CARE Ratings Limited

BSE: CARERATING534804ISIN INE752H01013

Financial Services
Ratings
BSE 1000

Share price

₹1,628.85-6.30 (-0.39%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹1,836.00
52W low: ₹1,393.95
Off 52W high: -11.28%
1M return: +0.88%
3M return: -6.67%
6M return: -2.75%
1Y return: +1.78%
20D avg volume: 1,742
50 DMA: ₹1,632.05
200 DMA: ₹1,632.90

Key ratios Consolidated

Market cap: ₹4,908 Cr
Current price: ₹1,628.85
52W high / low: ₹1,836.00 / ₹1,393.95
Face value: ₹10.00
P/E: 25.11
P/B: 4.90
EPS (TTM): ₹64.86
Book value / share: ₹332.71
ROE: —
ROCE: 24.10%
Operating margin: —
Net margin: —
Debt / equity: 0.00
Net debt: ₹-42.60 Cr
Interest cover: 95.52
Dividend yield: 1.35%
Dividend / share (TTM): ₹22.00
Payout: 33.92%
Cash conversion cycle: 15.5 days

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	164.13	111.68	130.67	112.12	136.37	93.91	109.65	96.38	117.37	78.92	90.15	78.68
	15.43	14.80	15.71	12.99	12.58	13.70	15.17	11.85	11.86	11.87	10.29	13.68
	179.56	126.48	146.38	125.11	148.95	107.60	124.83	108.23	129.23	90.79	100.44	92.36
	83.96	81.51	74.37	76.12	72.04	70.16	65.94	69.51	64.99	60.36	64.24	58.40
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	60.74	59.20	52.57	55.13	53.28	53.70	47.12	50.33	45.73	45.74	43.24	42.51
	0.58	0.60	0.63	0.65	0.61	0.60	0.60	0.56	0.49	0.46	0.46	0.47
	3.86	3.86	3.83	3.69	3.46	3.40	3.06	3.00	2.85	2.80	2.67	2.60
	18.78	17.85	17.35	16.66	14.68	12.47	15.16	15.62	15.92	11.36	17.88	12.81
	95.60	44.97	72.01	48.99	76.91	37.44	58.89	38.72	64.23	30.43	36.19	33.96
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	95.60	44.97	72.01	48.99	76.91	37.44	58.89	38.72	64.23	30.43	36.19	33.96
	23.23	11.98	18.56	12.45	19.70	10.94	15.51	10.35	17.35	9.04	11.64	10.04
	72.37	32.99	53.45	36.54	57.21	26.50	43.37	28.37	46.88	21.38	24.55	23.92
	23.88	10.73	17.58	11.96	18.90	8.61	14.24	9.30	15.42	6.94	8.07	7.88
Key metrics
	100.04	49.43	76.47	53.33	80.98	41.44	62.55	42.28	67.57	33.69	39.32	37.03
	61.00%	44.30%	58.50%	47.60%	59.40%	44.10%	57.00%	43.90%	57.60%	42.70%	43.60%	47.10%
	44.10%	29.50%	40.90%	32.60%	42.00%	28.20%	39.60%	29.40%	39.90%	27.10%	27.20%	30.40%
	9.10%	—	7.40%	—	8.40%	—	6.90%	—	—	—	—	—
	20.40%	18.90%	19.20%	16.30%	16.20%	19.00%	21.60%	22.50%	—	—	—	—
	26.50%	24.50%	23.20%	28.80%	22.00%	23.90%	76.70%	18.60%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	518.60	473.07	402.32	331.69	278.99	247.63
	58.93	54.81	50.75	46.69	37.94	27.19
	577.53	527.89	453.07	378.38	316.93	274.82
	315.96	292.53	260.81	231.75	191.18	176.19
	0.00	0.00	0.00	—	—	—
	0.00	0.00	0.00	—	—	—
	227.64	214.67	188.93	164.58	133.94	126.41
	2.46	2.49	2.11	1.71	1.00	0.46
	15.24	14.37	11.72	10.48	10.53	7.71
	70.64	61.00	58.05	54.97	40.00	41.40
	261.57	235.35	192.27	146.63	125.75	98.63
	0.00	0.00	0.00	0.00	0.00	0.00
	261.57	235.35	192.27	146.63	125.75	98.63
	66.22	61.66	52.26	44.07	40.29	21.80
	195.35	173.70	140.00	102.56	85.46	76.83
	64.15	57.06	45.89	33.77	28.17	25.45
Key metrics
	279.27	252.21	206.10	158.82	137.28	106.80
	53.85%	53.30%	51.20%	47.90%	49.20%	43.10%
	37.67%	36.70%	34.80%	30.90%	30.60%	31.00%
	—	24.10%	22.60%	—	—	—
	18.86%	17.60%	21.30%	18.90%	12.70%	—
	25.67%	24.10%	36.50%	20.00%	11.20%	—
	—	139.38	108.21	—	—	—
	—	0.85	0.88	—	—	—
	—	0.00	0.00	—	—	—
	—	-42.60	-48.82	—	—	—
	—	15.5	15.4	—	—	—
Balance sheet
	—	1,105	957.74	—	—	—
	—	677.31	692.13	—	—	—
