CRISIL Limited ($CRISIL)

Good afternoon, and a warm welcome to CRISIL's Analyst Call 2026. Please note that this conference is being recorded. Before we start, as a standard disclaimer from CRISIL, we would like to state that certain forward-looking statements during our interaction today are based on our current understanding of the company and these are subject to change based on changing policies of the company and macro environment. The company does not undertake to update the forward-looking statements or other information contained in the presentation, whether as a result of new information, future events or otherwise. As a policy, company refrains from giving specific quantities or guidance on its future performance. Further in interest of fair disclosures to investors, operational details relating to specific business segments, customer contracts will not be possible to be disclosed. I would now like to introduce you to the speakers of the call today, Amish Mehta, Managing Director and CEO; Dinesh Venkatasubramanian, Chief Financial Officer; Subodh Rai, Managing Director, CRISIL Ratings Limited; Priti Arora, President and Business Head, CRISIL Intelligence; Duncan McCredie, President and Business Head, CRISIL Coalition Greenwich; Sanjay Chakravarti, President, Risk and Compliance. Let me now hand over the call to Mr. Amish Mehta to commence the proceedings. Over to you, sir.

Hello, everyone, and a very warm welcome to each one of you. I trust all of you are doing well. I am pleased to share that during 2025 and in the first quarter of 2026, we have delivered growth amid a dynamic macroeconomic environment. Our customer-centric approach and domain-led solutions have enabled us to drive meaningful impact for our clients, aligning with our purpose of making markets function better. Our core values of integrity, excellence, partnership and discovery give us a winning edge in the market. Let me begin the presentation by looking at Slide 4. Our journey began in India as India's first credit rating agency. This year, we are entering our 40th year of operations. And over that journey, we have continued to expand our strategic and analytical footprint both in India and globally. We are one of the world's leading providers of insights-driven analytics, financial institutions, governments, enterprises and multilateral institutions that make mission-critical decisions with confidence. If I move to Slide 5, looking at the geographic expansion, we have added new geography, Canada, followed by our acquisition of PriceMetrix, Toronto-based organization. And this strategic addition enhances our wealth management capabilities in this important space of wealth, which is growing. Second, our culture and talent remains a key differentiator as reflected in our external recognition. We have been certified as Great Place to Work in India for the sixth consecutive year and were named amongst India's Best Workplaces for in 2025. During the year, we earned 26 industry recognitions, including 20 from. We were ranked #20 and category leader in AI Third, our scale and client mix underscore the trust we have built through a customer-first mindset. We serve 11,400-plus clients in 40 countries globally, including India's leading banks, NBFCs, majority of the top PMCs and most of global corporate investment banks from around the world. Let me move to Slide 7 and talk a little bit about the key trends in the macro and business environment, starting with the Indian economy. The growth and resilience of the Indian economy continue to offer opportunities for CSL expects India's GDP, gross domestic product, to grow at 7.1% in the base case for this fiscal compared with 7.6% in the last quarter. We see increasing downside risk to our base case with the ongoing conflict. If the current West Asia conflict and disruption prolongs through April, we expect the GDP growth to slow to 6.8% this fiscal. On the inflation front, we project an average of 4.5% in fiscal 2027 and the potential to 4.7% depending on the duration and the impact of the conflict. On the inflation front, we project an average of 4.5% in fiscal 2027 and the potential to 4.7% depending on the duration and the impact of the conflict. And finally, the rupee has been under pressure. This is a result of capital outflows amid global market turbulence and the escalation in West Asia. Just coming to the global outlook. The global economy is navigating a complex environment. We forecast global growth to moderate to 3. 2% in 2026, against this backdrop the U.S. economy is expected to remain resilient, growing 2.2% in 2026. This is supported by energy independence, strong domestic consumption and investments, particularly in the area like and AI. The environment has direct implications for our clients. Large global banks are expected to deliver growth in the first quarter of 2026. We've already seen some results, record numbers, driven by robust markets and investment banking performance. Asset managers are continuing their strategic focus on high-growth areas like private markets and client experience solutions. With that, let me turn to the performance update on Slide 9. Our performance reflects the strength and diversity of our businesses and is a testament to our unwavering focus on customer centricity. Our portfolio reflects the growth across various segments that we have. We grew our client footprint in West Asia and elsewhere in Asia. We won new mandates in strategic areas to drive growth and completed the acquisition of CreditMatrix to deepen our presence in the wealth management space. We continue to strengthen competitiveness by building domain-led products and implementing generative artificial intelligence solutions. These initiatives enhance client experience, sharpen insights and improve efficiency, and I will cover this in more detail in one of the later slides that we have in the presentation. Finally, our people remain our most valuable intellectual property, 5,000-plus experienced professionals, the deep domain expertise amplified by our growing digital foundation enables us to turn data into actionable insights and measurable impact. To conclude, our focus remains sharp on increasing wallet share in our core markets and expanding into adjacencies, new client segments and geographies and continue to invest in GenAI for digitalization and future development. With that background, let me hand it over to Dinesh, CFO, to take you over the financial performance in detail. Over to you, Dinesh. Thanks.

Thank you, Amish. Good evening, everyone, and thank you for joining us today. Let me briefly walk you through our financial performance for the full year financial '26 -- '25, sorry, and the first quarter of '26. I'm on Slide 11 of the presentation. Starting with the top line, our income from operations continues to demonstrate healthy momentum. For financial year '25, our revenues grew by 11.9% year-on-year, reflecting broad-based performances across all businesses. The momentum has strengthened further in quarter 1 FY '26 with revenues up 30.1% year-on-year, aided by both underlying business growth as well as certain timing effects that I will touch upon. Moving to profitability. Our profit before tax increased by 12.4% in full year '25, indicating disciplined cost management alongside continuing to invest in our growth agenda. In quarter 1 FY '26, our profit before tax grew by 35.7% year-on-year, supported by operating leverage resulting in improved margins. At a profit after tax level, we delivered a 12% growth in full year '25 and a robust 45.9% growth in quarter 1 FY '26. Again, all these numbers reflecting the strong operating performance in the quarter. There are 2 specific items in quarter 1 FY '26 that I would like to call your attention to for better context of the numbers in quarter 1. First is foreign exchange movements quarter 1 FY '26 includes a foreign exchange gain of INR 13.4 crores compared to a loss of INR 5.2 crores in the first quarter of the corresponding quarter last year. This has had obviously a positive impact on our quarter-on-quarter profitability. Second, I think the accelerated closure of renewals in one of our global businesses has led to incremental revenues of approximately USD 4.5 million in quarter 1 FY '26 as compared to the same quarter of last year. As I mentioned, this is largely a timing effect, and we expect this to normalize over the course of the -- on shareholder returns, I would also like to highlight that the Board declared an interim dividend of INR 9 per share in quarter 1 FY '26 compared to INR 8 per share in the same quarter last year. Overall, the numbers on this slide underscore strong operational execution, margin resilience and expansion while remaining mindful of normalization effects that I outlined earlier as we move through the year. With that, I now hand over to the next speaker, Mr. Subodh Rai, who will take you through the Ratings segment performance. Over to you, Subodh.

