Is the Credit Rating Agencies sector outperforming NIFTY 500?
The 52-week sector comparison is unavailable. 1 of 3 covered companies currently have positive Mansfield relative strength versus NIFTY 500.
20-quarter listed-company comparison
Credit Rating Agencies Stocks in India
Credit Rating Agencies: CRISIL Ltd owns the largest revenue base AND the fastest current growth.
Nifty Credit Rating Agencies Index — Constituents & Performance
The Credit Rating Agencies companies below are the listed Indian Credit Rating Agencies universe this page tracks — the same constituent set people search for as the Nifty Credit Rating Agencies index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.
The sector itself · before any single company
How has Credit Rating Agencies moved against NIFTY 500?
The line below covers 5.1 years. Over the most recent two of them this sector is 19% ahead of NIFTY 500. Earnings across its companies grew 20% on average over the last four reported quarters.
ASLEEP · 1y −13.8%✓Price and the fundamentals both up1 of 3 companies ahead of NIFTY 500 by 5% or more over three months1 is 20% or more behind over a year while earnings grew 20% or more
RS — · 2/3 >200d (+1) · 1/3 lead (+1) · EPS 3/3↑
Credit Rating Agencies, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
Strength anatomy
MixedHow much of the sector is participating, how recently, and whether the movers score well.
Together1 of 3 stocks moving
Fresh1 crossed in the last 4 weeks
Backed by scoresmovers score +13 vs the sector average
Down the cap ladder — bar is now, tick is four weeks ago
Large
0/10
Mid
1/1+1
Small
0/10
Participation is spreading downward — the mid and small companies added more this month than the large ones did.
Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 3 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.
Sector relative strength · before individual stocks
Is Credit Rating Agencies outperforming NIFTY 500?
The 52-week comparison of Credit Rating Agencies against NIFTY 500 is not available from the current market series. 1 of 3 covered companies currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is selective. CARE Ratings Ltd is the strongest against the sector itself at +8.1%.
—Sector vs NIFTY 500 · 13 weeks
—Sector vs NIFTY 500 · 52 weeks
1/3Stocks leading NIFTY 500
1/3Stocks leading sector
Sector metric: — as of latest available · unclassified · direction unavailable.
The central tension: current leadership is concentrated, so durability matters more than rank.
Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.
Bottom line
The 52-week sector comparison is unavailable. 1 of 3 covered companies currently have positive Mansfield relative strength versus NIFTY 500. CRISIL Ltd leads with revenue of ₹4,126 crore, based on 3 of 3 comparable companies through Jun 2026. CRISIL Ltd has the fastest current revenue growth at 22%, across 3 of 3 comparable companies.
Which Credit Rating Agencies company is largest by revenue?
CRISIL Ltd leads with revenue of ₹4,126 crore, based on 3 of 3 comparable companies through Jun 2026.
Which Credit Rating Agencies company is growing fastest?
CRISIL Ltd has the fastest current revenue growth at 22%, across 3 of 3 comparable companies.
Which Credit Rating Agencies company has the strongest 4-Factor Sector Score?
CARE Ratings Ltd ranks first at 82.3/100 with 92.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.
Which Credit Rating Agencies company has the least gross debt?
ICRA Ltd has the lowest comparable gross debt at ₹18 crore. CRISIL Ltd has the highest at ₹335 crore.
Which Credit Rating Agencies company has the lowest comparable PEG?
CARE Ratings Ltd has the lowest comparable Guarded PEG at 0.8, among 3 of 3 companies that pass the metric’s comparability rules.
How much history does this Credit Rating Agencies comparison include?
The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.
How is the 4-Factor Sector Score calculated?
The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.
Companies
3
complete canonical membership
Combined market value
₹41.5K Cr
CRISIL Ltd
Revenue growing
3/3
positive TTM year-on-year growth
Beating NIFTY 500
1/3
positive Mansfield relative strength
Global company selection
00 · research priority, made explicit
4-Factor Sector Score
An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.
Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
CARE Ratings Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 92.6% evidence confidence.
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.
