Shareholders meeting

ICRA ICRA Limited July2 032,6 BSEL imited NatiSotnoaEclxk c haonfIg ned Liiam ited PhirJoezeej eTeobwheorys ExchaPnlgaez a, DalSatlr eet PlnootC. / G1B ,l ock Mumb4a0i0 0I0n1d,i a BandraC-oKmuprlleax ScrCiopd 5e3:2 835 Band(rEaa st) Mumb-a4i0 0I0I,5n dia SymbIoClRA: DeaSri r/Madam, Sub-.N:o tiofct ehT eh irtyA-nFniuGfaetlnh e Mreaelt ainnAdgn nuRaelp oforrtt h fien anyceiaarl 2025-26 PurstuoRa engtu l3a4ta inoodtn h aeprp lirceuagalbtlieoo ftn hsSe e curaintEdix ecsh aBonagroedf I ndia (LisOtbilnigg aatnidDo inssc lRoesquurier eRmeegnutlsa)2t 0i1oa5ns,sa ,m end(ethde", L isting Regulatpiloenfiasns"ede)n ,c ltohsAeen dn uRaelp oforrtt h fien anyceia2ar0l 2 5(-"2A6n nRueaplo rt") andn otiocfte h Teh irty-FAnniufatlhG eneMraele t(i"nAgG NMo ticoefI" C)RA Limi(ttehde "Compasncyh"e)d tuobl eeh de lodnT hursJdual3yy0, 2, 0 2a6t,3 :3p0. m(.1 StTh)r oVuigdhe o Confere(n"cViC/nO" gt) h Aeurd Viios Mueaal(n "sO VAM "). Inc omplwiiatnthchM eei niosfCt oryrp orAafftaei( r"sM CAc"i)r caunltdha erS se curainEtdxi cehsa nge BoaorfId n d(i"aS EBcIi"r)c tulhAaenr nsuR,ae lp oartnt dh AeG MN otaircbeee isnegtn ott h Mee mbers throeulgehc tmroodnTeih.Ace n nuRaelp oartnA dG MN otiwcibele lm adaev aiolnat bhCleoe m pany's websviithzet. t ps://www.icra.in/. Purstuota hnpetr oviosfSi eocntsI0i 8oo nft hCeo mpaAnci2te0,s1 r3e waidt h Rouftl heCe o 2m0p anies (ManagaenmAded nmti nisRturla2et0si1,oa4 nsa,) m enfrdoemdt imteot imaen,Rd e gul4a4to ifto hne ListRienggu latthMieeo mnbse,ar rpser ovwiidtethdhfa ec iltioct ayts hte viorto enas l rle solsuetti ons forthi nth eA GMN otuicseie nlge ctvrootnsiiyncsg t( erme mEo-tveo tpirnogv)bi,ydN eadt iSoencaulr ities DeposLiitmoiry(t "eNdS DL"). Thsec heodfeu vleefon rte sl ectvrootn(ii"ncEg - v")oi tasis fon lglows: Particulars Details E-voEtvienNngut m b(eErV EN) 139768 Cut-doafftt oae s cemretmabieenlr isg tiocb alvseot t e Ju2l3y2, 0 26 RemoEt-ev osttiatnirtgm a end da te 9:0a0.1 mS.T J,u2 l7y2, 0 26 RemoEt-ev oetnitdni gma end da te 5:p0.0m I.S TJ,uy2 l 92,0 26 Yoaur ree quetsotat kteehd ae b oovnre e cord. Regards, Sincerely, (SS.h akReabh man) CompaSneyc re&tary C ompliOafnficcee r EncAlsA. b:o ve ElecMtarnisc3ir odF nl,o or Te:l+ .9 1.22.61693300 Websi:wt wew .icra.in AppasMaahreabMt ahreg GI:NL 74999DL1991PLC042E7m4a9i: li nfo@icraindia.com PrabhaMduemvbia,i -400025 Helpd+e9s1k.:9 354738909 RegisOtfefr:ie cdB1e 0 ,S- t7ateHsomuasne ,B ar1a4k8h,Ra omabda, eNl-eh1wi1 0D0T0e1:l+ .9 1.11.;;243143 I)5 7940 RATING • RESEARCH • INF1 O64 R0 MA" TION Years of Trust, One Future in Focus. Annual Report 2025-26 Contents 35 Years of Trust, 35 Years of Trust, Statutory Reports One Future in Focus. 01 Directors’ Report 75 Corporate Overview Corporate Governance Report 94 One Future in Focus. Highlights and Performance Snapshot 04 Management Discussion & Analysis Report 128 Corporate Social Responsibility (CSR) Milestones 08 Business Responsibility & Who We Are 10 Sustainability Report 149 Since 1991, ICRA Limited (ICRA) Vision, Values and Governance Ethos 11 has stood as a pillar of credibility, Expanding Footprint 12 Financial Statements independence and innovation, Milestones 14 Consolidated Financials 206 empowering markets, enabling Message from MD and Group CEO 16 Standalone Financials 276 informed decisions and shaping Key Performance Indicators 20 financial resilience. This year, as the Company celebrates Notice 334 Business Review three-and-a-half decades of ICRA Limited 22 trust, it reflects on a journey Alliance with Moody’s 24 defined by rigour, responsibility ICRA Research & Analytics 26 and relevance. FEEDBACK ICRA Analytics Limited 27 Our Promise for the Future We welcome your questions and feedback on this Annual From pioneering credit ratings Fintellix India Private Limited 28 Report at investors@icraindia.com in India to embracing advanced D2K Technologies India Private Limited 29 Analytical Excellence: analytics and ESG frameworks, 1 ICRA ESG Ratings Limited 30 Sharper insights, deeper sector intelligence ICRA's evolution mirrors the ICRA Nepal Limited 31 transformation of India’s financial Advanced Analytics: ecosystem. Today, apart from 2 Market Engagement and Thought Driving sustainable growth through intelligent being a rating agency, ICRA Leadership insights and risk-aware analytics is a knowledge partner, a risk Market Engagement 32 navigator and a catalyst for Webinars and Outreach 34 This report can be accessed through the QR code above and Digital Transformation: is also available at www.icra.in sustainable growth. 