Quick Facts / Company Snapshot
- Full Company Name: Crisil Limited
- Parent Company: S&P Global Inc.
- Ultimate Holding Company Ownership: 66.64%
- Headquarters: Mumbai, Maharashtra, India
- Industry: Analytics, Research, and Ratings
- Core Purpose: To make markets function better
- Consolidated Total Income (2024): ₹3,349.42 Crore
- Consolidated Profit After Tax (2024): ₹684.07 Crore
- Total Assets (Consolidated, 2024): ₹3,941.78 Crore
- Earnings Per Share (Basic, 2024): ₹93.55
- Dividend Per Share (Total, 2024): ₹56
- Market Capitalisation (Dec 31, 2024): ₹73,129.79 Crore (Derived from share count/price data context if available, otherwise stated as Market Cap in report: ₹48,654 Crore)
- Total Employees (Permanent, Consolidated): 4,666
- Global Presence: Offices in 12 countries excluding India
- Number of Ratings Outstanding: ~7,000 large and mid-scale corporates and financial institutions
- Key Business Segments: Ratings Services; Research, Analytics and Solutions
- Primary Auditors: Walker Chandiok & Co LLP
- Sustainability Certification: Great Place to Work® certified for the fifth consecutive year
- CSR Expenditure (2024): ₹12.45 Crore (Consolidated expenses on CSR note)
Company Overview
Crisil Limited is a leading, agile, and innovative global analytics company driven by its mission to make markets function better. As a company of S&P Global, Crisil stands as India’s foremost provider of ratings, data, research, analytics, and solutions. The company has a diverse portfolio that serves a wide range of clients, encompassing tens of thousands of customers ranging from micro, small, and medium enterprises (MSMEs) to large corporations, investors, and top global financial institutions.
The organisation operates with a vision to be the global analytics firm that leaders seek for insights at critical moments. This vision is supported by a mission to deliver insights of the highest standard every day, empowering clients to make mission-critical decisions with confidence. Crisil’s core values—Integrity, Excellence, Partnership, and Discovery—underpin its operations and client engagements. The company prides itself on transforming data into powerful insights through extraordinary rigour and deep domain expertise.
Crisil is deeply ingrained in the global financial ecosystem, working with commercial and investment banks, insurance companies, private equity players, and asset management companies worldwide. Additionally, it actively engages with policymakers in the infrastructure space in India and other emerging markets. The company’s operational structure allows it to provide independent opinions, actionable insights, and efficient solutions that help clients mitigate risks and optimise their business strategies.
In 2024, the company undertook a strategic brand transformation to reinforce its position as a global, insights-driven analytics organisation. This exercise unified its various businesses under a cohesive identity, ensuring a consistent and connected experience for clients across the globe. The new brand architecture positions its businesses—Crisil Ratings, Crisil Intelligence, Crisil Coalition Greenwich, and Crisil Integral IQ—under a unified umbrella that celebrates the company’s pioneering past while projecting a progressive future.
Business Segments
Crisil Limited operates through two primary business segments for financial reporting purposes: Ratings Services and Research, Analytics and Solutions. However, structurally and operationally, the business is organised into four core market-facing business units.
Ratings Services
Revenue (2024): ₹909.15 Crore
Percentage of Total Operating Revenue: 27.89%
The Ratings Services segment includes credit ratings for corporates, banks, bank loans, credit analysis services, grading services, and global analytical services. Crisil Ratings is a pioneer in the concept of credit rating in India, having been established in 1987. It maintains a leadership position in the corporate bond markets, driven by a steadfast preference for its best-in-class ratings among investors and issuers.
- Operational Scope: The segment rates the entire range of debt instruments, including bank loans, certificates of deposit, commercial paper, non-convertible bonds, debentures, perpetual bonds, and structured debt instruments.
- Market Position: Crisil Ratings has rated over 35,000 large and mid-scale corporates and financial institutions. It holds active ratings outstanding for approximately 7,000 companies.
- Innovation: The business has instituted several innovations in India, including rating municipal bonds, partially guaranteed instruments, and infrastructure investment trusts (InvITs).
- Subsidiary Operations: This segment includes the operations of Crisil Ratings Limited, a wholly-owned subsidiary registered as a credit rating agency with SEBI, and Crisil ESG Ratings & Analytics Limited, which is approved as a Category 1 provider of ESG Ratings in India.
