4).292.58 1.48,609,82 965.12 965.12 l 18.063.26 1.17.109.04 1,19,028.38 1,18,074.16 495.83 439.55 l.19S24.1I J 18.Sl3.7J 25.08 37.58 841.44 1,010.51 638.88 368.40 1,102.20 1,058.09 3.277.52 3 187.97 5 N�5.12 5.662,55 25.00 25.00 539.53 767.03 I0�.27 48.29 1,201.01 1.332.81 3.891.14 10,188.13 lS.271.51 11,147.76 558.14 401.76 292.55 522.18 2-1.#83.25 14A33,56 30.768,37 30Jl96.11 1 �.292.58 Ull.609.82
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ICR Insights that empower ICRA Limited Corpora tie Identity Number (CTN): L74999DL1991PLC042749 Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi-110001 Tieliepbo� No.:+91-11-23357940 Website: ,n.,w.icra.in, Email ID: im:estors@icraindia.com Consolidated Statement of Cash Flows for the six months ended September 30, 2026: S. No. Particulars A. Cub flow from operating activities Profit before ta-.; Adjustments for: Depreciation and amortization ex-pense Loss allowance (including bad debts/ advances wrillen off) Interest cost on deferred consideration Change in fair value of deferred conside1<1.tion lnterest expense on financial Liabilities measured at amortized cost Interest on lease liabilities Umealized foreign exchange loss/ (gain) (net) Share-based payment expense Interest income on fixed deposit Interest income on security deposit carried at amortized cost Interest Income on IT refund Gain on financiaJ assets carried at fair value through profit and loss ('FVTPL') (net) Gain on sale of finaocial assets carried at FVTPL (net} Advances received from customers written back Reversal of loss allowance (Profit)/ loss on sale of property, plant and equipment (net) Bad debts recovered Operating cash flo�, before changes in opeuting assets and liabilities Adjunments for changes in operating assets and liabilities (Increase)/ decrease in trade receivables (Increase)/ decrease in loans (Increase)/ decrease in other financial assets (Increase)/ decrease in other assets Increase/ (decrease) in trade payables Increase/ (decrease) in other financial liabilities Increase/ (decrease) in other liabilities Increase/ (decrease) in provisions Cash generated from operations before tas Income taxes paid net of refund Net cash �enerated from operatin� actMties (A) B. Cash flow from in\·esting activities Acquisition of property, plant and equipment ard inlangible assets Proceeds from sale of property, plant and e.quipment and intangible assets Proceeds from redemption,' disposal of mutual funds Investment in mutual furds Investment in debentures Investment in fixed deposit Proceeds from red.emption/ disposal of fixed deposit Interest received on fixed deposit Purchase consideration towards acquisition Net cash generated from I (used in) investing acli\·ities (B) C. Cash now from financing actMties Payment of lease liabilities Jnterest paid on lease liabilities Repa:�menl of borrol'.ings Interest paid on financiaJ liabilities measw-ed al amortized cosl Dividend paid Net cash used in rmancing actn-ities (C) Net increase/ (decrease) in cash and cash �quinlents (A+B+C) Add: Exchange difference on translation of foreign currency Add: Cash and cashe.quh-·alents at the beginning of the year Cash and cash equinlents at the end of the period (a+h+c) Components of cash and cash equivalents at the end of the period: Balances vt'ith ban� (a) In current accounts In EEFC accoWlts In deposit accounts (with original maturity of three months or less) Cash on hand (b) Cash and cash equin�nts (a+b) O1:erdraft racilit� from banks Id Cash and cash rauil-·alcnts at the end or the neriod !1+b+cl ff III lal.h, Six months ended Si:a: months ended 30-Sep-2026 30-Sep-2025 Unaud_."" Unaudited 14.8IO.II 12.273.62 2,131.60 829.75 14.94 74.70 184.04 (676.33) (384.55) 3.13 12.66 80.89 55.75 25.71 (11.56) 192.71 189.28 (798.67) (938.63) (47.31) (35.03) (194.47) (2,245.19) (2.786.25) (472.45) (314.27) (44.35) (36.22) (18.20) (425.73) (l .78) •8.08• U0.13 12,346.51 9,083.18 (2,224.24) (1.984.03) 0.25 0.25 279.25 (16.16) 107.80 584.30 (75.82) 101.50 (2,062.12) (1.807.33) 7,168.10 4,744.25 212.85 212.59 15,752.58 10,918.55 12 761.77 (3 118.70) ]2.990.81 7 799.85 (858.87) °<492.73) 476.90 2.74 27,841.73 14,083.16 (29,319.73) (24,700.01) (137.95) (906.64) (765.00) 3.280.56 6,964.27 377.43 676.68 '3.263.341 •2 '71.96' t4 uv.s4\ (402.54) (217.40) (80.89) (55.75) (12.50) (14.51) (3.13) (12.66) ll0.106.361 t5.772.401 'IO , .... 