# CARE Ratings share price today (CARE Ratings Ltd, NSE: CARERATING)

> CARE Ratings share price today: ₹1,636.80 at the NSE close on 3 November 2026, up 2.0% in a year. CARE Ratings (NSE: CARERATING) is worth ₹4,932 crore, trades at a P/E of 25.6 and has closed between ₹1,496.10 and ₹1,800.40 over the past 52 weeks. > CARE Ratings Ltd's earnings have grown faster than its share price. Earnings per share grew +24.3% in a year while the price moved +2.0%. CARERATING · Credit Rating Agencies · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/care-ratings-ltd

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## Key numbers

- Business trend: Growing steadily, from the last 12 quarters
- Price: ₹1,636.80 (+2.0% in a year)
- P/E: 25.6× (higher than 51% of the last 11 years)
- Revenue (Sep 2026): ₹164 Cr (+20.6% on a year ago)
- Profit (Sep 2026): ₹72.0 Cr (+26.3% on a year ago)
- Operating margin: 52.0% (+2.0 points on a year ago)
- ROCE: 26%, FY26
- ROIC: 54.9%, against a 12.0% cost of capital: +42.9 points

Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. ## What is the CARE Ratings share price today? CARE Ratings Ltd's share price was ₹1,636.80 at the close on 3 November 2026. It has been stalling near its high for 3 weeks. That is 0.7% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹1,496 and ₹1,800, and at that close it sat 46% 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 +84% 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. ## What changed at CARE Ratings this quarter? 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. ## What are CARE Ratings' latest quarterly results? 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

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹164 crore | ₹136 crore | +20.6% |
| Profit | ₹72.0 crore | ₹57.0 crore | +26.3% |
| Earnings per share | ₹23.86 | ₹18.89 | +26.3% |
| Operating margin | 52.0% | 50.0% | +2.0 points |

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.)

## What is the CARE Ratings share price history? CARE Ratings closed at ₹1,636.80 on 3 November 2026, up 2.0% from ₹1,604.60 a year earlier (31 October 2025) and up 143.5% 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

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹1,586.30 | +3.2% |
| 1 month ago · 1 Oct 2026 | ₹1,602.70 | +2.1% |
| 6 months ago · 30 Apr 2026 | ₹1,670.40 | −2.0% |
| 1 year ago · 31 Oct 2025 | ₹1,604.60 | +2.0% |
| 3 years ago · 3 Nov 2023 | ₹849.00 | +92.8% |
| 5 years ago · 4 Nov 2021 | ₹672.30 | +143.5% |
| 10 years ago · 4 Nov 2016 | ₹1,360.85 | +20.3% |
| Earliest weekly close in our records · 26 Feb 2016 | ₹887.70 | +84.4% |
| Highest weekly close since February 2016 · 4 Jul 2025 | ₹1,918.40 | −14.7% |
| Lowest weekly close since February 2016 · 30 Oct 2020 | ₹298.40 | +448.5% |
| 52-week high (weekly close) · 15 May 2026 | ₹1,800.40 | −9.1% |
| 52-week low (weekly close) · 2 Apr 2026 | ₹1,496.10 | +9.4% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (565 weekly closes from 26 February 2016 to 3 November 2026.)

## What is the latest news on CARE Ratings? 6 Nov 2026: Coming up: ex-date for an interim dividend of ₹10 a share. 3 Nov 2026: CARE Ratings closed at ₹1,636.80, up 3.2% on the week and up 2.1% 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.)

## What dividend does CARE Ratings pay? CARE Ratings paid ₹22 a share in regular dividends in the 12 months to 4 November 2026 (2 payments), a yield of 1.34% at the ₹1,636.80 close on 3 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

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 6 Nov 2026 (upcoming) | ₹10 | Interim | same day |
| 25 Jun 2026 | ₹14 | Dividend | 26 Jun 2026 |
| 19 Nov 2025 | ₹8 | Interim | same day |
| 27 Jun 2025 | ₹11 | Dividend | same day |
| 5 Nov 2024 | ₹7 | Interim | same day |
| 21 Jun 2024 | ₹11 | Dividend | same day |
| 10 Nov 2023 | ₹7 | Interim | same day |
| 7 Jul 2023 | ₹15 | Dividend + Special | same day |
| 10 Feb 2023 | ₹10 | Interim | same day |
| 13 Sep 2022 | ₹10 | Dividend | 14 Sep 2022 |
| 11 Nov 2021 | ₹7 | Interim | 12 Nov 2021 |
| 6 Sep 2021 | ₹6 | Dividend | 7 Sep 2021 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

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 4 November 2026.)

