# CRISIL (CRISIL) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/crisil

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹4,577.5
- Change: +0.38%
- As of: 2026-09-18
- 1D return: +0.38%
- 5D return: -3.05%
- 1M return: +2.21%
- Latest complete quarter: fy27_q1

## Faxioms Analysis

_As of 2026-09-18_

### Technical Outlook

As of September 18, 2026, CRISIL's technical stance is mixed, with the daily timeframe showing signs of consolidation within a longer-term bullish trend. The daily chart indicates the price is below the 20-day and 200-day Simple Moving Averages (SMAs) and Exponential Moving Averages (EMAs), but above the 50-day SMA and EMA, and the Supertrend indicator, suggesting a potential short-term pause. This contrasts with the weekly and monthly timeframes, which are both bullish, with prices trading above their respective 20-day and 50-day EMAs and SMAs, and the Supertrend indicator.

Recent market activity includes a "high participation no clear direction" event on September 4, 2026, with a volume ratio of 3.67, and an "upward gap" on September 16, 2026, which closed lower. Active chart patterns include a "Harami" and an "Inside Bar" on the monthly and daily timeframes, respectively, as of September 18, 2026. The stock is currently trading near its nearest support level of ₹4,572.6, which is approximately 0.11% below the current price of ₹4,577.5. The nearest resistance is observed at ₹4,616.9, about 0.86% above the current price.

The stock's risk profile shows an annualized volatility of 30% and a current drawdown of -29%. The setup warrants monitoring for potential shifts in momentum. Key watch conditions include price action relative to the ₹4,616.9 resistance and ₹4,572.6 support levels, as well as the behavior of the daily trend indicators.

- The stock's current price is ₹4,577.5 as of September 18, 2026.
- Nearest support is ₹4,572.6 (0.11% below current price); nearest resistance is ₹4,616.9 (0.86% above current price).
- Daily timeframe shows mixed signals with price below short-term MAs but above longer-term ones and Supertrend.
- Weekly and monthly timeframes remain bullish, with prices above key moving averages and Supertrend.
- Watch for price movement breaking above ₹4,616.9 resistance or below ₹4,572.6 support for trend confirmation.

- Harami
- Inside Bar
- Evening Star

### News Context

This past week saw a significant development in India's defense sector, with a report on September 15, 2026, highlighting Solar Industries' ₹12,951 crore acquisition of South Africa's Omnia Holdings. This move is viewed as a potential turning point, signaling a new phase where Indian companies are increasingly engaging in overseas acquisitions, manufacturing, and technology partnerships, extending beyond domestic production. In other financial news, Muthoot Microfin raised ₹250 crore on September 15, 2026, through the private placement of Non-Convertible Debentures (NCDs) with a 9.25% coupon rate. The company stated these funds would be used to strengthen its profile and optimize costs. Separately, a report on September 15, 2026, discussed the challenges faced by DTH operators, who have provisioned over ₹11,000 crore against disputed license fee demands. These operators are experiencing subscriber losses and declining revenues due to market shifts and are expanding into IPTV, broadband, and OTT aggregation services, while the license fee dispute remains under legal review.

- On September 15, 2026, a report indicated that Solar Industries' ₹12,951 crore acquisition of Omnia Holdings could signify a new era for India's defense industry, with Indian firms pursuing international expansion.
- Muthoot Microfin raised ₹250 crore on September 15, 2026, via NCDs carrying a 9.25% coupon, intending to bolster its financial standing and cost efficiency.
- A September 15, 2026, report detailed that DTH operators have set aside over ₹11,000 crore for disputed license fees, while facing subscriber losses and exploring new service areas like IPTV and broadband.

- India’s petroleum exports surge 46% in April-August, new markets offset traditional demand weakness
- DTH operators provide over Rs 11,000 crore against MIB licence-fee demands
- Solar's $1.3 bn bet is a turn for India's defence-industrial complex
- Muthoot Microfin raises ₹250 crore through NCDs; issue carries 9.25% coupon
- India’s monsoon set to begin withdrawal around Sept 19 as season's rainfall tally falls short

### What Changed

As of September 18, 2026, CRISIL's stock price has seen a slight increase, trading at ₹4577.5 compared to ₹4560.0 previously. No significant new filings or corporate news directly impacting CRISIL were reported in the recent period. However, a broader market development notes that India's petroleum exports surged by 46% in April-August, with new markets emerging as key destinations. This macroeconomic trend, while not directly linked to CRISIL's core business in the provided evidence, indicates shifts in the Indian economic landscape.

- CRISIL's stock traded at ₹4577.5 on September 18, 2026, up from a previous price of ₹4560.0.
- No new filings or corporate news specific to CRISIL were reported.
- India's petroleum exports showed a 46% increase from April to August.
- New export markets for Indian petroleum products have emerged, offsetting traditional demand weakness.

- India’s petroleum exports surge 46% in April-August, new markets offset traditional demand weakness

### Official Filings

CRISIL's role as a credit rating agency is highlighted through multiple disclosures. On September 9, 2026, CRISIL Ratings upgraded Raghav Productivity Enhancers Limited's long-term bank facilities rating to 'Crisil A/Stable' from 'Crisil A-/Positive' for facilities totaling ₹15.00 crore. On the same day, Reliance Industries Limited received 'CRISIL AAA/Stable' ratings from CRISIL for its non-convertible debentures and commercial paper facilities, covering instruments up to ₹15,000 crore, reflecting the company's diversified business and strong capital structure.

