Highlights for the quarter and year ended March 31, 2026:

• Income from operations up 30.1% for the quarter
• Profit before tax (PBT) up 35. 7% in the quarter
• Interim dividend of Rs 9 per share declared

The Board of Directors of Crisil Limited, at its meeting today approved the unaudited financial results for the first quarter ended March 31, 2026.

Crisil's consolidated income from operations for the quarter ended March 31, 2026 (01 FY26), was up 30.1% to Rs 1,057.7 crore, compared with Rs 813.2 crore in the corresponding quarter of the previous year. Consolidated total income for 01 FY26 rose 29.6% to Rs 1,093.7 crore, compared with Rs 843.8, crore in the corresponding quarter of the previous year.

Profit before tax was up 35.7% to Rs 308.4 crore in 01 FY26, compared with Rs 227.3 crore in the corresponding quarter of the previous year. Profit after tax was up 45.9% to Rs 233.3 crore, compared with Rs 159.8 crore in the corresponding quarter of the previous year.

The net impact of foreign exchange movement was favourable in the quarter. 01 FY26 PBT earnings include a foreign exchange gain of Rs 14.4 crore as compared to a loss of Rs 5.2 crore for the same period in 2025.

Says Amish Mehta, Managing Director & CEO, Crisil, "Our businesses saw growth during Q1 FY26, driven by customer centricity and differentiated, domain-led solutions. The ongoing geopolitical issues underscore the essentiality of our insights and risk solutions for clients navigating complexity. The growth and resilience of Indian economy continue to offer opportunities for our businesses. As we enter the 40^th year of making markets function better, our focus remains sharp on increasing wallet share in our core markets, and expanding into adjacencies, new client segments and geographies, while continuing to invest in GenAI, digitalisation and future-ready talent."

Crisil expects India's gross domestic product to grow at 7.1 % in the base case for this fiscal, compared with 7.6% last fiscal. We see increasing downside risks to our base case; If the conflict and disruptions prolong through April, we expect GDP growth to slow to 6.8% this fiscal. This is mainly due to energy supply shortages and rising input and logistics costs. On the other hand, private consumption should continue to support growth, given the government has maintained energy supply and fuel prices for consumers.

Yields on corporate bonds remain elevated, resulting in a 12% on-year decline in issuance by volume in Q1 FY26. The number of issuers saw marginal 5% increase on-year, while the number of issuances remained largely stable. Bank credit was up 14.5%¹ as of February 2026, compared with 11.1 % in the same month last year. The credit to large corporates continues to be moderate at 7.8%.

Crisil Ratings maintained its leadership position backed by investor preference for best-in-class ratings and its revenue grew 18.9% on-year in Q1 FY26.

Crisil Global Analytics Center (GAC) saw growth in delegation of surveillance support to S&P Global Ratings and expanded analytical and operational support to S&P in new areas beyond ratings.

Overall, the ratings segment revenue grew 20.2% on-year in Q1 FY26.

Crisil Integral IQ saw demand for risk and credit lending solutions.

Crisil Coalition Greenwich benefited from momentum in Corporate and Investment Banking and increased engagement with regional banks. Accelerated renewal pipeline conversion has resulted in higher revenue of US$ 4.5 million in Q1 FY26 compared to same quarter in prior year, and we expect this effect to normalize over the year.

Crisil Intelligence saw continued demand for data analytics, consulting, and credit and risk solutions.

The rupee depreciation in Q 1 FY26 provided a near-term tailwind for our businesses.

The Research, Analytics and Solutions segment revenue grew 34.9% on-year in Q1 FY26.

We continue to strengthen competitiveness by building domain-led products and implementing generative artificial intelligence (GenAI) solutions. These initiatives enhance client experience, sharpen insights and improve efficiency-such as Crisil i360, launched in February 2026, a unified intelligence platform offering a macro-to-micro view across economy, industries, companies and projects. We continue to build a futureready workforce through GenAl-focused interventions.

Such strategic efforts led to significant industry recognition, with Crisil being named Category Leader in Al Governance Solutions by Chartis Research's GRC Digital Resilience Solutions 2025 report, and as a 'Market Disruptor' in Financial Crime and Compliance in FCC50 2026.

Franchise activity remained robust in Q1 FY26. Crisil Intelligence hosted two flagship events-the second edition of Investment Conclave, themed The ascent of alternatives', where a report with the same title was released; and, the tenth edition of the India Outlook Conclave, themed Trade, tariffs, tenacity, traction', where a report, titled 'Wading through squally waters' was released.

Crisil Integral IQ participated in Private Equity Wire® European Summit, lnvestOps US, SuperReturn North America, and Tennessee Bankers Association's Credit Conference.

Crisil Coalition Greenwich participated in Equities Leaders' Summit 2026, Trade Tech FX 2026 Miami, GTR MENA 2026, Treasury Career Corner Live and DACT Treasury Fair 2026.

Crisil Foundation continued to drive community impact through flagship programmes Mein Pragati and Crisil RE. Under Mein Pragati, there was a direct community outreach to additional 2.1 lakh people through the Sakhi cadre, while 1.5 lakh linkages were facilitated.

¹ Not like to like comparison as the Reserve Bank of India (RBI) has changed the definition of reporting end date to the last date of the month (vs last reporting fortnight)