Financial Services
Icra Limited Q1 FY27: Revenue Up 31.2%, PAT Rises 32.0%
ICRA Limited (NSE: ICRA) announced Q1 FY27 results with a 31.2% revenue increase and 32.0% PAT rise, driven by strong performance in Ratings and Risk & Analy.
ICRA Limited (NSE: ICRA) announced its results for the first quarter ended June 30, 2026, on July 30, 2026. The company reported a 31.2% increase in consolidated revenue from operations to ₹163.4 crore, up from ₹124.5 crore in the same quarter of the previous year. Profit after tax (PAT) also rose by 32.0% to ₹56.5 crore, compared to ₹42.8 crore in the corresponding quarter of the previous year.
Strong Performance in Ratings and Risk & Analytics
The consolidated financial performance for the quarter includes the consolidation impact of Fintellix, acquired in October 2025. Accordingly, the current quarter’s performance is not directly comparable with the corresponding quarter of the previous year. Commenting on the results, Mr. Ramnath Krishnan, MD & Group CEO, ICRA Limited, said: ‘ICRA delivered a strong quarterly performance, supported by healthy growth in Ratings and sustained momentum in Risk & Analytics. Our Ratings business remained anchored in high-quality analytical delivery and market engagement, while Risk & Analytics benefited from robust demand across data, risk and technology-led solutions.
Outlook for FY27
India’s GDP growth is expected to have moderated in Q1 FY27 from 7.8% in Q4 FY26, with the West Asia conflict and the consequent rise in oil and other commodity prices weighing on the performance of several sectors. While energy prices had cooled off, they have risen again in the aftermath of the recent renewal of tensions in West Asia, which could have potential consequences on India’s growth outcomes. Besides, if the monsoon rains remain sub-par and uneven, this would weigh on rural demand and agricultural outcomes, particularly in the latter part of the fiscal. Overall, ICRA currently expects the GDP growth to ease to 6.7% in FY2027 from 7.7% in FY2026, with risks tilted to the downside.
ICRA remains focused on expanding its coverage through high-quality ratings and research. Risk & Analytics continued to demonstrate healthy momentum during the quarter, driven by the acquisition of Fintellix and sustained demand across risk, data and regulatory technology solutions.
Source: NSE Corporate Announcement
Fundamental & Technical Analysis of ICRA Limited
ICRA Limited belongs to the Financial Services › Financial Data & Stock Exchanges sector. Here’s a quick read on where the business and the stock stand today.
ICRA falls 11.9% over three months and has not found a floor yet. Industry-leading margins of 30.3% reflect exceptional pricing power and operational efficiency. The PEG of 2.46 is on the high side. However, it is acceptable for a quality compounder with a strong moat. RSI stands at 29, well into oversold territory. Yet sellers still dominated on 19 of recent sessions versus 11 for buyers, so the pressure has not fully lifted. Revenue grows at 14.3% and profits at 10.3% CAGR, with D/E of 0.00. Meanwhile, the stock dips 11.9% in three months without any fundamental deterioration. Consequently, the stock quietly becomes cheaper relative to earnings power. For long-term investors, that is a feature. Check Fundamentals of ICRA Limited.
CARERATING
Care Ratings Limited Q2 FY27: Operating Income Up 20% Yoy
CARE Ratings Limited (NSE: CARE) reports a 20% YoY increase in operating income for Q2 FY27.
CARE Ratings Limited (NSE: CARE) has announced its unaudited financial results for the quarter ended 30th September 2026. The company reported a 20% year-on-year increase in operating income, reflecting robust performance across its ratings and non-ratings businesses.
Financial Highlights
The company’s operating income for Q2 FY27 stood at Rs. 164.13 Crs, marking a 20% growth compared to the same period last year. The earnings per share (EPS) also saw a significant rise, reaching Rs. 23.88, up from Rs. 22.98 in the previous quarter. The profit after tax (PAT) increased by 26% to Rs. 72.37 Crs, highlighting the company’s strong financial health.
Segmental Performance
The ratings business of CARE Ratings Limited grew by 21% year-on-year to Rs. 148.51 Crs, while the non-ratings business also experienced a 15% growth to Rs. 15.62 Crs. The consolidated EBITDA margin improved to 23%, and the PAT margin stood at 26%, indicating efficient cost management and operational efficiency.
Moreover, the company’s consolidated operating income for the half-year ended 30th September 2026 increased by 20% to Rs. 275.81 Crs. The consolidated PAT for the same period rose by 26% to Rs. 105.36 Crs, showcasing sustained growth and profitability.
As a result, the company’s overall performance for H1 FY27 has been impressive, with a 17% increase in standalone operating income and a 20% rise on a consolidated basis. The ratings and non-ratings businesses both reported robust growth of 20% and 18% respectively, underscoring the company’s diversified revenue streams and strong market position.
Looking ahead, CARE Ratings Limited remains committed to its mission of delivering clarity, conviction, and quality-led growth across all its segments. The company’s resilience in the face of global economic challenges and its ability to sustain growth reflect its strategic focus and operational excellence.
Source: NSE Corporate Announcement
Fundamental & Technical Analysis of CARE Ratings Limited
CARE Ratings Limited belongs to the Financial Services › Financial Data & Stock Exchanges sector. Here’s a quick read on where the business and the stock stand today.
