HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 23 Oct 2026 −0.18%
Research updated
Crisil Ltd.
NSE: CRISILFinancial ServicesFinancial Data & Stock Exchanges
- Last close
- ₹4,751.10
- Day change
- −₹26.10 (−0.55%)vs
- Market cap
- ₹34,745 crIndian rupees
- Research updated
- 2 reports
Follow Crisil
Create an account, then follow this company for weekday briefs. You will return to Crisil after signing in.
About Crisil
Crisil Ltd. is a leading global analytics company that provides ratings, research, risk, and policy advisory services. Primarily known for its credit rating services in India, Crisil plays a crucial role in the financial stability and transparency of markets by assessing the creditworthiness of debt issuers. Its research and analytics divisions cater to financial institutions, corporations, banks, and governments, offering insights into economic trends and market dynamics. Crisil's work assists in the formulation of strategic decisions by providing data-driven evaluations and risk management solutions. As a subsidiary of S&P Global, Crisil integrates international standards into its operations, enhancing its credibility and reach within emerging markets. The company's influence extends across various sectors, including banking, infrastructure, and corporate finance, making it a vital component in the global financial ecosystem.
- Sector
- Financial Services
- Industry
- Financial Data & Stock Exchanges
- Listing
- NSE: CRISIL
- Chief executive
- Mr. Amish P. Mehta
- Employees
- 4,666
- Headquarters
- Mumbai, India
- ISIN
- INE007A01025
- Website
- crisil.com
Public research · Report of
Business model & financial foundation
Crisil (NSE: CRISIL), Credit ratings, research, analytics and benchmarking: revenue of ₹3,649 crore in FY25 (+11.9% on FY24), an EBITDA margin of 29.7%, net profit of ₹766.0 crore and net cash of ₹1,050 crore.
- Revenue, FY25 (₹ crore)
- 3,649
- consolidated
- Revenue growth, FY25
- +11.9%
- on FY24
- EBITDA margin, FY25
- 29.7%
- EBITDA excluding other income (derived) / revenue
- Net profit, FY25 (₹ crore)
- 766.0
- to owners
- Return on equity, FY25
- 27.4%
- on average equity
- Net debt, FY25 (₹ crore)
- -1,050
- Net debt including leases less treasury (derived)
- Market capitalisation (₹ crore)
- 32,802
- at the close of 25 Oct 2026
Company profile
Crisil sells credit opinions to Indian issuers and lenders and analytical, risk, research and benchmarking services to global financial institutions. Ratings includes the domestic agency and the Global Analytics Centre serving S&P Global; Research, Analytics & Solutions includes Integral IQ, Coalition Greenwich and Intelligence. The client network and accumulated data support recurring surveillance and renewals, but earnings also depend on debt issuance, bank budgets, staffing and currency.
| Item | Value |
|---|---|
| Legal name | Crisil Limited |
| Exchange and ticker | NSE: CRISIL; BSE: 500092 |
| ISIN | INE007A01025 |
| CIN | L67120MH1987PLC042363 |
| Sector | Financial Services |
| Industry | Credit ratings, research, analytics and benchmarking |
| Headquarters | Mumbai, India |
| Fiscal year end | December |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP (since Second term Apr2022) |
| Market capitalisation | ₹32,802 crore (25 Oct 2026) |
| Shares outstanding | 7.31 crore shares (FY25) |
| Price | ₹4,751 (close, 25 Oct 2026) |
| 52-week range | ₹3,686 - ₹5,065 (to 25 Oct 2026) |
| Website | https://www.crisil.com |
Corporate structure and shareholding
Parent: S&P Global Inc. (ultimate parent; 66.64% through subsidiaries).
