India Ratings & Research

What India Ratings & Research does

India Ratings & Research (Ind-Ra) is a SEBI-registered (Registration No. IN/CRA/002/1999) and RBI-recognised credit rating agency headquartered in Mumbai, operating a nationwide eight-office network covering all major Indian financial centres (Ahmedabad, Bengaluru, Chennai, Gurugram, Hyderabad, Kolkata, and Pune alongside the Mumbai headquarters). Founded in 1994 and a 100%-owned subsidiary of the Fitch Group, Ind-Ra is the third-largest credit rating agency in India behind CRISIL and ICRA, providing independent credit opinions on Indian debt instruments across corporates, banks, insurance companies, NBFCs, microfinance institutions, affordable housing finance companies, structured-finance vehicles, project-finance entities, and state and municipal governments. Coverage spans bonds, non-convertible debentures, bank facilities, certificates of deposit, fixed deposits, commercial paper, and securitisation pass-through certificates.

The firm operates proprietary credit rating methodologies for corporates, financial institutions, NBFCs, and structured finance, and supports these with a deep research franchise: annual sector outlooks spanning auto, cement, chemicals, EPC, fertilisers, hotels, jewellery, logistics, microfinance, NBFCs, oil & gas, pharmaceuticals, power, real estate, telecom, and others; monthly Banking Sector Monthly notes; credit market trackers; CPI/WPI inflation analysis; and an annual Transition and Default Study tracking rating migrations and default rates across categories. Supporting product lines include Asset Manager Gradings, MFI Gradings, Infrastructure Debt Fund Ratings, Fixed Deposit Credit Ratings, Independent Credit Evaluation (ICE), and NPA ratings. Distribution of expert commentary is expanded via podcasts and video featuring the firm's Chief Economist Dr. Devendra Kumar Pant and analytical Directors.

Ind-Ra runs a dual revenue model: (i) issuer-pays rating fees charged upon assignment and across multi-year surveillance of rated instruments, and (ii) recurring subscription revenue from paid sector research and outlook reports distributed to institutional investors and market participants. Pricing is not publicly disclosed. Distribution is direct — Ind-Ra operates no third-party channel — and analyst relationships drive both placement and ongoing surveillance. Leadership is anchored by Rohit Karan Sawhney as Chairman, Managing Director & CEO, supported by a Chief Rating Officer, Chief Analytical Officer, Chief Operating Officer, Head of Business & Relationship Management, and an Independent Director board.

Name

India Ratings & Research

Legal name

India Ratings and Research Private Limited

Website

https://indiaratings.co.in

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

251–500 employees

Short description

India Ratings & Research is a SEBI-registered, RBI-recognised Indian credit rating agency that rates corporates, banks, NBFCs, microfinance, structured finance, project finance, and municipal bond issuers. A 100%-owned subsidiary of Fitch Group, it ranks as India's third-largest credit rating agency.

Ownership category

akta.pro rank

Product category

Credit Rating Services

NAICS

Credit Intermediation and Related Activities (522), Activities Related to Credit Intermediation (5223)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Credit Research (FSACAGAB)

akta.pro secondary industries

Structured Finance Ratings & Surveillance (FSACACAI), Asset-Backed Securities (ABS) (FSACACAA), Investment-Grade Corporate Credit (FSAAAHAB)

Keywords

• Credit rating services
• Debt rating agency
• Structured finance ratings
• Financial institution ratings
• Credit research

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Credit Rating Fees: India Ratings & Research charges issuers (corporates, financial institutions, project companies, urban local bodies) for rating their debt instruments including bonds, non-convertible debentures, bank loan facilities, commercial paper, and securitisation pass-through certificates. Rating fees are charged upon assignment and ongoing surveillance.
2. Research Subscriptions: Ind-Ra publishes paid sector research reports, outlook reports, credit market trackers, and transition/default studies available via subscription to institutional investors, lenders, and market participants. The website notes 'To subscribe to our paid reports, please contact: [email protected]'.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels7 records

Core offering

India Ratings & Research (Ind-Ra) is a SEBI-registered and RBI-recognised credit rating agency that assigns and monitors credit ratings for corporate issuers, financial institutions, NBFCs, structured finance vehicles, and public finance entities across India. It also publishes sector-level outlook reports, credit market trackers, transition and default studies, and macroeconomic commentary distributed via paid subscriptions and the company website.