Thank you, Dinesh, and good afternoon, everyone. I'm Subodh Rai, Managing Director of CRISIL Ratings Limited, and I shall be taking you through the segmental performance of Ratings servers for calendar year 2025 as well as Q1 2026. I'm currently on Slide 3, which highlights the key growth drivers for the credit rating industry in India. First, let's discuss the bond issuances quantum. Despite a brief surge in Q2 2025, the growth in bond issuances was flattish in calendar year 2025 as the yields had hardened in the second half of the year. In Q2 2025, the bond issuances grew by 64% on a Y-o-Y basis, driven by a few large bond issuances. However, from Q3 2025 onwards, the geopolitical and trade uncertainties led by U.S. tariff actions on India resulted in hardening of yields. Additionally, banks offered lucrative rates to large corporates, leading to a substitution of corporate bonds with bank loans from many large corporates. This led to a decline in bond issuances in the second half of calendar which offset the Y-o-Y increase in the first half, resulting in flattish growth for the year. In Q1 2026, the bond issuances declined by 12% on Y-o-Y basis. The West Asia conflict, which began during the quarter tightened the global macroeconomic uncertainties, which negatively impacted the business sentiments. The escalating conflict has also overshadowed the optimism from U.S. India trade deal announcement in early February. The 10-year government securities yield rose sharply to nearly 7% mark in March. The impact of West Asia conflict reflects in India's manufacturing PMI, which plummeted to 53.9% in March 2026 and marking its lowest level since June 2022. continuation of heightened uncertainties and corporate investment, thereby affecting borrowing plans. On the other hand, bank credit growth showed some improvement at 14.5% on Y-o-Y basis as on February 2026 versus 11.1% as on February 2025. This is driven by pickup in both wholesale and retail credit growth. The wholesale bank credit growth improved to 15.1% as on February 2026 versus 9.8% as on February 2025. to industry segment has expanded to 13.5% as on February 2026 versus 7.5% as on February 2025. This is largely driven by credit segment has expanded to 16.3% as on February 2026 versus 11.7% as on February 2025. This was largely driven by credit growth in NBFC segment. A small caveat to note is that the bank credit growth figures from December 2025 onwards are not strictly comparable on a like-to-like basis with prior periods due to change in reporting ended by RBI. We expect the bank credit to grow at around 13% in fiscal 2027, driven by healthy growth in MSMEs and retail segment as well as the continued preference of corporates or bank credit rather than issuance of bonds due to the prevailing interest rate. Moving on to Slide 15, which shows the Rating Services segment performance for calendar year 2025 as well as Q1 of 2026. For calendar year 2025, the domestic Ratings revenue benefited from a strong growth in survey and continued momentum in the mid-corporate segment. For Q1 2026, the growth is supported by strong traction in both governance fees as well as new Ratings revenues. The growth in new rating revenue is guided by continued investor preference for Crisil Ratings. We continued our focus on client engagement initiatives and further strengthened our thought leadership, which is measured by the share of voice amongst the domestic rating agencies. The Global [ NHL ] Center division saw growth from new engagements and robust governance work delegation from S&P Global Ratings services. Overall, Ratings Services segment grew by about 20.2% on a Y-o-Y basis in the first quarter of 2026. I will now pass on the proceedings to my colleague, Priti Arora, Head of Crisil Intelligence. Thank you.

Thank you, Subodh, and good afternoon to everyone who's joined in. Let me start with Slide 16 and provide a little bit of macro context to our business. If you see over the last 5 years, the India's banking sector has seen a sharp and sustained improvement in the asset quality, as you can see on the left-hand chart. The gross NPA ratios, which were elevated at 7.5% in FY '21 amid COVID disruptions and legacy corporate stress has steadily declined to about 2% by FY '26. This is being driven by many factors, the IBC-led resolutions, the tighter underwriting structured shift towards retail portfolios alongside corporate deleveraging, reducing the incidence of large ticket shels. We expect the incremental slippages to remain contained and the credit costs to stay near cyclical lows to the unsecured retail and the MSME books, that will remain to be the key monitorable. Like Subodh and Amish mentioned, I think one of the key external swing factors is the ongoing Middle East situation, which can affect the cycle primarily through the crude-led inflation and supply chain disruption, higher logistic costs and the global demand uncertainty. The prolonged elevated energy prices pressure and stress risk in the select retail and MSME pockets and sectors which have significant dependence on crude through derivatives and natural gas as inputs. However, the overall system resilience remains strong and banks are expected to keep their gross NPAs intact at about 2%, 2.5% by the end of March 2027 compared with the historical low of an estimated 2% as of March '26. When we look at the India mutual fund industry, that's also recorded a robust AUM growth over the last 8 quarters, reflecting deeper financialization of household savings. The industry AUM increased from INR 55 lakh crores in Q1 2024 to about INR 83 lakh crores in Q4 2026 (sic) [ Q1 2026 ] as you can see once again supported by equity market performance, high retail participation and the sustained SIP flows. Some moderation has been witnessed recently amid the market volatility and a more cautious investor stance. If we move to the next slide, talking about the corporate balance sheet. Now the India IMC deleveraged meaningfully from FY '20 to FY '25 with aggregate net debt to EBITDA improving for a sample of 500-plus listed companies, which almost form 55% of the listed market cap, as you can see on the left chart. The leverage which peaked in FY '20 due to the weak earnings, the recovery phase saw strong EBITDA growth and debt reduction to internal accruals. Several sectors, including metals and cement reported multiyear low leverage by FY '24. We estimate the corporate profitability to remain almost flat in fiscal 2026 and decline by around 100 basis points in FY 2027, primarily impacted by the West Asia crisis-related disruptions. However, with a decade low leverage and the healthy debt servicing ability, this is unlikely to significantly de the corporate balance sheet. Lastly, when we look at the utilization that has sustained at about 74% in FY '26 with CapEx manufacturing such as steel and cement, it is unlikely to become broad-based in the near term given the global headwinds and uncertainty. Importantly, the 70% to 75% band has persisted for a long period. Hence, the more relevant green shoots are in the PLI-supported sectors and the new age segments where the project announcements and execution momentum Emerging sectors such as electronics and components, semiconductors, batteries and EV manufacturing alongside select traditional sectors will continue to drive CapEx. Export-driven sectors and sectors dependent on global supply chains, we are likely to see caution of committing large-scale fresh investments. With that broader context, let me now hand over to my colleague, Duncan, to take it further. Thank you.

