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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q2 FY18

₹ crore	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24	Q1 FY24	Q4 FY23	Q3 FY23	Q2 FY23	Q4 FY22	Q3 FY22	Q2 FY22	Q1 FY22	Q4 FY21	Q3 FY21	Q2 FY21	Q1 FY21	Q4 FY20	Q3 FY20	Q2 FY20	Q1 FY20	Q3 FY18	Q2 FY18
Revenue from operations	112	131	112	136	93.9	110	96.4	117	78.9	90.1	78.7	96.4	66.4	77.5	62.1	84.8	65.9	56.2	76.4	49.2	79.6	55.6	75.9	37.4	66	56.1	71.6	49.9	72.9	96.7
Other income	14.8	15.7	13	12.6	13.7	15.2	11.9	11.9	11.9	10.3	13.7	11.2	11.5	10.4	11.6	8.5	7.2	6.8	5.9	7.3	5.7	8.1	8	9.5	7.4	7.1	9.1	7.8	8.8	7.4
Total expenses	81.5	74.4	76.1	72	70.2	65.9	69.5	65	60.4	64.2	58.4	57.6	51.5	53.8	51.1	45.4	45.7	43.2	44.8	42.5	50.8	39.5	36.2	34.5	53	40.8	37.3	39.9	37.6	36.2
EBITDA	34.6	60.8	40.3	68.4	27.7	47.4	30.4	55.7	21.8	29	23.4	41.9	17.8	27.3	13.9	42	22.5	15	33.5	8.6	30.5	18.3	41.9	5	15.2	17.6	36.5	12.1	36.3	61.2
EBITDA margin	31.0%	46.5%	36.0%	50.2%	29.5%	43.2%	31.6%	47.5%	27.7%	32.2%	29.7%	43.5%	26.9%	35.2%	22.4%	49.5%	34.1%	26.7%	43.9%	17.6%	38.4%	32.8%	55.2%	13.5%	23.0%	31.3%	50.9%	24.3%	49.7%	63.3%
Finance costs	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.5	0.5	0.5	0.5	0.4	0.4	0.5	0.1	0.2	0.1	0.1	0.1	0.1	0	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0	0
Depreciation	3.9	3.8	3.7	3.5	3.4	3.1	3	2.9	2.8	2.7	2.6	2.6	2.6	3.1	2.7	2.5	2.1	1.9	1.8	1.9	1.7	2	2	2	2	2	1.9	1.8	0.9	0.8
Profit before tax	45	72	49	76.9	37.4	58.9	38.7	64.2	30.4	36.2	34	50.1	26.4	34.1	22.7	47.8	27.4	19.8	37.5	14	34.4	24.2	47.7	12.3	20.4	22.5	43.4	17.8	44.1	67.9
Tax	12	18.6	12.5	19.7	10.9	15.5	10.4	17.4	9	11.6	10	14.3	8.1	13.9	6.4	12.9	4.1	4.9	10.4	2.4	8	5.2	11.9	2.6	4.7	4.9	6.7	4.4	13.3	22.4
Net profit	33	53.4	36.5	57.2	26.5	43.4	28.4	46.9	21.4	24.6	23.9	35.7	18.4	20.2	16.3	34.9	23.3	14.9	27.1	11.5	26.5	18.9	35.8	9.7	15.7	17.6	36.7	13.5	30.7	45.5
Net margin	29.5%	40.9%	32.6%	42.0%	28.2%	39.6%	29.4%	39.9%	27.1%	27.2%	30.4%	37.1%	27.6%	26.0%	26.2%	41.1%	35.4%	26.5%	35.4%	23.5%	33.3%	34.1%	47.2%	25.9%	23.8%	31.3%	51.3%	27.0%	42.2%	47.1%
EPS (₹)	10.73	17.58	11.96	18.90	8.61	14.24	9.30	15.42	6.94	8.07	7.88	11.83	6.00	6.60	5.38	11.57	7.72	4.93	9.03	3.75	8.85	6.32	12.04	3.17	5.19	5.91	12.39	4.47	10.49	15.43
Net profit YoY	+24.5%	+23.2%	+28.8%	+22.0%	+23.9%	+76.7%	+18.6%	+31.2%	+16.5%	+21.8%	+46.7%	+2.5%	–	−13.5%	+9.5%	+28.8%	−12.0%	−21.3%	−24.5%	+19.1%	+68.9%	+7.7%	−2.4%	−28.1%	–	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20
Revenue from operations	473	402	332	279	248	248	244
Other income	54.8	50.8	46.7	37.9	27.2	31.3	31.5
Total expenses	293	261	232	191	176	161	171
EBITDA	197	155	112	99.3	79.6	95.8	81.3
EBITDA margin	41.7%	38.6%	33.8%	35.6%	32.1%	38.5%	33.4%
Finance costs	2.5	2.1	1.7	1	0.5	0.6	0.9
Depreciation	14.4	11.7	10.5	10.5	7.7	7.8	7.8
Profit before tax	235	192	147	126	98.6	119	104
Tax	61.7	52.3	44.1	40.3	21.8	27.7	20.6
Net profit	174	140	103	85.5	76.8	91	83.5
Net margin	36.7%	34.8%	30.9%	30.6%	31.0%	36.6%	34.3%
EPS (₹)	57.06	45.89	33.77	28.17	25.45	30.38	27.96
Net profit YoY	+24.1%	+36.5%	+20.0%	+11.2%	−15.5%	+9.0%	–

