CRISIL Ltd

₹ 4,350 -1.50%

31 Jul 4:01 p.m.

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 ₹ 31,808 Cr.
Current Price ₹ 4,350
High / Low ₹ 5,451 / 3,686
Stock P/E 36.0
Book Value ₹ 447
Dividend Yield 0.56 %
ROCE 32.6 %
ROE 24.5 %
Face Value ₹ 1.00

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Pros

Company has a good return on equity (ROE) track record: 3 Years ROE 27.0%
Company has been maintaining a healthy dividend payout of 59.0%

Cons

Stock is trading at 9.74 times its book value

* 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 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 Shariah Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted BSE 1000 BSE 500 Quality 50

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	771	736	918	738	797	812	913	813	843	911	1,082	1,058	1,075
	567	544	649	546	591	588	626	581	604	648	742	739	768
Operating Profit	204	192	269	192	207	224	287	232	239	263	340	319	308
OPM %	26%	26%	29%	26%	26%	28%	31%	29%	28%	29%	31%	30%	29%
	18	36	36	21	18	21	30	31	24	37	27	36	21
Interest	1	1	1	1	1	1	2	6	6	6	5	7	7
Depreciation	26	26	25	17	16	16	21	30	32	32	35	39	42
Profit before tax	195	200	279	195	208	229	294	227	225	262	327	308	280
Tax %	23%	24%	25%	30%	28%	25%	24%	30%	24%	26%	26%	24%	23%
	151	152	210	138	150	172	225	160	172	193	242	233	216
EPS in Rs	20.60	20.79	28.74	18.84	20.53	23.46	30.72	21.86	23.46	26.41	33.02	31.90	29.60
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025	TTM
	1,253	1,380	1,548	1,658	1,748	1,732	1,982	2,301	2,769	3,140	3,260	3,649	4,126
	865	980	1,104	1,203	1,277	1,276	1,471	1,690	2,039	2,258	2,349	2,564	2,897
Operating Profit	389	400	443	455	471	456	511	611	730	882	911	1,085	1,229
OPM %	31%	29%	29%	27%	27%	26%	26%	27%	26%	28%	28%	30%	30%
	24	43	50	25	73	73	83	123	122	94	90	107	121
Interest	0	0	0	0	2	0	14	9	6	4	4	22	25
Depreciation	36	37	55	47	43	37	121	106	103	104	70	129	149
Profit before tax	376	406	438	434	500	492	458	618	742	868	926	1,041	1,177
Tax %	29%	30%	33%	30%	27%	30%	23%	25%	24%	24%	26%	26%
	268	285	294	304	363	344	355	466	564	658	684	766	884
EPS in Rs	37.62	40.04	41.26	42.46	50.35	47.57	48.87	63.92	77.25	90.06	93.54	104.75	120.93
Dividend Payout %	53%	57%	65%	66%	60%	67%	68%	72%	62%	60%	60%	57%

Compounded Sales Growth
10 Years:	10%
5 Years:	13%
3 Years:	10%
TTM:	22%

Compounded Profit Growth
10 Years:	10%
5 Years:	14%
3 Years:	7%
TTM:	22%

Stock Price CAGR
10 Years:	8%
5 Years:	10%
3 Years:	4%
1 Year:	-17%

Return on Equity
10 Years:	29%
5 Years:	28%
3 Years:	27%
Last Year:	24%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025	Jun 2026
Equity Capital	7	7	7	7	7	7	7	7	7	7	7	7	7
Reserves	841	849	978	1,041	1,129	1,165	1,305	1,571	1,785	2,182	2,558	3,026	3,264
	0	0	0	0	3	3	0	132	83	47	250	297	335
	416	475	400	446	495	514	895	793	956	1,061	1,127	1,252	1,418
Total Liabilities	1,265	1,331	1,385	1,495	1,634	1,689	2,207	2,504	2,831	3,297	3,942	4,582	5,024
	432	413	309	293	350	349	763	661	619	635	976	1,440	1,515
CWIP	0	3	4	13	7	12	14	5	14	31	55	30	0
Investments	375	383	465	525	477	453	476	645	683	1,056	1,454	1,180	1,000
	458	532	607	663	800	875	955	1,193	1,515	1,576	1,457	1,932	2,508
Total Assets	1,265	1,331	1,385	1,495	1,634	1,689	2,207	2,504	2,831	3,297	3,942	4,582	5,024

