CRISIL continues to strengthen its leadership in credit ratings and research analytics, backed by strong pricing power, diversified revenues, and superior return ratios. Here’s a crisp view on what’s driving the next leg of growth.
| Power Idea Q4FY26 | Details |
|---|---|
| Company | CRISIL Ltd |
| Target Price | ₹5,100 |
| Upside Potential | 18% |
| Particulars | CY23 | CY24 | CY25E | CY26E | CY27E |
|---|---|---|---|---|---|
| Revenue/td> | 31,395 | 32,598 | 35,856 | 40,926 | 45,869 |
| EBITA | 8,692 | 7,184 | 10,511 | 11,073 | 12,952 |
| PAT | 6,584 | 6,841 | 7,827 | 9,134 | 10,661 |
| EBITDA Margin (%) | 28.2 | 28.4 | 29.3 | 27.1 | 28.2 |
| PAT Margin (%) | 20.8 | 20.9 | 21.8 | 22.3 | 23.2 |
| ROAE (%) | 28.5 | 26.6 | 28.4 | 29.8 | 30.5 |
| ROCE (%) | 34.5 | 33.1 | 32.1 | 33.3 | 33.6 |
| P/E (x) | 48.1 | 46.3 | 40.4 | 33.8 | 29.2 |
CRISIL enjoys leadership in India’s credit rating market, diversified global analytics revenues, strong pricing power, and return ratios consistently above 30%, justifying premium valuations.
Rating revenues rose 20% YoY in 9MCY25 due to flight-to-safety, migration studies, and stricter credit standards across borrowers.
Recovery in US discretionary spends, strong H2 performance in Greenwich, and increasing traction in Global Analytical Capability (GAC) business.
Slower-than-expected recovery in the RAS division or margin pressure due to cost inflation could impact earnings momentum.
We value CRISIL at ₹5,100, based on 40x CY26E EPS, reflecting long-term earnings visibility and strong return metrics.
Disclaimer: - Investments in securities market are subject to market risk, read all the related document carefully before investing. https://www.mnclgroup.com/research-disclaimer
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Monarch Networth Capital Limited (‘MNCL’) | CIN No.: L64990GJ1993PLC120014
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Contact information of the designated officials of the listed entity who are responsible for assisting and handling investor grievances : Mr. Nitesh Tanwar
Monarch Networth Capital Limited
Unit No. 803-804A, 8th Floor, X-Change Plaza, Block No. 53, Zone 5, Road-5E, Gift City, Gandhinagar - 382050, Gujarat
Ahmedabad
“Monarch House”, Opp Prahladbhai Patel garden, Near Ishwar Bhuvan, Commerce Six Roads, Navrangpura, Ahmedabad – 380009
Mumbai
Monarch Networth Capital Limited, G Block, Laxmi Tower, B Wing, 4th Floor, Bandra Kurla Complex, Bandra East, Mumbai - 400051.
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Email: cs@mnclgroup.com
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