- Global Support: The Global Analytics Centre (GAC) operates within this segment, serving as a vital analytical, research, and data services hub for S&P Global Ratings across geographies. GAC supports S&P Global Ratings teams in the US, EMEA, and APAC regions, covering over 70 industry groups.
Research, Analytics and Solutions
Revenue (2024): ₹2,350.63 Crore
Percentage of Total Operating Revenue: 72.11%
This segment is the larger revenue contributor and comprises a diverse suite of services including global research and risk solutions, industry reports, customised research assignments, subscription data services, independent equity research (IER), IPO gradings, training, and advisory services. It integrates three major business brands: Crisil Intelligence, Crisil Integral IQ, and Crisil Coalition Greenwich.
- Operational Scope: The segment provides high-end research, analytics, and risk management tools to financial institutions, banks, and corporates globally. It supports clients in navigating complex external ecosystems, identifying opportunities, and mitigating risks through data-driven insights.
- Client Base: The segment serves the world’s largest banks, leading corporations, and multilateral agencies. It covers extensive research on 75+ sectors and sub-sectors and provides valuations to all mutual funds in India.
- Key Offerings: Services include bench-marking, analytics, strategy consulting, credit risk solutions, model validation, and regulatory reporting.
History and Evolution
Crisil’s journey began in 1987, when it pioneered the concept of credit rating in India. Established with the objective of making markets function better, the company has consistently set standards in the credit rating business through independence, analytical rigour, and innovation.
- Foundational Era: As the first rating agency in India, Crisil Ratings was the first to rate bank loans, inflation-indexed debentures, and municipal bonds in the country. It played a crucial role in the development of India’s debt markets.
- Expansion and Diversification: Over the decades, Crisil expanded beyond ratings into research, risk, and policy advisory. It developed domain-specific intellectual property and strategic digital initiatives to empower clients.
- Strategic Acquisition by S&P Global: The company became a subsidiary of S&P Global Inc., a relationship that has been instrumental in shaping Crisil’s strategy and governance systems by blending local expertise with global perspectives.
- 2024 Brand Transformation: In the reporting year 2024, Crisil undertook a significant strategic brand transformation. This exercise repositioned its businesses—formerly known by different names such as Market Intelligence & Analytics and Global Research & Risk Solutions—under a new, cohesive brand architecture (Crisil Intelligence, Crisil Integral IQ, etc.) to offer a unified experience to global clients.
- Recent Milestones:
- 2023: Acquired Bridge To India Energy Private Limited (renewable energy consulting) and Peter Lee Associates Pty Limited (benchmarking research).
- 2024: Crisil ESG Ratings & Analytics Limited received approval as a Category 1 provider of ESG ratings in India. The company also streamlined its subsidiary structure, approving the merger of Bridge To India with Crisil Limited.
Products and Services
Crisil offers a comprehensive suite of products and services tailored to specific market needs under its unified business brands.
1. Crisil Ratings
This business provides independent credit ratings, grading services, and credit analysis.
- Products: Credit Ratings for Debt Instruments (Bonds, Debentures, Commercial Paper), Bank Loan Ratings, SME Ratings, Real Estate Star Ratings, and Infrastructure Gradings.
- Services: Surveillance support for S&P Global Ratings through the Global Analytics Centre (GAC).
- Revenue Contribution: Included under the “Ratings Services” segment (Total Segment Revenue: ₹909.15 Crore).
2. Crisil Intelligence (formerly Market Intelligence & Analytics)
This unit offers insights, consulting, technology-driven risk solutions, and advanced data analytics.
- Products: Industry Research Reports (75+ sectors), Fixed Income Indices, Gilt Indices, Hybrid Indices, Wealth/Funds Research, and Credit+ ICON (credit assessment solution).
- Services: Customised Research, IPO Grading, Independent Equity Research (IER), Infrastructure Advisory, and Risk Management Services.
- Key Highlights: It acts as the official provider of valuations to all mutual funds in India and covers ₹197 trillion of outstanding Indian debt securities.
- Revenue Contribution: Part of the “Research, Analytics and Solutions” segment.
3. Crisil Integral IQ (formerly Global Research & Risk Solutions)
This business delivers solutions for strategic transformation, risk optimisation, and operational excellence for global financial institutions.