5.42' •6.072.W 13.43 (2,641.71) 2.23 0.02 29 71.68 3.485.93 29 87.34 844.24 2.907.63 1.(,09.69 79.56 2.97 0.15 0.70 Z,981.34 1,013.36 1169.121 Z..981.34 844.24
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ICR Insights that empower JCRA Limited Corpontt ldftltity Number (ON): L74999DL199l PLC<M2749 Ret!stered Office: B-710, StattSmau House, us. Bankh.amba Road, NC1\· Ddbt-110001 Tt�pboM No.:-+91-11-233579-10 Wc-b,ite: ,..,,fw.icra.in, Email ID: imiestors�icrai.ndi.a.com Segment information The Chief Operating Dec:ision Maker (CODM) of the Group has determined the following reporting segments basis re\.·iew of performance and resource allocation: (a) 'Ratings & ancillary services' iocludes credit ratings and ESG rating5. (b) •Risk & Ana1yticsft (formerly known as Research & Analytics') includes research, data anal�1ics and risk solutions. " ... ,_,, .., Quarter ended Quarter ended Quarter ended Si.I months ended Sb months ended Yeareoded S. No. 30-Sep-2026 30-Jun-2026 30-S.i>-2025 30-Seu-2026 30.s,,�2025 31-Mar-2026 Unaudited Unaudittd Unaudited Unaudited Unaudited Audited (i) Srgment rennue: (a) Rati1tg.S & a�illary services 9,867.03 8,379.44 8,412.30 18,246.47 15,837.07 33,645.30 (b) Risk & Ana1)1ics 80 47.17 8.056.08 5.288.32 16.103.25 10 .364.01 26 581.21 Total �t rn·enue 17,914.20 16,435.52 13,700.62 34,349.72 26,201.08 60,226.51 L:ss: In1cr--segmen1 IC\'enue (128.561 l98.92J 142.75) 227.481 •94J4J 1275.50) Total ttl'enue ]7.785.64 16..136.60 J3.lt57.87 3412 2.2-t 26 106.74 59 951.01 (ii) �gmtnl resuhs: (a) Ratings & ancillary services 4,029.91 2,898.00 2,944.46 6,927.91 5,246.75 12,640.13 {b) Risk&. AnaJytics l.4 69.56 l. 558.18 I 525.53 3 021.74 l 014.51 6.446.89 Total segmflll results ht-fore exceptional items S,499A7 4,456.18 4,469.99 9,955.65 8,261.16 19,087.02 Eneption.al items (a) Ratings & ancilla,y sm•ices 438.66 - 438.66 (221.63) (b) Risk & Anal�1ics '470.201 438.66 438,66 (691.83) (a) Ralings & ancillary services 4,029.91 3,336.66 2.944.46 7,366.57 5,246.75 12,418.50 (b) Risk & Ana1;1ics 1.469.56 l.558.18 1,525.53 30 27.74 3 014.51 5 976.69 Total segment results after exceptional items 5,499.47 4,894.84 4,469.99 10,394.31 8,261.26 18,395.19 Less: Finao::e costs (39.39) (44.63) (86.55) (84.02) (251.27) (442.63) Add: Unallocable income net ofimallocable expenses I.738.49 2.761.33 2.053.37 4 499.82 4 263.63 7,091.97 Profit befo.-e tn 7.198.57 7 611,54 6 436 8) 14.JfJ0.1) ll..!73,62 15.DU.53 (iii) Stgmto1 assets: (a) Ratings & ancillary se,vices 9.219.18 13.611.26 11,304.47 9,219.18 11,304.47 11.196.92 (b) Risk & Analytics 35,665.79 36,483.53 9.986.69 35,665.79 9,986.69 37,139.84 (c) Unallocable 1.05.407.61 1.08.944.39 1.)5.140.57 I.OS 407.61 J 15.)40.57 J.00.273.06 Total s�ent assets 1 SO ?92..'i8 1 !i9..()J9.t8 1..!6,'31.73 1 so.i,2.ss 1 \/;..J(t173 L4H Lhe,lll (iv) Segmtnt liabililies: (a) Ratings & ancillary serYices 20.761.68 22,032.58 18,560.40 20,761.68 18,560.40 JS,561.90 (b) Risk & Ana!J1ics 6,118.77 5,621.58 2.483.93 6,118.77 2,483.93 6,226.54 (c) Unallocable 3,887.92 7 126.27 6.159.67 3 887.92 6.159.67 8 307.67 Tolal 1e�ent liahilitif.=s 30 768 37 34.780.43 2710400 30 768.37 27�M.OO 30JJ96.11 Notes to the ConsoUdated Unaudited Financial Results for the quar1tl' and sis monlhs coded September 30, 2026: I This statemc.