Investor Presentation

ICRA Insitghhatetsm power Jul3y02 ,0 26 BSEL imited NatiSotnoaEclxk c haonfIg nedL iiam ited PhirJoezeej eTeobwheorys ExchaPnlgaez a, DalSatrle et PlnootC. / 1B,l oGc k Mmnb4a0i00 0 I1n,d ia BandraC-oKmurpllae x ScrCiopd 5e3:2 835 Band(rEaa st) Mumb-a4i00 05 I1n,d ia SymbIoClRA: DeaSri r/Madam, SubI:n-vePsrteosre nQtIaF tYi2o0n2 7 Purstuoatn htae p plirceagbulleoa ftt ihoSene sc uraintEdix ecsh aBnogaeor fdI nd(iLai sting ObligaatniDdoi nssc lRoesquurier eRmeegnutlsa2)t0 i1oa5ns,as m,e ndpelde,fia nsdee nclosed InvePsrteosre nQtIa tFiY.o2 n0 27 Kintdaltkyhe ae b oovnre e cord. Regards, Sincerely, (S. Shakeb Rahman) CompaSneyc r&e Ctoamryp lOifafincceer EncAlsA. b:o ve ICRLAi mited RegistOefrfei:dc eB -S7t1a0t,e sman1 4HB8oa,ur saek,h aRmobaa,d NDeewl 1h1i0 0T0e1+l.9. 1 -ll-23357940-41 • Building NToo.w eA8r,, D2LnFd CfyPlbhoeaorsrf e,lGC ,ui rtuyg,r am-122002 c(;b � www.icra.in � info@icraindia.+c9o1m- 93547-38909 000001 � 0124-45453C0I0:NL 74999DL1991PlC042749 Investor Presentation Q1 FY2027 JULY 2026 #35YearsofUnwaveringCredibility 1 Unveiling New Corporate Identity ICRA Unveils Its New Corporate Identity Built on Trust. Ready for the Future. Reflects Our Evolution A refreshed logo reflecting ICRA’s evolution and future ambitions Strengthens Trust Reinforces our commitment to trust, independence and insight A NEW LOOK, THE SAME TRUSTED INSIGHT Future Ready We invite you to be a part of ICRA’s next phase of growth as we Marks a new chapter while staying continue to create long-term value through trusted analytics true to the values that define us and informed decision making CLICK HERE TO WATCH OUR LOGO LAUNCH VIDEO ICRA INSIGHTS Macro outlook: FY2027 GDP, GVA INFLATION REPO RATE FISCAL DEFICIT EXTERNAL ACCOUNT Real GDP Growth CPI Inflation Status quo likely in Government of Current Account August 2026; timing India’s (GoI’s) Balance/GDP FY2026: 7.7% FY2026: 2.1% of rate hike(s) Fiscal Deficit/GDP FY2026: -0.6% FY2027e: 6.7% with FY2027e: 5.0% contingent on downside risks ratio FY2027e: -0.9% monsoon turnout, WPI Inflation FY2026: 4.4% broad-basing of Nominal GDP Growth FY2026: 0.7% inflationary FY2027e: 4.5%, FY2026: 8.9% pressures 20 bps higher than FY2027e: 8.0% FY2027e: 13.0% the target e: estimates; Source: ICRA Research www.icra.in 5 West Asia conflict, weak monsoon poses downside risks to India’s growth outlook in FY2027 Rural demand is expected to turn cautious as the below-normal rainfall would hurt rural sentiments and weaken the demand outlook. Given the deficit of ~15% in SW monsoon so far, healthy volume and distribution of rainfall remain key to buffer agricultural outcome over the next few quarters. This would affect the outlook for farm output and rural demand. While the GST rate rationalisation and stable interest rates for lending may continue to augur well for urban demand for some categories, the spectre of an uptick in inflation owing to the poor monsoon, fallout of the West Asia crisis, and weak outlook for sectors that are export oriented and/or impacted by the conflict is likely to weigh on urban household income and demand. Besides, the possibility of a back- ended rate hike in FY2027 may act as a dampener in the latter part of the fiscal. The GoI’s capex is budgeted to rise by 14.3% in FY2027, which augurs well for investment activities, although any fiscal slippage owing to the West Asia crisis could constrain discretionary spending. The ongoing conflict and domestic risks like weak monsoon and tariff-related uncertainties would also weigh on private capex plans, especially for export and manufacturing segments. The adverse impact of the geopolitical tensions in West Asia on availability of certain raw materials and demand in