EPS is as filed for each period and is not restated for later bonus issues or splits.

Cash flow

annual · ₹ crore

₹ crore	FY26	FY25	FY24	FY23	FY22
Operating cash flow	148	123	90.9	82.2	68
Investing cash flow	−94.6	−58.4	−39.1	12.9	−27.3
Financing cash flow	−59.3	−54	−63	−63.3	−35.1
Capital expenditure	8.3	14.7	9.2	11.5	19
Free cash flow (CFO − capex)	139	108	81.7	70.7	49

Net profit trend

annual, ₹ crore

FY21

₹91

FY22

₹76.8−16%

FY23

₹85.5+11%

FY24

₹103+20%

FY25

₹140+37%

FY26

₹174+24%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	7 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	7 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated	13 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone	13 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	11 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	11 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	12 Nov 2025	PDF XBRL
Q2 FY26	Standalone	12 Nov 2025	PDF XBRL
Q1 FY26	Consolidated	5 Aug 2025	PDF XBRL
Q1 FY26	Standalone	5 Aug 2025	PDF XBRL

Annual reports

NSE archive

FY267.03 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 26.0×27.1×

P/B5Y avg 3.98×5.24×

ROEFY26, on average equity20.0%

Net margin36.7%

Debt / equity0.00×

Revenue CAGR (3Y)19.2%

Profit CAGR (3Y)26.7%

EPS (TTM)₹59.97

Market cap₹4,890 Cr

Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.

P/B vs history

5.24×

vs 8-point avg 3.98× (+32%)

2.29× low3.98× avg5.31× high

History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.

Balance sheet 31 Mar 2026

Total assets₹1,105 Cr+15%

Net worth₹932 Cr+16%

Total borrowings₹0 Cr

Cash & bank balances₹43 Cr−13%

Investments₹87 Cr−35%

Inventories₹0 Cr

Trade receivables₹35 Cr+9%

Trade payables₹15 Cr−2%

Change vs the same date a year earlier.

Revenue mix FY26

Ratings and related services89.3%result ₹232 Cr

Others10.7%result ₹−0.1 Cr

Segment revenue as reported, before inter-segment eliminations.

Shareholding 30 Jun 2026

%	Jun 26	Mar 26	Dec 25	Sept 25	Jun 25	Mar 25	Dec 24	Sept 24	Jun 24	Mar 24	Dec 23	Sept 23
FII	23.41	23.25	23.00	23.61	24.62	23.74	24.75	24.80	23.37	22.91	21.67	20.90
DII	31.58	31.39	31.30	31.60	29.76	29.38	27.51	25.28	26.15	26.89	26.33	23.73
of which MF	17.90	16.95	16.64	16.14	14.59	–	–	–	–	–	–	–
Retail	24.75	24.94	25.34	24.79	25.04	25.48	26.16	27.64	28.00	27.95	29.86	32.95
Other public	20.26	20.42	20.36	20.00	20.58	21.40	21.58	22.28	22.48	22.25	22.14	22.42

58,466 shareholders · NSE shareholding pattern filings.