CRISIL Q1 FY27: consolidated PAT ₹216 Cr, up 26% YoY as research arm drives 28% revenue growth

CRISIL's consolidated revenue from operations rose 27.6% year-on-year to ₹1,075.39 crore and net profit rose 26.2% to ₹216.46 crore for the quarter ended June 2026 (fiscal Q1 FY27), a broad-based print led by the Research, Analytics & Solutions segment. Profit before tax grew 24.4% to ₹279.84 crore; PAT outpaced PBT only because the effective tax rate eased to ~22.6% from ~28.2% a year ago, so the profit growth is slightly flattered by tax. There are no exceptional or one-off items on either side, so reported and adjusted growth are the same. The growth engine was Research, Analytics & Solutions, where revenue climbed 30.1% YoY to ₹770.85 crore and segment profit rose 32.9% to ₹157.13 crore; Ratings services grew a steadier 21.4% to ₹305.12 crore with segment profit up 31.1% to ₹135.18 crore. Net margin was essentially flat-to-slightly-lower at 20.1% versus 20.4% a year ago — revenue grew marginally faster than profit as employee costs (+24.7%) and depreciation (+34%, on higher right-of-use and intangible assets) absorbed most of the operating leverage. Sequentially the picture is softer: revenue was up just 1.7% over the March quarter and PAT fell 7.2% from ₹233.26 crore, but that reflects the prior quarter's lower ~24.7% tax rate and a stronger ratings mix rather than any operating deterioration — YoY is the cleaner read. CRISIL gives no formal forward guidance and none is on record from a prior concall, so there is no guidance benchmark to test this against; there is also no published sell-side consensus for the quarter (analyst coverage is thin), so the result cannot be scored as a beat or miss. The board declared a second interim dividend of ₹10 per share (FY ending Dec 2026) and approved the amalgamation of two wholly-owned subsidiaries and a board reshuffle — Saugata Saha resigned as non-executive director following his exit from S&P Global, with Abhishek Tomar (S&P Global EDO) appointed in his place, underscoring the tightening S&P Global integration rather than any operating signal.