Issues credit ratings on debt instruments and corporate borrowers in India, generating 89.3% of segment revenue from its core Ratings and Related Services business and 10.7% from an 'Others' line. The ratings segment posted Rs 231.61 crore in segment EBIT for FY26, while the Others segment recorded a marginal EBIT loss of Rs 0.14 crore. Employee costs are the dominant expense at 45.4% of revenue, followed by other operating expenses at 12.9% and depreciation at 3%, consistent with a professional, analytical service model. Capital expenditure is low at 1.8% of revenue, indicating an asset-light operating structure. The business sits in the regulated Indian capital markets ratings industry under SEBI oversight and is classified as a Capital Markets/Ratings entity. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Ratings and related services (89%), Others (11%). Asset-light, regulated analytical services
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 248 | 279 | 332 | 402 | 473 |
| EBITDA (ex other income) | 80 | 99 | 112 | 155 | 197 |
| margin % | 32.1 | 35.6 | 33.8 | 38.6 | 41.7 |
| Owners' profit | 75 | 83 | 101 | 137 | 171 |
| EPS, as reported (₹) | 25.45 | 28.17 | 33.77 | 45.89 | 57.06 |
| ROE % · ROCE % | 11.8 · 14.7 | 12.6 · 17.8 | 14.2 · 19.4 | 17.2 · 22.6 | 18.4 · 24.1 |
| Debt / equity (x) | 0.00 | 0.00 | 0.03 | 0.00 | 0.00 |
| Cash from operations | 68 | 82 | 91 | 123 | 148 |
| Capex | (19) | (12) | (9) | (15) | (8) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 117 | 96 | 110 | 94 | 136 | 112 | 131 | 112 |
| Profit before tax | 64 | 39 | 59 | 37 | 77 | 49 | 72 | 45 |
| Net profit | 47 | 28 | 43 | 26 | 57 | 37 | 53 | 33 |
| EPS (₹) | 15.42 | 9.30 | 14.24 | 8.61 | 18.90 | 11.96 | 17.58 | 10.73 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Ratings and related services | 217 | 45.9 |
| Others | 51 | 10.7 |
| Rating and related services | 123 | 26.0 |
| Ratings and Related Services | 83 | 17.5 |
| Total, before eliminations | 474 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CARE RATINGS LIMITED ◆ | 4,990 | 28.1 | 5.29 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · CARE Ratings notifies shareholders about IEPF share transfer deadline | compliance | minimal | — | — |
| 4 Sept 2026 · CARE Ratings schedules investor meet with TenCore Partners on Sept 9 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · CARE Ratings cancels analyst and investor meet scheduled for today | investor communications | low | — | — |
| 2 Sept 2026 · Allotment of 24,500 equity shares under CARE ESOP 2020 | capital market events | low | — | — |
| 1 Sept 2026 · CARE Ratings to meet SteadFort Investment Managers on September 10 | board shareholder meetings | low | — | — |
| 27 Aug 2026 · CARE Ratings to meet Artisan Partners on 10 Sept 2026 | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Investor meet with Oyster Rock Capital rescheduled to 5:15 PM | board shareholder meetings | low | — | — |
| 20 Aug 2026 · CARE Ratings schedules investor meet with TenCore Partners on 3 Sept | board shareholder meetings | low | — | — |
| 18 Aug 2026 · CARE Ratings announces schedule of investor meets | board shareholder meetings | low | — | — |
| 13 Aug 2026 · CARE Ratings schedules investor meet with Hill Fort Capital on Aug 27 | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 19.6 |
| 18.4 |
| 23.8 |
| 13.7 |
| 44.3 |
| ICRA LIMITED | 4,555 | 23.3 | 3.84 | 16.0 | 15.4 | 20.2 | 14.8 | 53.3 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.1 | 20.3 | 40 of 62 | 36% |
| P/B | 5.3 | 3.0 | 46 of 65 | 30% |
| ROCE | 23.8 | 16.0 | 10 of 33 | 72% |
| ROE | 18.4 | 11.4 | 21 of 65 | 69% |
| Debt / Equity | 0.0 | 0.0 | 1 of 65 | 33% |
| EBITDA margin | 44.3 | 45.7 | 35 of 64 | 46% |
| Revenue growth | 18.9 | 23.1 | 33 of 58 | 44% |
| Profit growth | 24.5 | 17.6 | 28 of 61 | 55% |
| Market cap | 4990 | 990 | 21 of 69 | 71% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
