# Credit Rating Agencies — company-by-company sector analysis

> Credit Rating Agencies: CRISIL Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## 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.

### 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.

### 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.

## Sector relative strength

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%.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 1/3
Stocks leading sector: 1/3

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 3
Combined market value: ₹41.5K Cr

## 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.

1. CARE Ratings Ltd (CARERATING): 82/100 — Sector-leading setup; evidence 93%
   - Growth & earnings 28.1/35 | Capital efficiency 22.5/25 | Valuation 14.5/20 | Relative strength 17.2/20
   - 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.
2. CRISIL Ltd (CRISIL): 66/100 — Favorable setup; evidence 84%
   - Growth & earnings 26.9/35 | Capital efficiency 21.5/25 | Valuation 14.7/20 | Relative strength 3.0/20
   - 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.
3. ICRA Ltd (ICRA): 58/100 — Mixed-positive evidence; evidence 87%
   - Growth & earnings 16.7/35 | Capital efficiency 23.4/25 | Valuation 13.6/20 | Relative strength 4.5/20
   - 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.

## Revenue Scale & Growth Durability

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.

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.

Evidence: CRISIL Ltd · ₹4,126 crore | 587.7% versus #2 · ICRA Ltd | 7/8 recent comparable periods | 3/3 companies · 58 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. CRISIL Ltd (CRISIL): ₹4.1K Cr
2. ICRA Ltd (ICRA): ₹600 Cr
3. CARE Ratings Ltd (CARERATING): ₹473 Cr

### Revenue growth — fastest growers
1. CRISIL Ltd (CRISIL): 22%
2. ICRA Ltd (ICRA): 21%
3. CARE Ratings Ltd (CARERATING): 18%

### 20-quarter Revenue history
- CRISIL: Sep 2021 ₹571 Cr | Dec 2021 ₹706 Cr | Mar 2022 ₹595 Cr | Jun 2022 ₹669 Cr | Sep 2022 ₹683 Cr | Dec 2022 ₹822 Cr | Mar 2023 ₹715 Cr | Jun 2023 ₹771 Cr | Sep 2023 ₹736 Cr | Dec 2023 ₹918 Cr | Mar 2024 ₹738 Cr | Jun 2024 ₹797 Cr | Sep 2024 ₹812 Cr | Dec 2024 ₹913 Cr | Mar 2025 ₹813 Cr | Jun 2025 ₹843 Cr | Sep 2025 ₹911 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹1.1K Cr
- CARERATING: Sep 2021 ₹76 Cr | Dec 2021 ₹56 Cr | Mar 2022 ₹66 Cr | Jun 2022 ₹55 Cr | Sep 2022 ₹85 Cr | Dec 2022 ₹62 Cr | Mar 2023 ₹78 Cr | Jun 2023 ₹66 Cr | Sep 2023 ₹96 Cr | Dec 2023 ₹79 Cr | Mar 2024 ₹90 Cr | Jun 2024 ₹79 Cr | Sep 2024 ₹117 Cr | Dec 2024 ₹96 Cr | Mar 2025 ₹110 Cr | Jun 2025 ₹94 Cr | Sep 2025 ₹136 Cr | Dec 2025 ₹112 Cr | Mar 2026 ₹131 Cr | Jun 2026 —
- ICRA: Sep 2021 ₹83 Cr | Dec 2021 ₹87 Cr | Mar 2022 ₹94 Cr | Jun 2022 ₹93 Cr | Sep 2022 ₹99 Cr | Dec 2022 ₹103 Cr | Mar 2023 ₹109 Cr | Jun 2023 ₹103 Cr | Sep 2023 ₹105 Cr | Dec 2023 ₹115 Cr | Mar 2024 ₹124 Cr | Jun 2024 ₹115 Cr | Sep 2024 ₹126 Cr | Dec 2024 ₹121 Cr | Mar 2025 ₹136 Cr | Jun 2025 ₹124 Cr | Sep 2025 ₹137 Cr | Dec 2025 ₹164 Cr | Mar 2026 ₹175 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- CRISIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 20% | Dec 2022 16% | Mar 2023 20% | Jun 2023 15% | Sep 2023 7.8% | Dec 2023 12% | Mar 2024 3.2% | Jun 2024 3.4% | Sep 2024 10% | Dec 2024 -0.5% | Mar 2025 10% | Jun 2025 5.8% | Sep 2025 12% | Dec 2025 19% | Mar 2026 30% | Jun 2026 28%
- CARERATING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 12% | Dec 2022 11% | Mar 2023 18% | Jun 2023 20% | Sep 2023 13% | Dec 2023 27% | Mar 2024 15% | Jun 2024 20% | Sep 2024 22% | Dec 2024 22% | Mar 2025 22% | Jun 2025 19% | Sep 2025 16% | Dec 2025 17% | Mar 2026 19% | Jun 2026 —
- ICRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 19% | Dec 2022 18% | Mar 2023 16% | Jun 2023 11% | Sep 2023 6.1% | Dec 2023 12% | Mar 2024 14% | Jun 2024 12% | Sep 2024 20% | Dec 2024 5.2% | Mar 2025 9.7% | Jun 2025 7.8% | Sep 2025 8.7% | Dec 2025 36% | Mar 2026 29% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: CARE Ratings Ltd leads both opm at 46% and margin change at +3 percentage points.