CARE moves sideways over three months, with neither buyers nor sellers taking control. Industry-leading margins of 36.2% reflect exceptional pricing power and operational efficiency. The business compounds revenue at 19.2% and profits at 27.0% CAGR. That is strong double-digit growth on both counts. Buyers show up with 1.9x the volume of sellers. Moreover, they dominated on 16 of recent sessions versus 14 for sellers — a healthy accumulation pattern. Revenue grows at 19.2% and profits at 27.0%. The business is in good shape. Moreover, a stock that does not move despite strong fundamentals often offers better value than one already priced for perfection. Check Fundamentals of CARE Ratings Limited.
Banks - Regional
Suryoday Small Finance Bank Limited (suryoday) Q2 & H1 FY27: Profit After Tax Up 131%, Gross Advances Surge 34.6%
Suryoday Small Finance Bank Limited (SURYODAY) reports Q2 & H1 FY27 results with PAT up 131%, gross advances up 34.6%.
Suryoday Small Finance Bank Limited (SURYODAY) has announced its unaudited financial results for the quarter and half year ended 30th September 2026. The bank reported a significant surge in Profit After Tax (PAT) by 131% year-on-year, driven by a robust increase in gross advances. The bank’s gross advances portfolio stood at Rs. 14,972 Cr as on Sep’26, up 34.6% year-on-year.
Financial Highlights
The pre-provision operating profit (PPOP) increased by 83.8% year-on-year from Rs. 79.1 Cr to Rs. 145.5 Cr in Q2 FY27. Net total income increased by 46.5% year-on-year from Rs. 338.1 Cr to Rs. 495.3 Cr. For the half year, the PPOP increased by 51.0% year-on-year from Rs. 188.1 Cr to Rs. 284.1 Cr.
Operational Performance
Disbursements stood at Rs. 3,096 Cr in Q2 FY27 as compared to Rs. 2,430 Cr in Q2 FY26, an increase of 27.4% year-on-year. Deposits stood at Rs. 16,184 Cr as on Sep’26 as compared to Rs. 11,991 Cr as on Sep’25, an increase of 35.0% year-on-year. The cost to income ratio improved to 70.6% in Q2 FY27 as compared to 76.6% in Q2 FY26.
Looking Ahead
Mr. Baskar Babu Ramachandran, MD & CEO, Suryoday Small Finance Bank, emphasized the bank’s focus on disciplined growth, robust underwriting, and strong collection efforts. The bank intends to grow its digital banking division to enhance its deposits, assets, and earnings. With a healthy capital position and improved asset quality, Suryoday Small Finance Bank Limited is poised for continued growth.
Source: NSE Corporate Announcement
Fundamental & Technical Analysis of Suryoday Small Finance Bank Limited
Suryoday Small Finance Bank Limited belongs to the Financial Services › Banks – Regional sector. Here’s a quick read on where the business and the stock stand today.
Suryoday falls 17.7% over three months and has not found a floor yet. The PEG of 0.33 is extremely low. Either the market misses the growth story, or there is a catch worth investigating. D/E of 1.29 is elevated. As a result, debt servicing will compress free cash flow in a high-rate environment. The stock gains 3.0% in the last month, recovering from the three-month slide. However, it is too early to call this a confirmed reversal. Revenue grows at 20.0% and the stock moves sideways over three months. Neither side makes a strong case. The next earnings print will likely break this stock out of its current range. Check Fundamentals of Suryoday Small Finance Bank Limited.
Credit Services
Indostar Capital Finance Limited Q2 Fy’27: Disbursements ₹ 1,399 Crore Up 51% Yoy
IndoStar Capital Finance Limited (INDOSTAR) reports Q2 FY’27 disbursements up 51% YoY to ₹ 1,399 crore, with AUM growing to ₹8,459 crore.
IndoStar Capital Finance Limited (INDOSTAR) announced its financial results for the quarter ended September 30th, 2026. The company’s disbursements increased by 51% year-on-year to ₹ 1,399 crore, reflecting strong business momentum across its focus segments. The Asset Under Management (AUM) grew to ₹ 8,459 crore, representing a 12% year-on-year growth. Net Interest Income (NII) crossed ₹ 200 crore, marking a growth of 27% year-on-year.
Operational Highlights
The pre-provision operating profit rose to ₹ 109 crore with a year-on-year growth of 58%. The company continued to strengthen its funding profile, with its weighted average cost of funds declining to 9.7% in Q2 FY27 from 10.4% in Q2 FY26, an improvement of 70 basis points. Gross Stage 3 assets stood at 4.5%, while Net Stage 3 assets were 2.4%.
Strategic Initiatives
IndoStar continued to make progress on its key strategic priorities. The company maintained a disciplined approach to credit risk through comprehensive borrower assessment and proactive identification of potential stress indicators. The branch network expanded to 475 locations across 24 states and union territories, adding 7 branches during the quarter.
As a result, the company is well-positioned to leverage its strategic initiatives and continued growth in the financial sector.
Source: NSE Corporate Announcement
Fundamental & Technical Analysis of IndoStar Capital Finance Limited
IndoStar Capital Finance Limited belongs to the Financial Services › Credit Services sector. Here’s a quick read on where the business and the stock stand today.
IndoStar drops 27.8% over three months and trades near its 52-week lows. D/E of 1.90 is elevated. As a result, debt servicing will compress free cash flow in a high-rate environment. Razor-thin margins below 5% make profitability extremely vulnerable — this business needs scale or pricing power urgently. The stock sits at 14% of its 52-week range, close to annual lows. Historically, value investors build positions at these levels — though cheap stocks can stay cheap. Revenue grows at 6.4% CAGR and the PEG stands at 99.00. The growth does not match the price the market asks. Furthermore, flat price action adds no technical catalyst. A lower price or faster revenue growth would improve the odds. Check Fundamentals of IndoStar Capital Finance Limited.
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