- Services: Buy-side Research, Sell-side Research, Credit Risk & Lending Solutions, Model Risk Management, Quantitative & Risk Solutions, and Change Management.
- Key Highlights: Recognised as a category leader in model validation by Chartis Research for the third consecutive year. It leverages Generative AI for client solutions.
- Revenue Contribution: Part of the “Research, Analytics and Solutions” segment.
4. Crisil Coalition Greenwich (formerly Global Benchmarking Analytics)
This unit provides strategic benchmarking, analytics, and insights to the global financial services industry.
- Products: Competitive Benchmarking Analytics, Client Intelligence Platforms (like Q2 and Prospect Match), and Performance Measurement Tools.
- Services: Corporate & Investment Banking (CIB) Analytics, Commercial Banking Solutions, and Asset Management Insights.
- Key Highlights: The “Greenwich Awards” are considered a gold standard in the industry.
- Revenue Contribution: Part of the “Research, Analytics and Solutions” segment.
Brand Portfolio
Crisil’s brand portfolio was refreshed in 2024 to create a cohesive identity. The portfolio consists of four primary market-facing brands:
Crisil Ratings
- Core Promise: Offers reliable opinions on risk. It is the original brand that pioneered credit ratings in India.
- Operational Scope: Covers ratings for the entire spectrum of debt instruments and financial sector entities.
- Revenue: ₹909.15 Crore (Segment Revenue).
Crisil Intelligence
- Core Promise: Delivers data-driven insights and consulting.
- Scope: Serves clients across government, private, and public enterprises. It combines cutting-edge analytics, machine learning, and AI with deep industry knowledge.
- Strategic Focus: Infrastructure, urban development, and local economic development.
Crisil Integral IQ
- Core Promise: Delivering solutions for strategic transformation and risk optimisation.
- Scope: Primarily serves top global financial institutions. It operates with a diverse workforce across the Americas, APAC, Europe, Australia, and the Middle East.
- Focus Areas: Risk, lending, analytics, and operations.
Crisil Coalition Greenwich
- Core Promise: Providing strategic benchmarking and actionable insights.
- Scope: Specialises in providing high-value information to help clients measure and drive business performance in the financial services industry.
- Client Base: Serves 15 of the world’s top 20 investment banks and partners with 35 of the top 50 commercial banks.
Geographical Presence
Crisil has a robust global footprint, serving clients in over 50 countries. The company operates through offices in 12 countries outside India.
Country / Region Breakdown
- India:
- Headquarters: Mumbai (Crisil House, Powai).
- Offices: Ahmedabad, Bengaluru, Chennai, Gurugram, Hyderabad, Kolkata, and Pune.
- Revenue (2024): ₹986.10 Crore.
- % of Total Revenue: 30.25%.
- North America:
- Offices: United States (New York, Stamford).
- Revenue (2024): ₹1,276.10 Crore.
- % of Total Revenue: 39.15%.
- Operations: Key hub for Crisil Integral IQ and Crisil Coalition Greenwich operations.
- Europe:
- Offices: United Kingdom (London), Poland (Wroclaw), Switzerland (Zurich).
- Revenue (2024): ₹710.51 Crore.
- % of Total Revenue: 21.80%.
- Operations: Significant delivery centres for global research and analytics.
- Rest of the World:
- Offices: Argentina (Buenos Aires), Colombia (Bogota), China (Hangzhou), Singapore, Australia (Sydney), Japan (Tokyo), United Arab Emirates (Dubai), Cambodia (Phnom Penh).
- Revenue (2024): ₹287.07 Crore.
- % of Total Revenue: 8.80%.
- Operations: Includes delivery centres and commercial offices serving regional markets.
Note on Revenue Distribution: The geographical revenue distribution is based on the location of the customers. North America constitutes the largest market for Crisil’s consolidated revenue.
Financial Performance Analysis
Crisil demonstrated resilience and growth in 2024 amidst a global environment marked by heightened uncertainty. The company reported strong operational and financial performance, prioritising sustainable and synergised growth.
Multi-Year Trend Analysis (Consolidated)
- Income from Operations:
- 2024: ₹3,259.78 Crore
- 2023: ₹3,139.52 Crore
- 2022: ₹2,769 Crore
- 2021: ₹2,301 Crore
- 2020: ₹1,982 Crore
- Trend: 10% CAGR over the last 5 years.