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.

Evidence: CARE Ratings Ltd · 46% | 15% versus #2 · ICRA Ltd | 8/8 recent comparable periods | 3/3 companies · 58 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. CARE Ratings Ltd (CARERATING): 46%
2. ICRA Ltd (ICRA): 40%
3. CRISIL Ltd (CRISIL): 29%

### Margin change — fastest expanders
1. CARE Ratings Ltd (CARERATING): +3.0 pp
2. CRISIL Ltd (CRISIL): +1.0 pp
3. ICRA Ltd (ICRA): −3.0 pp

### 20-quarter OPM history
- CRISIL: Sep 2021 26% | Dec 2021 27% | Mar 2022 30% | Jun 2022 25% | Sep 2022 22% | Dec 2022 26% | Mar 2023 28% | Jun 2023 26% | Sep 2023 26% | Dec 2023 29% | Mar 2024 26% | Jun 2024 26% | Sep 2024 28% | Dec 2024 31% | Mar 2025 29% | Jun 2025 28% | Sep 2025 29% | Dec 2025 31% | Mar 2026 30% | Jun 2026 29%
- CARERATING: Sep 2021 44% | Dec 2021 27% | Mar 2022 34% | Jun 2022 30% | Sep 2022 50% | Dec 2022 22% | Mar 2023 35% | Jun 2023 27% | Sep 2023 43% | Dec 2023 30% | Mar 2024 32% | Jun 2024 28% | Sep 2024 47% | Dec 2024 32% | Mar 2025 43% | Jun 2025 30% | Sep 2025 50% | Dec 2025 36% | Mar 2026 46% | Jun 2026 —
- ICRA: Sep 2021 27% | Dec 2021 40% | Mar 2022 41% | Jun 2022 34% | Sep 2022 36% | Dec 2022 35% | Mar 2023 35% | Jun 2023 34% | Sep 2023 32% | Dec 2023 26% | Mar 2024 40% | Jun 2024 31% | Sep 2024 33% | Dec 2024 35% | Mar 2025 43% | Jun 2025 32% | Sep 2025 36% | Dec 2025 35% | Mar 2026 40% | Jun 2026 —

