solutions provider Infomerics Ratings is preparing for its next phase of expansion with India’s market entering a period of structural deepening.
It currently has a market share of around 6.5–7 per cent and the aim is to double this to 12–13 per cent over the next three to four years, Shubham Jain, Group Chief Executive Officer, said.
On fund raising plans, the agency is keeping its options open. An remains on the horizon, but the timeline is flexible, Jain said. “First we want to get a strong strategic partner and then IPO maybe in the mid to long term—maybe three, four or five years—whenever we think we are a decent size and scale,” Jain said.
Growth
Over the last few years, the rating agency has delivered a strong growth curve.
“We have grown at a CAGR of 30-35 per cent in the last five years. So, we would like to maintain that pace though we are cognisant that our base will keep on increasing,” he said.
The country’s outstanding corporate bond issuances are surging with issuers increasingly tapping longer-tenure capital, leading to the ratings industry seeing unprecedented momentum—and Infomerics is positioning itself for the shift.
Despite the presence of heavyweights such as Crisil, CareEdge, and others, Infomerics has been scaling rapidly on the back of rising formalisation, stronger demand for structured credit assessments and a broader investor base.
While the opportunity ahead is substantial, Jain is realistic about the complexities of sustaining growth on an expanding base.
As credit growth accelerates and issuers across sectors deleverage or refinance at more efficient rates, ratings volumes are set to rise, Jain said.
Automation-led reworking
Infomerics is re-engineering its analytical backbone through automation, data triangulation and targeted AI use-cases. “I’m not using the word AI loosely, but what we are trying to achieve is how we can triangulate information available in the public domain about an issuer to help in better credit decisions,” Jain explained.
The agency plans to automate input of publicly available data—from statutory filings to digital identifiers such as PAN and Aadhaar-linked information—allowing analysts to focus on deeper insights rather than manual compilation. With this shift, hiring will grow at only “half the pace of revenue growth.”
As India’s debt market continues to expand, the ratings business appears poised for a prolonged upcycle.
Data from the shows total outstanding corporate bonds at ₹53.6 lakh crore, as of March 2025, nearly a three-fold increase from ₹17.5 lakh crore at the end of March 2015.