Thank you, Priti. Hello. I'm Duncan McCredie, Crisil Coalition Greenwich. I'm going to outline the key trends in the global corporate and investment banking sector through 2025 and the business update of Crisil Coalition Greenwich. I will be referring to Slide 18 for the analyst presentation. Global revenue pools in CIB were up in 2025, thanks to good performances in global sales and trading, equities and fixed income as well as primary capital markers. While Liberation Day tariffs temporarily closed the primary capital markets, there was an upward trend from the end of Q2 onwards. Markets saw a marked increase in large and cross-border M&A deals. Primary capital markets issuance saw strong activity with the backdrop of buoyant secondary markets. Fixed income divisions of banks saw strong performances year-on-year as well with increased volatility stemming from Liberation Day and continuing all the way through the year, primarily driven by macro trends. Equities divisions also saw solid performances year-on-year, led by buoyant markets in all regions, especially in tech and AI stocks. Banking activity was marginally down due to higher for longer interest rates. While we saw marginal increases in trade in some regions, cash management businesses were impacted by deposit margin Overall, returns on equity saw a positive trend, thanks to IBD and Global Markets businesses. Cal Coalition Fenich saw good momentum in our Corporate Investment Banking business with scaling of product offerings and healthy client engagement from large commercial banks strengthening our demand for our products. We also saw good growth from regional banks across Europe, the Middle East and Asia. As we look to maintain our growth trajectory, we continue to invest in our offerings in new and adjacent market segments such as wealth management and regional banking. In Q1 2026, we've continued to be able to secure contract renewals and win new business. Our strong Q1 revenues benefited from accelerated revenue recognition, thanks to the combination of having secured more multiyear contracts through 2025 and a focus on agreeing new contracts and renewals earlier this. Let me now hand over to Dinesh to cover the segment financials.

Thank you, Duncan. Good evening, everybody, once again. I'm on Slide 19 of the presentation, and I'll walk you through the performance of our Research, Analytics and Solutions segment. The segment delivered a strong Q1 financial year '26, reflecting sustained demand for analytics-led advisory and technology-enabled risk solutions across geographies. Starting with the quarter, income from operations grew by 34.9% year-on-year to INR 735.6 crores. Growth was driven by continued traction across Crisil Coalition Greenwich, Crisil Integral IQ and Crisil Intelligence, supported by deeper client engagement and expanded solution adoption. Q1 '26 also reflects a full quarter of Crisil PriceMetrix income acquired in quarter 4 2025. Therefore, quarter 1 2025 is not directly comparable. Quarter 4 2025 is not directly comparable to quarter 1 2026. At the profitability level, segment profit increased by 66.9% year-on-year with margins expanding to 22.7% compared to 18.3% in the corresponding quarter last year. This reflects operating leverage from higher revenues, better business mix and cost discipline. From a business standpoint, Coalition Greenwich benefited from momentum in corporate and investment banking activity and increased engagement with regional banks. As mentioned earlier, accelerated revenues in Q1 FY '26 contributed to higher revenues versus last year, and we expect this impact to normalize over the course of the year. Crisil Integral IQ continued to see healthy demand for risk and credit lending solutions, while Crisil Intelligence maintained strong momentum in data analytics, consulting and credit and risk offerings, supported by both domestic and international clients. Looking at the 2025 full year performance for this segment, revenues grew 9.4% year-on-year to INR 2,572.4 crores, with segment profit increasing by 12.6% and margins improving to 22%. Please note that the full year '25 figures incorporate the financials of Crisil PriceMetrix only beginning November 7, 2025. Overall, this segment continues to demonstrate resilience, scalability and margin improvement, supported by strong domain expertise and an expanding portfolio of analytics and AI-enabled solutions. Thank you. With that, I will now hand over to our MD and CEO, Mr. AmIsh Mehta.

Thanks, Dinesh. Let me go to Slide 21 and share a little bit around our GenAI strategy and how we are leveraging GenAI as a strategic lever to drive value within the organization. Let me start by saying we are using AI as a key differentiator that amplifies our workforce and intellectual property. And it also is being leveraged to augment decision-making processes while maintaining our unwavering commitment to trust, reliability and ethical responsibility. In 2025, we launched several pioneering Gen AI products. Our approach to harness AI's potential is articulated through 4 key levers. First lever is the domain-led AI, where we are embedding Gen AI not as a stand-alone initiative, but deeply integrated with our rich domain knowledge. This approach enhances client value, drives efficiency and productivity. Some of the Gen AI native products such as GenEyeCredit, which automates credit report creation, DeepMine for intelligent loan data extraction, Crisil I360, a unified intelligence platform, offering a macro to micro view across economy, industries, companies and projects and ICON, an AI-first end-to-end credit workflow management tool are examples of how we are productizing AI where our domain advantage is strongest, delivering tangible value to our clients at the same time, leveraging the proprietary data that we have as an organization. The second lever is horizontal AI capabilities, which are primarily foundational reusable capabilities that accelerate delivery through reusability, scalability and faster deployment. A key enabler here is Myron AI, our Gen AI-powered low-code solution that optimizes the setup and orchestration of AI edeting workflows. This allows us to rapidly deploy LLM applications across businesses without reinventing the wheel each time. The third lever is workforce AI expertise because AI advantage ultimately comes from our people. So we are augmenting the domain specialization and expertise of our team members with AI skills to deliver superior client value. We have been investing heavily in AI literacy through a layered training approach, including foundational training for baseline literacy for all our employees, role-based training to augment expertise and expert pathways for key technical roles. As a result, the majority of our workforce is using AI and AI-enabled workflows to deliver client value to our clients. The fourth and most important lever is responsible AI. This is where our clients operate in regulated environments. So AI must be secure, explainable and governed. We focus on security, privacy, model risk controls and human-in-the-loop protocols. We have established guardrails around data security and model output validations, focusing on accuracy, hallucinations, fairness and ethics. This is guided by our AI governance framework, which ensures that our AI solutions meet the high standard of trust and compliance. Our approach is receiving strong validation, not only from our customers, but also external validations. We had 26 independent AI-related recognitions, including 20 from Chartis Research. Additionally, we are collaborating very closely with S&P Global to learn, to drive adoption, to get best practices and make sure that we stay ahead in the game. Thank you. With this, let me hand it over to Sanjay to cover some of the key risks for our businesses.