CRISIL also reaffirmed ratings for other entities. On September 4, 2026, HDB Financial Services Limited's instruments, including subordinated debt and non-convertible debentures, were reaffirmed at 'CRISIL A1+' for outstanding bank loan facilities of ₹65,000 crore and various NCD tranches. On September 3, 2026, Larsen & Toubro Limited's non-convertible debentures, bank loan facilities, and fixed deposits were reaffirmed at 'CRISIL AAA/Stable', with commercial paper rated 'CRISIL A1+'.

In a different capacity, CRISIL ESG Ratings & Analytics Ltd assigned Graphite India Limited a 'Crisil ESG 60' and a 'Crisil Core ESG 66' rating on August 13, 2026, based on publicly available information. Separately, on September 7, 2026, CRISIL Limited disclosed the results of a postal ballot where shareholders approved the appointment of Mr. Abhishek Tomar as a Non-executive Director with 99.509% of votes in favor.

- On September 9, 2026, CRISIL Ratings upgraded Raghav Productivity Enhancers Limited's bank facilities rating to 'Crisil A/Stable' from 'Crisil A-/Positive' for ₹15.00 crore.
- On September 9, 2026, Reliance Industries Limited received 'CRISIL AAA/Stable' ratings from CRISIL for instruments including ₹15,000 crore in NCDs.
- On September 4, 2026, CRISIL Ratings reaffirmed HDB Financial Services Limited's 'CRISIL A1+' rating for instruments including ₹65,000 crore in bank loan facilities.
- On September 3, 2026, CRISIL Ratings reaffirmed Larsen & Toubro Limited's 'CRISIL AAA/Stable' rating for NCDs, bank loans, and fixed deposits.
- On August 13, 2026, Crisil ESG Ratings & Analytics Ltd assigned Graphite India Limited a 'Crisil ESG 60' and 'Crisil Core ESG 66' rating.
- On September 7, 2026, CRISIL Limited announced shareholder approval for Mr. Abhishek Tomar's appointment as Non-executive Director with 99.509% of votes in favor.

- Raghav Productivity Enhancers Limited has informed the Exchange about Credit Rating- Update |SUBJECT: Credit Rating- Revision
- Reliance Industries Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating
- Crisil: Crisil Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication
- Crisil Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results. |SUBJECT: Shareholders meeting
- MEETING DATE : 05-SEP-2026
- Credit rating |SUBJECT: Credit rating
- Larsen & Toubro Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating
- Crisil Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication
- AS ON DATE : 30-Jun-2025 | PR_AND_PRGRP: 66.64 | PUBLIC_VAL: 33.36 | EMPTR: 0 | NDS_REVISED_STATUS: Revised | SUBMISSION_DT: 18-Jul-2025 | REVISION_DT: 02-Jul-2026
- Graphite India Limited has informed the Exchange regarding 'ESG and Core ESG ratings assigned by CRISIL ESG Ratings & Analytics Limited'. |SUBJECT: Updates

### Fundamentals

CRISIL's recent operating performance shows a mixed trajectory. For the quarter ending June 2027 (Q1 FY27), Revenue from Operations was reported at ₹1,075.39 crore. This follows ₹1,057.66 crore in Q4 FY26 and ₹1,081.57 crore in Q3 FY26. Profit Before Tax (PBT) for Q1 FY27 stood at ₹279.84 crore, a decrease from ₹308.38 crore in Q4 FY26 and ₹326.52 crore in Q3 FY26. The Tax Expense for Q1 FY27 was ₹63.38 crore. Operating Profit Margins (OPM %) have shown an upward trend in the longer term, moving from 26% in December 2020 to a projected 30% by December 2025. However, for the most recent reported quarters, OPM % was 28% in Q4 FY26 and 29% in Q3 FY26, with a projected 29% for Q1 FY27.

Financially, CRISIL has maintained a strong balance sheet with Equity Capital at ₹7 crore and Reserves growing from ₹1,165 crore in December 2019 to a projected ₹3,264 crore by June 2026. Borrowings have fluctuated, decreasing from ₹3 crore in December 2019 to ₹0 in December 2020, then increasing to a projected ₹335 crore by June 2026. Investments have seen significant growth, from ₹453 crore in December 2019 to a projected ₹1,000 crore by June 2026. Cash flow from operations has been robust, with ₹780 crore in December 2023 and projected ₹756 crore by December 2025. Free Cash Flow was ₹721 crore in December 2023 and is projected at ₹688 crore by December 2025. The company has consistently generated positive Net Cash Flow, though it is projected to be negative at -₹64 crore for December 2024 before turning positive again to ₹18 crore by December 2025.

Key monitoring areas include the recent sequential decline in Profit Before Tax and the fluctuating trend in borrowings. The company's ability to translate revenue growth into profit growth, as indicated by the OPM trend, and its management of investments and borrowings will be crucial.

- For Q1 FY27, Revenue from Operations was ₹1,075.39 crore, with Profit Before Tax at ₹279.84 crore.
- Profit Before Tax decreased sequentially from ₹326.52 crore in Q3 FY26 to ₹308.38 crore in Q4 FY26 and further to ₹279.84 crore in Q1 FY27.
- Reserves have grown from ₹1,165 crore in December 2019 to a projected ₹3,264 crore by June 2026.
- Projected Borrowings are ₹335 crore by June 2026, an increase from ₹47 crore in December 2023.
- Operating Profit Margins (OPM %) are projected to reach 30% by December 2025, up from 26% in December 2020.