### 20-quarter Margin change history
- CRISIL: Sep 2021 +2.3 pp | Dec 2021 +1.5 pp | Mar 2022 +3.9 pp | Jun 2022 −1.1 pp | Sep 2022 −3.5 pp | Dec 2022 −1.3 pp | Mar 2023 −1.6 pp | Jun 2023 +0.7 pp | Sep 2023 +3.8 pp | Dec 2023 +3.0 pp | Mar 2024 −2.0 pp | Jun 2024 0.0 pp | Sep 2024 +2.0 pp | Dec 2024 +2.0 pp | Mar 2025 +3.0 pp | Jun 2025 +2.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 +1.0 pp
- CARERATING: Sep 2021 −11.4 pp | Dec 2021 −6.2 pp | Mar 2022 −4.3 pp | Jun 2022 +12.0 pp | Sep 2022 +5.7 pp | Dec 2022 −4.7 pp | Mar 2023 +0.9 pp | Jun 2023 −2.6 pp | Sep 2023 −6.5 pp | Dec 2023 +8.0 pp | Mar 2024 −3.0 pp | Jun 2024 +1.0 pp | Sep 2024 +4.0 pp | Dec 2024 +2.0 pp | Mar 2025 +11.0 pp | Jun 2025 +2.0 pp | Sep 2025 +3.0 pp | Dec 2025 +4.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- ICRA: Sep 2021 +2.2 pp | Dec 2021 +8.7 pp | Mar 2022 +12.2 pp | Jun 2022 +3.4 pp | Sep 2022 +8.6 pp | Dec 2022 −5.0 pp | Mar 2023 −6.2 pp | Jun 2023 −0.3 pp | Sep 2023 −4.0 pp | Dec 2023 −9.0 pp | Mar 2024 +5.0 pp | Jun 2024 −3.0 pp | Sep 2024 +1.0 pp | Dec 2024 +9.0 pp | Mar 2025 +3.0 pp | Jun 2025 +1.0 pp | Sep 2025 +3.0 pp | Dec 2025 0.0 pp | Mar 2026 −3.0 pp | Jun 2026 —

## Profit Scale & Acceleration

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.

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.

Evidence: CRISIL Ltd · ₹884 crore | 383.1% versus #2 · ICRA Ltd | 8/8 recent comparable periods | 3/3 companies · 58 observations

Definition: 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 profit — largest
1. CRISIL Ltd (CRISIL): ₹884 Cr
2. ICRA Ltd (ICRA): ₹183 Cr
3. CARE Ratings Ltd (CARERATING): ₹173 Cr

### Profit growth — fastest growers
1. CARE Ratings Ltd (CARERATING): 25%
2. CRISIL Ltd (CRISIL): 21%
3. ICRA Ltd (ICRA): 7.0%

### 20-quarter Net profit history
- CRISIL: Sep 2021 ₹113 Cr | Dec 2021 ₹169 Cr | Mar 2022 ₹122 Cr | Jun 2022 ₹137 Cr | Sep 2022 ₹148 Cr | Dec 2022 ₹158 Cr | Mar 2023 ₹146 Cr | Jun 2023 ₹151 Cr | Sep 2023 ₹152 Cr | Dec 2023 ₹210 Cr | Mar 2024 ₹138 Cr | Jun 2024 ₹150 Cr | Sep 2024 ₹172 Cr | Dec 2024 ₹225 Cr | Mar 2025 ₹160 Cr | Jun 2025 ₹172 Cr | Sep 2025 ₹193 Cr | Dec 2025 ₹242 Cr | Mar 2026 ₹233 Cr | Jun 2026 ₹216 Cr
- CARERATING: Sep 2021 ₹27 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹57 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹53 Cr | Jun 2026 —
- ICRA: Sep 2021 ₹24 Cr | Dec 2021 ₹31 Cr | Mar 2022 ₹33 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹39 Cr | Jun 2023 ₹41 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹37 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹53 Cr | Jun 2026 —

### 20-quarter Profit growth history
- CRISIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 31% | Dec 2022 -6.5% | Mar 2023 20% | Jun 2023 10% | Sep 2023 2.7% | Dec 2023 33% | Mar 2024 -5.5% | Jun 2024 -0.7% | Sep 2024 13% | Dec 2024 7.1% | Mar 2025 16% | Jun 2025 15% | Sep 2025 12% | Dec 2025 7.6% | Mar 2026 46% | Jun 2026 26%
- CARERATING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 26% | Dec 2022 6.7% | Mar 2023 -13% | Jun 2023 29% | Sep 2023 5.9% | Dec 2023 50% | Mar 2024 25% | Jun 2024 17% | Sep 2024 31% | Dec 2024 17% | Mar 2025 72% | Jun 2025 24% | Sep 2025 21% | Dec 2025 32% | Mar 2026 23% | Jun 2026 —
- ICRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -13% | Sep 2022 54% | Dec 2022 26% | Mar 2023 18% | Jun 2023 95% | Sep 2023 -14% | Dec 2023 -18% | Mar 2024 21% | Jun 2024 -12% | Sep 2024 16% | Dec 2024 31% | Mar 2025 19% | Jun 2025 19% | Sep 2025 30% | Dec 2025 -7.1% | Mar 2026 -5.4% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/3 companies · 0 observations

Definition: 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.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

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.