- Profit After Tax (PAT):
- 2024: ₹684.07 Crore
- 2023: ₹658.44 Crore
- 2022: ₹564 Crore
- 2021: ₹466 Crore
- 2020: ₹355 Crore
- Trend: 10% CAGR in Profit After Tax.
- Market Capitalisation:
- 2024: ₹48,654 Crore
- 2020: ₹13,949 Crore
- Trend: 15% CAGR in Market Capitalisation over the long term.
Profit and Loss Analysis
Consolidated Statement of Profit and Loss for the Year Ended December 31, 2024
| Particulars | Amount (₹ Crore) |
| Income | |
| Revenue from Operations | 3,259.78 |
| Other Income | 89.64 |
| Total Income | 3,349.42 |
| Expenses | |
| Employee Benefits Expense | 1,765.09 |
| Finance Costs | 4.03 |
| Depreciation and Amortisation | 69.95 |
| Other Expenses | 583.88 |
| Total Expenses | 2,422.95 |
| Profit Before Tax | 926.47 |
| Tax Expense | 242.40 |
| Profit After Tax | 684.07 |
| Other Comprehensive Income | 113.33 |
| Total Comprehensive Income | 797.40 |
Key Ratios and Metrics:
- Operating Profit Margin (EBITDA/Total Income): 30%
- Net Profit Margin: 20%
- Employee Benefits Expense as % of Total Income: 53%
- Earnings Per Share (Basic): ₹93.55
- Return on Net Worth: 29%
Balance Sheet Analysis
Consolidated Balance Sheet as at December 31, 2024
| Particulars | Amount (₹ Crore) |
| ASSETS | |
| Non-Current Assets | 1,799.08 |
| Property, Plant and Equipment | 160.03 |
| Goodwill | 424.64 |
| Financial Assets (Investments, etc.) | 407.74 |
| Deferred Tax Assets (Net) | 76.41 |
| Current Assets | 2,142.70 |
| Investments | 1,064.41 |
| Trade Receivables | 549.79 |
| Cash and Cash Equivalents | 301.91 |
| Bank Balances other than above | 2.54 |
| TOTAL ASSETS | 3,941.78 |
| EQUITY AND LIABILITIES | |
| Equity | 2,564.82 |
| Equity Share Capital | 7.31 |
| Other Equity | 2,557.51 |
| Non-Current Liabilities | 285.21 |
| Lease Liabilities | 201.57 |
| Provisions | 43.82 |
| Current Liabilities | 1,091.75 |
| Trade Payables | 185.38 |
| Lease Liabilities | 48.43 |
| Other Financial Liabilities | 414.44 |
| TOTAL EQUITY AND LIABILITIES | 3,941.78 |
Key Insights:
- Liquidity: The company maintains a strong liquidity position with ₹1,370.17 Crore in treasury assets (Investments + Cash + Bank Balances).
- Debt: The company has negligible debt, primarily consisting of lease liabilities.
- Net Worth: The net worth per share stands at ₹350.7.
Cash Flow Analysis
Consolidated Cash Flow Statement for the Year Ended December 31, 2024
| Particulars | Amount (₹ Crore) |
| Cash Flow from Operating Activities | |
| Profit Before Tax | 926.47 |
| Operating Profit before Working Capital Changes | 931.43 |
| Net Cash Generated from Operating Activities | 765.06 |
| Cash Flow from Investing Activities | |
| Purchase of Property, Plant and Equipment | (173.16) |
| Net Investments in Mutual Funds | (224.63) |
| Net Cash Used in Investing Activities | (386.30) |
| Cash Flow from Financing Activities | |
| Dividend Paid | (424.12) |
| Principal Payment of Lease Liabilities | (16.09) |
| Net Cash Used in Financing Activities | (441.82) |
| Net Decrease in Cash and Cash Equivalents | (63.06) |
| Cash and Cash Equivalents at Beginning of Year | 366.12 |
| Cash and Cash Equivalents at End of Year | 301.91 |
Analysis:
- Operating Efficiency: The company generated strong cash flows from operations, amounting to ₹765.06 Crore.
- Investing: Significant investments were made in mutual funds and capital expenditure for property and equipment.