1. CARE Ratings Ltd · CARERATING
82.3/100 · Sector-leading setup · 93% evidence
Exact sum: 28.1 + 22.5 + 14.5 + 17.2 = 82.3
Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
28.1/35Growth & earnings
Revenue 17.7% · PAT 24.5% · OPM change 3 pp
88% evidence
22.5/25Capital efficiency
ROCE 26.3% · debt/equity 0.03×
100% evidence
14.5/20Valuation
P/E 29.5× · PEG 0.8
85% evidence
17.2/20Relative strength
RS sector 8.1% · RS bench 2.7% · 1Y -6%
100% evidence
2. CRISIL Ltd · CRISIL
66.1/100 · Favorable setup · 84% evidence
Exact sum: 26.9 + 21.5 + 14.7 + 3 = 66.1
Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -8.1% and the one-year return is -28.1%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
26.9/35Growth & earnings
Revenue 22% · PAT 21.3% · OPM change 1 pp
100% evidence
21.5/25Capital efficiency
ROCE 32.6% · debt/equity 0.1×
100% evidence
14.7/20Valuation
P/E 36× · PEG 0.8
50% evidence
3.0/20Relative strength
RS sector -8.1% · RS bench -6.6% · 1Y -28.1%
70% evidence
3. ICRA Ltd · ICRA
58.2/100 · Mixed-positive evidence · 87% evidence
Exact sum: 16.7 + 23.4 + 13.6 + 4.5 = 58.2
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16.7/35Growth & earnings
Revenue 20.5% · PAT 7% · OPM change -3 pp
88% evidence
23.4/25Capital efficiency
ROCE 23% · debt/equity 0.01×
100% evidence
13.6/20Valuation
P/E 24.8× · PEG 1.51
85% evidence
4.5/20Relative strength
RS sector -3.4% · RS bench -12.1% · 1Y -22.7%
70% evidence
01 · compare level, then change
Revenue Scale & Growth Durability
CRISIL Ltd has the highest Revenue among the 3 Credit Rating Agencies companies compared here, at ₹4,126 crore. ICRA Ltd is next at ₹600 crore. The same company also holds the highest Revenue growth, at 22%. 3 of 3 companies report a comparable reading, the latest through Jun 2026. Its Revenue series carries 20 reported observations across the 20-quarter window.
What the numbers say: CRISIL Ltd is the scale leader at ₹4,126 crore, 587.7% ahead of ICRA Ltd. CRISIL Ltd's growth is 22% from a ₹4,126 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.
LeaderCRISIL Ltd · ₹4,126 crore
Gap587.7% versus #2 · ICRA Ltd
Persistence7/8 recent comparable periods
Coverage3/3 companies · 58 observations
Investor read: CRISIL Ltd is the scale benchmark; CRISIL Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.
This conclusion weakens if: CRISIL Ltd's growth falls below CRISIL Ltd's for two consecutive comparable reports while operating margin also compresses.
Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1CRISIL Ltd CRISIL₹4.1K Cr
2ICRA Ltd ICRA₹600 Cr
3CARE Ratings Ltd CARERATING₹473 Cr
Revenue growthfastest growers
1CRISIL Ltd CRISIL22%
2ICRA Ltd ICRA21%
3CARE Ratings Ltd CARERATING18%
Revenue · company comparison
3/3 level · 3/3 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Revenue | Revenue growth | Reported |
|---|---|---|---|
| CRISIL Ltd CRISIL | ₹1.1K Cr | 28% | Jun 2026 |
| ICRA Ltd ICRA | ₹175 Cr | 29% | Mar 2026 |
| CARE Ratings Ltd CARERATING | ₹131 Cr | 19% | Mar 2026 |
Full 20-quarter history · every available company
Revenue · reported quarter history
CARE Ratings Ltd · CARERATING
₹76 Cr
₹56 Cr
₹66 Cr
₹55 Cr
₹85 Cr
₹62 Cr
₹78 Cr
₹66 Cr
₹96 Cr
₹79 Cr
₹90 Cr
₹79 Cr
₹117 Cr
₹96 Cr
₹110 Cr
₹94 Cr
₹136 Cr
₹112 Cr
₹131 Cr
—
CRISIL Ltd · CRISIL
₹571 Cr
₹706 Cr
₹595 Cr
₹669 Cr
₹683 Cr
₹822 Cr
₹715 Cr
₹771 Cr
₹736 Cr
₹918 Cr
₹738 Cr
₹797 Cr
₹812 Cr
₹913 Cr
₹813 Cr
₹843 Cr
₹911 Cr
₹1.1K Cr
₹1.1K Cr
₹1.1K Cr
ICRA Ltd · ICRA
₹83 Cr
₹87 Cr
₹94 Cr
₹93 Cr
₹99 Cr
₹103 Cr
₹109 Cr
₹103 Cr
₹105 Cr
₹115 Cr
₹124 Cr
₹115 Cr
₹126 Cr
₹121 Cr
₹136 Cr
₹124 Cr
₹137 Cr
₹164 Cr
₹175 Cr
—
Revenue growth · reported quarter history
CARE Ratings Ltd · CARERATING
—
—
—
12%
12%
11%
18%
20%
13%
27%
15%
20%
22%
22%
22%
19%
16%
17%
19%
—
CRISIL Ltd · CRISIL
—
—
—
—
20%
16%
20%
15%
7.8%
12%
3.2%
3.4%
10%
-0.5%
10%
5.8%
12%
19%
30%
28%
ICRA Ltd · ICRA
—
—
—
16%
19%
18%
16%
11%
6.1%
12%
14%
12%
20%
5.2%
9.7%
7.8%
8.7%
36%
29%
—
02 · compare level, then change
Operating Economics & Margin Trend
CARE Ratings Ltd has the highest OPM among the 3 Credit Rating Agencies companies compared here, at 46%. ICRA Ltd is next at 40%. The same company also holds the highest Margin change, at +3 percentage points. 3 of 3 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: CARE Ratings Ltd leads both opm at 46% and margin change at +3 percentage points.
