CRISIL
CRISIL
Financial ServicesKey Fundamentals
SmallcapRating ServicesFinancial ServicesTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- 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%
Weaknesses
1- Stock is trading at 9.90 times its book value
Growth Rate
AI Analysis — Bull vs Bear
CRISIL Ltd has a market capitalisation of about ₹32,588 crore and trades at a P/E of 37.2x and a P/B of 10.05x. Its ROE has been high, at 27% over 3 years and 29% over 10 years, and TTM sales and profit both grew 22%. Longer-term growth has been slower, though: 3-year profit CAGR was 7% and sales CAGR was 10%. ROE slipped to 24% last year, and the stock returned -2% over 1 year and 5% CAGR over 3 years.
- ROE has stayed high over long periods: 29% over 10 years, 28% over 5 years and 27% over 3 years. This suggests a capital-light, franchise-driven business model in ratings, research and risk analytics.
- Growth picked up recently, with TTM sales and TTM profit each up 22%. That is roughly double the 10-year CAGR of 10% for both, which points to near-term business momentum.
- The company pays out about 59% of profits as dividends, returning a large share of earnings to shareholders while still funding growth.
- Over 5 years, profit grew at a 14% CAGR against 13% for sales. Earnings kept pace with revenue over the medium term, showing some operating leverage.
- Sales and profit have compounded at 10% a year for 10 years. This shows steady, recurring demand for credit ratings, research and analytics as India's financial sector has grown.
- With a market capitalisation of about ₹32,588 crore, CRISIL is one of the larger listed players in India's credit rating and research space, which supports its brand and market position.
- Sustaining ROE of 24% to 29% alongside a 59% payout suggests the business needs little reinvestment and has limited need for balance-sheet leverage.
- The stock trades at 10.05x book value, a steep premium that already prices in continued high returns and leaves little room if growth or ROE disappoints.
- The P/E of 37.2x looks rich next to 3-year profit CAGR of just 7% and 10-year profit CAGR of 10%. The valuation relies on the recent 22% TTM growth continuing.
- Last year's ROE of 24% is below the 3-year (27%), 5-year (28%) and 10-year (29%) averages, suggesting capital efficiency is gradually declining.
- Over 3 years, profit grew at a 7% CAGR while sales grew at 10%. Profit lagging revenue points to margin pressure or rising costs in that period.
- Shareholder returns have been weak: the stock returned -2% over 1 year, a 5% CAGR over 3 years and an 8% CAGR over 10 years, trailing its own 10% 10-year profit CAGR. This suggests valuation multiples have compressed over time.
- The dividend yield is only 0.42% despite a 59% payout ratio, so income investors get a low cash return because of the high valuation.
- The 22% TTM growth is far above the 3-year sales CAGR of 10%, so it may not last. If growth falls back to historical rates, a 37.2x P/E could be hard to support.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- New CleanMax rating mandate win Sep 7
CRISIL assigned CleanMax its first CRISIL rating: 'CRISIL AA/Stable' for corporate credit and for ₹2,500 crore of NCDs. This adds to its ratings business, though one mandate is a small win for CRISIL compared with the impact on CleanMax, which targets ₹3,000 crore run-rate EBITDA by FY28.
- Abhishek Tomar approved as director Sep 7
Shareholders approved Abhishek Tomar as a non-executive director by postal ballot, with 99.5% of votes in favour. This is a routine governance step with no expected impact on operations or earnings.
TL;DR: The news flow for CRISIL is light and mostly routine. There are no headwinds: one board appointment passed with 99.5% support, and the company won a new ₹2,500 crore NCD rating mandate from CleanMax. The CleanMax article is mainly good news for CleanMax, so it does little for CRISIL's own outlook. These items don't show whether the trend is getting better or worse. Upcoming quarterly results, along with corporate bond issuance volumes and research/analytics demand, will show the stock's direction more clearly.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 771 | 736 | 918 | 738 | 797 | 812 | 913 | 813 | 843 | 911 | 1,082 | 1,058 | 1,075 |
| Expenses | 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% |
| Other Income | 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 |
| PBT | 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% |
| Net Profit | 151 | 152 | 210 | 138 | 150 | 172 | 225 | 160 | 172 | 193 | 242 | 233 | 216 |
| EPS in Rs | 20.6 | 20.79 | 28.74 | 18.84 | 20.53 | 23.46 | 30.72 | 21.86 | 23.46 | 26.41 | 33.02 | 31.9 | 29.6 |
Profit & Loss
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 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 |
| Expenses | 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% |
| Other Income | 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 |
| PBT | 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% | — |
| Net Profit | 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 | 105 | 121 |
| Div. Payout % | 53% | 57% | 65% | 66% | 60% | 67% | 68% | 72% | 62% | 60% | 60% | 57% | — |
Balance Sheet
| Particulars | 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 |
| Borrowings | 0 | 0 | 0 | 0 | 3 | 3 | 0 | 132 | 83 | 47 | 250 | 297 | 335 |
| Other Liabilities | 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 |
| Fixed Assets | 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 |
| Other Assets | 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 Flow
| Particulars | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 265 | 270 | 279 | 291 | 379 | 446 | 500 | 403 | 456 | 780 | 765 | 756 |
| Investing | -185 | 2 | -19 | -179 | -64 | -77 | -300 | -97 | -59 | -326 | -387 | -267 |
| Financing | -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
| Particulars | 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 |
| 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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58 extracted metrics + investor summaries across FY12–FY26.
Documents
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Company Information
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]
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