Thank you, Amish. I direct your attention to Slide #27. And at this point of time, I'd like to speak of 3 key risks that we believe are front and center. Firstly, macroeconomic and geopolitical risks. The current West Asia geopolitical uncertainty could lead to some delay in decisions and deferring of discretionary spend in our global businesses. On the domestic front, uncertainty may delay CapEx, therefore, slowing borrowings and new rating revenues. There could also be weakened IPO pipeline due to market sentiment. Having said that, we've continued to pivot our portfolio to nondiscretionary nature of spending and strengthen the focus on core across the portfolio. Furthermore, uncertain environments typically increase demand for credible risk opinions and insights, and this should augur well for our Ratings and Intelligence businesses. At present, our direct exposure to revenues from West Asia remain comparatively low. The second risk I'd like to touch upon is GenAI. The 2 key risks here would be the emergence of enhanced Gen AI models and inadequate pace of GenAI adoption by organizations, which may constrain competitiveness and operational efficiency. As Amish just pointed out a little while back, we have already adopted a proactive approach to build domain-led Gen AI solutions, capability development and upskilling to accelerate innovation and commercialization of emerging technologies and deepen client engagement to stay close to client needs. The third risk that I would point out is foreign exchange risk. Sharp INR appreciation against the USD will have a negative impact on margins. We have a robust ForEx hedging process to counter negative movements of foreign exchange rates, and we will continue to monitor ForEx very closely. In closing, I'd like to say that we can take questions on these and the other risks on this slide in our Q&A section. Having said that, thank you for joining. I will now hand over the room back to Amish.

Thanks, Sanjay. So I think let me reiterate, I think we continued the good work of 2025 in the first quarter of 2026, focusing on, like we mentioned, client centricity, our analytical excellence and making sure that we are leveraging domain-led AI to drive value for our clients and efficiency in our businesses to stay competitive. I think we are excited about all our businesses, and we are looking forward to making sure that we are able to drive growth while sustaining margins across our businesses and overall at a Crisil level. So with that, I'll open up for any questions that you might have.

Our first question comes from the line of Balaji Subramanian from IIFL.

Congrats for a great set of numbers. I appreciate the color that you have shared in terms of your embedding GenAI in your products, but it would be very helpful if you could kind of describe in greater detail the opportunities and threats from AI in each of your businesses, right, from, say, India Rating, GAC, Crisil Integral IQ, Crisil Intelligence and Coalition Greenwich because what we understand is that each of these business will have its own nuances and some may be more vulnerable to AI compared to others and the productivity gains also could be different across these. So a detailed color on how AI will impact or benefit each of these businesses would be very helpful.

Thanks I think like I mentioned, I think Gen AI for us is a way to open more doors. to improve our competitiveness and drive better value for our clients and for ourselves. So while GenAI increases the availability of generic content and basic synthesis, trust, proprietary data and the defensible methodologies, regulatory credibility and the human judgment, even the expertise that we bring across the work that we do, I think they become even more critical as differentiators. Across businesses, we see opportunities outweighing risk as long as GenAI is deployed responsibly and in our case, it is with humanin-the-loop governance. So in our IP-led businesses, Ratings, Coalition Greenwich and also the work that we do in GA, where we do work for S&P Global Ratings, we see AI as a great tool for enhancing both efficiency and effectiveness, right, because of the -- being able to look at all the data, both proprietary data as well as data coming from different sources, the intelligence that we have over multiple cycles and being able to leverage that using the best of models and tools, it allows us to actually enhance our effectiveness and efficiency and be able to really stay ahead in the game as well as serve our clients better. When it comes to research analytics and consulting business. Here, we have a good proportion, again, being able to leverage our proprietary data assets in addition to other financial information. We are using GenAI and automation in a way to enhance time to market, right, deeper, more granular insights, better user experience and open new revenue streams. I think we see this as a huge opportunity where we are able to really combine the power of our proprietary data, the ability of our experts and our domain experts to be able to leverage that data and the tools to come up with better insights be faster turnaround time, better user experience and also open up avenues where we were earlier constrained because of maybe capacity capability and things like that. So I think we are able to really drive larger business opportunity in our research, analytics and consulting business. And then in a similar way, when I look at our domain-led business on the global side, which is Integral IQ, again, here, we use a twin track strategy where we are building on growth areas where Gen AI and deep domain expertise together drive superior customer value. I mean, as you are aware, Balaji, the work that we do here for our global clients, both on the banking side as well as on the buy-side, sell-side clients, A lot of the work happens across different areas of opportunity, whether it is on the risk side, on the regulatory side, on transformation side, being able to leverage the domain understanding, the expertise of our people and being able to leverage the data which the clients might have proprietary data and the tools which the clients provide. I think that is something which we are able to demonstrate and go up the curve. Domain-led AI, that's something that we believe creates a new growth vector for us because it allows us to open doors, particularly in the mid-tier and the Tier 2 clients. There are client segments where we are able to take our ability to understand the domain, leverage with technology and be able to provide a much value-enhanced solution, leveraging Gen AI is something which would allow us to open more doors and get more business in some of the segments in Integral IQ. So use Gen AI for driving effectiveness, efficiency, leverage to become cutting edge, both internally and externally and be able to get better value for our clients. I think that's the thought process. That's the way we go across all our businesses and functions and be able to train our people to be able to leverage the best tools available in the market so that we are able to enhance the value and be competitive. So I think across each of our businesses, Balaji, there are opportunities out there, which we are trying to leverage to grow our businesses. One is in our core businesses itself, enhance value to our clients. And then trying to go into new client segments because once you are able to do that in your core businesses, you are able to actually go to your newer client segments and be able to demonstrate the value that you can put out in front of clients and help them get more business for ourselves and get better value for the clients. So I think that's been our approach. That's been the way we are driving across all our businesses. And the idea is to leverage the technology, leverage Gen AI, leverage the models and the way they are coming out to enhance the work that we do to drive better value for our clients.

So is it fair to say that some of the revenue compression worries that are there for the IT services companies, you would be almost completely immune to that?

Our endeavor is to, like I said, leverage the AI tools that capability with our people and ensure that we are delivering value to our clients to be able to minimize that risk. And I think if we're able to do that well and then grow to newer segments, I would believe that our endeavor is to try and ensure we minimize and we grow and not get impacted by that.

Great. My second question would be on the discretionary spending outlook for global banks, while you did allude to the strength across businesses that we saw in the second half of CY '25 and the first quarter of CY '26. If I look at the commentary by Goldman Sachs in their earnings call last week, they were a little less upbeat compared to what they were 3 months back, understandably because of the geopolitical headwinds. And there are also worries on the private credit bubble. So taking all that into consideration, what is your outlook regarding the discretionary spending for global banks? That would be my final question.