### Bull Case

CRISIL's financial performance shows sustained growth over multiple periods. The company has demonstrated a compounded sales growth of 13% over the last five years, accelerating to 22% on a trailing twelve months (TTM) basis. Similarly, compounded profit growth has been strong, standing at 14% over five years and also reaching 22% on a TTM basis. This indicates a consistent ability to expand its top line and bottom line. The company's balance sheet reflects a significant increase in fixed assets, rising from ₹349 in December 2019 to ₹763 in December 2020, alongside a corresponding growth in total assets from ₹1689 to ₹2207 over the same period. This expansion in asset base, coupled with a substantial increase in reserves from ₹1165 to ₹1305, suggests reinvestment and growth in equity. Furthermore, operating cash flows have shown a positive trend, with Cash from Operating Activity increasing from ₹379 in December 2018 to ₹446 in December 2019, and Free Cash Flow growing from ₹347 to ₹418 in the same comparative periods.

- Compounded Sales Growth: 13% over 5 years, 22% TTM.
- Compounded Profit Growth: 14% over 5 years, 22% TTM.
- Fixed Assets increased from ₹349 (Dec 2019) to ₹763 (Dec 2020).
- Reserves grew from ₹1165 (Dec 2019) to ₹1305 (Dec 2020).
- Cash from Operating Activity increased from ₹379 (Dec 2018) to ₹446 (Dec 2019).
- Free Cash Flow increased from ₹347 (Dec 2018) to ₹418 (Dec 2019).

- India’s petroleum exports surge 46% in April-August, new markets offset traditional demand weakness
- DTH operators provide over Rs 11,000 crore against MIB licence-fee demands
- Solar's $1.3 bn bet is a turn for India's defence-industrial complex
- Muthoot Microfin raises ₹250 crore through NCDs; issue carries 9.25% coupon
- India’s monsoon set to begin withdrawal around Sept 19 as season's rainfall tally falls short

### Bear Case

While the company has demonstrated growth in sales and profits over the TTM (Trailing Twelve Months) and 5-year periods, certain balance sheet trends warrant attention. Specifically, there has been a notable increase in Fixed Assets and Other Liabilities between December 2019 and December 2020. Fixed Assets rose from ₹349 crore to ₹763 crore, and Other Liabilities increased from ₹514 crore to ₹895 crore during this period. Although total assets and liabilities also grew, the significant rise in these specific categories, alongside an increase in Capital Work-in-Progress (CWIP), suggests ongoing investment and potentially higher operational commitments.

- Fixed Assets increased from ₹349 crore in Dec 2019 to ₹763 crore in Dec 2020.
- Other Liabilities grew from ₹514 crore in Dec 2019 to ₹895 crore in Dec 2020.
- Capital Work-in-Progress (CWIP) saw an increase from ₹12 crore in Dec 2019 to ₹14 crore in Dec 2020.

- India’s petroleum exports surge 46% in April-August, new markets offset traditional demand weakness
- DTH operators provide over Rs 11,000 crore against MIB licence-fee demands
- Solar's $1.3 bn bet is a turn for India's defence-industrial complex
- Muthoot Microfin raises ₹250 crore through NCDs; issue carries 9.25% coupon
- India’s monsoon set to begin withdrawal around Sept 19 as season's rainfall tally falls short

### FAQs

**How has CRISIL's balance sheet composition changed between December 2019 and December 2020?**

Between December 2019 and December 2020, CRISIL's balance sheet saw significant changes. Total Assets grew from ₹1,689 crore to ₹2,207 crore, driven by an increase in Fixed Assets from ₹349 crore to ₹763 crore and Investments from ₹453 crore to ₹476 crore. Other Assets also increased from ₹875 crore to ₹955 crore. On the liabilities side, Total Liabilities mirrored the asset growth, rising from ₹1,689 crore to ₹2,207 crore. This was primarily due to an increase in Other Liabilities from ₹514 crore to ₹895 crore, while Reserves grew from ₹1,165 crore to ₹1,305 crore. Notably, Borrowings decreased from ₹3 crore to ₹0 crore during this period.

**What has been CRISIL's recent performance in terms of sales and profit growth?**

CRISIL has demonstrated strong growth in both sales and profits. Over the last five years, the company has achieved a Compounded Sales Growth of 13% and a Compounded Profit Growth of 14%. On a trailing twelve months (TTM) basis, both Compounded Sales Growth and Compounded Profit Growth stand at 22%.

**What were CRISIL's cash flow activities for the periods ending December 2018 and December 2019?**

For the period ending December 2019, CRISIL reported Cash from Operating Activity of ₹446.0 crore, an increase from ₹379.0 crore in December 2018. Free Cash Flow also rose to ₹418.0 crore from ₹347.0 crore. Net Cash Flow increased to ₹140.0 crore from ₹111.0 crore. Cash from Financing Activity was negative at -₹229.0 crore in December 2019, compared to -₹203.0 crore in December 2018. Cash from Investing Activity was -₹77.0 crore in December 2019, up from -₹64.0 crore in December 2018.

**What recent credit rating actions has CRISIL been involved in?**

CRISIL Ratings has been active in recent credit rating updates. On September 9, 2026, CRISIL Ratings upgraded the long-term bank facilities rating of Raghav Productivity Enhancers Limited to 'Crisil A/Stable' from 'Crisil A-/Positive' for facilities totaling ₹15.00 crore. On the same date, Reliance Industries Limited received a 'CRISIL AAA/Stable' rating from CRISIL Ratings for its non-convertible debentures and commercial paper facilities, covering instruments including ₹15,000 crore in NCDs.