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.

Evidence: ICRA Ltd · ₹18 crore | 30.8% versus #2 · CARE Ratings Ltd | 8/8 recent comparable periods | 3/3 companies · 56 observations

Definition: 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 debt — lowest gross debt
1. ICRA Ltd (ICRA): ₹18 Cr
2. CARE Ratings Ltd (CARERATING): ₹26 Cr
3. CRISIL Ltd (CRISIL): ₹335 Cr

### Net debt — lowest net debt
1. ICRA Ltd (ICRA): ₹-751 Cr
2. CARE Ratings Ltd (CARERATING): ₹-593 Cr
3. CRISIL Ltd (CRISIL): ₹-581 Cr

### 20-quarter Gross debt history
- CRISIL: Sep 2021 ₹119 Cr | Dec 2021 ₹132 Cr | Mar 2022 ₹132 Cr | Jun 2022 ₹105 Cr | Sep 2022 ₹105 Cr | Dec 2022 ₹83 Cr | Mar 2023 ₹83 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹250 Cr | Mar 2025 ₹250 Cr | Jun 2025 ₹298 Cr | Sep 2025 ₹298 Cr | Dec 2025 ₹297 Cr | Mar 2026 ₹297 Cr | Jun 2026 ₹335 Cr
- CARERATING: Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹26 Cr | Jun 2026 —
- ICRA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹14 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹18 Cr | Jun 2026 —

### 20-quarter Net debt history
- CRISIL: Sep 2021 ₹-341 Cr | Dec 2021 ₹-610 Cr | Mar 2022 ₹-612 Cr | Jun 2022 ₹-379 Cr | Sep 2022 ₹-379 Cr | Dec 2022 ₹-729 Cr | Mar 2023 ₹-729 Cr | Jun 2023 ₹-633 Cr | Sep 2023 ₹-633 Cr | Dec 2023 ₹-1.1K Cr | Mar 2024 ₹-1.1K Cr | Jun 2024 ₹-1.0K Cr | Sep 2024 ₹-1.0K Cr | Dec 2024 ₹-1.1K Cr | Mar 2025 ₹-1.1K Cr | Jun 2025 ₹-795 Cr | Sep 2025 ₹-795 Cr | Dec 2025 ₹-1.0K Cr | Mar 2026 ₹-1.0K Cr | Jun 2026 ₹-581 Cr
- CARERATING: Sep 2021 ₹-468 Cr | Dec 2021 ₹-468 Cr | Mar 2022 ₹-449 Cr | Jun 2022 ₹-73 Cr | Sep 2022 ₹-548 Cr | Dec 2022 ₹-548 Cr | Mar 2023 ₹-539 Cr | Jun 2023 ₹-539 Cr | Sep 2023 ₹-539 Cr | Dec 2023 ₹-539 Cr | Mar 2024 ₹-603 Cr | Jun 2024 ₹-603 Cr | Sep 2024 ₹-627 Cr | Dec 2024 ₹-627 Cr | Mar 2025 ₹-617 Cr | Jun 2025 ₹-617 Cr | Sep 2025 ₹-624 Cr | Dec 2025 ₹-624 Cr | Mar 2026 ₹-593 Cr | Jun 2026 —
- ICRA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-356 Cr | Jun 2022 ₹-356 Cr | Sep 2022 ₹-329 Cr | Dec 2022 ₹-329 Cr | Mar 2023 ₹-490 Cr | Jun 2023 ₹-490 Cr | Sep 2023 ₹-467 Cr | Dec 2023 ₹-467 Cr | Mar 2024 ₹-562 Cr | Jun 2024 ₹-562 Cr | Sep 2024 ₹-648 Cr | Dec 2024 ₹-648 Cr | Mar 2025 ₹-1.0K Cr | Jun 2025 ₹-1.0K Cr | Sep 2025 ₹-1.1K Cr | Dec 2025 ₹-1.1K Cr | Mar 2026 ₹-751 Cr | Jun 2026 —

## Return On Capital Employed

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.

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.

Evidence: CRISIL Ltd · 32.6% | 24% versus #2 · CARE Ratings Ltd | 1/8 recent comparable periods | 3/3 companies · 45 observations

Definition: 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.

