CARE Ratings share price today

CARE Ratings Ltd's share price was ₹1,628.30 at the close on 4 November 2026. It has been stalling near its high for 3 weeks. That is 0.1% above its average price over the last 200 trading days.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today CARE Ratings Ltd is in stage 3. The phase helps read everything below.

In the last 52 weeks it traded between ₹1,496 and ₹1,800, and at that close it sat 43% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 4 weeks in a row.

Over the last 11 years the share price moved +83% while the NIFTY 500 moved +257%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: revenue up on a year earlier for 12 quarters in a row (every quarter we can compare), profit up on a year earlier for 12 quarters in a row (every quarter we can compare) and best operating margin in 16 quarters.

1. Revenue up on a year earlier for 12 quarters in a row (every quarter we can compare)

   In the September 2026 quarter revenue was ₹164 crore, +20.6% on a year earlier.

2. Profit up on a year earlier for 12 quarters in a row (every quarter we can compare)

   In the September 2026 quarter profit was ₹72 crore, +26.3% on a year earlier.

3. Best operating margin in 16 quarters

   Operating margin was 52% in the September 2026 quarter, against 50% a year earlier.

For July to September 2026 (the quarter ended 30 September 2026), CARE Ratings reported revenue of ₹164 crore, up 20.6% from ₹136 crore a year earlier, and a profit of ₹72.0 crore, up 26.3% from ₹57.0 crore.

CARE Ratings results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

The newest call in our records is from 14 May 2026, about January to March 2026; a call about these results is not in our records yet.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

CARE Ratings closed at ₹1,628.30 on 4 November 2026, up 0.6% from ₹1,618.70 a year earlier (7 November 2025) and up 142.2% over five years. Its highest weekly close since February 2016 was ₹1,918.40 on 4 July 2025.

CARE Ratings share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

565 weekly closes from 26 February 2016 to 4 November 2026.

6 Nov 2026: Coming up: ex-date for an interim dividend of ₹10 a share. 4 Nov 2026: CARE Ratings closed at ₹1,628.30, down 1.8% on the week and up 1.6% on the month.

Earlier

• Results for July to September 2026: Revenue up 20.6% and profit up 26.3% on a year earlier.
• 25 Jun 2026: ex-date for a dividend of ₹14 a share, record date 26 Jun 2026.
• Our read, 31 May 2026: India's second-largest credit rating agency completing a four-year turnaround: all subsidiaries now profitable, CATAL turned breakeven after ₹24-25 Cr cumulative losses, operating leverage rebuilding operating margin from 32% (FY22) to 42% (FY26) with international expansion generating top-10 global sovereign coverage.
• 14 May 2026: CARE Ratings held its results call for January to March 2026. Management guided: Domestic ratings business growth trajectory: stated intent to continue growing faster than overall industry (acknowledging some quarterly aberrations expected due to macro cycles and sector exposure changes), but no specific FY27 revenue growth number provided - directional only, not extracted commitment.
• 19 Nov 2025: ex-date for an interim dividend of ₹8 a share.

Our read of the business

Latest quarter: All-time high consolidated profit; standalone operating margin 48%, highest achieved; CATAL crosses profitability threshold.

Our read after the latest results, written 31 May 2026.

CARE Ratings paid ₹22 a share in regular dividends in the 12 months to 5 November 2026 (2 payments), a yield of 1.35% at the ₹1,628.30 close on 4 November 2026. The last was a dividend of ₹14 a share, ex-date 25 June 2026. Next: ₹10 a share, ex-date 6 November 2026.

CARE Ratings dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Yes. CARE Ratings Ltd paid out 39% of its profit as dividends in FY26, and it paid a dividend in each of its last 13 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for January to March 2026, held on 14 May 2026, CARE Ratings' management guided: Domestic ratings business growth trajectory: stated intent to continue growing faster than overall industry (acknowledging some quarterly aberrations expected due to macro cycles and sector exposure changes), but no specific FY27 revenue growth number provided - directional only, not extracted commitment.

“Four years ago, several of our subsidiaries were loss-making, our non-ratings business was struggling, and consolidated profitability was far from straightforward. …”Mehul Pandya, on the call for January to March 2026

What management guided

• India FY27 GDP outlook: 6.7% projection assuming USD 90 per barrel oil, down from prior 7.2% baseline.
• Non-ratings segment: prior strategic goal of 20% of total revenue (versus current 10-11% mix) remains stated objective but no FY27 interim milestone provided, management confirmed CATAL profitability achieved and next phase is scaling with acceleration expected - directional only, no timeline specificity.
• CareEdge Global IFSC profitability trajectory: described as will require some time to get into profitable zone with losses expected at nascent stage, management expressed full commitment and confidence in expansion - directional only, no specific profitability timeline or magnitude guidance provided.
• ESG Ratings market development: described as nascent and market-driven versus regulation-driven, awaiting regulatory or market capitalistic intervention catalyst, management noted CARE well-positioned when catalyst arrives for acceleration - directional only, no timeline or revenue guidance.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for January to March 2026, 14 May 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

What is changing at CARE Ratings, from the latest results and calls: operating leverage on rating volume recovery, non-ratings turnaround, catal profitability inflection and international expansion, careedge global ifsc franchise build.