## What did CARE Ratings management say on the latest results call? 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](https://files.tijorifinance.com/insight/india/7165/Conference Call/CC-May26.pdf). (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 the future of CARE Ratings? What is changing in the business? 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.)

## What could change the CARE Ratings story? What are the risks? ~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.)

## What to watch in CARE Ratings' next results? 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. - What to check (from the call)
- 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. - CATAL (analytics and advisory) profitability margin expansion and revenue growth acceleration from break-even baseline - management signaled next phase is scaling; watch for operating margin percentage improvement and revenue growth rates in Q1+ FY27 to confirm transition from survival to profitable growth phase. - Surveillance versus initial revenue mix breakdown for domestic ratings growth - of 15% domestic segment growth, what percentage derives from surveillance annuity versus incremental new initial ratings growth; management avoided this breakdown on current call but represents key indicator of revenue quality and sustainability through macro cycles. - CareEdge Global IFSC reported loss magnitude and profitability timeline specificity - FY26 loss amount and trajectory not disclosed; listen for profitability timeline clarity and loss reduction trajectory in April to June 2026 call to assess confidence in nascent stage characterization. ## Which stock lists is CARE Ratings on? CARE Ratings is not on any of our India lists this week. ## Is CARE Ratings profitable? 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. 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. ## How much revenue does CARE Ratings make, and is it growing? 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. 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. ## How much of every ₹100 of sales does CARE Ratings keep? 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. 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. ## Is CARE Ratings' profit turning into cash? 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. 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. ## Where does CARE Ratings' cash go? 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. 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. ## What is CARE Ratings' P/E ratio, and how does it compare with its own history? CARE Ratings Ltd's P/E is 25.6×, 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. Why the multiple is where it is: over the past year earnings per share moved +24.3% while the price moved +2.0%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +19.5% a year; about +18.0% a year came from earnings growth and about +1.5 percentage points from the multiple (the market paying more); over 10 years the price moved +1.9% a year; about +4.8% a year came from earnings growth and about −2.9 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the CARE Ratings share price assume? Worked out from its price on 27 August 2026, CARE Ratings Ltd's share price assumed profit growth of about 16.2% a year. Over the past 10 years its profit actually grew 3.8% a year. Today its P/E is 25.6×, higher than 51% of its own last 11 years. This is a one-day reading, taken on 27 August 2026. Every other number on this page, the multiple included, uses the latest price as of 3 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the CARE Ratings business getting better or worse? CARE Ratings Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 27.0%. This is based on 12 quarters of 4 measures. Why it matters: steady growth with healthy returns is how a business compounds over time. ## What is the CARE Ratings story, and has it been checked? CARE Ratings Ltd's story is not scored yet against the checks our research set on 31 May 2026. Where it sits in its own cycle: MID EXPANSION. Still open: ~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. 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 Rs 24-25 Cr cumulative losses, operating leverage rebuilding OPM from 32% (FY22) to 42% (FY26) with international expansion generating top-10 global sovereign coverage. From the numbers. From the price. Price stage 3, week 3, above its 200-day line, relative strength flat. From the research. India's second-largest credit rating agency completing a four-year turnaround: all subsidiaries now profitable, CATAL turned breakeven after Rs 24-25 Cr cumulative losses, operating leverage rebuilding OPM from 32%…