LeaderCARE Ratings Ltd · 46%
Gap15% versus #2 · ICRA Ltd
Persistence8/8 recent comparable periods
Coverage3/3 companies · 58 observations
Investor read: CARE Ratings Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current margin change signal.
Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1CARE Ratings Ltd CARERATING46%
2ICRA Ltd ICRA40%
3CRISIL Ltd CRISIL29%
Margin changefastest expanders
1CARE Ratings Ltd CARERATING+3.0 pp
2CRISIL Ltd CRISIL+1.0 pp
3ICRA Ltd ICRA−3.0 pp
Operating margin · company comparison
3/3 level · 3/3 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | OPM | Margin change | Reported |
|---|---|---|---|
| CARE Ratings Ltd CARERATING | 46% | +3.0 pp | Mar 2026 |
| ICRA Ltd ICRA | 40% | −3.0 pp | Mar 2026 |
| CRISIL Ltd CRISIL | 29% | +1.0 pp | Jun 2026 |
Full 20-quarter history · every available company
OPM · reported quarter history
CARE Ratings Ltd · CARERATING
44%
27%
34%
30%
50%
22%
35%
27%
43%
30%
32%
28%
47%
32%
43%
30%
50%
36%
46%
—
CRISIL Ltd · CRISIL
26%
27%
30%
25%
22%
26%
28%
26%
26%
29%
26%
26%
28%
31%
29%
28%
29%
31%
30%
29%
ICRA Ltd · ICRA
27%
40%
41%
34%
36%
35%
35%
34%
32%
26%
40%
31%
33%
35%
43%
32%
36%
35%
40%
—
Margin change · reported quarter history
CARE Ratings Ltd · CARERATING
−11.4 pp
−6.2 pp
−4.3 pp
+12.0 pp
+5.7 pp
−4.7 pp
+0.9 pp
−2.6 pp
−6.5 pp
+8.0 pp
−3.0 pp
+1.0 pp
+4.0 pp
+2.0 pp
+11.0 pp
+2.0 pp
+3.0 pp
+4.0 pp
+3.0 pp
—
CRISIL Ltd · CRISIL
+2.3 pp
+1.5 pp
+3.9 pp
−1.1 pp
−3.5 pp
−1.3 pp
−1.6 pp
+0.7 pp
+3.8 pp
+3.0 pp
−2.0 pp
0.0 pp
+2.0 pp
+2.0 pp
+3.0 pp
+2.0 pp
+1.0 pp
0.0 pp
+1.0 pp
+1.0 pp
ICRA Ltd · ICRA
+2.2 pp
+8.7 pp
+12.2 pp
+3.4 pp
+8.6 pp
−5.0 pp
−6.2 pp
−0.3 pp
−4.0 pp
−9.0 pp
+5.0 pp
−3.0 pp
+1.0 pp
+9.0 pp
+3.0 pp
+1.0 pp
+3.0 pp
0.0 pp
−3.0 pp
—
03 · compare level, then change
Profit Scale & Acceleration
CRISIL Ltd has the highest Net profit among the 3 Credit Rating Agencies companies compared here, at ₹884 crore. ICRA Ltd is next at ₹183 crore. CARE Ratings Ltd has the highest Profit growth at 24.5%, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: CRISIL Ltd leads with ₹884 crore of TTM profit, 383.1% above ICRA Ltd. CARE Ratings Ltd shows 24.5% growth from a ₹173 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.