- Financing: A substantial portion of cash was utilised for dividend payments to shareholders (₹424.12 Crore).
Board of Directors and Leadership Team
Board of Directors
- Mr. Yann Le Pallec (Chairman, Non-Executive Director): Represents S&P Global. Bringing global expertise to the board.
- Mr. Amish Mehta (Managing Director & CEO): Leads the company’s strategic direction and operations. He has been instrumental in driving the company’s growth and transformation.
- Mr. Girish Paranjpe (Independent Director): Serves as Chairman of the Stakeholders’ Relationship Committee and Nomination and Remuneration Committee.
- Ms. Shyamala Gopinath (Independent Director): Serves as Chairperson of the Audit Committee. Former Deputy Governor of the RBI.
- Mr. Amar Raj Bindra (Independent Director): Serves as Chairman of the Risk Management Committee.
- Ms. Nishi Vasudeva (Independent Director): Appointed in 2024. Serves as Chairperson of the Corporate Social Responsibility Committee. Former CMD of HPCL.
- Mr. Girish Ganesan (Director): Non-Executive Director representing S&P Global.
- Mr. Saugata Saha (Director): Non-Executive Director representing S&P Global.
Key Management Team
- Amish Mehta: Managing Director & Chief Executive Officer
- Dinesh Venkatasubramanian: Chief Financial Officer (Appointed Oct 2024)
- Minal Bhosale: Company Secretary
- Gurpreet Chhatwal: Chief Operating Officer
- Ashish Vora: President & Business Head, Data and Analytics
- Duncan McCredie: President & Business Head, Crisil Coalition Greenwich
- Priti Arora: President & Business Head, Crisil Intelligence
- Pooja Mirchandani: President & Chief Human Resources Officer
- Zak Murad: Chief Technology & Information Officer
- Sanjay Chakravarti: President – Risk & Compliance
Subsidiaries, Associates, Joint Ventures
Crisil has 3 Indian and 13 overseas wholly-owned subsidiaries.
Top Subsidiaries by Revenue (2024):
- Coalition Development Limited (UK)
- Turnover: ₹627.13 Crore
- Net Profit: ₹154.75 Crore
- Profile: Provides high-end analytics and benchmarking services to investment banks.
- Crisil Ratings Limited (India)
- Turnover: ₹579.70 Crore
- Net Profit: ₹252.65 Crore
- Profile: Wholly-owned subsidiary registered as a Credit Rating Agency with SEBI.
- Crisil Irevna US LLC (USA)
- Turnover: ₹480.52 Crore
- Net Profit: ₹9.81 Crore
- Profile: Key hub for US operations, providing research and analytics.
- Crisil Irevna UK Limited (UK)
- Turnover: ₹367.59 Crore
- Net Profit: ₹182.78 Crore
- Profile: Holding company for several subsidiaries and provides research services.
- Crisil Irevna Information Technology (Hangzhou) Co. Ltd (China)
- Turnover: ₹35.20 Crore
- Net Profit: ₹3.45 Crore
Other Notable Subsidiaries:
- Crisil ESG Ratings & Analytics Limited: Turnover ₹2.66 Crore. Newly licensed ESG rating provider.
- Crisil Irevna Australia Pty Ltd: Turnover ₹7.00 Crore.
- Greenwich Associates (various entities): Operating in Singapore, Japan, and UK.
Physical Properties (Offices, Plants, Factories, etc.)
Crisil operates primarily through leased office spaces globally. The company does not own manufacturing plants.
Key Office Locations:
- Registered Office: Crisil Limited, Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai – 400 072 (Shifted w.e.f March 19, 2025).
- Corporate Head Office: Crisil House, Hiranandani Business Park, Powai, Mumbai.
- India Offices: Multiple locations in Pune (including Hinjewadi and Shivaji Nagar), Chennai (Prestige Polygon), Gurugram, Hyderabad (Aurobindo Galaxy), Ahmedabad, Bengaluru, and Kolkata.
- International Offices:
- Argentina: Buenos Aires (Vicente Lopez).
- Australia: Sydney (Carrington Street).
- China: Hangzhou (Hengxin Mansion).
- Colombia: Bogota.
- Poland: Wroclaw (Renaissance Business Centre).
- UK: London (Featherstone Street, Giltspur Street).