	—	42.60	48.82	—	—	—
	—	35.04	32.09	—	—	—
	—	0.00	0.00	—	—	—
	—	11.32	7.38	—	—	—
	—	81.33	79.94	—	—	—
	—	14.89	15.14	—	—	—
	—	117.68	97.80	—	—	—
	—	0.00	0.00	—	—	—
	—	0.00	0.00	—	—	—
	—	0.00	0.00	—	—	—
	—	943.13	815.50	—	—	—
Cash flow
	—	147.68	122.95	—	—	—
	—	-94.56	-58.43	—	—	—
	—	-59.33	-54.00	—	—	—
	—	8.30	14.74	—	—	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	134.21	88.15	107.58	90.24	114.27	75.64	91.24	78.59	101.51	65.34	74.80	66.68
	16.20	15.63	15.39	13.16	12.54	14.74	15.51	11.43	11.76	12.69	13.67	10.58
	150.41	103.79	122.97	103.40	126.81	90.38	106.75	90.02	113.27	78.04	88.47	77.26
	58.90	58.75	52.39	55.69	52.00	51.01	47.83	50.69	46.98	45.56	42.17	45.52
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	44.81	43.52	40.91	41.57	40.33	39.73	37.52	38.51	34.80	35.41	31.62	32.02
	0.35	0.37	0.38	0.39	0.40	0.41	0.38	0.39	0.40	0.41	0.40	0.41
	2.33	2.33	2.33	2.30	2.30	2.09	1.95	2.01	1.98	2.00	1.97	1.97
	11.40	12.54	8.77	11.43	8.96	8.77	7.97	9.78	9.80	7.75	8.18	7.62
	91.51	45.03	70.58	47.70	74.81	39.38	58.93	39.33	66.29	32.48	46.30	31.73
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	91.51	45.03	70.58	47.70	74.81	39.38	58.93	39.33	66.29	32.48	46.30	31.73
	22.35	11.15	17.19	11.65	18.98	10.26	14.04	9.86	16.65	8.46	11.46	9.50
	69.16	33.88	53.39	36.06	55.83	29.12	44.88	29.46	49.63	24.01	34.83	22.23
	22.98	11.27	17.77	12.01	18.62	9.72	15.00	9.85	16.60	8.04	11.67	7.47
Key metrics
	94.19	47.73	73.29	50.39	77.51	41.88	61.26	41.73	68.67	34.89	48.67	34.11
	70.20%	54.10%	68.10%	55.80%	67.80%	55.40%	67.10%	53.10%	67.60%	53.40%	65.10%	51.20%
	51.50%	38.40%	49.60%	40.00%	48.90%	38.50%	49.20%	37.50%	48.90%	36.70%	46.60%	33.30%
	8.50%	—	7.00%	—	7.90%	—	6.70%	—	—	—	—	—
	17.40%	16.50%	17.90%	14.80%	12.60%	15.80%	22.00%	17.90%	—	—	—	—
	23.90%	16.30%	19.00%	22.40%	12.50%	21.30%	28.90%	32.50%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	420.18	387.72	336.69	283.07	248.84	219.27
	60.38	55.68	51.39	46.96	37.10	28.36
	480.57	443.40	388.08	330.03	285.94	247.63
	225.73	210.93	191.06	168.15	147.81	140.66
	0.00	0.00	0.00	—	—	—
	0.00	0.00	0.00	—	—	—
	170.81	162.64	146.24	125.12	104.03	106.76
	1.49	1.59	1.58	1.48	0.70	0.40
	9.29	9.02	7.94	7.65	8.05	6.99
	44.14	37.69	35.29	30.41	29.30	26.51
	254.82	232.47	197.02	161.88	138.14	106.98
	0.00	0.00	0.00	—	—	—
	254.82	232.47	197.02	161.88	138.14	106.98
	62.34	58.08	49.02	42.44	34.34	22.51
	192.49	174.39	147.99	119.44	103.80	84.47
	64.03	58.13	49.49	40.12	35.00	28.62
Key metrics
	265.60	243.08	206.54	171.01	146.89	114.37
	63.21%	62.70%	61.30%	60.40%	59.00%	52.20%
	45.81%	45.00%	44.00%	42.20%	41.70%	38.50%
	—	23.00%	22.30%	—	—	—
	16.80%	15.20%	18.90%	13.80%	13.50%	—
	20.84%	17.80%	23.90%	15.10%	22.90%	—
	—	134.79	110.99	—	—	—
	—	0.82	0.82	—	—	—
	—	0.00	0.00	—	—	—
	—	-17.27	-26.35	—	—	—
	—	16.2	15.5	—	—	—
Balance sheet
	—	1,109	969.12	—	—	—
	—	582.71	602.00	—	—	—
	—	17.27	26.35	—	—	—
	—	25.43	22.48	—	—	—
	—	0.00	0.00	—	—	—
	—	4.74	2.77	—	—	—
	—	77.61	77.97	—	—	—
	—	8.22	8.17	—	—	—
	—	92.24	77.68	—	—	—
	—	0.00	0.00	—	—	—
	—	0.00	0.00	—	—	—
	—	0.00	0.00	—	—	—
	—	983.76	857.84	—	—	—
Cash flow
	—	142.31	120.91	—	—	—
	—	-98.31	-71.91	—	—	—
	—	-53.07	-52.93	—	—	—
	—	7.52	9.92	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +15.93%
Sales CAGR 5Y: —
Profit CAGR 3Y: +18.88%
Profit CAGR 5Y: —
Sales YoY (TTM): +16.80%
Profit YoY (TTM): +20.84%