### ROCE — highest
1. CRISIL Ltd (CRISIL): 33%
2. CARE Ratings Ltd (CARERATING): 26%
3. ICRA Ltd (ICRA): 23%

### ROCE change — fastest improvers
1. CRISIL Ltd (CRISIL): +1.9 pp
2. CARE Ratings Ltd (CARERATING): +1.8 pp
3. ICRA Ltd (ICRA): +0.5 pp

### 20-quarter ROCE history
- CRISIL: Sep 2021 — | Dec 2021 31% | Mar 2022 — | Jun 2022 36% | Sep 2022 — | Dec 2022 33% | Mar 2023 — | Jun 2023 35% | Sep 2023 44% | Dec 2023 34% | Mar 2024 42% | Jun 2024 33% | Sep 2024 42% | Dec 2024 29% | Mar 2025 37% | Jun 2025 28% | Sep 2025 38% | Dec 2025 28% | Mar 2026 36% | Jun 2026 30%
- CARERATING: Sep 2021 13% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 13% | Dec 2023 20% | Mar 2024 13% | Jun 2024 20% | Sep 2024 15% | Dec 2024 22% | Mar 2025 17% | Jun 2025 25% | Sep 2025 18% | Dec 2025 26% | Mar 2026 19% | Jun 2026 —
- ICRA: Sep 2021 — | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 14% | Dec 2023 21% | Mar 2024 14% | Jun 2024 21% | Sep 2024 14% | Dec 2024 24% | Mar 2025 15% | Jun 2025 23% | Sep 2025 15% | Dec 2025 23% | Mar 2026 15% | Jun 2026 —

### 20-quarter ROCE change history
- CRISIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +2.8 pp | Mar 2023 — | Jun 2023 −1.1 pp | Sep 2023 — | Dec 2023 +0.5 pp | Mar 2024 — | Jun 2024 −1.6 pp | Sep 2024 −1.6 pp | Dec 2024 −4.7 pp | Mar 2025 −4.4 pp | Jun 2025 −5.0 pp | Sep 2025 −4.5 pp | Dec 2025 −1.5 pp | Mar 2026 −0.9 pp | Jun 2026 +1.9 pp
- CARERATING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 — | Mar 2023 +2.6 pp | Jun 2023 — | Sep 2023 +0.5 pp | Dec 2023 — | Mar 2024 0.0 pp | Jun 2024 — | Sep 2024 +1.8 pp | Dec 2024 +1.9 pp | Mar 2025 +3.4 pp | Jun 2025 +4.6 pp | Sep 2025 +2.6 pp | Dec 2025 +4.0 pp | Mar 2026 +1.8 pp | Jun 2026 —
- ICRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.5 pp | Jun 2023 — | Sep 2023 −0.3 pp | Dec 2023 — | Mar 2024 −0.1 pp | Jun 2024 — | Sep 2024 −0.3 pp | Dec 2024 +2.6 pp | Mar 2025 +1.0 pp | Jun 2025 +2.2 pp | Sep 2025 +0.8 pp | Dec 2025 −0.4 pp | Mar 2026 +0.5 pp | Jun 2026 —

## Valuation Against Growth & Quality

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.

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.

Evidence: CARE Ratings Ltd · 0.8× | 0% versus #2 · CRISIL Ltd | 0/8 recent comparable periods | 3/3 companies · 45 observations

Definition: 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 PEG — lowest PEG
1. CARE Ratings Ltd (CARERATING): 0.8
2. CRISIL Ltd (CRISIL): 0.8
3. ICRA Ltd (ICRA): 1.5

