ICRA Limited reported consolidated results for the fourth quarter and year ended March 31, 2026. Consolidated revenue from operations for the fourth quarter rose by 28.4 per cent to 1,749 million (mn), with profit before exceptional items and tax at 728 mn for the quarter. For the year, consolidated revenue increased by 20.4 per cent to 5.995 billion (bn), while profit before exceptional items and tax rose ten per cent to 2.574 bn.

The consolidated performance includes the acquisition of Fintellix India Private Limited and related amortisation of intangibles. The company recorded a one-time exceptional charge linked to the new Labour Codes, chiefly for gratuity and leave provisions, presented separately and excluded from the comparative profit measure. The board recommended a final dividend of Rs 105 per equity share, including a special dividend of Rs 35 per share to mark the 35th year. The proposed payout totals Rs 1.013 bn, including a special component of 338 mn versus 579 mn last year.

Ratings and ancillary services grew ten point five per cent in the quarter and 14.2 per cent for the year, supported by credit growth and structured finance activity. Research and analytics revenue rose 56.8 per cent in the quarter and 29.8 per cent for the year, aided by the Fintellix acquisition and sustained demand for market data and risk solutions. The revenue mix shift increased the contribution from non-knowledge services.

Management indicated continued focus on disciplined execution and investment in analytics and technology and reported outreach activities, including a joint engagement with Moody's and multiple webinars and forums. ICRA noted India's GDP growth was expected to have cooled to 7.0 per cent in the fourth quarter from 7.8 per cent in the third quarter and that it expects moderation to 6.2 per cent in FY2027 amid downside risks from elevated energy prices and monsoon uncertainty.