What is proven. India's second-largest credit rating agency completing a four-year turnaround: all subsidiaries now profitable, CATAL turned breakeven after Rs 24-25 Cr cumulative losses, operating leverage rebuilding OPM from 32% (FY22) to 42% (FY26) with international expansion generating top-10 global sovereign coverage. What is not proven yet. ~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 test written in advance. Debt Market Cyclicality, Revenue Concentration in Rating Volumes. Measured by: Debt Market Cyclicality, Revenue Concentration in Rating Volumes by the next result. The test written in advance. Management Consistency, 80-20 Goal Not Reaffirmed; M&A Readiness Retroactively Conditioned. Measured by: Management Consistency, 80-20 Goal Not Reaffirmed; M&A Readiness Retroactively Conditioned by the next result. The test written in advance. SEBI Administrative Warning, Regulatory / Compliance Monitorable. Measured by: SEBI Administrative Warning, Regulatory / Compliance Monitorable SEBI follow-up orders; further regulatory disclosures; issuer mandate shifts to competitors post-warning by the next result. The dot is where the company is now; the dashed line is the level that would settle the question; a tinted band is where management says it is heading. Lever 1 · Operating leverage: building. Fixed-cost structure (~70% fixed) means each incremental rating revenue rupee drops disproportionately to EBITDA; OPM expanded from 32% (FY22) to 42% (FY26) across the recovery cycle. What proves it keeps working: Operating Leverage on Rating Volume Recovery. It stops working if Quarterly corporate bond issuance volume (Prime Database); CARE standalone rating revenue growth rate; bank credit growth trajectory in Q1 FY27 vs FY26 16.1% baseline. Lever 3 · Management change: building. CATAL reached profitability in FY26 after Rs 24-25 Cr cumulative losses over four years; 'Others' segment loss narrowed from Rs 728 Lakh (FY25) to Rs 14 Lakh (FY26), enabling management's next phase: scaling. What proves it keeps working: Non-Ratings Turnaround, CATAL Profitability Inflection. It stops working if Quarterly corporate bond issuance volume (Prime Database); CARE standalone rating revenue growth rate; bank credit growth trajectory in Q1 FY27 vs FY26 16.1% baseline. Lever 5 · Regulatory approval: building. 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. What proves it keeps working: International Expansion, CareEdge Global IFSC Franchise Build. It stops working if Quarterly corporate bond issuance volume (Prime Database); CARE standalone rating revenue growth rate; bank credit growth trajectory in Q1 FY27 vs FY26 16.1% baseline. Sources: our stock research file (31 May 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did CARE Ratings management deliver what it promised? What CARE Ratings Ltd's management promised, against what actually happened: 2 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. 80-20 Non-Ratings Revenue Mix - 3-Year Timeline Not Reaffirmed · 14 May 2026. In the May 2025 call, management explicitly committed to transitioning towards an 80-20 ratings-to-non-ratings revenue mix within a 3-year period. One year into that window, the FY26 mix has barely moved from 89.5:10.5 to approximately 89:11, and when directly challenged in the May 2026 call, management offered no reaffirmation of the timeline and no revised commitment, instead providing only a general aspiration to grow both segments. Inorganic Acquisition Readiness Retroactively Conditioned · 14 May 2026. In the May 2025 call, management stated they were perfectly well positioned to evaluate and execute acquisitions with the Board positively inclined, with no preconditions stated. In the May 2026 call, management disclosed for the first time that CATAL achieving break-even was the internal prerequisite for any acquisition - a condition not communicated to shareholders in May 2025 when CATAL still carried single-digit losses. Every quote above is taken word for word from the company’s own earnings calls. ## What is CARE Ratings management's track record? Capital allocation through stress clean, no rushed M&A; CATAL subsidiary nursed to profitability over four years. Offset by the disclosure-quality walk-backs above. ### Regulatory and governance record

No fraud/enforcement order. 0% Promoter shares pledged

(Checked 21 July 2026.)

