ICRA Ltd

Meeting Details

• Dates: Aug 25, 2026; Aug 27, 2026; virtual one-to-one meetings.

Participants

• Company participants: not disclosed in filing.

Purpose

• Purpose: disclose schedule of analyst/institutional investor meetings.

Meeting Details

• Aug 10, 2026 – InCred AMC; virtual, one-to-one meeting.
• Aug 11, 2026 – Long Arc Investments; virtual, one-to-one meeting.

Meeting Details

• Aug 3, 2026: One-to-One virtual meeting with Laburum Capital.
• Aug 3, 2026: One-to-One virtual meeting with TenCore Partners.
• Aug 5, 2026: One-to-One virtual meeting with Ethos Investment Management.

Purpose

• Purpose: Schedule of analyst/institutional investor meetings.

Additional Notes

• Times not disclosed in the filing; meetings are virtual.

AGM details

• Date: July 30, 2026; mode: VC/OVAM.
• Remote e-voting open July 27–29, 2026.
• Entitlements cut-off date: July 23, 2026.

Key resolutions and outcomes

• Adoption of standalone financial statements; assent 99.999%, dissent 0.001%.
• Adoption of consolidated financial statements; assent 99.999%, dissent 0.001%.
• Dividend per equity share approved; assent 99.999%, dissent 0.001%.
• Director retiring by rotation reappointed; assent 98.316%, dissent 1.684%.

Business Overview

• ICRA provides credit ratings, risk analytics, and analytics services; growth tied to Ratings and R&A.

Operational Highlights

• Ratings growth driven by bank credit expansion, led by Industries and NBFC segments.
• R&A growth supported by Fintellix acquisition and steady KnowTech performance.
• Acquired remaining stakes in D2K Technologies India and Fintellix India; now wholly owned.
• Consolidation completed; new corporate identity signals evolution and trust.

Financial Performance

• No explicit revenue or EBITDA figures provided in this chunk.
• Bond issuances down YoY due to higher yields; end-quarter improvement aided liquidity.
• Securitisation volumes driven entirely by NBFCs; expanding access to cheaper funding.

Capital & Liquidity

• No debt/equity changes disclosed in this chunk.
• Acquisitions completed, leading to wholly-owned subsidiaries; potential balance sheet consolidation.

Strategic Outlook

• Growth focus on Ratings and R&A, leveraging acquisitions and digital analytics.
• Macro outlook cited with potential growth drivers and risks; GoI capex uplift noted.
• New corporate identity to support future-ready analytics branding.

Risks & Mitigation

• West Asia conflict and weak monsoon referenced as downside risks to growth.
• Inflation and macro volatility may affect demand; diversification through R&A mitigates.
• Potential GoI capex uplift could offset private capex risk.

Governance & Leadership

• Completed acquisition of remaining stakes, making D2K and Fintellix wholly-owned.
• Consolidated ownership and corporate identity refresh reflect strategic evolution.

AGM details

• 35th AGM held on July 30, 2026 via VC/OAVM from 3:30 pm to 4:55 pm IST.
• Mode: Video Conferencing and Other Audio Visual Means; attendance via electronic means.
• Cut-off date for voting eligibility: July 23, 2026; remote e-voting: July 27–29, 2026.
• Scrutiniser appointed: Mr. Sachin Agarwal of A. Sachin & Associates.
• Chairman: Palamadai Sundararajan Jayakumar chaired the meeting; new logo unveiled.
• Auditors' Report was read out; voting procedures explained; e-voting available during and after AGM.
• Meeting duration: commenced 3:30 pm IST and concluded 4:55 pm IST.

Financial highlights

• Consolidated revenue rose 31.2% YoY to ₹163.4 crore.
• PAT rose 32.0% YoY to ₹56.5 crore.
• Consolidation of Fintellix acquired Oct-2025 affects YoY comparability.

Strategic and acquisitions

• Remaining stakes in D2K Technologies and Fintellix India made wholly owned subsidiaries.
• Fintellix acquisition completed in Oct 2025.
• KnowTech growth supported by currency and throughput; offset by automation ramp-downs.

Outlook and market context

• GDP growth for FY2027 expected at 6.7% with downside risks.
• Moody's ICRA conference and sector webinars supported market engagement.
• Bank credit growth robust; bond issues dependent on yields.

Financial results approved

• Consolidated Q1 FY2026 unaudited results approved; total income ₹19,099.32 lakh; PAT ₹5,645.88 lakh.
• Standalone Q1 FY2026 unaudited results approved; total income ₹10,003.86 lakh; PAT ₹3,509.24 lakh.

Acquisitions and subsidiary changes

• Acquired remaining 40% stake in D2K Technologies India Private Limited for ₹32.02 crore; D2K now wholly owned.
• Share transfer completed in July 2026; ICRA Analytics Limited now holds 100%.
• Acquired remaining 1.25% stake in Fintellix India Private Limited for ₹3.17 crore; Fintellix becomes wholly owned.
• Subsequent to June 30, 2026, Fintellix became wholly owned subsidiary.

Auditor remarks and compliance

• Independent auditors Deloitte Haskins & Sells issued unmodified review reports on consolidated and standalone results.
• Six subsidiaries' results were not reviewed and deemed immaterial to the Group.