### P/E — lowest P/E
1. ICRA Ltd (ICRA): 24.8
2. CARE Ratings Ltd (CARERATING): 29.5
3. CRISIL Ltd (CRISIL): 36.0

### 20-quarter Guarded PEG history
- CRISIL: Sep 2021 6.8 | Dec 2021 2.7 | Mar 2022 2.5 | Jun 2022 1.5 | Sep 2022 1.5 | Dec 2022 — | Mar 2023 1.4 | Jun 2023 1.9 | Sep 2023 2.5 | Dec 2023 1.6 | Mar 2024 3.7 | Jun 2024 4.6 | Sep 2024 6.5 | Dec 2024 5.9 | Mar 2025 7.0 | Jun 2025 7.3 | Sep 2025 3.9 | Dec 2025 5.6 | Mar 2026 0.8 | Jun 2026 —
- CARERATING: Sep 2021 1.4 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.6 | Mar 2023 — | Jun 2023 2.3 | Sep 2023 2.4 | Dec 2023 — | Mar 2024 3.4 | Jun 2024 1.6 | Sep 2024 1.7 | Dec 2024 1.2 | Mar 2025 1.2 | Jun 2025 1.1 | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 0.8 | Jun 2026 —
- ICRA: Sep 2021 — | Dec 2021 — | Mar 2022 5.2 | Jun 2022 0.9 | Sep 2022 1.5 | Dec 2022 1.2 | Mar 2023 1.1 | Jun 2023 1.9 | Sep 2023 0.8 | Dec 2023 — | Mar 2024 3.9 | Jun 2024 3.3 | Sep 2024 — | Dec 2024 1.3 | Mar 2025 2.5 | Jun 2025 3.0 | Sep 2025 1.7 | Dec 2025 — | Mar 2026 1.5 | Jun 2026 —

### 20-quarter P/E history
- CRISIL: Sep 2021 54.1 | Dec 2021 51.5 | Mar 2022 52.0 | Jun 2022 49.4 | Sep 2022 47.1 | Dec 2022 41.4 | Mar 2023 42.4 | Jun 2023 48.5 | Sep 2023 47.6 | Dec 2023 52.3 | Mar 2024 57.6 | Jun 2024 47.8 | Sep 2024 51.3 | Dec 2024 61.0 | Mar 2025 44.7 | Jun 2025 62.0 | Sep 2025 46.4 | Dec 2025 41.6 | Mar 2026 36.7 | Jun 2026 35.6
- CARERATING: Sep 2021 22.2 | Dec 2021 22.1 | Mar 2022 19.4 | Jun 2022 16.3 | Sep 2022 19.2 | Dec 2022 21.1 | Mar 2023 21.9 | Jun 2023 24.9 | Sep 2023 29.7 | Dec 2023 31.9 | Mar 2024 34.7 | Jun 2024 31.6 | Sep 2024 29.2 | Dec 2024 34.6 | Mar 2025 27.9 | Jun 2025 38.5 | Sep 2025 32.8 | Dec 2025 31.4 | Mar 2026 28.1 | Jun 2026 —
- ICRA: Sep 2021 38.8 | Dec 2021 34.7 | Mar 2022 39.2 | Jun 2022 32.3 | Sep 2022 35.0 | Dec 2022 36.2 | Mar 2023 32.8 | Jun 2023 38.1 | Sep 2023 34.3 | Dec 2023 37.0 | Mar 2024 36.9 | Jun 2024 37.3 | Sep 2024 46.7 | Dec 2024 39.6 | Mar 2025 33.0 | Jun 2025 38.1 | Sep 2025 35.3 | Dec 2025 31.5 | Mar 2026 26.2 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: ICRA Ltd leads both ev/ebitda at 16.8× and p/bv at 3.93×.

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.

Evidence: ICRA Ltd · 16.8× | 6.1% versus #2 · CARE Ratings Ltd | 0/8 recent comparable periods | 3/3 companies · 58 observations

Definition: 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/EBITDA — lowest EV/EBITDA
1. ICRA Ltd (ICRA): 16.8
2. CARE Ratings Ltd (CARERATING): 17.9
3. CRISIL Ltd (CRISIL): 23.3