-a. of consolidated unaudited finaocial results has been re\'iewed by the Audit Committee and approved by the Board of Directors at thejr respective meetings held on October 29. 2026, ' The consolidated unaudited financial results have been prepared in accord:m;;e with the applicable accounting standards. as notified under the Companies (Indian Accounting Standards) Rules.2015 and as specified in Section 133 of the Companies Act, 2013. 3 The statut.01)' auditors of the Company have carried out limilcd re\'iew of Ult consolidated financial results for the quaner and six momhs ended September 30, 2026, am tur.,e issued an unmodified conclusion thereon The review report of the slatutory audilors is being filed with lhe BSE and Na1ional Stock Exchange. For more details on consolidated financial results. visit 'lll\lestor Relations' section of our websile al �:ww.icra.in a:00 financial rcsullS under Corporates section of www.bscindia.com and \I.WW.�ndia.oom. ' During the quaner ended Juoe 30, 2026, the Group, through ilS "'holly ov.ned subsidiary, ICRA Analy1ics Umi1ed (•IAL*) executed an amended Share Purchase Agreemenl (the ·Agrumenf) for the acquisition of the remaining 40%stake in D2K Technok>gjes India Private Limited ("02K Tectmologies"') for a consideration of ?32.02 crore. Pursuan 10 the fmalil.alioo or lhe consideration as per the AgreemeJU, the JC lated Liability was remeasured ard a gain of ?6.76 crore was reoognimd under Other Income. Pos1 this acquisitioll IAL's sharerolding in 02K Technologies incRased from 60% to IOOo/4, making D2K Technologjes a wOOll)• owned subsidiary of IAL. As per the Agreement. the consKkratkm, m of the arm wit withheld in the escrow aocounl, was paid and the share transfer fonnalities were completed in July 2026. 5 During the cw-rent quarter, the Company completed the acquisition of the rcrna.ining l.2 5%equity share capital or Fimellix India Private Limited ("Fintellix"). upon completion of the requisite regulatory folll\llities and paymenl of the consideration of t3. J 7 crore. Pursuant thereto, Finlelli� became a wholly owned subsidiaty of the Company. 6 The di\'idend recommended by the Board of Directors for the financial year 2025.26 of t105 per equity share was approved by the shareholders at the thir1)••fiflh Annual General Meeting held on July 30, 2026 and was paid in Augusl 2026. 7 The consolidated financial results for the quarter and six months ended September 30, 2025 do not include the financial performance of Fintellix India Prh·ate Limited ("Finlellix"), which was acquired in October 2025. Accordingly, the current quarter aOO six•IOOnth period figures are not directJy comparable �ith the corresponding pcriom of the pmious year. 8 This statement of comolida1cd r�ults includes the results of the parenl company and the follo�ing subsidiaries/step do\\11 subsidiaries: Name of1be entities Country of Incorporation Chl'Dersbip in% either dirtetly or through subsidiaries ICRA Analytics Liltlltcd India 100¾ D2K Technologies India Private Limite.d {Ref a- Note 4) India l00% ICRA ESG RatinJ>.S Limited India 100% Fi1uellix India Pffi•ate Llmik.d• India IOOo/o Fintellix South Africa Proprietary Ltd• Soulh Africa 100% Fimellix US LLC• USA 100% ICRA Employees Welfare Trust India NA ICRA Lanka Limited Sri Lanie.a 1003/o ICRA ,., __ I Limit....t Nepal 51¾ •....-.e.f. October O I. 2025 - ByO t� of Directors �D. a�� 'v c�) ) Ramnatb Kri�sh Place: Mumbai \s --�1 • /, Managing D' or & GrJ� C.E.O. Date: October 29. 2026 (DIN:09.171341) -