So see, we have not seen any decline in the level of engagement from clients in Q1 '26 as a result of the current geopolitical situation. The ongoing volatile environment underscore the essentiality. I mean, in fact, in these times, they want more insights. So if you look at our benchmarking business, I mean, you're seeing global investment banks leveraging the current volatility and being able to declare very good numbers. But at the same time, they would need insights. They would need to understand what's happening. Similarly, in India, with all the clients that we work with, they are looking for better insights, sharper insights to understand the impact, what's happening. Discretionary spending by large investment -- global investment banks, I think, remains a key monitorable. However, what we have been doing over the last couple of quarters is we are trying to diversify into other segments. As you look at our balance sheet, we have called that out. So diversify into private markets, diversify into risk and credit solutions in the regional banks, which is the second-tier banks globally. And also, I think that's allowing us to offset if there's any discretionary spend delay which might be happening at the large global banks. So I think we are trying to make sure that we are diversifying our customer portfolio and being able to take advantage with our insights being there when the client needs information to understand what's happening around. And our businesses are very well positioned to, I think, drive that in the markets and the customers that...

Your next question comes from the line of Arpit Kumar from Unifi AMC.

So my first question is with the expansion of scope in the GAC engagement with S&P, could you just help us understand the unit economics of the business, particularly in terms of what is revenue margins?

So I think this is a business where we partner with S&P Global Ratings. We have been doing this for more than 20 years. I think we are in our 23rd year. This is a business where we work at a transfer pricing fixed margin on the cost that we incur. So -- and it is benchmarked with whatever in the industry that we operate. So here, the idea is to go and add value to our clients, being able to drive larger growth opportunity, not only within S&P Global Ratings, but to do work beyond S&P Global Ratings. And I think that's what we have been able to expand with some of the other divisions of S&P Global. We are trying to create centers of expertise in areas that we can make a difference and add value to our clients. So I think that has been able to allow us to grow and drive growth in the Global Analytical, the GAC division. And then that's what is reflected in the numbers that you are seeing. This is a part of our conscious strategy to actually drive growth across the different divisions of S&P Global and also doing work with S&P Global Ratings across the different parts of the value chain.

So sir, could you give the fixed margin number? Is it possible?

I think we don't disclose that. That is benchmarked. It is benchmarked with transfer pricing.

Okay, sir. My second question is if you could give more granularity on revenue mix within the RIS segment.

So I think here, we don't disclose individual breakdown of the different businesses within the Research Analytics and Solutions segment. The big parts of that business are the global -- 2 global businesses, which is the Global Coalition Greenwich business and the Integral IQ business. I think they are 2 material parts of that division and -- of that segment and then followed by the Intelligence business in India. So I think that's how it is structured. But we don't disclose individual numbers of the individual business.

Your next question comes from the line of Varun Bang from Bandhan Life Insurance.

So one of the key growth levers that we discussed is basically increasing wallet share across the segments and that is within core markets, adjacent offerings and new client segments and geographies. So could you elaborate on specific opportunities that are targeted in each of these areas and how company is executing on them? And additionally, which new client segments and geographies are currently strategic priority for the company?

So let me address the second question first. I mean, like I mentioned, we have grown -- we opened up the West Asia market, the Middle East market specifically. We are also evaluating growth in the private markets. We are trying to drive growth in regionals, both in U.S. and Europe and around the globe. And these are regional banks, which are beyond the top 20 corporate banks, the corporate investment banks. So I think there is an opportunity in different segments that we are trying to drive. We are focused across every market where there is driving. There is growth in the financial services sector and in banks. I think...

Sorry, your first question related to where we are gaining market share, correct?

The wallet share, sorry, let me come back to that. So I think here as a strategy -- so let me take the example of our global businesses. So we work with our top 20 global corporate investment banks. And the stakeholders we might be working with are very different compared to what we might do with our integral IP business. We will try and see how we leverage the opportunity of being able to cross-sell within the same bank, different services that we can offer. So if it means going and meeting new stakeholders, if it means presenting the work that we offer, even within Coalition Greenwich with the acquisition on wealth, we might be working with them on a particular area, how can we offer them the wealth offering and demonstrate value. So I think cross-sell is to expand the share of wallet in the existing clients across the portfolio and within the same business or the different businesses that we have or trying to increase the share of wallet by getting in new offerings that we might have as an organization. So this is more around leveraging all the offerings that we provide across different businesses and making sure that we are present across the value chain in each of the clients that we operate in and grow organically in each of these clients. And the same we do in India. I mean I might be doing, let's say, we might be providing data to a particular bank might not be doing work on some of our credit solutions and other work. How do we leverage that as an opportunity or vice versa. So I think every client that we have, ideally, we should be able to provide the full suite of offerings that we have, and we have them as our clients for everything that we do. So I think the intent is to drive that through our BD teams, through our business teams. And I think that's something that we are very, very focused on...

Got it. Got it. And on the JSE, there has been, of course, increased delegation and expansion into areas beyond ratings. Could you elaborate on what these new areas are? And how is this partnership with S&P evolving in terms of scope of work, its implication on margin and strategic importance over the next couple of years? How do you see it evolving?

So I think as I answered earlier as well, I think on the Global Analytical Center side, we are focused on driving growth with S&P Global Ratings across the value chain, rightly put out there, increasing the delegation surveillance delegation, trying to go up the value curve in terms of looking at various aspects of data, analytics, research. It could be on the technology side. That's something that we have started working on, creating COEs on program management, research and being able to leverage technology and Gen AI as a differentiator, adding value to our clients. So I think we are able to demonstrate the power of our people, being able to leverage the capabilities of Gen AI, the domain understanding. I think that IP that we keep calling people being our IP is the key differentiator helping us drive growth across different businesses of S&P.

And would you say the incremental business that we are getting, the margin profile is different versus what we were doing in the ratings for S&P...

No. See, we are doing similar profile of work. So the margin profile remains to be similar.

Understood. Understood. And on the Ratings side at the domestic Ratings business, what is the outlook from medium term -- near- to medium-term perspective for Ratings business? And if you can separately share it for BLR and capital market issuances, that would be helpful. And if at all, there is a rate hike, would that materially change the dynamics for the bond market issuances where we've seen strong growth over the last few years? What is your view?

So I would first caveat saying that we don't make any forward-looking statements. So I think that is something that I would want you to keep in perspective. But I'm going to request my colleague, Subhod, to maybe share on the other questions that you asked from a ratings perspective. Sub -- so I think at a larger level, if you look at the ratings business, as you rightly said, I mean, it is driven by borrowing in bond market and borrowing in bank loan market. If I look at last couple of quarters in bond market, there is softness because yield has. And at this point of time, a little difficult to say by when yield will soften because the geopolitical situation continues to evolve. So we have to wait and watch and see how the progress happen in bond market. As far as bank loan market is concerned, if you look at the first quarter, particularly month of March, we have seen good numbers coming in. We are in the process of evaluating and understanding from our side, we believe we have already put this number in public domain that credit growth for the financial year 2027 is going to be around 13%, which is more or less same what we saw in 2026. But we have to see how it goes. I mean, if March is any indicator, probably there can be some upside in these numbers, but we'll have to evaluate and come back to you on that one. So these are the 2 big drivers as far as the rating industry is concerned. And depending how it goes, that can affect.