### P/BV — lowest P/BV
1. ICRA Ltd (ICRA): 3.9
2. CARE Ratings Ltd (CARERATING): 5.4
3. CRISIL Ltd (CRISIL): 9.7

### 20-quarter EV/EBITDA history
- CRISIL: Sep 2021 33.1 | Dec 2021 31.9 | Mar 2022 32.4 | Jun 2022 31.1 | Sep 2022 30.2 | Dec 2022 27.2 | Mar 2023 27.7 | Jun 2023 32.4 | Sep 2023 31.9 | Dec 2023 34.9 | Mar 2024 38.5 | Jun 2024 31.8 | Sep 2024 34.1 | Dec 2024 41.1 | Mar 2025 30.2 | Jun 2025 41.7 | Sep 2025 31.1 | Dec 2025 27.3 | Mar 2026 23.5 | Jun 2026 23.3
- CARERATING: Sep 2021 13.6 | Dec 2021 11.7 | Mar 2022 9.5 | Jun 2022 8.8 | Sep 2022 11.6 | Dec 2022 12.9 | Mar 2023 14.2 | Jun 2023 14.7 | Sep 2023 18.0 | Dec 2023 18.9 | Mar 2024 20.8 | Jun 2024 19.8 | Sep 2024 18.3 | Dec 2024 22.0 | Mar 2025 17.7 | Jun 2025 25.4 | Sep 2025 21.5 | Dec 2025 20.0 | Mar 2026 17.9 | Jun 2026 —
- ICRA: Sep 2021 23.1 | Dec 2021 21.6 | Mar 2022 25.1 | Jun 2022 20.2 | Sep 2022 22.0 | Dec 2022 23.4 | Mar 2023 21.3 | Jun 2023 25.4 | Sep 2023 24.7 | Dec 2023 25.9 | Mar 2024 25.1 | Jun 2024 24.3 | Sep 2024 30.0 | Dec 2024 24.7 | Mar 2025 20.6 | Jun 2025 25.0 | Sep 2025 22.6 | Dec 2025 21.1 | Mar 2026 16.8 | Jun 2026 —

### 20-quarter P/BV history
- CRISIL: Sep 2021 14.5 | Dec 2021 16.0 | Mar 2022 17.1 | Jun 2022 14.7 | Sep 2022 15.2 | Dec 2022 14.2 | Mar 2023 13.1 | Jun 2023 14.8 | Sep 2023 14.9 | Dec 2023 16.5 | Mar 2024 16.9 | Jun 2024 14.2 | Sep 2024 14.8 | Dec 2024 18.2 | Mar 2025 14.0 | Jun 2025 17.1 | Sep 2025 12.0 | Dec 2025 11.1 | Mar 2026 11.0 | Jun 2026 9.9
- CARERATING: Sep 2021 3.4 | Dec 2021 3.0 | Mar 2022 2.5 | Jun 2022 2.1 | Sep 2022 2.3 | Dec 2022 2.7 | Mar 2023 2.9 | Jun 2023 3.2 | Sep 2023 3.9 | Dec 2023 4.1 | Mar 2024 4.9 | Jun 2024 4.4 | Sep 2024 4.2 | Dec 2024 5.3 | Mar 2025 4.4 | Jun 2025 6.6 | Sep 2025 5.8 | Dec 2025 5.6 | Mar 2026 5.3 | Jun 2026 —
- ICRA: Sep 2021 4.5 | Dec 2021 4.2 | Mar 2022 5.1 | Jun 2022 4.8 | Sep 2022 4.4 | Dec 2022 5.1 | Mar 2023 5.1 | Jun 2023 6.1 | Sep 2023 5.6 | Dec 2023 6.2 | Mar 2024 5.8 | Jun 2024 5.9 | Sep 2024 7.0 | Dec 2024 6.3 | Mar 2025 5.6 | Jun 2025 6.6 | Sep 2025 5.9 | Dec 2025 5.5 | Mar 2026 4.6 | Jun 2026 —

## 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.

### Strongest one-year price performers
1. CARE Ratings Ltd (CARERATING): -6.0%
2. ICRA Ltd (ICRA): -23%
3. CRISIL Ltd (CRISIL): -28%

### Strongest relative strength versus NIFTY 500
1. CARE Ratings Ltd (CARERATING): 2.7%
2. CRISIL Ltd (CRISIL): -6.6%
3. ICRA Ltd (ICRA): -12%

## What can make this comparison misleading?
- 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.

## Every company
- CRISIL Ltd (CRISIL) — market value ₹31.8K Cr; latest fundamentals Jun 2026
- CARE Ratings Ltd (CARERATING) — market value ₹5.1K Cr; latest fundamentals Mar 2026
- ICRA Ltd (ICRA) — market value ₹4.6K Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 3. Unverified: 0. Withheld: 0. Graded companies: 3.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### 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.

Narrative sector analysis: https://www.sectoralpha.in/sectors/credit-rating-agencies