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Deloitte Haskins & Sells Chartered Accountants 19 '" Floor, Sha path - V S G Highway Ahmedabad - 380 015 Gujarat, India Tel: +91 79 6682 7300 Fax: +91 79 6682 7400 INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF ICRA LIMITED 1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of ICRA LIMITED (the "Company"), for the quarter and six months ended September 30, 2026 (the "Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). 2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements ("SRE") 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India ("ICAI")- A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. Place: Mumbai Date: October 29, 2026 For Deloitte Haskins & Sells Chartered Accountants (Firm's Registration No. 117365W) Jayesh Parmar Partner (Membership No. 106388) uDIN:26fo b388WYOA'fN2bl2 Page 1 of 1
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ICR Insights that empower ICRA Limiled Corporate Identity Number (CIN): L 74999DL1991PLC042749 Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi-110001 Telephone No.:+91-11-23357�40 Website: www.icn.in, Email JO; investors@icraindia.com STATEMENT OF STH.m•L •�•· llNAllDITED FINANCIAL RESULTS FOR THE Ol ARTER AND SIX MONTHS ENDED SEPTEMBER 30 2026 ct in lakhs exce t share d.111ta ner ffl:are fata �nd when oth erwise statedl Quarter ended Quarter ended Quarter ended SiI months ended Si:J months enlkd S.No. Particulars JO.Sep.?026 30-Jun-2026 30-Sep .2025 30-Sep.2026 JO.Sei>-2025 Unaudited Unaudited Unaudited Unaudited Unaudited I R�em1e from operations 9,651,93 8,178,86 8,206, 14 17,830,79 15,426,33 II Other inoome (Re for Note 6) 7 029,53 18 25,00 L589,67 8 854,53 3 807,49 Ill Total income (1+11) 16,681.46 l0M'.86 9.795.81 26,685,32 19,233.82 E•penses IV Employee benefit expenses 4,488,02 4,246,55 4,257,39 8,734,57 8,208,87 y Finance costs 15,89 18,27 24,50 34,16 5L62 VI Depreciation and amortisation expense 219,90 216,63 217,05 436,53 423,82 VII Other expenses 12 87,24 I 189,05 11 17,04 2.476,29 24 03,57 VIII Total ei:penses (IV to VII) 6 011.05 5.670.50 5.615.98 11.681,55 11.087.88 IX Profit before exceptional items and 18.1. (111-\111) 101'70,41 4 333,36 4.179.R' 15JW>3.77 8.145.94 X Exceptional items One-time impact of New Labour COOes Gain on sale of property, plant and equipment (438,66) (438,66) XI Profit be(ore tax (IX·X) 10,670.41 4,772.02 4 179,83 15A4H3 8.145.94 Tax expense: Current tax 1,380,46 1,074,88 867,52 2,455,34 1,537,12 Deferred tax 47,37 187,90 22L28 235,27 503,01 XII Total tu: expense IA27.83 1.262.78 l "'",80 2 690,61 2 040,13 XIII Profit after tax (XI-XII) U42,58 JCl'lll.24 3.()91.03 12 751,82 61 05,81 Other comprehensive income A (i) Items that will not be reclassified to profit or loss (23.41) (4,05) (16,07) (27,46) (2732) (ii) Income lax relating to items that will not be reclassified to profit or loss 5,89 L02 4,05 6,91 6,88 B (i) hems that will be reclassified to profil or loss (ii) Income lax relating to items that will be reclassified to profit or loss XIV Total other comprehensive income/ (loss), net of income tax (A+B) [17,521 13.031 112.021 120551 120.441 xv Total comprehfflsive income for the pt:riod (Xlll+XIV) 9l25.06 '.lcn.c.21 3,079 01 12 73!.?7 6flU,J7 XVI Paid-up equity share capital %5,12 965,12 965.12 965,12 965,12 (Face yalue:, 10 per share) XVII Other equity XVIII Earnings per equity share (f) (not annualized) (Face value of� IO per share): Basic 96,03 36.46 32,11 132,49 63,45 Diluted 95,83 36.41 32,05 132,24 63,34 Year ended 31-Mar-2026 Audited 32,823,61 6 445,06 39.268.67 16,106,76 96,88 897,78 4,82L68 21.q23.10 17.'-'5,57 219,16 17,126.41 4,393,39 6L60 4,454.99 12 67].42 (71,18) 17,91 153.27) 121'18.15 965,12 87,545,57 13L68 13L46