Product overview

India Ratings & Research (Ind-Ra) is a credit rating agency offering a comprehensive suite of rating products across corporate, financial institution, infrastructure, public finance, and structured finance sectors. The agency operates as a platform of interconnected rating services including corporate credit ratings, financial institution ratings, infrastructure and project finance ratings, and structured finance ratings. Supporting services include Asset Manager Gradings, MFI Gradings, Infrastructure Debt Fund Ratings, Fixed Deposit Credit Ratings, and Independent Credit Evaluation. The agency also publishes sectoral research, outlook reports, and provides expert commentary through podcasts and videos. India Ratings is a SEBI-registered credit rating agency and RBI-recognized entity, and is a 100% owned subsidiary of the Fitch Group.

Differentiator

Problem solved

Functional benefit

Products and services

• Corporate Credit Ratings

Quantifiable outcome

• Corporate credit profile remained strong in FY26 with 361 issuer upgrades against 115 downgrades and an upgrade-to-downgrade ratio of 3.1 (5th consecutive year of improvement)
• +2 more outcomes

Named customers21 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• ICRA Limited: The other major domestic CRA, jointly owned by Moody's. Offers overlapping corporate, bank, NBFC, and structured finance rating products across India, making it a head-to-head competitor in nearly every rating mandate.
• Acuité Ratings & Research: SEBI-registered CRA offering corporate, SME, and bank loan ratings. A mid-tier Indian CRA competing with Ind-Ra for the same issuer pool, especially in mid-corporate and financial-institution mandates.
• CRISIL Ratings: India's largest credit rating agency and SEBI-registered CRA, offering corporate, financial institution, infrastructure, and structured finance ratings. Directly competes with India Ratings on the same issuer mandates and is the most relevant pure-play comparable.
• Brickwork Ratings: SEBI-registered CRA focused on bank loan, NCD, and MSME ratings in India. Smaller scale but directly competes in the SME and mid-corporate rating segments that Ind-Ra also addresses.
• CARE Ratings: A SEBI-registered Indian CRA rating corporates, banks, NBFCs, and public-sector entities. Comparable scale and product breadth, sharing India's competitive CRA oligopoly with Ind-Ra.

Broad incumbents

• Fitch Ratings: Global CRA and 100% parent of India Ratings. Operates globally across sovereigns, corporates, FIs, and structured finance; while not a direct India competitor on Indian issuers, methodology transfer makes it the closest strategic/quality benchmark.
• S&P Global Ratings: Big Three global CRA rating sovereigns, corporates, FIs, and structured finance worldwide. Provides methodology, governance, and product benchmarks that inform India Ratings' competitive positioning through its global peers.
• Moody's Investors Service: One of the Big Three global CRAs, parent of ICRA. Operates globally and offers Indian cross-border-rated debt assessment; comparable in methodology depth and product breadth.

Emerging players

• TransUnion CIBIL: India's primary consumer credit bureau; not a direct CRA competitor but an adjacent data provider whose output supports consumer and SME credit underwriting. Comparable as an institutional credit-information platform serving Indian lenders.
• CRIF High Mark Credit Information Services: Indian credit information and analytics bureau offering bureau data and analytics used in CRA processes. Adjacent comparable to the research/data arm of India Ratings, particularly in NBFC and SME credit assessment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/indiaratings
• YouTubeyoutube.com/channel/UCGE_9CdkumsNDI_aXwsDfXg
• Facebookfacebook.com/indiaratings
• LinkedInlinkedin.com/company/india-ratings-&-research

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about India Ratings & Research