| Entity | Holding | Business |
|---|---|---|
| Crisil Ratings Limited | 100% | Indian credit ratings; SEBI registered and RBI accredited |
| Crisil ESG Ratings & Analytics Limited | 100% | Step-down via Crisil Ratings; SEBI Category 1 ESG provider |
| Crisil Irevna UK Limited | 100% | Global research/analytics; owns Canadian acquisition vehicle |
| Coalition Development Limited | n.d. | Coalition Greenwich strategic benchmarking for global banks |
| Crisil Irevna US LLC | n.d. | US research and analytics operations |
| Crisil PriceMetrix Co. | 100% | Step-down wealth-management data and analytics; acquired 7-Nov-2025, merged into Canadian vehicle Aug-2026 |
Bridge to India merged into Crisil on 25-Sep-2025 (appointed 1-Jan-2025). Peter Lee merged into Crisil Irevna Australia on 2-Dec-2024. The August-2026 Canadian amalgamation completion is secondary-confirmed; no consolidated scope change.
| Shareholding (% of shares) | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 |
|---|---|---|---|---|
| Promoter | 66.64% | 66.64% | 66.64% | 66.64% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 7.67% | 7.18% | 6.38% | 6.94% |
| Domestic institutions | 12.09% | 12.61% | 12.95% | 12.63% |
| of which mutual funds | 6.55% | 6.95% | 7.20% | 6.84% |
| Retail | 7.13% | 7.12% | 7.51% | 7.31% |
| Other | 6.46% | 6.45% | 6.51% | 6.48% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
CRISIL earns fee income from domestic Ratings Services and Research, Analytics & Solutions (RAS), which includes Coalition Greenwich, Integral IQ, Intelligence and the acquired PriceMetrix capability. The listed entity is assessed on consolidated earnings because overseas subsidiaries are economically material.
| Segment | revenue, FY25 (₹ crore) | Share | result, FY25 (₹ crore) | Share | net other income, FY25 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Ratings Services | 1,079 | 29.5% | 478.2 | 45.8% | ||
| Research, Analytics & Solutions | 2,572 | 70.5% | 566.6 | 54.2% | ||
| Unallocable / corporate | 74.0 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| ICRA (ICRA) | Domestic CRA plus analytics; Moody's-controlled. Closest domestic listed comparison. |
| CARE Ratings (CARERATING) | Domestic corporate and bank-loan credit ratings; smaller research mix. |
| S&P Global | NYSE: SPGI; global ratings and data/analytics; parent, scale and currency differ. |
| Moody's | NYSE: MCO; ratings plus analytics; scale, leverage and currency differ. |
| India Ratings and Research |
Financial databook
| Profit and loss (₹ crore) | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue from operations | 2,301 | 2,769 | 3,140 | 3,260 | 3,649 |
| Cost of revenue (vendor classification) * | 1,161 | 1,391 | 1,561 | 1,579 | 1,720 |
| Other operating costs (vendor classification) * | 373.0 | 474.1 | 498.4 | 529.6 | 579.7 |
| EBITDA (vendor classification) * | 665.3 | 833.9 | 934.4 | 938.2 | 1,129 |
| EBIT * | 627.4 | 748.8 | 871.4 | 930.5 | 1,063 |
| Finance costs | 8.93 | 6.40 | 3.66 | 4.03 | 22.2 |
| Profit before tax | 618.4 | 742.4 | 867.7 | 926.5 | 1,041 |
| Total tax expense | 152.6 | 178.0 | 209.3 | 242.4 | 275.0 |
| Profit after tax | 465.8 | 564.4 | 658.4 | 684.1 | 766.0 |
| Diluted EPS (₹) | 63.96 | 77.26 | 90.07 | 93.55 | 104.8 |
| Employee benefits expenses | 1,748 | 1,765 | 1,943 | ||
| Professional fees | 126.2 | 145.9 | 158.9 | ||
| Associate service fees | 147.6 | 132.2 | 141.1 | ||