Consolidated

Sales CAGR 3Y: +19.25%
Sales CAGR 5Y: —
Profit CAGR 3Y: +26.67%
Profit CAGR 5Y: —
Sales YoY (TTM): +18.86%
Profit YoY (TTM): +25.67%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 0.00%

Quarter	September 2026	June 2026
Promoter %	0.00%	0.00%

Holder	Type	Holding	Previous	Change
CRISIL LIMITED	Public	8.71%	8.72%	-0.01%
LIFE INSURANCE CORPORATION OF INDIA	Public	8.48%	8.50%	-0.02%
NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA MUL	Public	6.70%	7.45%	-0.75%
PARI WASHINGTON INDIA MASTER FUND, LTD.	Public	4.65%	5.19%	-0.54%
WHITEOAK CAPITAL FLEXI CAP FUND	Public	3.67%	3.13%	+0.54%
ICICI PRUDENTIAL RETIREMENT FUND-PURE EQUITY PLAN	Public	3.67%	—	—
INDIA INSIGHT VALUE FUND	Public	2.46%	2.47%	-0.01%
AQUAMARINE MASTER FUND L.P	Public	2.16%	2.17%	-0.01%
SBI BANKING & FINANCIAL SERVICES FUND	Public	1.86%	1.87%	-0.01%
PARI WASHINGTON INVESTMENT FUND	Public	1.81%	2.24%	-0.43%
RUSSELL INVESTMENTS LIMITED	Public	1.76%	1.77%	-0.01%
MIRAE ASSET BANKING AND FINANCIAL SERVICES FUND	Public	1.75%	—	—
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND	Public	1.21%	1.22%	-0.01%
TATA STEEL LIMITED	Public	1.18%	1.18%	0.00%
VANGUARD EMERGING MARKETS STOCK INDEX FUND, A SERI	Public	1.17%	1.10%	+0.07%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
CARE Ratings Limited	4,908	1,628.85	25.11	24.10%	+18.86% TTM	+25.67% TTM	+1.78%
ICRA Limited	4,286	4,441.00	21.36	20.50%	+31.17% TTM	+6.17% TTM	-31.56%