## How much does CARE Ratings earn on its capital? CARE Ratings Ltd earned a ROCE of 26% in FY26. That is up from a low of 16% in FY22. Its return on capital used (ROIC) is 42.9 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 36.8% net margin and 0.43× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 36.8% net margin × 0.43× asset turnover × 1.19× leverage (assets divided by equity) ≈ 18.8% on equity. The margin does most of the work; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 54.9% − 12.0% = +42.9 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. The 54.9% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 49.3%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does CARE Ratings have too much debt? CARE Ratings Ltd has total debt of ₹24.0 Cr against shareholder equity of ₹1,014 Cr as of Sep 2026, so its debt is 0.02× its equity, which is very little. Year by year, that ratio went from 0.01 in FY22 to 0.03 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the CARE Ratings shareholding pattern? Domestic institutions raised their stake in CARE Ratings Ltd by 6.9 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 32.2% of the company. Foreign institutions moved −1.2 points over the same period, to 23.6%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Why this happened. CATAL (CareEdge Advisory and Analytics) pivot from loss to profitability is the pivotal milestone management cited in the May 2026 call as enabling the M&A-readiness conversation to begin. Analytics platform (CreditEdge, IntelEdge, Teleto on EdgeRa.ai) reached near-breakeven with client traction expanding from new acquisitions and existing clients adding products. ESG ratings: 58% market share among category-one SEBI providers with 19 new ratings in FY26. Consolidated 'Others' segment loss: Rs 728 Lakh (FY25) → Rs 14 Lakh (FY26). Non-ratings revenue crossed Rs 50 Cr (+19% growth). Why the owners changed: domestic institutions drove it (+6.9 points), with the other side taken by foreign institutions (−1.2 points). They raised their stake step by step. ## How far is CARE Ratings from balance-sheet trouble? For CARE Ratings Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. Why this happened. CareEdge Global IFSC rated 45 sovereigns in FY26 (first full year), entering top-10 globally by country coverage. USD 8.5 billion corporate debt across 30+ issuers and 10+ sectors. RBI accreditation expanded to non-resident corporates outside IFSC with risk-weight alignment to global peers. 21 countries where CARE assessments were affirmed by other global rating agencies, methodology validation signal. Africa: South Africa, Tanzania, Kenya licenses acquired in FY26; Mauritius operations generating double-digit growth with 100+ clients; Nepal maintaining leadership. CareEdge Global IFSC still loss-making at nascent stage, profitability timeline not disclosed by management. ## How does CARE Ratings rank in its industry? 82.7 out of 100, rank 1 of 3 in Credit Rating Agencies, with 97% of the evidence available. CARE Ratings Ltd scores 82.7 out of 100 against the 3 companies it is compared with in Credit Rating Agencies, ranking 1. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. The four parts add up to the total exactly: 31.5 + 23 + 13 + 15.2 = 82.7. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is CARE Ratings compared with? CARE Ratings ranks 1 of 3 Credit Rating Agencies companies on the 4-Factor Sector Score, with 82.7 out of 100. 1. CARE Ratings Ltd this page CARERATING · turning · Sector-leading setup · 97% evidence 82.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 31.5/35 · Revenue 19% · Profit 26.6% · Operating margin change 2 points · 100% evidence Capital efficiency 23.0/25 · ROCE 26.3% · Operating margin 52% · 100% evidence Valuation 13.0/20 · P/E 25.9× · PEG 1.19 · 85% evidence Relative strength 15.2/20 · Lead over its industry 7.1% · Lead over NIFTY 500 7% · 1 year 3.3% · 100% evidence · 1 of 12 weeks ahead Exact sum: 31.5 + 23 + 13 + 15.2 = 82.7 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [ICRA Ltd](https://www.sectoralpha.in/stocks/icra-ltd) ICRA · basing · Most evidence points up · 82% evidence 67.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.7/35 · Revenue 31.3% · Profit 5.8% · Operating margin change 1 points · 100% evidence Capital efficiency 24.0/25 · ROCE 23% · Operating margin 37% · 100% evidence Valuation 12.3/20 · P/E 20.7× · PEG 1.93 · 85% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -15.9% · 1 year -33.1% · 25% evidence · 0 of 12 weeks ahead Exact sum: 23.7 + 24 + 12.3 + 7.5 = 67.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [CRISIL Ltd](https://www.sectoralpha.in/stocks/crisil-ltd) CRISIL · breaking out · Evidence leans up · 75% evidence 62.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.9/35 · Revenue 23.9% · Profit 19.5% · Operating margin change -1 points · 100% evidence Capital efficiency 21.0/25 · ROCE 32.6% · Operating margin 28% · 100% evidence Valuation 9.7/20 · P/E 36.9× · PEG 1.76 · 50% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 8.4% · 1 year -8.4% · 25% evidence · 11 of 12 weeks ahead Exact sum: 18.9 + 21 + 9.7 + 12.5 = 62.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Credit Rating Agencies](https://www.sectoralpha.in/sectors/credit-rating-agencies), all 3 compared on one page. ## Which companies are close to CARE Ratings in size? CARE Ratings is the 2nd largest of 3 Credit Rating Agencies companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: CRISIL. Just below it: ICRA. ### Credit Rating Agencies companies close in size