• Operating Leverage on Rating Volume Recovery. Fixed-cost structure (~70% fixed) means each incremental rating revenue rupee drops disproportionately to operating profit; operating margin expanded from 32% (FY22) to 42% (FY26) across the recovery cycle. ⚠ estimate
• Non-Ratings Turnaround, CATAL Profitability Inflection. CATAL reached profitability in FY26 after ₹24-25 Cr cumulative losses over four years; 'Others' segment loss narrowed from ₹728 lakh (FY25) to ₹14 lakh (FY26), enabling management's next phase: scaling. ⚠ estimate
• International Expansion, CareEdge Global IFSC Franchise Build. 45 sovereigns rated in first full-year operations; USD 8.5 billion corporate debt rated; RBI accreditation expanded to non-resident corporates, positioning CARE among top-10 global CRAs by country coverage. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 31 May 2026.

~89% of revenue is ratings-derived; corporate bond issuances declined 3.2% full-year FY26 and 11.3% in Q4, bank credit offset at 16.1% is durable only if macro cooperates.

The main risks

• Debt Market Cyclicality, Revenue Concentration in Rating Volumes: ~89% of revenue is ratings-derived; corporate bond issuances declined 3.2% full-year FY26 and 11.3% in Q4, bank credit offset at 16.1% is durable only if macro cooperates. ✓ fact
• Management Consistency, 80-20 Goal Not Reaffirmed; M&A Readiness Retroactively Conditioned: Two cross-call inconsistencies surfaced in May 2026 Tijori concall: 80-20 revenue mix goal silently abandoned despite minimal progress; CATAL break-even precondition for acquisitions was never disclosed in May 2025. ⚠ estimate
• Non-Rating Business Scaling Risk: Analytics and ESG reached near-breakeven in FY26, scaling to profitable 20% mix contribution is the next test; client concentration and product stickiness unknown. ✓ fact

Our read after the latest results, written 31 May 2026.

When CARE Ratings reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: Bank credit growth trajectory in April to June 2026 versus 16.1% in FY26 - direct bellwether for geopolitical and macro headwind crystallization; if decelerates sharply below 12% on a year earlier, signals near-term headwind impact materializing contradicting management's cautious observation stance.

CARE Ratings is not on any of our India lists this week.

CARE Ratings Ltd earned ₹72.0 Cr of net profit in the Sep 2026 quarter, +26.3% on the same quarter a year earlier. That is the 12th quarter in a row of profit growth. Full-year FY26 profit was ₹174 Cr. Over 10 years profit has grown 3.8% a year on average. That is 43.9% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹57.0 Cr.

For the full year, FY26 profit was ₹174 Cr (+24.3% on the year before).

Why profit moved: revenue changed +20.6% on a year earlier and the margin moved +2.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +27.2% and revenue +18.9%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

FY27-Q1. revenue ₹112 Cr and profit ₹33 Cr as reported.

FY27-Q2. revenue ₹164 Cr and profit ₹72 Cr as reported.

Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.

CARE Ratings Ltd reported ₹164 Cr of revenue in the Sep 2026 quarter, +20.6% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 10 years it has grown 5.4% a year on average. The last full year, FY26, came in at ₹473 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹519 Cr.

FY26 revenue was ₹473 Cr, +17.7% on the year before.

Recent pace: the last four quarters grew +18.9% on average, against 5.4% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +19.0%, against +19.2% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +26.6%, against +29.1% a year (stabilising).

FY27-Q1. revenue ₹112 Cr and profit ₹33 Cr as reported.

FY27-Q2. revenue ₹164 Cr and profit ₹72 Cr as reported.

Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.

CARE Ratings Ltd's operating margin was 52.0% in the Sep 2026 quarter, 2.0 percentage points higher than the same quarter a year ago. Across 13 years it has been between 32.0% and 63.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. CARE's cost base is predominantly fixed, employee costs constitute approximately 50% of revenues. Rating volume recovery (corporate bond issuances up 66% YoY in Q1 FY26; bank credit at 16.1% growth in FY26) translates disproportionately to EBITDA. Q4 FY26 EBITDA margin: 46.49% vs 43.21% Q4 FY25. Annual OPM trajectory: 32% (FY22) → 34% (FY24) → 39% (FY25) → 42% (FY26). Standalone OPM 48%, highest achieved per management. Verticalized BD approach launched FY24 gained market share in bonds and securitisation without proportionate headcount addition.

Why the margin moved: operating margin changed +1.4 percentage points on the year while gross margin changed +0.0 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

FY27-Q1. revenue ₹112 Cr and profit ₹33 Cr as reported.

FY27-Q2. revenue ₹164 Cr and profit ₹72 Cr as reported.

Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.

Over the last 3 years, 87% of CARE Ratings Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹148 Cr of operating cash against ₹174 Cr of profit. After ₹19.0 Cr of spending on assets, ₹129 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 87% of profit came in as cash: the cash cycle stayed about the same between FY21 and FY26, so the cash follows profit, not the cycle.

What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets.

CARE Ratings Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 27 days in FY26, down from 31 days in FY21. It spent ₹52.0 Cr on assets over the last 3 years.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹473 Cr, each day of that cycle ties up about ₹1.3 Cr, so roughly ₹35.0 Cr is tied up in the business at any time.

Spending on assets: ₹52.0 Cr over the last 3 years, against ₹36.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building a little beyond replacing what wears out. Work still in progress is ₹5.0 Cr (FY26): assets paid for that are not earning yet.

In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean.

CARE Ratings Ltd's P/E is 25.4×, in the middle of its own history: higher than 51% of past readings. Its usual P/E (the middle reading) is 25.1×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.