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Crisil
Crisil on Friday reported a 45.9 per cent rise in net profit to Rs 233.3 crore for the January-March quarter. The domestic rating agency had registered a profit after tax (PAT) of Rs 159.8 crore in the March quarter of the preceding fiscal year. Its consolidated total income for the first quarter of fiscal year 2026 rose 29.6 per cent to Rs 1,093.7 crore compared to Rs 843.8 crore in the year-ago period. Crisil Managing Director and CEO Amish Mehta said the growth in businesses during Q1 FY26 was driven by customer centricity and differentiated, domain-led solutions. "The ongoing geopolitical issues underscore the essentiality of our insights and risk solutions for clients navigating complexity. The growth and resilience of the Indian economy continue to offer opportunities for our businesses," Mehta said. Crisil expects India's gross domestic product to grow at 7.1 per cent in the base case for this fiscal compared to 7.6 per cent in the last fiscal, with increasing downside risk
Non-banking finance companies' (NBFCs) reliance on bank borrowings is likely to rise in FY27 due to lower interest rates, a rating agency said on Wednesday. The share of bank borrowings, which rose to 43 per cent on the back of higher activity in the second half of the recently concluded FY26, will inch up further to up to 45 per cent by the end of the ongoing fiscal, Crisil Ratings said. It attributed the shift in preference to lower interest rates in the bank lending market, which is likely to lead to a tapering in the debt capital market issuances. "While bank lending rates continued to decline throughout last fiscal, bond yields, after declining in the first half, inched up in the second half and remain elevated," the agency said. Additionally, the share of external commercial borrowing (ECB) issuances will also be muted in the near term, owing to geopolitical uncertainties and the resultant exchange rate volatility, it added. In such a scenario, securitisation is expected to
A prolonged war in the Middle East could adversely affect several Indian sectors with direct trade exposure to the region, including basmati rice, fertilisers, diamond polishing, airlines and travel operators, according to Crisil Ratings. The rating agency said sectors dependent on imported Liquefied Natural Gas (LNG), such as ceramics and fertilisers, may also face near-term production disruptions, while crude-linked industries including oil refiners, tyres, paints, specialty chemicals, flexible packaging and synthetic textiles could see cost pressures if energy prices remain elevated. Countries in the Middle East account for about 30 per cent of global crude oil and 20 per cent of global LNG production, most of which is transported through the Strait of Hormuz. India imports roughly 85 per cent of its crude oil and about half of its LNG, with 40-50 per cent of crude oil and 50-60 per cent of LNG shipments routed through the strait. According to Crisil, most shipping vessels have .
Domestic credit ratings agency Crisil on Wednesday said the unrest in Iran has not had any impact on Indian companies so far. However, if the tensions persist or escalate, leading to rise in crude prices, companies in oil refining, aviation and crude-linked sectors like specialty chemicals, paints, petrochemicals and synthetic textiles may be impacted, it said. "The ongoing unrest in Iran has not had any significant impact on India Inc's global trade, or the credit profiles of domestic corporates thus far," it said. Pointing out that Iran accounts for over 4 per cent of the global crude oil supply, the agency said any escalation that disrupts its production could spike prices and the same should be watched closely by a country like India that is dependent on imported crude. "While India's direct dependence on Iran for crude-linked products is low, any sharp rise in crude oil prices will have a cascading impact on sectors such as oil refining, aviation, specialty chemicals, paints,
The domestic cigarette industry is bracing for a 6-8 per cent volume contraction in the next fiscal, following the imposition of additional excise duties and an increase in GST rates from February 1, Crisil Ratings said on Wednesday. Currently, cigarettes are charged 28 per cent goods and services tax (GST), along with a varied compensation cess. From February 1, the compensation cess component will be removed, and an additional excise duty (ranging from Rs 2.05 to Rs 8.5 per stick) will be levied, based on the length of the cigarettes. Crisil said mid to premium cigarettes (more than 65 mm length) will be levied excise duty of Rs 3.6-8.5 per stick, while cigarettes in the mass segment (less than 65 mm length) will be levied Rs 2.05 - 2.1 per stick. Additionally, the GST applicable on the final price will increase to 40 per cent. Though the duty hikes are lower in the mass segment (accounting for 40-45 per cent of the volumes), the players are expected to partially absorb the same
Crisil Ratings on Tuesday said that recent developments in Venezuela are not likely to have any material near-term impact on crude oil prices, as the Latin American nation had a relatively small share of global supply. A US military operation in early January resulted in the capture of President Nicolas Maduro on drug-related charges, triggering uncertainty in the country, which holds some of the world's largest proven crude reserves. Crisil Ratings, in a note, said even if the situation escalates and disrupts crude oil production in Venezuela, the impact on global oil prices would likely be limited, as the country accounts for only about 1.5 per cent of global crude supply. Brent crude prices have remained largely stable in recent days, hovering just above USD 60 a barrel. For India, the developments in Venezuela are unlikely to have any material impact on its global trade or the credit quality of Indian companies. India's direct trade exposure to Venezuela is minimal, it ...