CRISIL Ltd

₹ 4,376 -2.46%

27 Feb - close price

About

CRISIL Ltd is a globally diversified analytical Company providing ratings, research, risk and policy advisory services. CRISIL is India’s leading ratings agency and the foremost provider of high-end research to large banks and leading corporations.^[1]

Key Points

Ratings Business (28% of revenues)^[1]
India’s premier ratings agency having rated 35,000+ large and medium-scale entities.^[2]
This is the most profitable business of company and accounts for 51% of total profits while contributing only 28% of revenues.^[3]
The company separated its credit ratings business into a wholly owned subsidiary, CRISIL Ratings Ltd pursuant to changes in SEBI regulations.^[4]

Website BSE NSE

Market Cap ₹ 32,005 Cr.
Current Price ₹ 4,376
High / Low ₹ 6,330 / 3,894
Stock P/E 52.0
Book Value ₹ 277
Dividend Yield 0.57 %
ROCE 34.0 %
ROE 32.2 %
Face Value ₹ 1.00

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Pros

Company has delivered good profit growth of 30.6% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 38.7%
Company has been maintaining a healthy dividend payout of 66.0%

Cons

Stock is trading at 15.8 times its book value
Tax rate seems low
Earnings include an other income of Rs.503 Cr.
Working capital days have increased from 45.7 days to 125 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Financial Services Financial Services Finance Other Financial Services

Part of BSE 500 Nifty 500 Nifty MNC BSE Allcap BSE Financial Services BSE 150 MidCap Index BSE 250 LargeMidCap Index BSE 400 MidSmallCap Index BSE Quality Index Nifty LargeMidcap 250 Nifty 500 Multicap 50:25:25 Nifty Midcap 150 Nifty MidSmallcap 400 Nifty Midcap150 Quality 50 Nifty Total Market Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	389	375	407	408	438	396	422	406	441	401	431	453	512
	321	294	335	304	357	322	360	347	386	340	346	388	421
Operating Profit	68	81	72	104	81	75	62	59	55	61	85	65	91
OPM %	17%	22%	18%	26%	18%	19%	15%	15%	12%	15%	20%	14%	18%
	78	69	159	78	190	39	97	176	189	114	156	122	111
Interest	1	1	1	1	1	0	0	0	2	5	5	5	4
Depreciation	17	17	16	17	17	10	10	10	15	19	20	20	19
Profit before tax	128	132	213	164	254	104	149	225	228	151	216	162	178
Tax %	14%	17%	10%	18%	9%	23%	14%	11%	9%	14%	10%	15%	14%
	110	110	193	135	231	80	128	201	206	130	194	137	153
EPS in Rs	15.03	15.01	26.39	18.41	31.60	10.98	17.56	27.50	28.19	17.79	26.56	18.79	20.98
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
	903	956	1,130	1,177	1,182	839	889	1,204	1,444	1,628	1,665	1,796
	604	651	777	850	860	748	702	952	1,202	1,288	1,414	1,496
Operating Profit	299	305	353	327	322	91	187	253	242	340	251	301
OPM %	33%	32%	31%	28%	27%	11%	21%	21%	17%	21%	15%	17%
	32	45	44	47	89	261	104	386	273	493	501	503
Interest	-0	-0	-0	0	1	-0	7	8	6	3	3	19
Depreciation	24	24	29	28	29	24	66	70	68	67	43	78
Profit before tax	307	325	368	346	381	328	218	561	442	763	705	707
Tax %	30%	32%	35%	31%	27%	19%	24%	14%	16%	12%	13%	13%
	216	222	240	237	278	266	167	483	371	668	616	615
EPS in Rs	30.20	31.18	33.68	33.09	38.48	36.83	22.97	66.24	50.71	91.40	84.22	84.08
Dividend Payout %	66%	74%	80%	85%	78%	87%	144%	69%	95%	59%	66%	73%

Compounded Sales Growth
10 Years:	7%
5 Years:	15%
3 Years:	8%
TTM:	8%

Compounded Profit Growth
10 Years:	11%
5 Years:	31%
3 Years:	19%
TTM:	3%

Stock Price CAGR
10 Years:	9%
5 Years:	18%
3 Years:	8%
1 Year:	0%

Return on Equity
10 Years:	36%
5 Years:	40%
3 Years:	39%
Last Year:	32%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Equity Capital	7	7	7	7	7	7	7	7	7	7	7	7
Reserves	720	668	816	805	802	752	688	1,022	1,063	1,483	1,779	2,019
	-0	-0	-0	-0	-0	-0	-0	109	72	31	227	235
	305	318	266	305	322	353	644	360	470	523	590	623
Total Liabilities	1,032	993	1,089	1,116	1,131	1,112	1,339	1,498	1,612	2,044	2,603	2,884
	71	59	61	51	49	39	146	185	152	119	455	447
CWIP	-0	0	2	12	5	12	10	5	9	9	17	0
Investments	507	509	586	644	659	636	672	644	666	995	1,263	1,086
	454	425	441	410	418	425	511	664	784	920	868	1,351
Total Assets	1,032	993	1,089	1,116	1,131	1,112	1,339	1,498	1,612	2,044	2,603	2,884

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
	260	208	202	274	279	265	387	-103	189	281	320
	-134	49	11	-76	-79	-18	-118	385	125	148	103
	-112	-262	-227	-176	-195	-224	-242	-276	-355	-397	-435
Net Cash Flow	14	-4	-14	21	6	24	26	6	-41	32	-12

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Debtor Days	51	52	60	50	51	67	48	77	92	84	62	68
Inventory Days
Days Payable
Cash Conversion Cycle	51	52	60	50	51	67	48	77	92	84	62	68
Working Capital Days	-38	-35	11	3	-18	-44	-94	3	15	30	-18	125
ROCE %	44%	44%	46%	41%	47%	41%	30%	56%	38%	56%	39%	34%

Shareholding Pattern

Numbers in percentages

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	66.69%	66.67%	66.66%	66.65%	66.65%	66.64%	66.64%	66.64%	66.64%	66.64%	66.64%	66.64%
	6.90%	7.17%	7.25%	7.19%	7.20%	7.17%	7.22%	7.55%	7.69%	8.08%	7.81%	7.67%
	13.16%	13.18%	13.08%	12.92%	12.94%	12.49%	12.70%	12.69%	12.38%	12.06%	12.17%	12.09%
	13.27%	12.99%	13.01%	13.23%	13.21%	13.69%	13.43%	13.13%	13.28%	13.21%	13.37%	13.59%
No. of Shareholders	47,276	42,125	43,145	46,428	49,675	58,612	57,736	56,843	62,095	68,832	74,565	81,642

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Dec 2025
	67.05%	66.69%	67.53%	67.24%	67.05%	66.79%	66.69%	66.65%	66.64%	66.64%
	6.00%	6.13%	5.76%	5.52%	6.71%	6.65%	6.90%	7.20%	7.69%	7.67%
	11.07%	12.48%	11.88%	12.15%	12.08%	7.00%	13.16%	12.94%	12.38%	12.09%
	15.88%	14.70%	14.83%	15.09%	14.16%	19.56%	13.27%	13.21%	13.28%	13.59%
No. of Shareholders	24,484	25,154	29,194	33,180	31,945	46,670	47,276	49,675	62,095	81,642

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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