| Rating & ancillary services | Credit ratings for debt instruments, corporate governance assessments, structured finance ratings. | Established reputation, stringent methodologies, regulatory approvals, Moody’s backing provides credibility. | Financial institutions, corporates, infrastructure entities (B2B). | Credit ratings and ESG ratings. | 295 | 59 | Fees from credit rating assignments, service subscriptions, and regulatory mandated monitoring. | Fee-based project assignments, renewals with recurring fees. | Infrastructure investment growth, regulatory requirements, increasing demand for ESG and corporate ratings. | ICRA Ratings, Corporate Governance Ratings, ESG Ratings |
| Research & analytics | Analytics, risk management software, bond valuation, mutual fund analytics, research publications. | Proprietary models, technological integration, strategic acquisitions (e.g., D2K Technologies), global partnerships. | Asset managers, banks, NBFCs, corporates, international clients (B2B). | Risk & analytics software and customized research services. | 205 | 41 | Subscription fees, service contracts, licensing of software and analytics solutions. | Recurring subscriptions and project-based fees. | Rising demand for data-driven insights, model governance, risk analytics, and automated compliance tools. | ICRA Analytics, Knowledge Services, Market Data |