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
	265	270	279	291	379	446	500	403	456	780	765	756
	-185	2	-19	-179	-64	-77	-300	-97	-59	-326	-387	-267
	-112	-262	-227	-187	-203	-229	-265	-291	-368	-408	-442	-470
Net Cash Flow	-31	10	33	-75	111	140	-64	15	29	47	-64	18
Free Cash Flow	245	245	256	258	347	418	466	430	417	721	594	688
CFO/OP	100%	100%	98%	101%	116%	130%	122%	98%	93%	116%	118%	96%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	41	52	49	57	59	42	57	86	100	78	62	69
Inventory Days
Days Payable
Cash Conversion Cycle	41	52	49	57	59	42	57	86	100	78	62	69
Working Capital Days	-46	-39	-7	2	-9	-27	-35	-18	0	-7	-31	5
ROCE %	48%	45%	45%	41%	45%	42%	37%	38%	41%	41%	34%	33%

Insights

In beta

Dec 2015

Dec 2016

Dec 2017

Dec 2018

Dec 2019

Dec 2020

Dec 2021

Dec 2022

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Dec 2024

Dec 2025

New Bank Loan Ratings (BLRs) announced
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Permanent employees (consolidated)
count

Corporate bond issuance quantum
Rs billion ・Standalone data

Countries with operational presence
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Number of bond issuers (calendar year)
count ・Standalone data

Bank credit growth (YoY, latest available month)
% ・Standalone data

Active credit ratings outstanding
count

Number of clients served
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Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	66.66%	66.65%	66.65%	66.64%	66.64%	66.64%	66.64%	66.64%	66.64%	66.64%	66.64%	66.64%
	7.25%	7.19%	7.20%	7.17%	7.22%	7.55%	7.69%	8.08%	7.81%	7.67%	7.18%	6.38%
	13.08%	12.92%	12.94%	12.49%	12.70%	12.69%	12.38%	12.06%	12.17%	12.09%	12.61%	12.95%
	13.01%	13.23%	13.21%	13.69%	13.43%	13.13%	13.28%	13.21%	13.37%	13.59%	13.57%	14.02%
No. of Shareholders	43,145	46,428	49,675	58,612	57,736	56,843	62,095	68,832	74,565	81,642	81,755	88,482

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	67.05%	66.69%	67.53%	67.24%	67.05%	66.79%	66.69%	66.65%	66.64%	66.64%	66.64%
	6.00%	6.13%	5.76%	5.52%	6.71%	6.65%	6.90%	7.20%	7.69%	7.18%	6.38%
	11.07%	12.48%	11.88%	12.15%	12.08%	7.00%	13.16%	12.94%	12.38%	12.61%	12.95%
	15.88%	14.70%	14.83%	15.09%	14.16%	19.56%	13.27%	13.21%	13.28%	13.57%	14.02%
No. of Shareholders	24,484	25,154	29,194	33,180	31,945	46,670	47,276	49,675	62,095	81,755	88,482

* 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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Documents

Announcements

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Concalls

Jul 2026

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Apr 2026
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Feb 2026

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Oct 2025

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Oct 2025

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Jul 2025

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Jul 2025

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May 2025
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Feb 2025

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Oct 2024

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Jul 2024

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Apr 2024
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Feb 2024

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Nov 2023

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Jul 2023

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Apr 2023
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Feb 2023

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Oct 2022

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Jul 2022

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Apr 2022

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Feb 2021
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Oct 2020

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Feb 2020
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Jul 2019

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Feb 2019
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Feb 2018
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Feb 2017

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Feb 2017
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