LeaderCRISIL Ltd · ₹884 crore
Gap383.1% versus #2 · ICRA Ltd
Persistence8/8 recent comparable periods
Coverage3/3 companies · 58 observations
Investor read: CRISIL Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.
Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.
Net profitlargest
1CRISIL Ltd CRISIL₹884 Cr
2ICRA Ltd ICRA₹183 Cr
3CARE Ratings Ltd CARERATING₹173 Cr
Profit growthfastest growers
1CARE Ratings Ltd CARERATING25%
2CRISIL Ltd CRISIL21%
3ICRA Ltd ICRA7.0%
Net profit · company comparison
3/3 level · 3/3 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Net profit | Profit growth | Reported |
|---|---|---|---|
| CRISIL Ltd CRISIL | ₹216 Cr | 26% | Jun 2026 |
| CARE Ratings Ltd CARERATING | ₹53 Cr | 23% | Mar 2026 |
| ICRA Ltd ICRA | ₹53 Cr | -5.4% | Mar 2026 |
Full 20-quarter history · every available company
Net profit · reported quarter history
CARE Ratings Ltd · CARERATING
₹27 Cr
₹15 Cr
₹23 Cr
₹14 Cr
₹34 Cr
₹16 Cr
₹20 Cr
₹18 Cr
₹36 Cr
₹24 Cr
₹25 Cr
₹21 Cr
₹47 Cr
₹28 Cr
₹43 Cr
₹26 Cr
₹57 Cr
₹37 Cr
₹53 Cr
—
CRISIL Ltd · CRISIL
₹113 Cr
₹169 Cr
₹122 Cr
₹137 Cr
₹148 Cr
₹158 Cr
₹146 Cr
₹151 Cr
₹152 Cr
₹210 Cr
₹138 Cr
₹150 Cr
₹172 Cr
₹225 Cr
₹160 Cr
₹172 Cr
₹193 Cr
₹242 Cr
₹233 Cr
₹216 Cr
ICRA Ltd · ICRA
₹24 Cr
₹31 Cr
₹33 Cr
₹21 Cr
₹37 Cr
₹39 Cr
₹39 Cr
₹41 Cr
₹32 Cr
₹32 Cr
₹47 Cr
₹36 Cr
₹37 Cr
₹42 Cr
₹56 Cr
₹43 Cr
₹48 Cr
₹39 Cr
₹53 Cr
—
Profit growth · reported quarter history
CARE Ratings Ltd · CARERATING
—
—
—
27%
26%
6.7%
-13%
29%
5.9%
50%
25%
17%
31%
17%
72%
24%
21%
32%
23%
—
CRISIL Ltd · CRISIL
—
—
—
—
31%
-6.5%
20%
10%
2.7%
33%
-5.5%
-0.7%
13%
7.1%
16%
15%
12%
7.6%
46%
26%
ICRA Ltd · ICRA
—
—
—
-13%
54%
26%
18%
95%
-14%
-18%
21%
-12%
16%
31%
19%
19%
30%
-7.1%
-5.4%
—
04 · not available
Capacity Spending & Returns On It
No company in this Credit Rating Agencies comparison reports capital expenditure on a comparable basis, so there is nothing to rank here — 0 of 3 companies have a usable current reading. The section is shown rather than removed so an unavailable metric is not mistaken for one that was quietly left out. Filings were read through Jun 2026.
CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.
05 · compare level, then change
Debt Load & Balance-Sheet Headroom
ICRA Ltd has the lowest Gross debt among the 3 Credit Rating Agencies companies compared here, at ₹18 crore. CARE Ratings Ltd is next at ₹26 crore. The same company also holds the lowest Net debt, at ₹751 crore net cash. 3 of 3 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: ICRA Ltd has the clearest covered balance-sheet capacity with ₹751 crore net cash and gross debt of ₹18 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.
LeaderICRA Ltd · ₹18 crore
Gap30.8% versus #2 · CARE Ratings Ltd
Persistence8/8 recent comparable periods
Coverage3/3 companies · 56 observations
Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.
This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.
Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.
