Crisil Limited (CRISIL) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Crisil, a S&P Global company spanning ratings, research and analytics, reports its September 2026 quarter into a bond market where issuance has fallen to multi-year lows even as bank credit growth runs at a 26-month high. The print will speak to how far surveillance-led ratings revenue can cushion the issuance slump, and whether segment margins stabilise after the sharp sequential step-down in the June quarter.

Crisil Limited Q2 Results Date and Time

The Board will meet on Friday, October 23, 2026, to approve unaudited standalone and consolidated results for the quarter and nine months ended September 30, 2026, and consider a third interim dividend for the financial year ending December 31, 2026. The No Trading Window ran September 15 to October 27, 2026 (both days inclusive).

What to expect from Crisil Limited's Q2 FY27 results

The quarter's central test is whether Crisil's surveillance-led ratings revenue can keep offsetting a bond-issuance slump that deepened through the September quarter — August private placements fell 45% month-on-month to about Rs. 617.6 bn, public issues between April 1 and September 21 stood at Rs. 3,898 Cr against Rs. 4,740 Cr a year ago (a 3-year low), and yields rose across the curve. The cushion is bank-credit-linked activity, with credit growth at a 26-month high of about 19.5% — well above the ~13% FY2027 projection management anchored to, having flagged 'some upside' if March was an indicator — though the company caveats that RBI data from December 2025 onward is not like-for-like. On the analytics side, the latest NASSCOM print showed Indian tech revenues up 4.4% YoY with BFSI leading, consistent with management's note that discretionary spend is stable though decision cycles have lengthened; rupee depreciation over the quarter is a translation tailwind for this majority-global revenue base. Margin direction is the other watch item: EBITDA margin compressed 149 bps sequentially to 28.63% in the June quarter as other expenses grew 53.9% YoY, and segment margins normalised sharply (Ratings 50.5% to 44.3%; RAS 22.7% to 20.4%), with hiring continuing across technology, Gen-AI and client development. The FX line is a swing item after the sequence of a Rs. 14.4 Cr gain in Q1 2026 to a Rs. 8.2 Cr loss in Q2 2026, and the US$4.5 million Q1 renewals pull-forward was guided to 'normalize over the year', so headline YoY growth should revert toward underlying trend even against the light year-ago base of Rs. 911.2 Cr revenue and Rs. 193.1 Cr PAT. The call is also where analysts will press again on the GAC fixed-margin percentage, PriceMetrix sub-segment financials and any quantification of AI-assisted workflows, all of which management has repeatedly declined to disclose.

Key Things To Watch

Renewals normalization and margin trajectory: The June quarter's +27.6% YoY growth still carried timing effects, and segment margins stepped down sharply.

• Whether management quantifies the FY2026 washout of the US$4.5 million Q1 accelerated-renewals benefit, which was guided to 'normalize over the year'
• Q3 segment margins after the step-downs: Ratings 50.5% (Q1 2026) to 44.3% (Q2 2026) and RAS 22.7% to 20.4%
• The Q3 2026 FX line after the Q1 gain of Rs. 14.4 Cr swung to a Q2 net loss of Rs. 8.2 Cr

Bond issuance vs the ~13% FY2027 credit-growth projection: Issuance kept declining through the quarter while bank credit growth ran far ahead of management's projection.

• Any revision or upside flag to the ~13% FY2027 bank credit growth projection against the ~19.5% actual print, with the RBI data-comparability caveat attached
• Management's read on when hardened yields let issuance rebound — August private placements fell 45% m-o-m and September was 'unlikely to rebound' per market reports
• Whether the bank-loan substitution of bonds is framed as cyclical, per management's 'from time-to-time, bond market can become lucrative or… bank loan market also becomes lucrative'

GAC expansion, Gen-AI and disclosure policy: Analysts have repeatedly failed to obtain specific disclosures; the call is a natural follow-up point.

• Whether the GAC transfer-pricing fixed-margin percentage is finally quantified after repeated requests; open-ended guidance is that incremental GAC work carries margins 'consistent with existing ratings business'
• Any new quantification of AI-assisted workflows or monetization, following management's 'no single quantitative metric' stance
• Whether management maintains segment-only reporting with no PriceMetrix sub-segment data, and whether it shifts from its consistent refusal to make forward-looking statements

Restructuring execution and capital returns: Intra-group restructuring is largely complete on the Canada side, and a third interim dividend is on the agenda.

• Integration of the amalgamated Crisil PriceMetrix Inc. entity, effective August 1, 2026, and Coalition Singapore closure progress toward July 20, 2027
• Size of the third interim dividend on the October 23 agenda, after Rs. 9 (Q1) and Rs. 10 (Q2) per-share interims in 2026 to date