Filings & corporate actions

Recent announcements

Allotment of 16,133 equity shares pursuant to exercise of ESOP3 Nov 2026 · Company Update / Allotment of ESOP / ESPS
Copy of Newspaper Publication31 Oct 2026 · Company Update / Newspaper Publication
Intimation of Investor Meet30 Oct 2026 · Company Update / Analyst / Investor Meet
Investor Presentation29 Oct 2026 · Company Update / Investor Presentation
Press Release29 Oct 2026 · Company Update / Press Release / Media Release
The Board has approved payment of Interim Dividend of Rs. 10 per equity share29 Oct 2026 · Corp Action / Dividend Updates
The Board has decided the record date as Friday, November 6, 2026 for payment of interim dividend29 Oct 2026 · Corp. Action / Record Date
Appointment of Additional Director in the category of Non-Executive Non-Independent Director29 Oct 2026 · Company Update / Change in Directorate
Outcome of the Board meeting29 Oct 2026 · Result / Financial Results
Outcome of the Board Meeting29 Oct 2026 · Board Meeting / Outcome of Board Meeting
Update on sale of partial stake held by the Company in its wholly owned subsidiary i.e. CareEdge Global IFSC Limited to State Bank of India and NSE IFSC Limited19 Oct 2026 · Company Update / General
CARE Ratings Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 29/10/2026 ,inter alia, to consider and approve the Unaudited (Standalone & Consolidated) ....12 Oct 2026 · Board Meeting / Board Meeting
Allotment of 14,200 Equity shares pursuant to exercise of ESOP5 Oct 2026 · Company Update / Allotment of ESOP / ESPS
Certificate under Reg. 74(5) of SEBI (DP) Regulations, 20185 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Closure of Trading Window28 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Intimation of Investor Meet24 Sep 2026 · Company Update / Analyst / Investor Meet
Intimation of Investor Meet21 Sep 2026 · Company Update / Analyst / Investor Meet
Intimation of Investor Meet15 Sep 2026 · Company Update / Analyst / Investor Meet
Copy of Newspaper Publication11 Sep 2026 · Company Update / Newspaper Publication
Intimation of Investor Meet4 Sep 2026 · Company Update / Analyst / Investor Meet
Intimation of Cancellation of Investor Meet3 Sep 2026 · Company Update / Analyst / Investor Meet
Allotment of 24,500 equity shares pursuant to exercise of ESOP2 Sep 2026 · Company Update / Allotment of ESOP / ESPS
Intimation of Investor Meet1 Sep 2026 · Company Update / Analyst / Investor Meet
Intimation of Investor Meet27 Aug 2026 · Company Update / Analyst / Investor Meet
Intimation of Reschedule of Investor Meet20 Aug 2026 · Company Update / Analyst / Investor Meet
Intimation of Investor Meet20 Aug 2026 · Company Update / Analyst / Investor Meet
Intimation of Investor Meet18 Aug 2026 · Company Update / Analyst / Investor Meet
Intimation of Investor Meet14 Aug 2026 · Company Update / Analyst / Investor Meet
Intimation of Investor Meet13 Aug 2026 · Company Update / Analyst / Investor Meet
Newspaper Advertisement for publication for Financial Results8 Aug 2026 · Company Update / Newspaper Publication
Intimation of Investor Meet7 Aug 2026 · Company Update / Analyst / Investor Meet
Press Release and Investor Presentation for the quarter ended June 30, 20267 Aug 2026 · Company Update / Investor Presentation
Press Release and Investor Presentation for the quarter ended June 30, 20267 Aug 2026 · Company Update / Press Release / Media Release
Outcome of the meeting of the Board of Directors of CARE Ratings Limited held on August 7, 20267 Aug 2026 · Result / Financial Results
Outcome of the meeting of the Board of Directors of CARE Ratings Limited held on August 7, 20267 Aug 2026 · Board Meeting / Outcome of Board Meeting
Allotment of 6,766 equity shares pursuant to exercise of ESOP5 Aug 2026 · Company Update / Allotment of ESOP / ESPS
CARE Ratings Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 07/08/2026 ,inter alia, to consider and approve Board Intimation to consider and ....29 Jul 2026 · Board Meeting / Board Meeting
IEPF Newspaper Publication29 Jul 2026 · Company Update / Newspaper Publication
Allotment of 26,733 equity shares pursuant to exercise of ESOP6 Jul 2026 · Company Update / Allotment of ESOP / ESPS
Certificate under Reg 74(5) of SEBI (DP) Regulations, 20186 Jul 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

Corporate actions

Purpose	Ex date	Record date	Payment date
Interim Dividend - Rs. - 10.0000	6 Nov 2026	6 Nov 2026	—
Final Dividend - Rs. - 14.0000	25 Jun 2026	26 Jun 2026	—
Interim Dividend - Rs. - 8.0000	19 Nov 2025	19 Nov 2025	—
Final Dividend - Rs. - 11.0000	27 Jun 2025	27 Jun 2025	—
Interim Dividend - Rs. - 7.0000	5 Nov 2024	5 Nov 2024	—

Board meetings

29 Oct 2026 Board Meeting - Financial Results
7 Aug 2026 Board Meeting - Financial Results