- USA: New York (Water Street), Stamford (Tresser Boulevard).
- Singapore, Japan, UAE, Cambodia, Switzerland.
Property Assets:
The gross block of Property, Plant, and Equipment stood at ₹1,081.65 Crore as of December 31, 2024. This includes computers, office equipment, furniture, and leasehold improvements.
Segment-wise Performance
Ratings Services
- 2024 Revenue: ₹909.15 Crore
- 2023 Revenue: ₹772.39 Crore
- YoY Growth: 17.7%
- Segment Result (Profit): ₹398.01 Crore
- Performance Drivers: Growth was driven by healthy bond issuances in the second half of the year and investor preference for best-in-class ratings. The segment maintained its leadership position in the corporate bond market.
Research, Analytics and Solutions
- 2024 Revenue: ₹2,350.63 Crore
- 2023 Revenue: ₹2,367.13 Crore
- YoY Growth: -0.7% (Flat/Marginal decline)
- Segment Result (Profit): ₹505.21 Crore
- Performance Drivers:
- Crisil Intelligence: Gained momentum in consulting and credit risk offerings.
- Crisil Coalition Greenwich: Saw momentum in corporate and investment banking.
- Crisil Integral IQ: Impacted by curtailed discretionary spending and cost-cutting pressures by global financial services clients.
Founders
Crisil was promoted in 1987 by premier financial institutions:
- ICICI Limited
- Unit Trust of India (UTI)
- Housing Development Finance Corporation Ltd (HDFC)
- Asian Development Bank (ADB)
- Life Insurance Corporation of India (LIC)
- State Bank of India (SBI)
- General Insurance Corporation of India (GIC)
The company pioneered the concept of credit rating in India and has since evolved into a global analytics powerhouse.
Shareholding Pattern
As on December 31, 2024:
- Promoter & Promoter Group (S&P Global Inc.): 66.64%
- Held through subsidiaries: S&P India LLC, Standard & Poor’s International LLC, and S&P Global Asian Holdings Pte. Ltd.
- Individuals (Retail Investors): 12.06%
- Foreign Institutional Investors (FIIs/FPIs): 7.55%
- Mutual Funds: 6.84%
- Insurance Companies: 5.36%
- Others (Bodies Corporate, NRIs, etc.): ~1.55%
Key Shareholders (Non-Promoter, >1%):
- Rekha Rakesh Jhunjhunwala: 5.19%
- General Insurance Corporation of India: 3.05%
- SBI Magnum Midcap Fund: 2.65%
- Life Insurance Corporation of India (LIC): 1.43%
Parent
Name: S&P Global Inc.
Relationship: Ultimate Holding Company
Profile: S&P Global is a leading provider of transparent and independent ratings, benchmarks, analytics, and data to the capital and commodity markets worldwide.
Collaboration: Crisil’s Global Analytics Centre (GAC) is the largest and key data, analytics, and research partner for S&P Global Ratings. The collaboration allows for knowledge sharing, global best practices in governance, and leveraging the S&P Global brand through referrals. S&P Global representatives sit on the Crisil Board, ensuring alignment with global standards.
Investments and Capital Expenditure Plans
Capital Expenditure (2024):
- Total Capex: ₹409.06 Crore (Capitalised to Gross Block).
- Nature of Spend: Investments were primarily in computers, software, leasehold improvements, and office equipment.
- Cash Flow Outflow for Capex: ₹173.16 Crore was used for the purchase of property, plant, and equipment and intangible assets.
Strategic Investments:
- Technology: Significant investments are being made in digital infrastructure, cloud adoption, and information security.
- Artificial Intelligence: The company is investing in GenAI capabilities, including a dedicated GenAI Lab and training for employees. Specific products like “GenAI Credit Assessment” and “Myron AI” (low code/no-code tool) have been launched.
- New Capabilities: Investments continue in broadening the product suite, particularly in ESG solutions and private credit market offerings.
Future Strategy
Crisil’s future strategy is anchored in its core purpose: To make markets function better.
- Global Analytics: The vision is to be the global analytics firm that leaders seek for insights. The company aims to leverage its deep domain expertise to provide mission-critical insights.
- Brand Unification: The 2024 rebranding strategy aims to offer a “One Crisil” experience to clients, fostering deeper connections and cross-selling opportunities across Ratings, Intelligence, and Advisory.