Got it. And maybe directionally, if you can share your thoughts on the structural growth of bond market issuances versus bank-led credit, how do you see it evolving?

Sorry, I think general growth of bond market versus bank. So if I look at this juncture, what we are seeing is some level of substitution of bonds by bank loans because banks are fused with liquidity. And if you look at the interest rate differential that is prevailing in the bond market versus bank loans, is faring the bank loan at this point of time. But -- we have seen this situation in the past as well. And we have also seen the situations reversal where bond market is. So from time to time, bond market can become lucrative or from time to time bank loan market also becomes lucrative. I do not think structurally, there will be a major change as medium term is concerned, but this is more like a view at a particular point of time when we see excess liquidity to the bank or there are times, like I said, market favors the bond market. You also asked one question, which I kind of missed answering last time about the interest rate movement. If the rate goes up, what will happen to some of this outlook. If rate goes up, I mean, it's a highly hypothetical point at this point of time, there's no specific indication from RBI that rate will go up anytime soon. But rate changes essentially, what we have seen in the past is what I can tell you is that it does not favor the bond market because it further hardens -- so we have to see. But as of now, we do not have any indication from the regulator that the interest rate will go up in immediate term.

And you did highlight about GenAI and the platforms like 360. But if you could just share specific use cases where Gen AI is already driving measurable impact either in client acquisition, pricing power or cost efficiency? And how do you see it translating into sustainable advantage rather than just -- if you can share some thoughts on this.

I think like I mentioned to you, right, we shared that there are multiple initiatives that we work. I mean, in every area, let me put it differently. In every area of the organization, we are trying to see how we can leverage GenAI. If you were to think about client acquisition across different businesses, how can we leverage the intelligence that we can generate through GenAI? How can we make sure that we are able to have information available in real time. So I think take the power of GenAI in every areas of work that we are working on and see how we can make things better for ourselves while we deliver value for our clients. I think that's the way we approach it. It is not across individual areas, but across the organization, how do we leverage the power of technology, power of GenAI in becoming better, in becoming faster, in differentiating ourselves in the market for providing better value to our clients. I think that is the way we want to embed GenAI thinking across the organ.

Our next question comes from the line of Pritesh Chheda from Lucky.

Sir, some comments on the RIS business side some total, what kind of growth will you see? Because last year was about a 9% to 10% growth year before that was flat. So any directional comments may not be giving out a number, but some directional comments on growth in this piece.

So I think the overarching comment I would make is that we are wanting to drive consistent growth across all our businesses. And we believe there is opportunity to grow across all our businesses, right, whether it is the retail segment or it is the whether it is the intelligence business in India or the global business or the global Integral IQ business. In each business have got their own growth drivers, own value drivers for different market environments to operate in. So like we mentioned that in the first quarter this year, you've seen the global corporate investment clients taking advantage of the volatility and doing well. And clearly, that would mean that they are looking for better insights on what's happening. And that has helped us take impact in our global business. Similarly, in our different businesses, we are trying to drive value with new client offerings, new client segments spaces. In coal, we've gone into wealth. In Integral IQ, we are trying to get into private markets to expand. They're also there every business has got a strategy to try and drive growth, take advantage of the opportunity which is provided and be able to grow consistent on a sustainable basis. I think that's the way we approach each of our businesses, and we believe there's an opportunity to grow across all our businesses in the market and the customer segments that we operate in.

Any incremental pricing pressure, pricing comments on these pieces of businesses?

So each of our businesses operates in a competitive environment. So clearly, you will see the pulls and the pushes which are normal to a competitive environment. I think it's our ability to demonstrate value to our clients while being able to charge the right pricing, which allows us to make the optimum margin on every business that we operate...

My last question is any color on -- or I don't know if you look at any color on the order book growth rate or some metrics whereby we can judge on what kind of growth is possible in the RIS business.

Sorry, we don't comment on our -- on order books of individual businesses. That's something that we do not share.

Okay. Okay. But directionally, they are growing and for us to comprehend the visibility in business is improving. Any comments from that side?

Like I mentioned, I think we are very much focused on driving growth across all our businesses. All our businesses are positioned well with all our customer segments, the offerings that we have. And we continue to focus to make sure as an organization, we are driving that growth agenda. So that's where we are.

Your next question comes from the line of Abhijeet Sakhare from Kotak Securities.

So my first question is on the Ratings business. Now consistently, the business, the revenues are growing upwards of 16%, 17%. So I would really appreciate if you could kind of spend some time to explain what's driving this growth because when we look at the broader parameters in terms of issuance volumes or even the large corporate credit growth, it doesn't seem to be kind of suggesting a similar level of growth. So is it the mix or the pricing or if you're kind of gaining market share, that would be really helpful. And I'll take my second question after that.

Go ahead Subodh. No, no go ahead.

So I'm assuming you're referring to the performance in Q1 of this year. if you look at the revenue growth, it is largely driven by a very robust surveillance revenue and also to an extent by new rating revenues. When it comes to surveillance revenue, in general, it is driven by the new rating revenues performance in prior year. So for example, what you're going to see in '26 will be largely driven by the new revenues we did in 2025 and partly what we did in '24. In those years, we had very strong momentum on new revenue. So that is now reflecting in fairly strong growth in surveillance revenue. So that is one of the drivers. Second, the market, we continue to see investor preference for best-in-class rating, and this is where we benefit as far as new revenue is concerned. And this is a trend that we have seen quarter after quarter, that continues. Having said that, I just want to highlight one thing that typically, performance in 1 quarter may not be indicative of performance of the entire year. So when it comes to rating, I mean, generally, I would recommend that you look at the performance of entire year, that will be helpful.

Abhijeet, I would say, to add to what Subodh is saying, that is true for all our businesses, and I would request and recommend to everybody to, I think, look at annual performance so that you do not get spayed by, let's say, temporary seasonal effects or some fluctuation on account of timing. I think looking at it at an annual level helps you to get a much better perspective on how growth is happening for individual parts of the segments of the business.

Got it, sir. Just one follow-up there. even like going a few quarters in the past, looks like CRISIL and probably some of the peers as well are clocking growth rates, which are consistently higher than what the broader indicators seem to suggest. So one would kind of attribute this to like probably in the past years, maybe mix between bank and bond. But at least for the next -- for the last couple of quarters, it seems to suggest that even while the shift towards bank loan ratings is happening, it's not really dampened the growth in terms of overall revenue. So is it that we are seeing new number of issuers, which is kind of helping in terms of better pricing or mix across, let's say, going beyond financial services issuers? Any -- along any of those lines, is there an explanation to that?

