NSE: CARERATING · BSE: 534804
CARE RATINGS LIMITED
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CARE RATINGS LIMITED ◆ | 4,847 | 27.3 | 5.14 | 19.1 | 18.4 | 23.8 | 13.7 | 44.3 |
| ICRA LIMITED | 4,300 | 22.0 | 3.63 | 15.1 | 15.4 | 20.2 | 14.8 | 53.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.3 | 19.6 | 40 of 58 | 32% |
| P/B | 5.1 | 2.8 | 45 of 65 | 31% |
| 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 30 | 72% |
| 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 | 4847 | 940 | 21 of 69 | 71% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · CARE Ratings sells 19.80 percent stake in CareEdge Global IFSC arm to SBI and NSE IFSC | strategic transactions | medium | — | — |
| 12 Oct 2026 · Board Meeting on Oct 29 to Consider Q2 FY27 Results and Interim Dividend | results | low | — | — |
| 5 Oct 2026 · CARE Ratings allots 14,200 shares under ESOP 2020 | capital market events | low | — | — |
| 5 Oct 2026 · Routine compliance filing under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · CARE Ratings Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 | compliance | minimal | — | — |
| 24 Sept 2026 · CARE Ratings to meet Nippon India MF on 30 Sept 2026 | board shareholder meetings | low | — | — |
| 21 Sept 2026 · CARE Ratings to meet RatnaTraya Capital on Sept 25 | board shareholder meetings | low | — | — |
| 15 Sept 2026 · CARE Ratings schedules investor meetings on 21 September | board shareholder meetings | low | — | — |
| 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 | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | 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 |
Sources, method and disclosures
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.