Founded in 1987, Crisil Limited began as a pioneering credit rating agency in India. Over nearly four decades, it has grown exponentially and is now majority-owned by S&P Global Inc., a global leader in financial data, analytics, and ratings. Crisil continues to offer a comprehensive suite of services that include credit ratings, ESG analytics, market intelligence, risk assessments, benchmark indexes, and consulting—serving a broad client base across MSMEs, large corporates, investors, financial institutions, and governments—operating out of India, the United States, the UK, China, Singapore, Hong Kong, Argentina, Poland, and the UAE.
This article delves into Crisil’s evolution, global footprint, offerings, financial performance, ESG credentials, market role, and future outlook.
1. Origins and Early Growth
Launched in 1987 through a joint initiative by ICICI and UTI, with backing from SBI, LIC, and United India Insurance, Crisil was India’s first credit rating agency. The company introduced globally-aligned methodologies early on. In 1997, S&P acquired a 9.68% stake, marking deeper integration with international standards. Crisil launched its Performance Ranking service in 1997, and co-founded India Index Services with NSE in 1999.
2. Strategic Expansion
As demand grew, Crisil expanded into research and analytics through acquisitions like INFAC in 2000. Its proprietary Risk Assessment Model (RAM) set the benchmark for bank risk diagnostics. Over time, it diversified into ESG, consulting, and benchmarking—including the Crisil–Coalition Greenwich alliance.
3. Ownership and Global Presence
Headquartered in Mumbai, Crisil operates from locations across India, the USA, UK, China, Singapore, Hong Kong, UAE, Argentina, and Poland. S&P Global now holds a ~66% stake, granting access to global research infrastructure and benchmarks. Crisil’s model aligns local expertise with international best practices.
4. Core Businesses
a) Crisil Ratings
Flagship service offering credit ratings for corporates, financial institutions, state issuers, and structured products. It has issued over 35,000 ratings across more than 75 sectors.
b) ESG Ratings & Analytics
Regulated by SEBI since April 2024, this vertical offers ESG grading and analytical services, catering to global investor demands and regulatory needs.
c) Coalition Greenwich Partnership
Provides benchmarking data, market intelligence, and analytics to global investment banks and asset management firms.
d) Integral IQ
Data-driven advisory in credit, risk modeling, loan monitoring, and regulatory compliance, especially for buy-side institutions.
e) Crisil Intelligence
Industry research, credit research, market analysis, and custom consulting for investors, corporates, and policymakers.
5. Financial Performance Highlights
FY 2024
-
Revenue: ₹3,259.8 crore (+3.8%)
-
Ratings segment revenue: +21.1% Q4, +17.7% FY YoY
-
Analytics & solutions income was flat to slightly lower
Q1 FY 2025 (ended Mar 2025)
-
Revenue: ₹843.8 crore (+11.2%)
-
Profit before tax: ₹227.3 crore (+16.3%)
-
Profit after tax: ₹159.8 crore (+16.1%)
Strong performance underlines demand resilience and operational efficiency.
6. Innovation & Thought Leadership
-
Developed India’s first rural sentiment index (CriSidEx) in partnership with SIDBI.
-
Instituted risk models, benchmark indices, and analytics that transformed financial analytics in India.
-
Crisil has become a trusted partner to over 20 investment banks and 35 major global banks.
7. ESG Credentials
-
SEBI-approved ESG rating provider since April 2024.
-
Rated 39/100 in S&P’s ESG scoring framework, above peers.
-
Commended for ESG data transparency and sustainability disclosures in global assessments.
8. Synergies with S&P Global
Partnership brings:
-
Global best practices in surveillance and analytics
-
Enhanced ESG and benchmark capabilities
-
Shared technology platforms and data infrastructure
-
Access to global macroeconomic and market connectivity
9. Market Impact
-
Credible credit ratings for capital markets
-
Deep insights for bankers, investors, asset managers
-
ESG benchmarking for corporates and institutional investors
-
Advisory services supporting MSME credit, digital transformation, and global compliance
10. Growth Prospects
-
ESG expansion amid rising regulatory compliance
-
Growth in data-driven consulting amid analytics demand
-
Opportunities through global digital transformation trends
-
Potential synergies from S&P’s global client base
11. Risks and Challenges
-
Vulnerability to macroeconomic cycles affecting analytics spend
-
Intensifying competition from global analytics providers
-
Need to maintain proprietary edge in models and data methodology
12. Strategic Roadmap
-
Deepen ESG, analytics, and risk advisory services
-
Leverage S&P’s capabilities and infrastructure
-
Invest in talent and digital tools to enhance AI and data insights
-
Expand footprint in emerging markets outside India
13. Crisil’s Role in India’s Financial Ecosystem
-
A cornerstone in credit market infrastructure
-
Analytics provider across asset classes
-
Benchmarking partner for banking and investments
-
ESG enabler for corporate competitiveness and market compliance
14. Conclusion
From its inception as a credit rating pioneer to becoming India’s premier analytics institution, Crisil has successfully blended global standards with local insight. Backed by S&P Global and led by continued investment in ESG, data analytics, and advisory services, Crisil is well-positioned for further growth and regulatory relevance. It remains essential to both India’s capital markets and the global financial landscape.