So I think as far as other rating agencies are concerned, I may not be in a position to comment on their performance, what is driving their revenues. For us, like I said early on, that we are benefiting from IRF growth. If you look at last few years, IRF growth has been very, very strong, particularly post COVID. We acquired a lot of new clients at good prices. That is really helping us as far as the revenues are concerned for CRISIL ratings. Pricing is a very sensitive matter, of course, deal by deal, we will not have a visibility what's happening on pricing. But as far as we are concerned, we do work on pricing in a very disciplined manner. So that's all I want to say on this question.

Got it. This is helpful. So moving on to the RIS business and specifically Integral IQ. Now generally, I think there used to be a common comment around discretionary spend towards the discretionary spend being a bit under pressure from most of the large clients. We don't see that comment being made this time. So is there any read into that? And secondly, like what we see for the mainstream IT companies in terms of Gen AI leading to some growth deflation. Are you seeing that in the financial services space yet? And third is any comment on the competition from the GCC?

So let me try and address -- on the discretionary spend side, what we have seen, and I think I mentioned this earlier, that we continue to see engagement from all our clients across all our businesses, including the global businesses. And I think the only impact, if at all, I would say, is maybe in terms of decision-making. In some places, you might see that there could be more time that one might take while taking decisions, but we have not seen adverse impact of projects being canceled. So I think that is something that is not being seen as we speak right now. And as long as you're able to demonstrate value, I think your conversations are healthy. Our diversification across segments like we mentioned, helps to offset some of the discussions around discretionary spends. And that is why you don't see that in our commentary. So that is something that to keep in perspective. Sorry, I missed the other 2 questions.

So the second question was on the risks of growth deflation from Gen AI adoption and any context around how the financial services industry is responding to that?

Yes. So I think we believe the impact of AI will vary by business and client segments. I think we regularly review where the impact could be, what -- and as you know, this is a very fast-evolving space with almost some announcement every week. We stay closely aligned to what our client requirements are. And as adoption accelerates, we also try to evolve our offerings accordingly. I think Amish has already spoken about the fact that we have initiatives across all our functions as well as all our businesses, whether it is functions like client business development and sales or whether it is technology, where we have launched GenAI-enabled products and offerings or in businesses which are pure services where we have used GenAI to really enhance our efficiency and operational strength. So that's really what we see is more of opportunity than risks, and that's how we are really addressing the situation.

Also, I think specific to financial services clients, I think they are seeking help. And I think companies like CRISIL are very well positioned because we understand the regulatory landscape. And I think everybody is looking at how do we do things in a responsible way, how do we leverage the domain expertise along with technology. So I think being able to drive that is allowing us to actually work with our clients in a very collaborative way. And like I mentioned earlier, to try and see if we can deliver better value to our clients in newer segments, which will allow us to open new opportunities, leveraging Gen AI. So I think we are seeing Gen AI being used, as Dinesh mentioned, largely as an opportunity. Yes, we need to ensure that all our people are trained. They are able to leverage the skills. They understand the new models, the value that the models deliver. And I think apply the enterprise risk and domain lens because, as you know, most of the clients we work with are in the regulated space within the financial services domain. So I think they are very sensitive in terms of how they want to leverage GenAI. And I think being able to understand that and partner with those clients, I think, is important.

Got it. Sir, there was one more part around the GCC competition.

So GCC is something that has always been an opportunity. And maybe I'll ask Suprabha, who heads our Integrated IQ business to maybe share a perspective.

Thanks, Amish. For us, GCC has always been an opportunity as well because GCCs do need support whenever they set up their COE models or where there are regulatory remediations that they have to scale up for a quick notice, GCCs offer opportunities, and we've partnered very effectively with them. And that's how we see them in the past 2 years in terms of our overall strategy.

Got it. So sorry, just coming up on the international business, it looks like there's no imminent risk to growth as well as margins. Would that be a fair assessment? Obviously, the macro will remain, but specifically with respect to Gen AI or competition, it's largely status quo, right?

Abhijeet, like I mentioned, we have to keep running at a much faster pace, right, to be at the same level. I think all of us have to make sure that we are going up the curve in terms of learning, leveraging the tools, leveraging the power of Gen AI technology and being able to disrupt ourselves so that we can disrupt our clients. I think I would say agility, learning agility is going to be important in making that happen. But yes, I mean, we are very, very focused on ensuring that we minimize any impact and we actually take advantage of the opportunity, which is presented by being able to learn and make sure that we are leveraging our domain, our data, our talent and working with our clients to partner with them to help them in that journey. I think that's what we are focused on so that we can ensure that we are not having any impact on our growth or on our margins.

Got it, sir. Just one final data question. So I noticed in the annual report of the headcount in terms of both on-roll as well as contract that has gone up in the previous years. Any comments here and areas where you're adding people?

No. So we continue to add people across our businesses as we kind of invest in both growth across technology, Gen AI as well as around client development and other areas where we believe those investments are necessary to continue to grow the franchise. So it's quite evenly spread. It is not specific to any particular area or business segment.

Our next question comes from the line of Saurabh Dole from [indiscernible].

I have 2 questions. The first one is on the ratings front. If you look at the last 5 years, what is the rough price increase you might have taken on a CAGR basis on a 5-year block period? So that is question one. And the second question is that with respect to growing the business inorganically, if you were to evaluate the white spaces that exist today, what are those? And by when do you think you plan to fill those?

So I think the first question on pricing side, pricing is fairly, I'll say, a complex subject. It depends on time to time how the situation in the market, et cetera, that decides. I mean there's no particular trend that I can share with you for the last 5 years. Like I said, we work on pricing in a very disciplined manner. That's all I can share with you.

Yes. I mean, clearly, our intent is to make sure that we are covering inflation, the value of our work that we do and be able to continue to sustain margins in the right fashion while delivering value to our clients. I think the second question that you are talking about on the inorganic side, I think we continue to evaluate inorganic across the spaces that we operate and the adjacent spaces. And I spoke about some of them, they already articulated in our balance sheet. So wherever we can accelerate our strategy, wherever we can get better capabilities to help us accelerate our strategy, can maybe help us get newer client segments on our current businesses that we have. I think these are the areas of opportunity that we keep looking at. One example I can give you was, of course, Wealth Matrix that we acquired last year that allowed us to expand. Wealth is a space that we are very keenly following in our global market as well as in India. I think we saw -- so that acquisition basically allowed us to accelerate momentum in that particular space that we are keenly interested in. The second one, as you know, we have taken a small stake in one of the SME platform companies in India. So I think we continue to evaluate and see opportunities from that light. Like I mentioned, 4 spaces we operate in, adjacent spaces that might be there, client segments, which allow us to accelerate the strategy, build new capabilities to accelerate the strategy. I think these are the lenses that we look at. Of course, it has to make financial sense and it has to have a justification, both from a strategic and financial perspective for us to expand.