**What is the current technical trend and nearest price levels for CRISIL?**

As of September 18, 2026, CRISIL's daily trend indicates a 'bullish' Supertrend direction with a value of 4474.56. The closing price was ₹4577.5. Nearest support levels are at ₹4572.6 (pivot), ₹4515.7, ₹4471.4, and ₹4421.9. Nearest resistance levels are at ₹4616.9, ₹4673.8, ₹4718.1, and ₹4769.75.

- India’s petroleum exports surge 46% in April-August, new markets offset traditional demand weakness
- DTH operators provide over Rs 11,000 crore against MIB licence-fee demands
- Solar's $1.3 bn bet is a turn for India's defence-industrial complex
- Muthoot Microfin raises ₹250 crore through NCDs; issue carries 9.25% coupon
- India’s monsoon set to begin withdrawal around Sept 19 as season's rainfall tally falls short
- Raghav Productivity Enhancers Limited has informed the Exchange about Credit Rating- Update |SUBJECT: Credit Rating- Revision
- Reliance Industries Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating
- Crisil: Crisil Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication
- Crisil Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results. |SUBJECT: Shareholders meeting
- MEETING DATE : 05-SEP-2026
## Technical analytics

- As of: 2026-09-18
- Daily trend: Weak Downtrend
- Weekly trend: Weak Uptrend
- Pivot point: ₹4,572.6
- Risk regime: Price Risk Requires Attention

### Support levels
- 4421.9
- 4322.03125
- 4140.2

### Resistance levels
- 4769.75
- 5273
- 5432.60625

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +0.38% |
| return_10 | -3.83% |
| return_1m | +3.04% |
| return_1y | -8.89% |
| return_20 | +2.21% |
| return_3m | +11.07% |
| return_5 | -3.05% |
| return_6m | +13.49% |
| return_since_start | -28.57% |
| return_ytd | +5.75% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -42.17% |
| annualized_volatility | +29.98% |

## Quarterly financials

- Latest complete quarter: fy27_q1

# Revenue up 27.6% from last year, but rising expenses weigh on quarterly profit

CRISIL reported revenue of ₹1,075.39 crore for the quarter ended June 2026, a 27.6% increase from the same period last year. Compared to the prior quarter, however, revenue grew only 1.7%. Profit after tax fell to ₹216.46 crore, down 7.2% from the March 2026 quarter, though it was 26.2% higher than a year ago. The sequential decline in profit reflects that costs, particularly other expenses, rose faster than revenue.

## Revenue: 27.6% year-on-year growth, modest sequential increase

Revenue from operations rose to ₹1,075.39 crore from ₹843.02 crore in the year-ago quarter, a gain of 27.6%. On a sequential basis, the increase was 1.7% from ₹1,057.66 crore in the March 2026 quarter. Revenue has remained in a narrow range of ₹1,057–1,082 crore over the past three quarters, following a sharp increase in the December 2025 quarter (from ₹911.24 crore in September 2025).

## Other expenses: Growing faster than revenue

Other expenses reached ₹190.58 crore, up 34.7% year-on-year from ₹141.48 crore and 4.2% sequentially from ₹182.95 crore. This growth rate outpaced the revenue increase in both comparisons, indicating that operating costs are rising more quickly than the top line.

## Employee costs: A major expense component

Employee benefit expense for the quarter was ₹576.94 crore, representing 53.7% of revenue. This remains the largest single cost item for the company.

## Profitability: Margins narrow sequentially

Profit before tax was ₹279.84 crore, down 9.3% from ₹308.38 crore in the prior quarter. The effective tax rate declined to 22.6% from 24.4%, which partially offset the pre-tax profit decline at the net level. Net profit margin decreased to 20.1% from 22.1% in the previous quarter, reflecting the impact of cost pressures.

## Other comprehensive income: A volatile non-operating item

Other comprehensive income swung from a negative ₹6.02 crore in the prior quarter to a positive ₹64.81 crore. This line item is not related to core operations and can be volatile. It boosted total comprehensive income to ₹281.27 crore.

## Earnings per share: Follows net profit

Basic earnings per share was ₹29.60, down from ₹31.90 in the previous quarter but up from ₹23.46 a year ago, consistent with the change in net profit.

## Key Takeaway

CRISIL’s revenue grew 27.6% year-on-year, but sequential growth was modest at 1.7%. Other expenses rose faster than revenue both year-on-year and sequentially, contributing to a 9.3% decline in pre-tax profit from the previous quarter. Net profit margin narrowed to 20.1% from 22.1%. The company’s profitability remains under pressure from rising costs in the near term.

