CRISIL Limited

Financial Services — Financial Data & Stock Exchanges · NSE

₹4,649.00+₹233.50 (+5.29%)

DalalBaazaar Score

71 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

No individual risk factor stands out on this snapshot.

In simple words: Strong business and financial position, with both sales and profits growing well. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

The 60-second version of CRISIL Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

CRISIL Limited, an analytical company, provides ratings, research, and risk and policy consulting services in India, Europe, North America, and internationally. It operates through two segment, Rating Services; and Research, Analytics and Solutions.

IndustryFinancial Data & Stock Exchanges

SectorFinancial Services

Employees5,081

Annual revenue₹3,649 Cr

How does it make money?

Turns over ₹3,649 Cr a year. Of every ₹100 of sales, about ₹21 reaches shareholders as profit, with ₹31 left at the operating level before interest, tax and depreciation. Each of its 5,081 employees supports ₹71.8 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹71.8 lakh

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC BANK LTD, ICICI BANK LTD., STATE BANK OF INDIA. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE16.5%

What is the outlook?

2 analysts covering the stock expect revenue to grow about 12.5% and earnings to grow about 17.6% in the year to 2027. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+12.5%

Est. earnings growth+17.6%

Analysts2

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +32% while net margin moved +3% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+32%

Margin effect+3%

DalalBaazaar Score

71/ 100

Good

Weighted across six categories. Every point is explained below.

• P/E of 38.4x already prices in growth
✓ P/E is 22% below its own historical median of 49.5x — cheap by its own standards
✗ P/B of 10.39x is a steep premium to book

Quality vs. Valuation

Company Quality

74/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

39/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

Historical Valuation

Current P/E

38.4x

4Y Median

49.5x

44 monthly readings · mean 50.7x · range 37.7x–73.9x

Sector Median

17.0x

median of 4 sector peers

🟢Current valuation is approximately 22% below its 4y median of 49.5x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

⚠️Against its sector it trades 126% above the peer median of 17.0x.

vs. its own history

Cheap

49.5x median over 44 months · -22%

vs. sector peers

Expensive

17.0x median of 4 peers · +126%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

30.1x

PEG

3.59

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 31.5% to 25.3% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 39.7% to 31.0% — often a sign of competition or overexpansion.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 22% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

A premium to the sector to defend
It trades 126% above the peer median. That premium needs a reason that persists, or it closes.
Returns on shareholder capital are falling
ROE has dropped from 31.5% to 25.3%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 29%✓ 30.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 27%✓ 29.1%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Revenue growth stays above 7% a year✓ 9.6% CAGR
Latest reported year was 27.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
4Valuation vs its own median of 49.5x✓ 38.4x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

11 / 12 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

7 good · 3 neutral · 1 weak

Market Cap

₹33,998 Cr

Mid Cap

Mid-sized — more growth headroom, but sharper swings than large caps

P/E (Trailing)

38.4x

Fair

Fairly valued against the generic band

P/B Ratio

10.39x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹120.93

Profitable

Profitable on a per-share basis

ROE

29.1%

Strong

Strong capital efficiency

ROCE

31.0%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.10x

Low

Conservative leverage

Revenue Growth (YoY)

27.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

26.2%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.86%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹507 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

30.9x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

ROA

14.9%

Good

Assets are working hard

Operating Margin

24.7%

Good

Healthy core-business profitability

Net Margin

21.4%

Good

Strong bottom-line conversion

Current Ratio

1.87

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.19

Defensive

Steadier than the market

52W Range Position

70%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

4507.5 / 4570.1

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

51.6

Neutral momentum

Financial Trend (4-Year)

Metric	FY22	FY23	FY24	FY25	3Y CAGR
Revenue	₹2,769 Cr	₹3,140 Cr	₹3,260 Cr	₹3,649 Cr	+9.6%
EBITDA	₹834 Cr	₹934 Cr	₹938 Cr	₹1,129 Cr	+10.6%
EBITDA Margin	30.1%	29.8%	28.8%	30.9%	—
PAT (Net Profit)	₹564 Cr	₹658 Cr	₹684 Cr	₹766 Cr	+10.7%
EPS	₹77.26	₹90.07	₹93.55	₹104.75	+10.7%
ROE	31.5%	30.1%	26.7%	25.3%	—
ROCE	39.7%	37.8%	32.2%	31.0%	—
Total Debt	₹83 Cr	₹47 Cr	₹250 Cr	₹297 Cr	+52.6%
Free Cash Flow	₹415 Cr	₹717 Cr	₹592 Cr	₹682 Cr	+18.0%

🟢 Revenue has grown at 9.6% a year over 3 years.

🟢 EBITDA has grown at 10.6% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 30.9% over 3 years.

🟢 PAT (Net Profit) has grown at 10.7% a year over 3 years.

🟢 EPS has grown at 10.7% a year over 3 years.

🔴 ROE has fallen from 31.5% to 25.3% over 3 years (-6.2 pts).

🔴 ROCE has fallen from 39.7% to 31.0% over 3 years (-8.6 pts).

🔴 Total Debt has grown at 52.6% a year over 3 years.

🟢 Free Cash Flow has grown at 18.0% a year over 3 years.

Balance Sheet & Cash Flow — FY2025

Total Assets

₹4,632 Cr

Total Liabilities

₹1,599 Cr

Cash & Equivalents

₹320 Cr

Operating Cash Flow

₹756 Cr

Capex

-₹73 Cr

Shareholding (proxy)

Institutional Holding

15.4%

Insider Holding

71.9%

Corporate Actions

Dividend Rate

₹40

Ex-Dividend Date

27 Jul 2026

Analyst Consensus

Recommendations

2 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹5,092

+9.5% vs CMP

Target Range

₹5,000 – ₹5,184

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%
STATE BANK OF INDIA	10.3x	15.2%

Recent News

1 positive2 mixed3 general

CRISIL: Stable Financials And Interim Dividend Will Support Balanced Outlook

Simply Wall Street, 17 OctCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Aditya Birla Sun Life CRISIL Broad Based Gilt ETF Share Price NSE/BSE - Live Price Charts & Performance

HDFC Sky, 15 Oct

CRISIL Share Price Falls 2.01%: Price Action and Valuation

Univest, 24 SeptPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

NIPPON INDIA CRISIL-IBX FAR GILT ETF Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 16 Oct

CRISIL Forecast — Price Target — Prediction for 2027

TradingView, 25 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Sun Pharma down 2%, stock hits over 5-month low

Business Standard, 14 Oct

Watch Items

This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability · Risk

MiddlingValuation

Points for each in the Score ↑

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you.

All 4 tripwires holding · see Key things to watch ↑