Got it. And just one follow-up. When you talk about the 3 platforms under RES, what is the level of cross-sell that you have and compared to how much -- how far you can go on the cross-sell, where are we on that journey?

So I think there is enough and more opportunity out there. And like I mentioned, if you just look at any of the banks, the top banks or top customers, work that we do within the business. So if I was to just look at coalition finage as an opportunity, what we do on the corporate investment banking side, what we do on the transaction banking side, what we do on the digital banking side, what we can do with the wealth offerings. So each of these offerings is an opportunity for us to sell within that client. And then if I was to think about the work that we do on the Integral IQ side, can we help them on the risk and regulatory landscape? Can we support them in any of the requirements on the risk side, whether it's credit risk, market risk, ops risk, can we help them on the regulatory side if they need to help on model validation, stress testing or any of the regulatory requirement that they might have? Can we help them on the transformation side of digital transformation journey? So I think there are areas of opportunity across all our businesses. And ideally, I should be able to do each of these services for each of those banks. And I think our endeavor is to keep pushing that agenda. And I'm sure each business looks at it as an opportunity to grow. So I would say there is enough space for us to push this. The other question is in terms of where we are on that journey. I think, again, I would say there's enough and more. The good part is that, that collaboration is working well. We have teams going and meeting clients jointly in our global markets. We have got clients who are able to see our offerings end-to-end and value the work that is happening across the organization. So I think it's about continuously focusing and pushing that agenda, doing more meetings, more impactful meetings, opening more doors with stakeholders and continue to drive larger growth.

The next question comes from the line of Bhavin Vithlani from SBI Mutual Fund.

High-level question. We've seen a few acquisitions by CRISIL India and some of them have been global acquisitions. So on an allocation basis, when these are global acquisitions, what is the thought process that goes in wherein the acquisition will be done by CRISIL India? Or will it be done by the parent?

So I think of areas that CRISIL operates in, those businesses where CRISIL operates in, if there's an acquisition that makes sense for CRISIL we will evaluate that, and that is the acquisition that we will go for. I think we are very clear. It should help enhance our strategy, accelerate our strategy in the businesses that we operate. And I think that's how we look at every acquisition opportunity which comes.

So is there an overarching principle when the acquisition will be by the S&P and when it will be -- because there are obviously areas which are overlapping.

So there is hardly any area of overlap. If you look at our businesses that we operate in. I think there is enough and more understanding of the areas that we operate in, the businesses that we operate in. And if those acquisition opportunities sit within those areas, I think then in that case, the evaluation happens within the businesses where it is a part of. I see that as an area that naturally, we start evaluating businesses and opportunities which are complementary to the businesses that we work with.

The second question is on the Global Analytics center. Could you give us a little longer road map in terms of the opportunity that is for CRISIL India because we have seen this piece grow pretty strongly over the last couple of years. And how should one think about the runway over a 3- to 5-year basis?

So I can talk about the opportunity landscape, right? And I think if you remember a few years back, we had actually asked all our shareholders to approve a much larger limit with the hope that we are likely to open more doors. And I think that's something that you are seeing play out. And I think clearly, like I articulated earlier, we are looking at expanding across the different divisions of S&P in the areas that we can demonstrate value. So whether it is like I mentioned, from an S&P Global Ratings perspective, we work across the value chain. We are expanding into supporting them on the technology side. We are looking at doing the same across different businesses of S&P Global. And as we are able to demonstrate value to each of these stakeholders, how do we make sure that we are able to partner and grow our business with the different businesses that exist within S&P Global. So I would say opportunity is about being able to demonstrate value for the work that we do and being able to partner with them to be able to take that to the next level. And these are areas of opportunity in centers of expertise across the research work, the analytical work that we do, the technology support. I think areas that we have been able to demonstrate value to S&P Global Ratings and some of the other stakeholders and I think keep working through the journey. Transformation could be another lever now as people are looking at transformation. So I think there are many areas of opportunity and how do we engage and how do we demonstrate value to our stakeholders. and continue to drive growth across the Global Analytical Center.

Sure. So could we say that the growth that we have seen over the last couple of years could possibly sustain? I mean the question is on the rate of the growth directionally.

I'm sorry, Bhavin, like I mentioned, we don't comment on any forward-looking statement.

[Operator Instructions] Our next question comes from the line of [ Anush ] Kumar from Spark PMS.

Congratulations on a great set of numbers for the quarter and the calendar year as well. So my question is on like if you could quantify what proportion of your analytical workflows are already AI assisted today? And where do you see the biggest productivity gains?

So like I mentioned earlier, we are trying to use AI across our value chain, across all the workflows that we have. I mean all our employees are being trained to make sure that they are able to use different LLMs, the value of the LLMs and use that to drive value for every work that is happening, okay? So this is something that is across the organization, not in any one area or the other. Where we work in client environment, we make sure that we are leveraging the value of that for our clients, where we are doing work in our own environment. It could be very different across different parts of the businesses. And there is no single measure to give you that number.

Okay. So the second question is a bookkeeping question on what is the revenue for Price metrics for the quarter, revenue, PAT and EBITDA for the quarter?

Sorry, we don't disclose business level numbers. So what you have is only segment level numbers. This is the RES segment don't...

Our next follow-up question comes from the line of Abhijeet Sakhare from Kotak Securities.

So I just wanted to get a little bit more details on the comment on accelerated renewal in the benchmarking business. And how should we kind of now think about the following quarters? Does it like smoothen out some of the seasonality? Or like what are you kind of trying to indicate with that business?

Yes, that's right, Abhijeet. I think this year, we've been able to close contracts, which typically we would close in subsequent quarters and prior years in the first quarter itself. So you're right, this will very much should have an impact of smoothening in subsequent quarters and some of the seasonality that you've been used to seeing in the RES segment should hopefully normalize to some extent.

As there are no further questions from the participants, I now hand the conference over to Mr. Amish Mehta to conclude the session.

Thank you, everybody. And I would like to just say that in the focus of the organization to continue to drive growth and sustain margins, I think that's something across all our businesses is what drives us while leveraging technology, Gen AI to be a key differentiator for all our businesses. That is something that we are working on, and we will continue to drive that agenda. Thank you. Thank you very much.

Thank you.

Thank you, sir. That concludes the call for today. Thank you, everyone, for joining us, and you may now disconnect. Thank you.