Gross debtlowest gross debt
1ICRA Ltd ICRA₹18 Cr
2CARE Ratings Ltd CARERATING₹26 Cr
3CRISIL Ltd CRISIL₹335 Cr
Net debtlowest net debt
1ICRA Ltd ICRA₹-751 Cr
2CARE Ratings Ltd CARERATING₹-593 Cr
3CRISIL Ltd CRISIL₹-581 Cr
Debt and balance-sheet capacity · company comparison
3/3 level · 3/3 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Gross debt | Net debt | Reported |
|---|---|---|---|
| CRISIL Ltd CRISIL | ₹335 Cr | ₹-581 Cr | Jun 2026 |
| CARE Ratings Ltd CARERATING | ₹26 Cr | ₹-593 Cr | Mar 2026 |
| ICRA Ltd ICRA | ₹18 Cr | ₹-751 Cr | Mar 2026 |
Full 20-quarter history · every available company
Gross debt · reported quarter history
CARE Ratings Ltd · CARERATING
₹4 Cr
₹4 Cr
₹9 Cr
₹9 Cr
₹8 Cr
₹8 Cr
₹17 Cr
₹17 Cr
₹21 Cr
₹21 Cr
₹20 Cr
₹20 Cr
₹21 Cr
₹21 Cr
₹24 Cr
₹24 Cr
₹25 Cr
₹25 Cr
₹26 Cr
—
CRISIL Ltd · CRISIL
₹119 Cr
₹132 Cr
₹132 Cr
₹105 Cr
₹105 Cr
₹83 Cr
₹83 Cr
₹55 Cr
₹55 Cr
₹47 Cr
₹47 Cr
₹45 Cr
₹45 Cr
₹250 Cr
₹250 Cr
₹298 Cr
₹298 Cr
₹297 Cr
₹297 Cr
₹335 Cr
ICRA Ltd · ICRA
—
—
₹14 Cr
₹14 Cr
₹14 Cr
₹14 Cr
₹13 Cr
₹13 Cr
₹12 Cr
₹12 Cr
₹13 Cr
₹13 Cr
₹15 Cr
₹15 Cr
₹13 Cr
₹13 Cr
₹12 Cr
₹12 Cr
₹18 Cr
—
Net debt · reported quarter history
CARE Ratings Ltd · CARERATING
₹-468 Cr
₹-468 Cr
₹-449 Cr
₹-73 Cr
₹-548 Cr
₹-548 Cr
₹-539 Cr
₹-539 Cr
₹-539 Cr
₹-539 Cr
₹-603 Cr
₹-603 Cr
₹-627 Cr
₹-627 Cr
₹-617 Cr
₹-617 Cr
₹-624 Cr
₹-624 Cr
₹-593 Cr
—
CRISIL Ltd · CRISIL
₹-341 Cr
₹-610 Cr
₹-612 Cr
₹-379 Cr
₹-379 Cr
₹-729 Cr
₹-729 Cr
₹-633 Cr
₹-633 Cr
₹-1.1K Cr
₹-1.1K Cr
₹-1.0K Cr
₹-1.0K Cr
₹-1.1K Cr
₹-1.1K Cr
₹-795 Cr
₹-795 Cr
₹-1.0K Cr
₹-1.0K Cr
₹-581 Cr
ICRA Ltd · ICRA
—
—
₹-356 Cr
₹-356 Cr
₹-329 Cr
₹-329 Cr
₹-490 Cr
₹-490 Cr
₹-467 Cr
₹-467 Cr
₹-562 Cr
₹-562 Cr
₹-648 Cr
₹-648 Cr
₹-1.0K Cr
₹-1.0K Cr
₹-1.1K Cr
₹-1.1K Cr
₹-751 Cr
—
06 · compare level, then change
Return On Capital Employed
CRISIL Ltd has the highest ROCE among the 3 Credit Rating Agencies companies compared here, at 32.6%. CARE Ratings Ltd is next at 26.3%. The same company also holds the highest ROCE change, at +1.9 percentage points. 3 of 3 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: CRISIL Ltd leads ROCE at 32.6%, 6.3 percentage points above CARE Ratings Ltd. CRISIL Ltd has the strongest latest improvement at +1.9 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.
LeaderCRISIL Ltd · 32.6%
Gap24% versus #2 · CARE Ratings Ltd
Persistence1/8 recent comparable periods
Coverage3/3 companies · 45 observations
Investor read: CRISIL Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current roce change signal.
ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.