### Ratios

## Official filings

- 2026-09-09 — Credit Rating Update: Raghav Productivity Enhancers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/RPEL2009_09092026200227_sign_2026_Covering_Letter_CRISIL_Rating.pdf)
- 2026-09-09 — Credit Rating Update: Reliance Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PVIVINMA_09092026203353_SE_CARE_and_CRISIL.pdf)
- 2026-09-08 — Generic Announcement: Crisil Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/CRISIL_08092026164120_SignedBSENSE.pdf)
- 2026-09-07 — Generic Announcement: Crisil Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/CRISIL_07092026175315_SignedBSENSE.pdf)
- 2026-09-07 — Regulatory Filing: Crisil Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/RESULT_VOTING_1722175_07092026060410_WEB.xml)
- 2026-09-04 — Credit Rating Update: HDB Financial Services Ltd — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/HDBFSL_04092026132226_CRISIL_LETTER_AND_RATING_LETTER_MERGEDsd.pdf)
- 2026-09-04 — Credit Rating Update: Larsen & Toubro Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PAM_04092026173240_SE_Intimation_Credit_Rating_CRISIL_0409.pdf)
- 2026-08-26 — Generic Announcement: Crisil Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/CRISIL_26082026154818_Signed_NSEBSE.pdf)
- 2026-08-19 — Shareholding Disclosure: Crisil Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1687664_02072026065819_WEB.xml)
- 2026-08-14 — Generic Announcement: Graphite India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GILKOLKATA_14082026193729_LETTER_TO_SE_REG30_CRISIL_ESG_Ratings.pdf)
- 2026-08-12 — Generic Announcement: Crisil Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/CRISIL_12082026151128_SignedBSENSE.pdf)
- 2026-08-12 — Generic Announcement: Crisil Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_134_WebXMLFile_20260812_152104153.xml)
- 2026-08-10 — Generic Announcement: Crisil Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/CRISIL_10082026183807_SignedBSENSE.pdf)
- 2026-08-10 — Generic Announcement: Crisil Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_134_WebXMLFile_20260810_184442373.xml)
- 2026-08-06 — Generic Announcement: Crisil Limited confirmed the dispatch of its Postal Ballot Notice on August 6, 2026, with the advertisement appearing in the Financial Express and Sakal newspapers. This notice is in continuation of a previous letter dated August 5, 2026, regarding the Postal Ballot Notice. — [Official attachment](https://nsearchives.nseindia.com/corporate/CRISIL_06082026130255_SignedBSENSE.pdf)
- 2026-08-05 — Generic Announcement: Crisil Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_134_WebXMLFile_20260805_164534137.xml)
- 2026-08-05 — Generic Announcement: CRISIL Limited is seeking shareholder approval via postal ballot for the appointment of Mr. Abhishek Tomar as a Non-executive Director. The e-voting period will run from August 7, 2026, to September 5, 2026, with results announced by September 8, 2026. Mr. Tomar was initially appointed as an Additional Director on July 22, 2026. — [Official attachment](https://nsearchives.nseindia.com/corporate/CRISIL_05082026153534_SignedBSENSE_PB.pdf)
- 2026-08-05 — Generic Announcement: Crisil Limited announced the completion of the amalgamation of its wholly owned step-down subsidiaries, Crisil Canada Inc. and Crisil PriceMetrix Inc. The amalgamation, effective August 1, 2026, resulted in a single entity named Crisil PriceMetrix Inc. The company received the Certificate of Amalgamation on August 5, 2026. — [Official attachment](https://nsearchives.nseindia.com/corporate/CRISIL_05082026162628_SignedBSENSE.pdf)
- 2026-08-05 — Management Change: Crisil Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/NOTICE_OF_SHAREHOLDERS_MEETINGS_134_WebXMLFile_20260805_174004263.xml)
- 2026-07-31 — Official Filing: On July 31, 2026, CRISIL Ratings affirmed Torrent Investments Limited's long-term credit rating for non-convertible debentures totaling ₹2500 Crore at "CRISIL AA+/Stable" and the short-term rating for bank loan facilities at "CRISIL A1+". These ratings reflect the company's strong financial flexibility derived from its significant stakes in Torrent Power and Torrent Pharmaceuticals.
- 2026-07-23 — Generic Announcement: Crisil Limited published its unaudited consolidated and standalone financial results for the quarter and half-year ended June 30, 2026, on July 23, 2026. The company reported revenue from operations of 1,075.39 crore for the consolidated three months and 519.22 crore for the standalone three months. Net profit after tax was 216.48 crore consolidated and 168.31 crore standalone for the three-month period. — [Official attachment](https://nsearchives.nseindia.com/corporate/CRISIL_23072026144306_SignedBSENSE.pdf)
- 2026-07-21 — Official Filing: Crisil Limited announced on July 21, 2026, that the closure of its wholly owned subsidiary, Coalition Development Singapore Pte. Ltd., is delayed. Originally expected to complete by July 21, 2026, the closure is now anticipated by July 20, 2027, pending regulatory approvals in Singapore. Coalition Singapore is no longer operational and has no ongoing business activities.
- 2026-07-21 — Generic Announcement: Crisil Limited's Board of Directors approved the unaudited financial results for Q1 and H1 ended June 30, 2026. They also approved a second interim dividend of Rs. 10 per equity share, payable by August 5, 2026. The board noted the resignation of Non-executive Director Mr. Saugata Saha effective July 21, 2026, and approved the appointment of Mr. Abhishek Tomar as Additional Director effective July 22, 2026. — [Official attachment](https://nsearchives.nseindia.com/corporate/CRISIL_21072026222006_SignedBSENSE.pdf)
- 2026-07-21 — Official Filing: Crisil Limited's Board of Directors approved the amalgamation of its wholly owned step-down subsidiaries, Crisil Canada Inc. and Crisil PriceMetrix Inc., effective July 21, 2026. The merger aims to rationalize Crisil's global entity structure and achieve operational efficiencies. Crisil Canada Inc.'s share capital of $38 million will be retained by the amalgamated entity, which will operate under the name Crisil PriceMetrix Inc. This transaction is subject to regulatory approvals and will not impact Crisil Limited's shareholding pattern.
- 2026-07-21 — Generic Announcement: Crisil Limited amended its Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information on July 21, 2026. This updated code, approved by the Board of Directors, aligns with SEBI (Prohibition of Insider Trading) Regulations, 2015. The company has also hosted the revised code on its website. — [Official attachment](https://nsearchives.nseindia.com/corporate/CRISIL_21072026224856_SignedBSENSE.pdf)