the region as well as high insurance and shipping costs may weigh on India’s merchandise exports in FY2027. Besides, the outlook for services exports remains cautious, amid the impact of geopolitical uncertainty on global growth. Source: ICRA Research www.icra.in 6 CONSOLIDATED FINANCIAL PERFORMANCE Growth across businesses (INR Cr) Revenue Profit after Tax 56.5 31.2% 163.4 32.0% 124.5 42.8 Q1 FY2026 Q1 FY2027 Q1 FY2026 Q1 FY2027 *Segment Revenue Segment Results 163.4 44.6 37.9 124.5 83.8 29.0 74.2 23.0 80.6 50.8 14.9 15.6 Q1 FY2026 Q1 FY2027 Q1 FY2026 Q1 FY2027 ▪ ICRA delivered a strong quarterly performance, supported by a healthy growth in Ratings and sustained momentum in Risk & Analytics (R&A). ▪ Ratings performance aided by bank credit growth, with demand led mainly by the Industries and NBFC segments. Bond issuances were lower year-on-year due to elevated yields, though issuances improved towards quarter-end amid better liquidity, also translating into growth in Commercial paper outstanding. Securitisation volumes were driven entirely by NBFCs, as newer and smaller entities used this route to expand access to cheaper funding. ▪ R&A growth driven by Fintellix acquisition, demand for risk, data and regulatory technology solutions, and steady KnowTech performance despite automation-led ramp-downs. ▪ ICRA acquired the remaining stakes in D2K Technologies India Private Limited and Fintellix India Private Limited, making both its wholly-owned subsidiaries. Ratings & ancillary services Risk & Analytics(formerly known as 'Research & Analytics') *Group revenue numbers exclude inter-segment revenue www.icra.in 8 MEDIA OUTREACH Research and outreach 1 2 3 WEBINARS & EVENTS RESEARCH PUBLISHED MEDIA COVERAGE www.icra.in 10 Social listening www.icra.in 11 Disclaimer This Investor Presentation contains certain forward-looking statements (including expectations and plans) that may be identified by words, phrases, or expressions such as “expected”, “likely”, “will”, “would”, “continue”, “intend to”, “in future”, “opportunities” or their variations. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed under the sections titled “Business Outlook” and/or “Challenges/Risk Factors”, which are a part of this review presentation. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analysis only as of the date hereof, except as required by applicable laws or regulations, ICRA assumes no obligation to publicly update or otherwise revise any statements reflecting circumstances arising after the date hereof or to reflect the occurrence of underlying events, even if the underlying assumptions do not come to fruition. Neither ICRA nor its subsidiaries, including their directors, officers, or employees, accept any responsibility for losses that may result from using this presentation or its content, or from anything related to it. Past performance cannot be relied on as a guide to future performance. www.icra.in 12 © Copyright, 2026 ICRA Limited. All Rights Reserved. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable. Although reasonable care has been taken to ensure that the information herein is true, such information is provided 'as is' without any warranty of any kind, and ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. Also, ICRA or any of its group companies, while publishing or otherwise disseminating other reports may have presented data, analyses and/or opinions that may be inconsistent with the data, analyses and/or opinions in this publication. All information contained herein must be construed solely as statements of opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication or its contents. #35YearsofUnwaveringCredibility 13 Thank You! #35YearsofUnwaveringCredibility 14