ROCEhighest
1CRISIL Ltd CRISIL33%
2CARE Ratings Ltd CARERATING26%
3ICRA Ltd ICRA23%
ROCE changefastest improvers
1CRISIL Ltd CRISIL+1.9 pp
2CARE Ratings Ltd CARERATING+1.8 pp
3ICRA Ltd ICRA+0.5 pp
Return on capital · company comparison
3/3 level · 3/3 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | ROCE | ROCE change | Reported |
|---|---|---|---|
| CRISIL Ltd CRISIL | 30% | +1.9 pp | Jun 2026 |
| CARE Ratings Ltd CARERATING | 19% | +1.8 pp | Mar 2026 |
| ICRA Ltd ICRA | 15% | +0.5 pp | Mar 2026 |
Full 20-quarter history · every available company
ROCE · reported quarter history
CARE Ratings Ltd · CARERATING
13%
—
11%
—
13%
—
13%
—
13%
20%
13%
20%
15%
22%
17%
25%
18%
26%
19%
—
CRISIL Ltd · CRISIL
—
31%
—
36%
—
33%
—
35%
44%
34%
42%
33%
42%
29%
37%
28%
38%
28%
36%
30%
ICRA Ltd · ICRA
—
—
13%
—
15%
—
14%
—
14%
21%
14%
21%
14%
24%
15%
23%
15%
23%
15%
—
ROCE change · reported quarter history
CARE Ratings Ltd · CARERATING
—
—
—
—
−0.5 pp
—
+2.6 pp
—
+0.5 pp
—
0.0 pp
—
+1.8 pp
+1.9 pp
+3.4 pp
+4.6 pp
+2.6 pp
+4.0 pp
+1.8 pp
—
CRISIL Ltd · CRISIL
—
—
—
—
—
+2.8 pp
—
−1.1 pp
—
+0.5 pp
—
−1.6 pp
−1.6 pp
−4.7 pp
−4.4 pp
−5.0 pp
−4.5 pp
−1.5 pp
−0.9 pp
+1.9 pp
ICRA Ltd · ICRA
—
—
—
—
—
—
+0.5 pp
—
−0.3 pp
—
−0.1 pp
—
−0.3 pp
+2.6 pp
+1.0 pp
+2.2 pp
+0.8 pp
−0.4 pp
+0.5 pp
—
07 · compare level, then change
Valuation Against Growth & Quality
CARE Ratings Ltd has the lowest Guarded PEG among the 3 Credit Rating Agencies companies compared here, at 0.8×. ICRA Ltd has the lowest P/E at 24.8×, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Mar 2026. Its Guarded PEG series carries 13 reported observations across the 20-quarter window.
What the numbers say: CARE Ratings Ltd has the lowest comparable Guarded PEG at 0.8×, 0% below CRISIL Ltd. Only 3 of 3 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.
LeaderCARE Ratings Ltd · 0.8×
Gap0% versus #2 · CRISIL Ltd
Persistence0/8 recent comparable periods
Coverage3/3 companies · 45 observations
Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.
This conclusion weakens if: The next two comparable reports reverse the current p/e signal.
PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.
Guarded PEGlowest PEG
1CARE Ratings Ltd CARERATING0.8
2CRISIL Ltd CRISIL0.8
3ICRA Ltd ICRA1.5
P/Elowest P/E
1ICRA Ltd ICRA24.8
2CARE Ratings Ltd CARERATING29.5
3CRISIL Ltd CRISIL36.0
Valuation · company comparison
3/3 level · 3/3 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Guarded PEG | P/E | Reported |
|---|---|---|---|
| ICRA Ltd ICRA | 1.5 | 26.2 | Mar 2026 |
| CRISIL Ltd CRISIL | 0.8 | 35.6 | Jun 2026 |
| CARE Ratings Ltd CARERATING | 0.8 | 28.1 | Mar 2026 |
Full 20-quarter history · every available company
Guarded PEG · reported quarter history
CARE Ratings Ltd · CARERATING
1.4
—
—
—
—
1.6
—
2.3
2.4
—
3.4
1.6
1.7
1.2
1.2
1.1
0.9
0.9
0.8
—
CRISIL Ltd · CRISIL
6.8
2.7
2.5
1.5
1.5
—
1.4
1.9
2.5
1.6
3.7
4.6
6.5
5.9
7.0
7.3
3.9
5.6
0.8
—
ICRA Ltd · ICRA
—
—
5.2
0.9
1.5
1.2
1.1
1.9
0.8
—
3.9
3.3
—
1.3
2.5
3.0
1.7
—
1.5
—
P/E · reported quarter history
CARE Ratings Ltd · CARERATING
22.2
22.1
19.4
16.3
19.2
21.1
21.9
24.9
29.7
31.9
34.7
31.6
29.2
34.6
27.9
38.5
32.8
31.4
28.1
—
CRISIL Ltd · CRISIL
54.1
51.5
52.0
49.4
47.1
41.4
42.4
48.5
47.6
52.3
57.6
47.8
51.3
61.0
44.7
62.0
46.4
41.6
36.7
35.6
ICRA Ltd · ICRA
38.8
34.7
39.2
32.3
35.0
36.2
32.8
38.1
34.3
37.0
36.9
37.3
46.7
39.6
33.0
38.1
35.3
31.5
26.2
—
08 · compare level, then change
Enterprise Value & Book Value
ICRA Ltd has the lowest EV/EBITDA among the 3 Credit Rating Agencies companies compared here, at 16.8×. CARE Ratings Ltd is next at 17.9×. The same company also holds the lowest P/BV, at 3.93×. 3 of 3 companies report a comparable reading, the latest through Mar 2026. Its EV/EBITDA series carries 19 reported observations across the 20-quarter window.