## News and market events

- 2026-09-17 — CNBC-TV18: **India’s petroleum exports surge 46% in April-August, new markets offset traditional demand weakness** — Singapore, Tanzania and South Africa emerge as key destinations as shipments to UAE and US decline — [Source](https://www.cnbctv18.com/energy/indias-petroleum-exports-surge-46-in-april-august-new-markets-offset-traditional-demand-weakness-19992967.htm)
- 2026-09-15 — Economic Times: **DTH operators provide over Rs 11,000 crore against MIB licence-fee demands** — DTH operators have provisioned over eleven thousand crore rupees against disputed licence fee liabilities. This industry awaits a government decision on reducing the current eight percent licence fee. Operators face significant subscriber losses and declining revenues due to market shifts. They are now expanding into IPTV, broadband, and OTT aggregation services. The licence fee dispute remains sub judice before various legal tribunals and courts. — [Source](https://economictimes.indiatimes.com/industry/media/entertainment/media/dth-operators-provision-over-rs-11000-crore-amid-mib-licence-fee-disputes-and-subscriber-losses/articleshow/134256974.cms)
- 2026-09-15 — Economic Times: **Solar's $1.3 bn bet is a turn for India's defence-industrial complex** — The piece argues that Solar Industries ₹12,951-crore acquisition of South Africas Omnia Holdings could mark a new phase for Indias defence industry, as Indian companies increasingly move beyond domestic production into overseas acquisitions, manufacturing and technology partnerships. — [Source](https://economictimes.indiatimes.com/news/defence/tata-omnia-holdings-solars-1-3-bn-bet-is-a-turn-for-indias-defence-industrial-complex/articleshow/134256504.cms)
- 2026-09-15 — CNBC-TV18: **Muthoot Microfin raises ₹250 crore through NCDs; issue carries 9.25% coupon** — Muthoot Microfin raised ₹250 crore via private placement of 2.5 lakh NCDs, each ₹10,000 face value, with a 9.25% coupon rate for 24 months. Funds will strengthen its profile and optimise costs. — [Source](https://www.cnbctv18.com/market/muthoot-microfin-raises-rs-250-crore-via-ncd-issue-carries-9-25-pc-coupon-19990920.htm)
- 2026-09-15 — MONEYCONTROL: **India’s monsoon set to begin withdrawal around Sept 19 as season's rainfall tally falls short** — MONSOON RETREAT, MONSOON WITHDRAWAL — [Source](https://www.moneycontrol.com/city/india-s-monsoon-set-to-begin-withdrawal-around-sept-19-as-season-s-rainfall-tally-falls-short-article-14029893.html)
- 2026-09-14 — Mint: **Mint Explainer | Why counterfeit drugs are getting harder to detect in India | Mint** — Fake cancer drugs, vaccines and other life-saving medicines are surfacing in a growing counterfeiting problem, raising concerns over consumer safety and regulatory safeguards. — [Source](https://www.livemint.com/industry/mint-explainer-why-counterfeit-drugs-are-getting-harder-to-detect-in-india-11789377086722.html)
- 2026-09-14 — Economic Times: **Indian banks' names keep fading from your loan documents** — The landscape of retail lending is shifting as non-bank lenders swiftly embrace smaller ticket personal and consumer durable loans. NBFCs and fintech firms are not just leading originations by both volume and value; they are redefining lending opportunities as the economy continues to develop. Banks are still integral, providing necessary funding to NBFCs and utilizing securitization, contributing to a dynamic credit ecosystem with expanded avenues for access. — [Source](https://economictimes.indiatimes.com/industry/banking/finance/banks-nbfcs-india-credit-market-retail-loans-msme-credit-gap-gold-loans-private-credit-fintech-lending-pattern/articleshow/133954929.cms)
- 2026-09-14 — MONEYCONTROL: **Solar panel maker Rayzon Solar cuts IPO size by 50% following SEBI approval** — Rayzon Solar IPO news,Rayzon Solar IPO details,Rayzon Solar IPO size,Rayzon Solar IPO update,Rayzon Solar IPO DRHP — [Source](https://www.moneycontrol.com/news/business/ipo/solar-panel-maker-rayzon-solar-cuts-ipo-size-by-50-following-sebi-approval-14029364.html)
- 2026-09-10 — Times of India: **Campco records Rs 3,735 crore turnover, recommends 14% dividend to general body** — Campco posts Rs 3,735 crore turnover and Rs 49.6 crore PBT in 2025-26; board recommends 14% dividend; arecanut remains core; export plans and 2027 conference. — [Source](https://timesofindia.indiatimes.com/city/mangaluru/campco-records-rs-3735-crore-turnover-recommends-14-dividend-to-general-body/articleshow/134014179.cms)
- 2026-09-10 — Economic Times: **India’s organised apparel retail revenue to grow 12-13% in FY27, margins may shrink: Crisil** — Projected revenue growth in the organized apparel retail market is expected to reach between twelve and thirteen percent this fiscal year. This growth will be fueled by demand for value fashion and geographical expansion into smaller urban areas. Operating margins may decrease to approximately fourteen percent due to rising costs, prompting retailers to focus on inventory discipline and aware expansion strategies to maintain stable credit profiles. — [Source](https://cfo.economictimes.indiatimes.com/news/strategy-operations/indias-organised-apparel-retail-revenue-to-grow-12-13-in-fy27-margins-may-shrink-crisil/134007706)
- 2026-09-09 — BUSINESSTODAY: **India’s price-rise heat is back; retail inflation seen nearing 5%** — India’s price-rise heat is back; retail inflation seen nearing 5% — [Source](https://www.businesstoday.in/latest/economy/story/indias-price-rise-heat-is-back-retail-inflation-seen-nearing-5-554389-2026-09-09)
- 2026-09-09 — MONEYCONTROL: **Motilal Oswal Alternates invests Rs 600 crore in KARAM Safety, to fund acquisitions, global expansion** — Motilal Oswal Alternates, Private Equity — [Source](https://www.moneycontrol.com/news/business/motilal-oswal-alternates-invests-rs-600-crore-in-karam-safety-to-fund-acquisitions-global-expansion-14026231.html)
- 2026-09-08 — Economic Times: **Deficient monsoon, weak September rainfall pose risks to rabi crops: Crisil** — Renewed weakening of rainfall in August and expectations of a deficient September could pose risks to Indias upcoming rabi season, Crisil said. It flagged cotton, bajra, maize, tur, groundnut and soybean as particularly vulnerable. Rainfall deficiency has widened to 14%, while September rainfall is forecast below normal. — [Source](https://economictimes.indiatimes.com/news/economy/agriculture/deficient-monsoon-weak-september-rainfall-pose-risks-to-rabi-crops-crisil/articleshow/133938962.cms)
