We initiate coverage on CRISIL with BUY and target price of Rs2,260. This best-in-class industry leader delivers a diversified revenue mix, superior margins, solid return ratios, and free-cash-flow yield, unique to very few companies. Flight to quality has seen investors/borrowers prefer CRISIL, propelling it to be the best play in an otherwise crowded rating space. Led by new products and solutions, and acquisitions, CY20 saw the research segment report 20%+ YoY growth, highest since CY12. With improving macros, market share gains, cost rationalization, and synergies from acquisitions, we see CRISIL's revenue/earnings growth rates accelerate over CY20-22E. As a result, we...