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Crisil Limited Q3 FY25: Divergent Performance and Strategic Acquisition
Crisil Limited's Board of Directors, in their meeting on February 13, 2026, approved the financial results for the quarter and year ended December 31, 2025, revealing a notable divergence between consolidated and standalone operational performance.
The Numbers: Consolidated Strength, Standalone Weakness
Consolidated revenue from operations for Q3 FY25 surged by 18.48% YoY to ₹1,081.57 Cr, and grew 18.69% QoQ from ₹911.24 Cr. Consolidated profit before tax (PBT) rose 10.87% YoY to ₹326.52 Cr, and net profit increased by 7.48% YoY to ₹241.50 Cr, marking a 25.07% QoQ jump. Consequently, consolidated basic Earnings Per Share (EPS) grew 7.5% YoY to ₹33.02.
In stark contrast, standalone operations witnessed a 21.7% YoY decline in PBT to ₹178.22 Cr and a substantial 25.6% YoY drop in net profit to ₹153.42 Cr. Standalone EPS mirrored this trend, falling 25.6% YoY to ₹20.98. Standalone revenue, however, showed resilience with a 16.0% YoY increase to ₹511.76 Cr.
For the full year FY25, consolidated revenue grew 12.13% YoY to ₹3,755.55 Cr, with net profit up 11.98% YoY to ₹766.01 Cr. Standalone operations saw a minimal 0.29% YoY increase in PBT to ₹707.08 Cr, while net profit remained flat at ₹614.87 Cr (YoY -0.05%).
Strategic Moves: PriceMetrix Acquisition and Goodwill Surge
A significant development was the completion of the acquisition of McKinsey PriceMetrix Co. for USD 32.9 million (₹293.97 Cr) on November 7, 2025. This acquisition led to a 60.2% YoY increase in consolidated Goodwill on the balance sheet, reaching ₹680.65 Cr as of December 31, 2025. Total consolidated assets grew by 17.4% YoY to ₹4,631.94 Cr.
Segment Performance and Financial Health
Segment-wise, consolidated Ratings services revenue grew 14.5% YoY to ₹290.91 Cr, while Research, Analytics & Solutions revenue surged 20.05% YoY to ₹791.19 Cr in Q3 FY25.
Approximate consolidated net debt, calculated as Total Financial Liabilities (₹779.74 Cr) minus Cash & Cash Equivalents (₹320.13 Cr), stood at ₹459.61 Cr.
Governance and Investor Returns
The board recommended a final dividend, and key leadership was retained with the re-appointment of Mr. Amish Mehta as Managing Director & CEO for three years and Mr. Amar Raj Bindra as Independent Director for five years.
Risks and Outlook
No specific risks or governance issues were highlighted in the disclosed reports. Notably, the company did not provide specific forward-looking guidance in its announcement, leaving future performance projections open to interpretation based on market conditions and integration of the new acquisition. Investors will closely watch the impact of the PriceMetrix acquisition on future profitability and potential risks associated with the substantial goodwill recorded.