- 2026-09-08 — Times of India: **Robust GDP, record forex: Why economic boom is still taking a bite out of your breakfast** — India Business News: India’s economy clocked a herculean 7.8% growth in the April-June quarter of FY27. But is the average Indian feeling the boom?Despite global turbulenc. — [Source](https://timesofindia.indiatimes.com/business/india-business/robust-gdp-record-forex-why-economic-boom-is-still-taking-a-bite-out-of-your-breakfast/articleshow/133924981.cms)
- 2026-09-08 — Mint: **Mint Explainer: How a weak monsoon is fuelling India’s power surge and coal deficits | Mint** — Deficient rainfall has driven up the use of water pumps and air conditioners, leaving 58 thermal power plants with critically low coal stocks and electricity shortages above 20 million units. — [Source](https://www.livemint.com/industry/weak-monsoon-india-s-power-surge-coal-deficits-hydro-power-thermal-power-irrigation-groundwater-pumping-11788856069829.html)
- 2026-09-08 — CNBC-TV18: **India’s most uneven monsoon in a decade puts crop yields, rabi sowing at risk** — The monsoon may have spared India a major acreage shock, but the danger has not passed. With rainfall 14% below normal and September expected to remain weak, Crisil says crop yields, and the winter harvest, are now in focus. — [Source](https://www.cnbctv18.com/economy/india-most-uneven-monsoon-in-a-decade-crop-yields-rabi-sowing-at-risk-crisil-19986657.htm)
- 2026-09-08 — BUSINESS: **SIF AUM grows 5-fold in 6 months; should MF investors ride the momentum?** — According to the Amfi-Crisil Factbook 2026, assets under management (AUM) of SIFs stood at Rs 2,010 crore in October 2025. By March 2026, this had increased to Rs 10,620 crore. — [Source](https://www.business-standard.com/markets/news/sif-aum-grows-5-fold-in-6-months-should-mf-investors-ride-the-momentum-126090800824_1.html)
- 2026-09-07 — Economic Times: **Sugar prices are rising on tight supply and strong demand: Which sugar stocks could benefit most? - The Economic Times** — India is currently experiencing a sugar shortage, caused by shorter production yields and increased consumer demand. While government initiatives are in place to stabilise prices, they may not adequately address the root supply problems. Additionally, global conditions, such as Brazil prioritizing ethanol production, keep international sugar costs high. Experts foresee a sustained tight market in the coming seasons, leading to greater profitability for sugar firms. — [Source](https://economictimes.indiatimes.com/wealth/invest/sugar-prices-are-rising-on-tight-supply-and-strong-demand-which-sugar-stocks-could-benefit-most/articleshow/133785753.cms)
- 2026-08-28 — MONEYCONTROL: **Trade Spotlight: How should you trade Adani Enterprises, CRISIL, ICICI Bank, Tata Capital, Delhivery, and others on August 28?** — Trade Spotlight, Buy Ideas,Top Buy Ideas,Top Picks,Stock Picks,Top Stock Picks,Share Tips,Share Market Tips,Stock Tips,Stock Market Tips,Adani Enterprises,CRISIL,ICICI Bank,Bajaj Holdings and Investment,Tata Capital,Delhivery, — [Source](https://www.moneycontrol.com/news/business/markets/trade-spotlight-how-should-you-trade-adani-enterprises-crisil-icici-bank-tata-capital-delhivery-and-others-on-august-28-14017347.html)
- 2026-08-18 — BUSINESSTODAY: **BTTV Exclusive| Gaja IPO: CEO explains valuation, AIF growth, business model and plans after listing** — Gaja Alternative Asset Management IPO, Gaja IPO, Gaja Alternative Asset Management IPO 2026, Gaja IPO price, Gaja IPO valuation, Gaja Alternative Asset Management, Gaja IPO news, Gaja IPO details, Gaja IPO price band, Gaja IPO subscription, Gaja IPO GMP, Gaja IPO listing, Gaja IPO review, Gopal Jain Gaja, Gaja Capital IPO, Gaja AIF, Gaja Alternative Asset Management IPO valuation, Gaja IPO price band and valuation, Gaja IPO Gopal Jain interview, Gaja Alternative Asset Management IPO review, Gaja IPO should you apply, Gaja IPO business model, Gaja Alternative Asset Management financials, Gaja IPO AIF business, Gaja IPO performance fee, Gaja IPO carried interest — [Source](https://www.businesstoday.in/markets/ipo-corner/story/bttv-exclusive-gaja-ipo-ceo-explains-valuation-aif-growth-business-model-and-plans-after-listing-549820-2026-08-18)
- 2026-08-17 — MONEYCONTROL: **Class 5 dropout, now owns Rs 11,000 crore Lalithaa Jewellery: How Kiran Kumar turned his mother's 4 gold bangles into a business empire** — Kiran Kumar, Lalithaa Jewellery, Lalithaa Jewellery IPO, Kiran Kumar Lalithaa Jewellery, Lalithaa Jewellery owner, Kiran Kumar success story, Kiran Kumar journey, Lalithaa Jewellery IPO 2026, Lalithaa Jewellery IPO price, Lalithaa Jewellery IPO valuation, Lalithaa Jewellery revenue, Lalithaa Jewellery founder, Kiran Kumar net worth, jewellery business success story, Class 5 dropout success story, Kiran Kumar four gold bangles, Lalithaa Jewellery IPO news, Lalithaa Jewellery Mart IPO — [Source](https://www.moneycontrol.com/news/business/markets/lalithaa-jewellery-owner-kiran-kumar-journey-from-class-5-dropout-to-owner-of-rs-11000-crore-business-14007637.html)
- 2026-08-17 — Mint: **Vijay Kedia portfolio: Arihant Capital sees over 90% upside in this infra stock. Should you buy?** — SPML Infra shares rose over 2% after Arihant Capital initiated a Buy rating with a target price of  ₹366, expecting revenue growth supported by a strong order book of  ₹5,369 crore and improved financials, marking a significant turnaround for the infrastructure company. — [Source](https://www.livemint.com/market/stock-market-news/vijay-kedia-portfolio-arihant-capital-sees-over-90-upside-in-this-infra-stock-should-you-buy-11786952782416.html)
- 2026-08-16 — The Hindu: **Sammaan Capital eyes up to ₹92,000 crore annual disbursements by FY29-FY30** — Sammaan Capital aims for ₹92,000 crore annual disbursements by FY30, expanding its branch network to 1,600 under a growth plan. — [Source](https://www.thehindubusinessline.com/money-and-banking/sammaan-capital-eyes-up-to-92000-crore-annual-disbursements-by-fy29-fy30/article71352733.ece)
- 2026-08-13 — BUSINESSTODAY: **Muthoot Fincorp files draft papers with Sebi for Rs 3,000 crore IPO** — Muthoot Fincorp, Muthoot Fincorp IPO, Muthoot Fincorp DRHP, Muthoot Fincorp SEBI, Muthoot Fincorp fresh issue, Muthoot Pappachan Group, gold loan NBFC, Muthoot FinCorp ONE, India gold loan AUM, Muthoot Fincorp issue — [Source](https://www.businesstoday.in/markets/ipo-corner/story/muthoot-fincorp-files-draft-papers-with-sebi-for-rs-3000-crore-ipo-548966-2026-08-13)
- 2026-08-13 — MONEYCONTROL: **Muthoot Fincorp files draft papers for Rs 3,000 crore IPO** — Muthoot Fincorp IPO, Muthoot Fincorp ipo details — [Source](https://www.moneycontrol.com/news/business/ipo/muthoot-fincorp-files-draft-papers-for-rs-3-000-crore-ipo-14004088.html)

