Credit Rating Agency Stocks and Companies in India

The largest Credit Rating Agency stocks in India by market value are CRISIL (₹32,528 crore), CARE Ratings (₹4,907 crore) and ICRA (₹4,291 crore), at prices of 4 Nov 2026.

• CRISIL: ₹4,448 | market value ₹32,528 crore | P/E 36.3
• CARE Ratings: ₹1,628.30 | market value ₹4,907 crore | P/E 25.4
• ICRA: ₹4,445.80 | market value ₹4,291 crore | P/E 21.4

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 4 Nov 2026; the score list below uses the weekly figures.

All 3 listed Indian Credit Rating Agencies companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Credit Rating Agencies index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. CRISIL Ltd₹33,000 cr
2. CARE Ratings Ltd₹5,000 cr
3. ICRA Ltd₹4,150 cr

3 Credit Rating Agency companies in the Credit Rating Agencies industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 3 are listed below, largest first. The largest is CRISIL (₹33,030 crore) and the smallest with a market value is ICRA.

Download all 3 Credit Rating Agency companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 11% behind NIFTY 500. Earnings across its companies grew 19% on average over the last four reported quarters.

1 of 3 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Ahead of NIFTY 500 on the three-month view for 2 weeks running; 2 of the 3 companies in the industry index above their 200-day average (1 more than four weeks earlier); 1 of those 3 pass the momentum test (no change from four weeks earlier); earnings rising at 3 of the 3 that report earnings.

Ahead of NIFTY 500 for 2 weeks after being behind, with 1 → 1 of 3 participating. Earnings confirming, 3 of 3 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the 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 set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same 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 or tap any point to read both values and the gap.

Credit Rating Agencies has done worse than the NIFTY 500 by 6.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 4.2%. CARE Ratings Ltd is the strongest against the sector itself at +7.1%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 8.7 as of 30 October 2026 (consolidation, falling).

Credit Rating Agencies has done worse than the NIFTY 500 by 6.4% over 52 weeks, but is 4.2% ahead over the last 13 weeks. 1 of 3 companies we track is beating the NIFTY on relative strength (how a share price has done against the index over recent months).

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

CARE Ratings Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 97% evidence confidence.

CARE Ratings Ltd has the strongest one-year price move in Credit Rating Agencies at +3.3%. CRISIL Ltd leads on relative strength against the NIFTY, at +8.4%. 2 of 3 companies we track are ahead of the index on that measure. Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Credit Rating Agencies itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

2 of 3 Credit Rating Agencies companies held a results call for January to March 2026. ICRA guided: FY27 Ratings segment growth: bank credit to drive bulk of growth.

From the results calls for January to March 2026.

Big funds, foreign and Indian, cut their stake by 1.3 points over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on new plants and equipment was ₹456 crore in the last 12 months, 1% less than a year before.
• Projects still being built shrank 89% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 3 Credit Rating Agencies companies, in percentage points.

Ownership and spending as of 10 October 2026.

CRISIL Ltd has the highest Revenue among the 3 Credit Rating Agencies companies compared here, at ₹4,310 crore. ICRA Ltd is next at ₹680 crore. ICRA Ltd has the highest Revenue growth at 31.3%, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: CRISIL Ltd is the largest at ₹4,310 crore, 533.8% ahead of ICRA Ltd. ICRA Ltd's growth is 31.3% from a ₹680 crore base, with 20 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: CRISIL Ltd is the size to compare against; ICRA Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

This conclusion weakens if: CRISIL Ltd's growth falls below ICRA 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.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

CARE Ratings Ltd has the highest OPM among the 3 Credit Rating Agencies companies compared here, at 52%. ICRA Ltd is next at 37%. The same company also has the highest Margin change, at +2 percentage points. 3 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: CARE Ratings Ltd leads both opm at 52% and margin change at +2 percentage points.

What this means: CARE Ratings Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

CRISIL Ltd has the highest Net profit among the 3 Credit Rating Agencies companies compared here, at ₹896 crore. ICRA Ltd is next at ₹200 crore. CARE Ratings Ltd has the highest Profit growth at 26.6%, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: CRISIL Ltd earns the most, ₹896 crore of profit over the last 12 months, 348% above ICRA Ltd. CARE Ratings Ltd shows 26.6% growth from a profit base of ₹195 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: CRISIL Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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 profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

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%. CARE Ratings Ltd has the highest ROCE change at +3.4 percentage points, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: CRISIL Ltd leads ROCE at 32.6%, 6.3 percentage points above CARE Ratings Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: CRISIL Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Return on capital · company comparison

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

CARE Ratings Ltd has the lowest PEG among the 3 Credit Rating Agencies companies compared here, at 1.19×. CRISIL Ltd is next at 1.76×. ICRA Ltd has the lowest P/E at 20.7×, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: CARE Ratings Ltd has the lowest comparable PEG at 1.19×, 32.4% below CRISIL Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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 worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Credit Rating Agencies companies show up on 4 of our India lists. The most are on the momentum stocks list (1 company).

This Credit Rating Agencies comparison names 4 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. A high growth rate can still come from a very small starting figure.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

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 Sep 2026 and market data through 30 October 2026.

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

These 23 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 Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.