What the numbers say: ICRA Ltd leads both ev/ebitda at 16.8× and p/bv at 3.93×.
LeaderICRA Ltd · 16.8×
Gap6.1% versus #2 · CARE Ratings Ltd
Persistence0/8 recent comparable periods
Coverage3/3 companies · 58 observations
Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.
This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.
EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.
EV/EBITDAlowest EV/EBITDA
1ICRA Ltd ICRA16.8
2CARE Ratings Ltd CARERATING17.9
3CRISIL Ltd CRISIL23.3
P/BVlowest P/BV
1ICRA Ltd ICRA3.9
2CARE Ratings Ltd CARERATING5.4
3CRISIL Ltd CRISIL9.7
Enterprise and book valuation · company comparison
3/3 level · 3/3 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | EV/EBITDA | P/BV | Reported |
|---|---|---|---|
| CRISIL Ltd CRISIL | 23.3 | 9.9 | Jun 2026 |
| CARE Ratings Ltd CARERATING | 17.9 | 5.3 | Mar 2026 |
| ICRA Ltd ICRA | 16.8 | 4.6 | Mar 2026 |
Full 20-quarter history · every available company
EV/EBITDA · reported quarter history
CARE Ratings Ltd · CARERATING
13.6
11.7
9.5
8.8
11.6
12.9
14.2
14.7
18.0
18.9
20.8
19.8
18.3
22.0
17.7
25.4
21.5
20.0
17.9
—
CRISIL Ltd · CRISIL
33.1
31.9
32.4
31.1
30.2
27.2
27.7
32.4
31.9
34.9
38.5
31.8
34.1
41.1
30.2
41.7
31.1
27.3
23.5
23.3
ICRA Ltd · ICRA
23.1
21.6
25.1
20.2
22.0
23.4
21.3
25.4
24.7
25.9
25.1
24.3
30.0
24.7
20.6
25.0
22.6
21.1
16.8
—
P/BV · reported quarter history
CARE Ratings Ltd · CARERATING
3.4
3.0
2.5
2.1
2.3
2.7
2.9
3.2
3.9
4.1
4.9
4.4
4.2
5.3
4.4
6.6
5.8
5.6
5.3
—
CRISIL Ltd · CRISIL
14.5
16.0
17.1
14.7
15.2
14.2
13.1
14.8
14.9
16.5
16.9
14.2
14.8
18.2
14.0
17.1
12.0
11.1
11.0
9.9
ICRA Ltd · ICRA
4.5
4.2
5.1
4.8
4.4
5.1
5.1
6.1
5.6
6.2
5.8
5.9
7.0
6.3
5.6
6.6
5.9
5.5
4.6
—
09 · let price answer last
Market action
CARE Ratings Ltd has the strongest one-year price move in Credit Rating Agencies at -6%. It also leads on Mansfield relative strength against NIFTY at +2.7%. 1 of 3 covered companies is above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.
Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.
Price and relative strength
Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.
Before the conclusion · check the blind spots
What can make this comparison misleading?
This Credit Rating Agencies comparison names 5 specific ways its own evidence can mislead, all listed below. All 3 companies here report on comparable dates, so no rank carries a stale marker. 1 of the 8 ranked sections has fewer than three usable current readings. A high growth rate can still be a low-base artefact.