| Other expenses (excluding professional and associate fees) | 236.4 | 305.8 | 320.5 | ||
| EBITDA excluding other income (derived) | 881.5 | 910.8 | 1,085 | ||
| Other income | 93.6 | 89.6 | 106.5 | ||
| Depreciation and amortisation | 103.8 | 70.0 | 128.5 | ||
| Separately reported exceptional items | 0.00 | 0.00 | 0.00 | ||
| PAT attributable to owners | 658.4 | 684.1 | 766.0 | ||
| PAT attributable to non-controlling interest | 0.00 | 0.00 | 0.00 | ||
| Cost of materials (consumed, traded goods bought, inventory change) | 0.00 | ||||
| Basic EPS (₹) | 104.8 |
| Balance sheet (₹ crore) | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Total equity | 1,578 | 1,792 | 2,189 | 2,565 | 3,033 |
| Borrowings excluding lease liabilities | 132.1 | 83.5 | 47.3 | 0.00 | 0.00 |
| Cash and cash equivalents | 289.9 | 319.3 | 366.1 | 301.9 | 320.1 |
| Trade receivables (net) | 541.0 | 758.8 | 689.5 | 549.8 | 687.4 |
| Trade payables (current) | 133.7 | 142.0 | 142.6 | 176.0 | 145.5 |
| Property, plant and equipment | 151.1 | ||||
| Capital work in progress | 1.57 | ||||
| Total assets | 2,504 | 2,831 | 3,315 | 3,946 | 4,632 |
| Bank balances other than cash and cash equivalents | 2.54 | 3.21 | |||
| Current investments | 1,064 | 686.4 | |||
| Non-current investments | 389.7 | 494.0 | |||
| Current plus non-current lease liabilities | 250.0 | 296.8 | |||
| Net debt including leases less treasury (derived) | -1,120 | -1,050 | |||
| Liquid treasury including cash, deposits and debt mutual funds | 1,370 | 1,347 | |||
| Inventories | 0.00 |
| Cash flow (₹ crore) | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 522.4 | 607.4 | 780.3 | 765.1 | 755.6 |
| Free cash flow (vendor definition) * | 380.3 | 415.2 | 717.4 | 591.9 | 682.2 |
| Dividends paid (cash outflow) | -276.5 | -343.1 | -358.2 | -424.1 | -431.5 |
| Purchase of property, plant, equipment and intangible assets | 27.0 | -38.9 | -62.9 | -173.2 | -73.4 |
| Acquisition-related cash outflow | -32.7 | -0.54 | -284.9 |
| Other reported lines (₹ crore) | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Shares outstanding (paid-up capital over face value) | 7.28 | 7.30 | 7.31 | 7.31 | 7.31 |
| Total dividend per share for calendar year (₹) | 54.00 | 56.00 | 61.00 | ||
| PriceMetrix total purchase consideration | 294.0 | ||||
| New labour codes past-service employee cost (memo) | 16.8 | ||||
| Travel expenses (included in standard other_expenses) | 39.4 | ||||
| One-off gain from Argentine peso devaluation (memo) | 29.4 |
| Quarterly profit and loss (₹ crore) | Q4FY24 | Q1FY25 | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 912.9 | 813.2 | 843.0 | 911.2 | 1,082 | 1,058 | 1,075 | 1,095 |
| Cost of revenue (vendor classification) * | 464.5 | 427.1 | 462.8 | 561.4 | 556.1 | 576.9 | ||
| Other operating costs (vendor classification) * | 161.3 | 154.1 | 141.5 | 180.6 | 134.5 | 190.6 | ||
| EBITDA (vendor classification) * | 317.3 | 262.6 | 262.3 | 366.7 | 403.1 | 329.0 | ||
| EBIT * | 296.5 | 232.8 | 230.6 | 331.6 | 315.2 | 286.5 | ||
| Finance costs | 2.00 | 5.55 | 5.64 | 5.98 | 5.05 | 6.78 | 6.70 | 7.02 |
| Profit before tax | 294.5 | 227.3 | 225.0 | 262.3 | 326.5 | 308.4 | 279.8 | 276.1 |
| Total tax expense | 69.8 | 67.4 | 53.4 | 69.2 | 85.0 | 75.1 | 63.4 | 71.5 |
| Profit after tax | 224.7 | 159.8 | 171.6 | 193.1 | 241.5 | 233.3 | 216.5 | 204.5 |
| Diluted EPS (₹) | 30.72 | 21.86 | 23.46 | 26.41 | 33.02 | 31.90 | 29.60 | 27.97 |