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ICR Insights that empower ICRA Limited Corporate Identity Number (CIN): L 74999DL1991PLC042749 Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi-110001 Telephone No,:+91-11-23357940 Website: www.icra.in, Email ID: investors@ icraindia.com Standalone Statement of Assets and Liabilities as at Sep tember 30, 2026 is given below: S.No, Particulars A ASSETS I Non-current assets (a) Property, plant and equipment (b) Right-of-use assets (c) Capital work-in-progress (d) Intangible assets (e) Intangible assets under development (t) Financial assets (i) Investments (ii) Loans (iii) Other financial assets (g) Non-current tax assets (net) (h) Other non-current assets Total non-current assets 2 Current assets (a) Financial assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank balances other than (iii) above (v) Loans (vi) Other financial assets (b) Other current assets Total (urrent assets Total assets B EQUITY AND LIABILITIES I Equity (a) Equity share capital (b) Other equity Total equity Liabilities 2 Non-(urrent liabilities (a) Financia1 liabilities (i) Lease liabilities (b) Provisions (c) Deferred tax liabilities (net) Total non-current liabilities 3 Current liabilities (a) Financial liabilities (i) Lease liabilities (ii) Trade payables (A) Total outstanding dues of micro and small enterprises (8) Total outstanding dues of creditors other than micro and small enterprises (iii} Other financial liabilities (b) Other current liabilities (c) Provisions (d) Current tax liabilities (net) Total current liabilities Total liabilities Total equity and liabilities rt in lakhsl A<•t A!fat 30-Se-26 31-Mar-26 Unaudited Audited 925.26 1,088.78 5!0.86 695.99 106.59 643.41 734.44 141.50 58.49 28,641.95 28,628.05 0.36 0.63 839.92 15,801.18 1,776.81 2,274.97 36.15 44.45 33,622.8) 49.326.98 54,194.37 45,304.02 4,980.80 2,822.08 1,017.18 1,148.97 167.06 83.56 0.53 0.51 16,793.74 3,%9.86 I 045.27 1 023.95 78,198.95 54�152.95 I IJJl21.76 I 03 679.93 965.12 965.12 90 787.11 87 545.57 91 752.23 88.510.69 308.76 375.07 152.12 130.87 996.06 767.72 1.456.94 ).273.61; 269.01 391.96 104.27 27.39 563.08 678.41 1.727.62 3,519.51 15,373.75 8,711.67 296.17 258.30 278.69 308.34 18 '12.59 13=,58 20.869.53 15J69,24 1.11,821.76 1,03 679.93
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ICR Insights that empower ICRA Limited Corporate Identity Number(CL>i): L74999DL1991PLC042749 Rqistercd Office: B-710, Statesman House., ]489 Barakhamba Road, New Dtlhi-110001 Tdephooe No.:+91-11-23357940 Website: www.icra.in, Email ID: imrestors@icr aindia.com Standalone Statement or CB sh Flows for the si:i: months ended September 30, :?026: S.No. Particulars A. Cash flow from operating activities Profit before tax Adjuslmmts for: Depreciation and amortisation e:-..-pense Loss aUowance (including bad debts/ advanc.es written off) lnterest on lease liabilities Share-based payment expenses t..onB,-tem1 i.ncfo,idual payout funded through Trust Interest income on fixed deposit Interest income on security deposits carried at amortised cost Interest income on IT refund Gain on financiaJ assets canicd al fair value through profit and loss ('FVTPL') (net) Gain on sale of financial assets carried at FVTPL (net) Ad\·ances received from customers written back Dividend from subsidiary company (Profit) / loss on sale of property, plant and equipment (net) Bad debts recovered Operating cash flow before changes in operating assets and liabilities Adjustments for changes in operating assets and liabilitirs (Increase)/ decrease in trade recciv;,bles (locrease )/ decn:ase in loans (Increase)/ deaease in other financial assets (lrrreasc)/ decrease in other assels Increase/ (decrease) in trade payables Increase/ (decrease) in other financial liabilities Increase/ (decrease) in other liabilities Increase/ (decrease) in provisions Cash generated from ope rations before tu Income taxes paid, net of refund Net cash generated rrom operating activities (A) B. Cash flow from investing activities Purchase of property, plant and equipment and intangible assets Procee.ds from sale of property, plant and equipment and intangible assets