## Business profile

**Strategic vision:** Provides ratings, research, and advisory services globally.

### Business segments
- **CRISIL Ratings:** Operates as India's premier credit rating agency, providing independent credit ratings to empower informed decisions for a diverse client base.
- **CRISIL Intelligence:** Offers insights, consulting services, technology-driven risk solutions, market intelligence, and data analytics to public and private enterprises, governmental bodies, and multilateral institutions.
- **CRISIL Coalition Greenwich:** A global leader specializing in strategic benchmarking and analytics, delivering high-value insights and intelligence to investment banks worldwide.
- **CRISIL Integral IQ:** Focuses on delivering solutions and actionable intelligence to leading financial institutions to drive strategic transformation, optimize risk, and achieve operational excellence.
- **CRISIL ESG Ratings & Analytics Limited:** Dedicated to establishing industry standards for responsible environmental, social, and governmental factors, providing unbiased indicators for assessing companies' community safeguarding.

### Competitive strengths
- Established as India's first credit rating agency.
- Global operational footprint across multiple continents.
- Majority ownership by S&P Global.

## Related stocks

- [360ONE (Financial Services)](https://faxioms.com/stocks/360one) — +1.11%
- [3MINDIA (Diversified)](https://faxioms.com/stocks/3mindia) — +4.81%
- [AADHARHFC](https://faxioms.com/stocks/aadharhfc) — -1.64%
- [AARTIIND](https://faxioms.com/stocks/aartiind) — +1.78%
- [AAVAS](https://faxioms.com/stocks/aavas) — -0.56%

## Freshness and sources

- Data as of: 2026-09-18
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/crisil
Markdown representation: https://faxioms.com/stocks/crisil?render=md