1. [CRISIL Ltd](https://www.sectoralpha.in/stocks/crisil-ltd) ₹33,030 crore
2. CARE Ratings Ltd ₹4,996 crore
3. [ICRA Ltd](https://www.sectoralpha.in/stocks/icra-ltd) ₹4,151 crore

[All 3 Credit Rating Agencies companies, largest first](https://www.sectoralpha.in/sectors/credit-rating-agencies#all-companies)

### Companies close in size in other industries

1. [Kalpataru Ltd](https://www.sectoralpha.in/stocks/kalpataru-ltd) ₹5,018 crore · Construction - Housing
2. [Orchid Pharma Ltd](https://www.sectoralpha.in/stocks/orchid-pharma-ltd) ₹5,009 crore · Pharma - API
3. CARE Ratings Ltd ₹4,996 crore
4. [D.P. Abhushan Ltd](https://www.sectoralpha.in/stocks/dp-abhushan-ltd) ₹4,990 crore · Diamond, Gems & Jewellery
5. [Triveni Engineering and Industries Ltd](https://www.sectoralpha.in/stocks/triveni-engineering-and-industries-ltd) ₹4,965 crore · Sugar

## What else do people ask about CARE Ratings? ### What is CARE Ratings's share price today? CARE Ratings Ltd's share price is ₹1,636.80, +2.0% over the past year. The whole company is worth ₹4,932 Cr on the market. In the last 52 weeks it traded between ₹1,496 to ₹1,800; today it is 46% of the way up from the low, 0.7% above its 200-day average (as of 3 November 2026). ### What were CARE Ratings's latest quarterly results? CARE Ratings Ltd reported revenue of ₹164 Cr and net profit of ₹72.0 Cr for the Sep 2026 quarter. Revenue rose 20.6% and profit rose 26.3% compared with a year earlier. Earnings per share were ₹23.86. The operating margin was 52.0%, 2.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is CARE Ratings's market cap? CARE Ratings Ltd's market capitalisation is ₹4,932 Cr at a share price of ₹1,636.80. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is CARE Ratings performing? CARE Ratings Ltd's share price has been stalling near its high for 3 weeks. In its latest quarter, revenue rose 20.6% and profit rose 26.3% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 4 weeks running (as of 3 November 2026). ### Will CARE Ratings's share price go up? This page does not forecast CARE Ratings Ltd's share price. What it shows instead: the share price is ₹1,636.80, and it has been stalling near its high for 3 weeks. Its P/E of 25.6× is higher than 51% of its own last 11 years (as of 3 November 2026). ### Does CARE Ratings have too much debt? No, CARE Ratings Ltd has little debt: its debt is 0.03× its equity, and its operating profit is 99 times its interest bill. FY26 borrowings were ₹26.0 Cr against equity of ₹932 Cr. So the returns on this page come from the business, not borrowed money (as of 3 November 2026). ### Where is CARE Ratings in its business cycle? CARE Ratings Ltd's FY26 operating margin was 42.0%, against a 13-year range of 32.0% to 63.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 52.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the CARE Ratings story? Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is CARE Ratings a stock worth studying right now? What the numbers show: CARE Ratings Ltd's earnings have grown faster than its share price. Earnings per share grew +24.3% in a year while the price moved +2.0%. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a CARE Ratings share price forecast for 2026? What management itself 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. 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. What would change the story: ~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. ### Where does this page get CARE Ratings' management information? From CARE Ratings' results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. This is research, not advice. We’re not SEBI-registered.