Investment in mutuaJ funds Proceeds from redemption / disposal of mutual funds Purchase consideration towards acquisition Investment in fixed deposit Pr�eds from redemption / disposal of fixed deposit Interest received on fixed deposit Oi\'idend recei,·ed from subsidia,y company Net: cash generated from / (used in) im:esting acti\.ities (B) C. Cash flow from finam:ing activities Payment of lease liabilities Interest paid on lease liabilities Dividend paid Net cash used in financing activities (C) Net: increase/ (decrease) in cash and cash equivalents (A+B+C) Add: Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the period Components of cash and cash equivalents at the end of the period Balances with banks In current accounts Cash on hand Cash and cash ecmivalenls 11 the end of the 1:IPftod fl" lakhsl m Six months ended Six months ended 30-Sen-2026 30-Sep-2025 Unaudited Unaudited 15,442.43 8,145.94 436.53 423.82 24.55 67.31 34.16 51.62 174.20 181.53 451.34 462.07 (628.87) (676.86) (38.97) (35.01) (179.24) (1,546.29) (2,100.34) (256.81) (290.48) (44.35) (36.22) (5,373.79) (425.27) (0.74) (8.08) (9.04) 8,061.54 6,183.60 (2,175.22) {1,593.79) 0.25 0.25 (7.40) 0.22 (40.48) 218.25 (38.45) 183.58 (1,449.53) (2,186.56) 6,706.43 4,628.25 59.12 75.70 11,116.26 7,509.50 (1,807.59 (2 035.15) 9,308.67 5 474.35 (231.01) (264.79) 475.81 1.22 (21,945.02) (15,200.00) 14,837.D7 12,548.16 (317.04) (77.93) 2,540.00 3,405.86 267.05 327.86 5,373.79 922.72 818.31 (195 23) (209.95) (34.16) (51.62) (10,133.79 (5 790.74) U0.J6.U8 (6.052.31) (JJl.79) 240.35 1,148.97 477.50 1,017.18 717.85 1,017.18 717.60 0.25 I 017.18 717.85
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ICR Insights that empower ICRA Limited Corporate Identity Number (CIN): L 74999DL1991PLC042749 Registered Office: 8-710, Statesman House, 148, Barakhamba Road, New Delhi-] 10001 Telephone No.:+91-11-23357940 Website: www.icra.in, Email JD: investors@icraindia.com Notes to the Standalone Unaudittd Financial Results for the quarter and six months ended September 30, 2026: This statement ofslandalonc unaudited financial results has been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on October 29, 2026. The standalone unaudited financial results have been prepared in accordance with the applicable accounting standards, as notified under the Companies (Indian Accounting Standards) Rules, 2015 and as specified in Section 133 of the Companies Act, 2013. 3 The statutory auditors of the Company have carried out limited review of the standalone financial results for the quarter atxl six months ended September 30, 2026, and have issued an unmodified conclusion thereon. The review report of the statutory auditors is being filed with the BSE and National SLock Exchange. For more details on standalone financia1 results, visit 'Investor Relations' section ofour website at www.icra.in and finaneia1 results under Corporates section of,vww.bseindia.com and www.nseindia.com 4 During the current quarter, the Company completed the acquisition of the remaining 1.25% equity share capital ofFintelli"{ India Private Limited ("Fintellix"), upon completion of the requisite regulatory formalities and payment of the consideration of U.17 crore. Pursuant thereto, Fintellix became a wholly owned subsidiary of the Company. 5 The dividend recommended by the Board of Directors for the financial year 2025-26 of� 105 per equity share was approved by the shareholders at the thirty-fiflh Amuial General Meeting held on July 30, 2026 and was paid in August 2026. 6 Other income for the quarter and six months ended Seplember 30, 2026 includes dividend income of� 53. 74 crore from ICRA Ana�tics Limited. a wholly-owned subsidi313-• of the Company. Place: Mwnbai Date: October 29, 2026 fl�·�--� nattrKrishnan lanaging Director & Group C.E.O. (DIN: 09371341)