| Employee benefits expenses | 464.5 | 427.1 | 462.8 | 492.0 | 561.4 | 556.1 | 576.9 | 593.6 |
| Professional fees | 43.8 | 35.2 | 36.3 | 40.5 | 46.9 | 56.3 | 42.3 | |
| Associate service fees | 31.5 | 32.7 | 36.5 | 36.0 | 35.9 | 38.7 | 42.6 | |
| Other expenses (excluding professional and associate fees) | 86.0 | 86.2 | 68.7 | 79.5 | 97.8 | 87.9 | 105.7 | 200.0 |
| EBITDA excluding other income (derived) | 287.1 | 232.0 | 238.8 | 263.2 | 339.6 | 318.6 | 307.9 | 301.5 |
| Other income | 30.2 | 30.6 | 23.5 | 37.0 | 27.1 | 36.0 | 21.1 | 25.8 |
| Depreciation and amortisation | 20.8 | 29.8 | 31.7 | 32.0 | 35.1 | 39.4 | 42.5 | 44.2 |
| Profit attributable to owners | 224.7 | 159.8 | 171.6 | 193.1 | 241.5 | 233.3 | 216.5 | 204.5 |
| Separately reported exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| PAT attributable to non-controlling interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Cost of materials (consumed, traded goods bought, inventory change) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Basic EPS (₹) | 21.86 | 23.46 | 26.41 | 33.02 | 31.90 | 29.60 | 27.97 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue growth | 16.1% | 20.3% | 13.4% | 3.8% | 11.9% |
| EBITDA margin | 28.1% | 27.9% | 29.7% | ||
| Net margin | 21.0% | 21.0% | 21.0% | ||
| Return on equity | 33.1% | 28.8% | 27.4% | ||
| Return on capital employed | 38.6% | 41.8% | 42.4% | 38.8% | 38.0% |
| Return on assets | 21.4% | 18.8% | 17.9% | ||
| Net debt (₹ crore) | -1,120 | -1,050 | |||
| Net debt / EBITDA | -1.23x | -0.97x | |||
| Interest cover | 70.3x | 117.0x | 238.1x | 230.9x | 47.9x |
| Asset turnover | 0.98x | 1.04x | 1.02x | 0.90x | 0.85x |
| Receivable days | 86 | 100 | 80 | 62 | 69 |
| Inventory days (on revenue) | 0 | ||||
| Payable days (on revenue) | 21 | 19 | 17 | 20 | 15 |
| Cash conversion | 1.19x | 1.12x | 0.99x | ||
| Capex intensity | 1.2% | 1.4% | 2.0% | 5.3% | 2.0% |
| Free cash flow (₹ crore) | 495.4 | 568.6 | 717.4 | 591.9 | 682.2 |
| Dividend payout | 54.4% | 62.0% | 56.3% | ||
| EPS, diluted (₹) | 63.96 | 77.26 | 90.07 | 93.55 | 104.8 |
| Book value per share (₹) | 217.0 | 245.5 | 299.5 | 350.7 | 415.0 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income (derived) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases less treasury (derived); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income (derived).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 25 Oct 2026); market data at the close of 25 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Crisil includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Crisil
- Research reportLatest
- Research report
Same sector
More research in Financial Services
ICICI Bank Limited
NSE: ICICIBANK
Financial Services · Banks - Regional
₹1,394.20 last close on 23 Oct 2026 −0.31%Research updated
State Bank of India
NSE: SBIN
Financial Services · Banks - Regional
₹958.60 last close on 23 Oct 2026 −1.18%Research updated
Bajaj Finance Ltd.
NSE: BAJFINANCE
Financial Services · Credit Services
₹928.95 last close on 23 Oct 2026 −1.40%Research updated
Life Insurance Corporation of India
NSE: LICI
Financial Services · Insurance - Life
₹381.50 last close on 23 Oct 2026 −1.55%Research updated
Kotak Mahindra Bank Ltd.
NSE: KOTAKBANK
Financial Services · Banks - Regional
₹430.50 last close on 23 Oct 2026 −1.49%Research updated
Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 25 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.