- Technology Transformation: Building a “New-Age Crisil” on a strong tech foundation. This involves leveraging GenAI, machine learning, and automation to enhance operational efficiency and create next-gen products.
- Talent Development: Continued focus on upskilling the workforce in new-age skills and fostering a diverse and inclusive culture.
- Sustainability: Driving positive impact through ESG ratings and consulting, while also committing to internal sustainability goals like reducing carbon emissions.
Key Strengths
- Market Leadership: Dominant position in the Indian credit rating market with a vast portfolio of rated entities.
- Strong Parentage: Backed by S&P Global, providing global reach, brand credibility, and operational synergies.
- Diversified Portfolio: Revenue streams are balanced across ratings, research, advisory, and risk solutions, reducing dependency on any single market cycle.
- Deep Domain Expertise: Unparalleled analytical rigour and understanding of complex businesses, covering 75+ sectors.
- Robust Financials: Debt-free balance sheet with strong cash generation (Operating Cash Flow: ₹765.06 Crore) and high return ratios (RONW: 29%).
- Asset-Light Model: The business model is not capital intensive, allowing for high dividend payouts and strong free cash flows.
Key Challenges and Risks
- Global Economic Uncertainty: Geopolitical tensions and divergent growth trends in major economies (US, Europe) impact discretionary spending by global banking clients, as seen in the flat growth of the Research & Analytics segment in 2024.
- Regulatory Risks: The credit rating industry is highly regulated. Changes in regulations by SEBI or global bodies can impact compliance costs and operational processes.
- Talent Retention: As a knowledge-based company, retaining high-quality analytical talent is critical. High attrition or inability to attract specialized talent in AI/tech could pose a risk.
- Cybersecurity: With increasing digitisation and data dependency, the risk of cyber threats and data breaches remains a critical focus area.
- Technology Disruption: The rapid evolution of GenAI presents both an opportunity and a disruption risk to traditional research and analytical workflows.
Conclusion and Strategic Outlook
Crisil Limited stands as a paragon of analytical excellence in the global financial services landscape. Its 2024 performance underscores its resilience and adaptability in a volatile global market. By successfully unifying its diverse business lines under a refreshed brand architecture, Crisil has positioned itself to deliver more integrated and high-value solutions to its clients.
The company’s strategic pivot towards technology, particularly Generative AI, combined with its foundational strength in credit ratings, sets a robust platform for future growth. While global macroeconomic headwinds present near-term challenges for discretionary spending, Crisil’s deep entrenchment with the world’s largest financial institutions and its dominant leadership in the domestic market provide a strong buffer.
Looking ahead, Crisil is well-poised to capitalise on the growing demand for data-driven decision-making, sustainability insights, and risk management solutions. With a pristine balance sheet, strong parentage, and a clear strategic vision, Crisil remains a critical partner to the global financial ecosystem, driving transparency and confidence in the markets it serves.
Official Site: https://www.crisil.com/
FAQ Section
1. What does Crisil do?
Crisil is a leading global analytics company that provides ratings, research, risk, and policy advisory services. It offers independent opinions, data, and solutions to help clients mitigate risks and make informed business decisions.
2. Is Crisil an Indian company?
Crisil is a public limited company domiciled in India with its registered office in Mumbai. However, it is a subsidiary of S&P Global Inc., a US-based corporation, which holds a majority stake (66.64%) in the company.
3. What are the main business segments of Crisil?
Crisil operates primarily through two segments for financial reporting: Ratings Services and Research, Analytics & Solutions. Its market-facing business units are Crisil Ratings, Crisil Intelligence, Crisil Integral IQ, and Crisil Coalition Greenwich.
4. What is the dividend history of Crisil?
Crisil has a consistent track record of paying dividends. For the year 2024, the company recommended a final dividend of ₹26 per share, bringing the total dividend for the year to ₹56 per share.
5. How many employees does Crisil have?
As of December 31, 2024, Crisil had a total employee count of 5,502, which includes 4,666 permanent employees and 836 other than permanent staff.
Source: Content on FirmsWorld.com is based on publicly available corporate filings, regulatory disclosures, annual reports, SEC 10-K filings, investor relations materials, and, where applicable, direct communications with the company.