Keep these limits visible
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.
10 · the complete set
Which companies are included?
All 3 companies in the canonical Credit Rating Agencies membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.
AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.
| Company | Market value | Price | Priced to | Latest fundamentals | Source standing |
|---|---|---|---|---|---|
| CRISIL Ltd CRISILLAGGING, FUNDAMENTALS UP | ₹31.8K Cr | ₹4,347 | 2026-07-19 | Jun 2026 | Cross-checked |
| CARE Ratings Ltd CARERATINGAHEAD21/26 WEEKS | ₹5.1K Cr | ₹1,680 | 2026-07-19 | Mar 2026 | Cross-checked |
| ICRA Ltd ICRA | ₹4.6K Cr | ₹4,804 | 2026-07-19 | Mar 2026 | Cross-checked |
How each company's sources stand: Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.
Evidence and freshness
How was this comparison built?
This comparison is built from the reported filings of 3 Credit Rating Agencies companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-24. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.
FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-07-24 · weekly price and relative-strength history
Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing3 cross-checked · 0 unverified · 0 withheld, of 3 graded companies.
A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from. Every company's standing is listed in the register above.
Questions investors ask · short, speakable answers
Credit Rating Agencies company comparison FAQs
These 17 answers restate the Credit Rating Agencies comparison above in question form. Every one is computed from the same 3 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-24. Nothing here is estimated, and none of it is a recommendation.
What is the Nifty Credit Rating Agencies index?
The Nifty Credit Rating Agencies index tracks India's listed Credit Rating Agencies companies as a single basket. This page follows the same 3 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Credit Rating Agencies sector rather than to its largest constituent. Figures are as of Jun 2026.
Which are the best Credit Rating Agencies stocks in India?
Ranked by this page's four-factor score, CARE Ratings Ltd places first among 3 listed Credit Rating Agencies companies, followed by CRISIL Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.
How many Credit Rating Agencies stocks are listed in India?
This comparison covers 3 listed Credit Rating Agencies companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.
Which Credit Rating Agencies company is the biggest?
CRISIL Ltd is the largest, with trailing-twelve-month revenue of ₹4,126 crore, ahead of ICRA Ltd at ₹600 crore. That covers 3 of 3 companies with comparable reporting through Jun 2026.
Which Credit Rating Agencies company is growing fastest?
CRISIL Ltd has the fastest revenue growth at 22% year on year, across 3 of 3 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.
Which Credit Rating Agencies company has the best profit margins?
CARE Ratings Ltd has the highest operating margin at 46%, from 3 of 3 comparable companies. CARE Ratings Ltd shows the biggest recent improvement, at +3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.
Which Credit Rating Agencies company makes the most profit?
CRISIL Ltd earns the most, at ₹884 crore of trailing-twelve-month net profit, from 3 of 3 comparable companies. CARE Ratings Ltd has the fastest profit growth at 24.5%, though growth off a small or recovering profit base overstates how much has actually changed.
Which Credit Rating Agencies company earns the highest return on capital?
CRISIL Ltd leads on return on capital employed at 32.6%, across 3 of 3 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.
Which Credit Rating Agencies stock is the cheapest?
On guarded PEG — where a LOWER number is cheaper — CARE Ratings Ltd screens cheapest at 0.8×. Only 3 of 3 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.
Which Credit Rating Agencies company has the strongest balance sheet?
ICRA Ltd carries the lowest comparable gross debt at ₹18 crore, from 3 of 3 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.
Which Credit Rating Agencies stock has the strongest price momentum?
CARE Ratings Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.
Which Credit Rating Agencies company scores highest for research priority?
CARE Ratings Ltd scores 82.3 out of 100 with 92.6% evidence confidence, from 28.1 points on growth and earnings, 22.5 on capital efficiency, 14.5 on valuation and 17.2 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.
How many Credit Rating Agencies companies does this comparison cover, and over what period?
It compares 3 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.
What is the total market cap of the Credit Rating Agencies sector?
The 3 Credit Rating Agencies companies on this page carry ₹41,482 crore of combined market value. CRISIL Ltd is the largest at ₹31,791 crore, about 77% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.
How is the Credit Rating Agencies sector performing?
1 of the 3 covered Credit Rating Agencies companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.
Why are some values on this page blank?
A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.
Is this investment advice?
No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.