3 ICRA in News 36 Enabling speed, scale and security for stakeholders Publications 40 Conceptualisation of the Cover Design. The diamond symbolises ICRA’s 35 years of trust and Awards and Accolades 42 precision, while the spectrum and prism elements convey clarity, impact and the transformation of complexity into ESG Impact: actionable insight. ICRA on Social Media Driving responsible financing and Environmental, Social and sustainable impact Governance Stewardship Environment 46 5 CSR for Change: Social 48 Building sustainable, skilled and Governance 66 inclusive communities Corporate Business Market Engagement & ESG Statutory Financial ICRA Limited Overview Review Thought Leadership Stewardship Reports Statements Built on Trust Evolving with Markets Since inception, ICRA has built its ICRA’s journey reflects a deliberate institution on credibility, independence expansion of capabilities in step and analytical rigour. What began as with changing market needs. From a credit rating company has grown ratings to research, analytics, ESG into a trusted voice in India’s financial assessments and risk technology, Years ecosystem, helping markets interpret each phase of growth has been complexity, evaluate risks and make shaped by relevance rather than informed decisions. scale, reinforcing the organisation’s role as a knowledge partner and a risk navigator. Behind Us. Infinite Broadening the Platform Looking Beyond Business Today, ICRA stands as a diversified As ICRA matured over 35 years, Possibilities platform of ratings, analytics, technology its legacy began reflecting in the and ESG solutions, extending well communities it seeks to strengthen. Its beyond its origins as a credit rating CSR journey, now spanning a decade agency. Through its group entities and of structured impact, has advanced strategic additions such as ICRA ESG education, women’s empowerment, Ahead. Ratings, along with the acquisitions skilling and inclusion, affirming that of D2K Technologies and Fintellix, the long-term value creation must extend organisation has expanded its presence beyond markets into society. across digital transformation, ESG intelligence, regulatory technology, and data-led risk solutions. 02 Annual Report 2025-26 Annual Report 2025-26 03 Corporate Business Market Engagement & ESG Statutory Financial ICRA Limited Overview Review Thought Leadership Stewardship Reports Statements Highlights and Performance Snapshot FY2026: Year in Review Financial Revenue (₹ crores) PAT (₹ crores) Earnings Per Share (₹ per share) 20.4% 6.6% 6.7% 599.5 182.5 188.6 171.2 176.7 498.0 YoY Growth FY25 FY26 FY25 FY26 FY25 FY26 Operational 2,743 596 48,000+ Issuers live ratings, with Reports published across Entities financial statements analysed rated debt of ₹105 trillion sectors annually 04 Annual Report 2025-26 Annual Report 2025-26 05 Corporate Business Market Engagement & ESG Statutory Financial ICRA Limited Overview Review Thought Leadership Stewardship Reports Statements Highlights and Performance Snapshot Strategic Acquisition Years of Innovation of Fintellix In a defining step towards digital regulatory complexity, enhance increasingly data-intensive and For a quarter of a century, acceleration, ICRA Limited acquired data governance, and generate regulation-driven environment. D2K Technologies has built its 'Fintellix India Private Limited actionable insights, while also identity around a simple but Fintellix is a mate [Showing first 8,000 characters — download PDF for full document]