1. At a Glance
CRISIL is back with a ₹843 Cr revenue (+5.7%) and ₹172 Cr PAT (+8.2%) quarter. Declared ₹9/share dividend like clockwork. ROE and ROCE still making other companies jealous. But is its valuation still justified at 64x P/E?
2. Introduction with Hook
If S&P Global and SEBI had a baby in India, it’d be named CRISIL — born to rate, research, and rule.
- ₹732 Cr TTM PAT
- ₹636 Cr of that came from other income.
- ROE? 36.5%
- OPM? 15.5% — but looks better if you ignore the rating business’s skeleton crew.
CRISIL doesn’t make products. It makes opinions for money, and business is booming. But valuation? That’s where the irony begins.
3. Business Model (WTF Do They Even Do?)
CRISIL operates in 3 verticals:
- Ratings (28% of revenue)
- 51% of profits
- Margin machine
- Now housed under a separate subsidiary per SEBI norms
- Research (53% of revenue)
- Clients: global investment banks, asset managers
- Includes Coalition, which it’s now shutting down in Singapore (only 0.42% of revenue, so no milk was spilt)
- Advisory (19% of revenue)
- Public policy, infrastructure, risk analytics
- Not the star, but helps with diversification
CRISIL doesn’t just rate — it dictates how India’s risk is priced. Moody’s and S&P are global bosses; CRISIL runs the desi mafia.
4. Financials Overview
FY24 (vs FY23):
- Revenue: ₹1,628 Cr → ₹1,665 Cr
- PAT: ₹668 Cr → ₹616 Cr
- OPM: 21%
