CARE Ratings
- P/E
- 27.52
Key Fundamentals
MicrocapFinancial ServicesPrice-based figures as of · EPS basis: Consolidated · TTM
- ROCE
- 26.30%
- Debt to Equity
- 0.03
- EPS (TTM)
- ₹59.16
- Book Value
- ₹332.56
- Market Cap
- —
- P/E (TTM)
- 27.52
- P/B
- 4.90
- ROE
- 19.70%
- Dividend Yield
- 0.61%
- EBITDA
- ₹252 Cr
- 52W High
- ₹1,838.00
- 52W Low
- ₹1,392.70
- Day Range
- ₹1,625.00 – ₹1,649.90
- Volume
- 16,580
Peer Comparison
Financial Services › Rating Services › Ratings
| CARE Ratings (this company) | ₹1,628.30 | 27.52 | ₹4,938 Cr | 4.90 | 0.61% | 19.70% | 26.30% | ₹491 Cr | ₹180 Cr |
|---|---|---|---|---|---|---|---|---|---|
| ₹4,445.80 | 21.98 | ₹4,248 Cr | 3.60 | 2.41% | 16.70% | 23.00% | ₹638 Cr | ₹196 Cr | |
| Median 2 companies | ₹3,037.05 | 24.75 | ₹4,593 Cr | 4.25 | 1.51% | 18.20% | 24.65% | ₹565 Cr | ₹188 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 100/100
Category scores
- Quality
- 82
- Strong
- Returns, margins, earnings quality 22% weight
- Valuation
- 46
- Average
- Cheap vs sector & own history 24% weight
- Growth
- 67
- Strong
- Sales & profit trajectory 9% weight
- Financial Health
- 81
- Strong
- Solvency, leverage, coverage 9% weight
- Momentum
- 50
- Average
- Trend strength, vol-adjusted 12% weight
- Ownership
- 82
- Strong
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Strengths
2- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 43.8%
No weaknesses listed
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Bullish | 5 | 7 | 7 |
| Oscillators | Bullish | 0 | 7 | 2 |
| Moving Averages | Neutral | 5 | 0 | 5 |
Oscillators
Bullish
Overall
Bullish
Moving Averages
Neutral
Key readings
- RSI (14)
- 52.51
- Neutral
- MACD (12,26,9)
- 3.17
- Bullish
- SMA (50)
- 1,632.12
- Bearish
- SMA (200)
- 1,633.03
- Bearish
As of
Growth Rate
From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.
Revenue
| 10Y | +5.42% |
|---|---|
| 5Y | +13.78% |
| 3Y | +19.24% |
| 1Y | +17.66% |
| TTM | +17.75% |
Net profit
| 10Y | +3.79% |
|---|---|
| 5Y | +13.84% |
| 3Y | +26.97% |
| 1Y | +24.29% |
| TTM | +25.00% |
Operating cash flow
| 10Y | +3.39% |
|---|---|
| 5Y | +11.47% |
| 3Y | +21.75% |
| 1Y | +20.33% |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 10Y | −20.72 pp |
|---|---|
| 5Y | +2.94 pp |
| 3Y | +6.17 pp |
| 1Y | +3.09 pp |
| TTM | +2.94 pp |
Revenue by year
| Mar 2017 | ₹287 Cr |
|---|---|
| Mar 2018 | ₹333 Cr |
| Mar 2019 | ₹319 Cr |
| Mar 2020 | ₹244 Cr |
| Mar 2021 | ₹248 Cr |
| Mar 2022 | ₹248 Cr |
| Mar 2023 | ₹279 Cr |
| Mar 2024 | ₹332 Cr |
| Mar 2025 | ₹402 Cr |
| Mar 2026 | ₹473 Cr |
Net profit by year
| Mar 2017 | ₹148 Cr |
|---|---|
| Mar 2018 | ₹162 Cr |
| Mar 2019 | ₹138 Cr |
| Mar 2020 | ₹83.00 Cr |
| Mar 2021 | ₹91.00 Cr |
| Mar 2022 | ₹77.00 Cr |
| Mar 2023 | ₹85.00 Cr |
| Mar 2024 | ₹103 Cr |
| Mar 2025 | ₹140 Cr |
| Mar 2026 | ₹174 Cr |
AI Analysis — Bull vs Bear
CARE Ratings Ltd is India's second-largest credit rating agency with approximately 29% market share, trading at a market cap of ₹5,152 crore and a PE of 29.6x. The company is virtually debt-free with a 3-year profit CAGR of 27% and ROE of 20%, though it trades at a premium valuation of 5.5x book value with no identified promoter holding.
- Debt-free balance sheet provides financial resilience with negligible leverage, eliminating interest cost drag on profitability
- Strong 3-year compounded profit growth of 27% demonstrates sustained earnings momentum well above its 10-year CAGR of 4%
- ROE of 20% in the last year (18% 3-year average) indicates efficient capital deployment in an asset-light business model
- Revenue growth of 18% TTM and 19% over 3 years shows consistent top-line expansion driven by India's growing credit market
- Healthy dividend payout of 43.8% with a current yield of 1.29% offers tangible cash returns to shareholders
- PE of 29.6x trades at a significant discount to market leader CRISIL at approximately 37x, despite similar business characteristics
- Oligopolistic industry structure with only 6-7 SEBI-registered rating agencies creates high barriers to entry and pricing power
- FY25 consolidated revenue reached approximately ₹402 crore, up 21% year-on-year, reflecting strong demand for credit ratings amid rising bond issuances
- No identifiable promoter holding (0%) leaves the company without a strategic anchor investor, potentially increasing vulnerability to activist or hostile actions
- 10-year compounded sales CAGR of only 5% and profit CAGR of 4% indicate that recent strong growth may be cyclical rather than structural
- Stock CAGR of just 1% over the past 1 year and 5% over 10 years suggests extended periods of poor price performance despite business growth
- Distant second to CRISIL which commands approximately 65% market share, limiting pricing power and ability to win mandates from top-tier corporates
- FII holding at around 23-24% means significant foreign ownership that can create selling pressure during emerging market risk-off events
- Credit rating is a cyclical business tied to debt issuance volumes; any slowdown in India's capex cycle or bond market could compress revenues
- Retail and public shareholders hold approximately 45% of shares, creating potential overhang from fragmented ownership with no committed long-term anchor
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
TL;DR: CARE Ratings is returning meaningful capital to shareholders with a ₹22/share total dividend, reflecting solid profitability in the credit rating business. No headwinds or risks surfaced in the current news cycle. The dividend approval suggests management confidence in sustained earnings, though limited news flow makes it difficult to assess broader trend direction.
- Strong dividend payout confirmed Jul 3
CARE Ratings approved total dividend of ₹22 per share (₹8 interim + ₹14 final) at its 33rd AGM on July 3, 2026, signaling healthy cash generation and shareholder returns.
Quarterly Results
₹ Cr| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 66 | 96 | 79 | 90 | 79 | 117 | 96 | 110 | 94 | 136 | 112 | 131 | 112 | 164 |
| Expenses | 49 | 55 | 55 | 61 | 57 | 62 | 66 | 62 | 66 | 68 | 72 | 70 | 77 | 80 |
| Operating Profit | 18 | 42 | 23 | 29 | 22 | 56 | 30 | 47 | 28 | 68 | 40 | 61 | 35 | 85 |
| OPM % | 27% | 43% | 30% | 32% | 28% | 47% | 32% | 43% | 30% | 50% | 36% | 46% | 31% | 52% |
| Other Income | 12 | 11 | 14 | 10 | 12 | 12 | 12 | 15 | 14 | 13 | 13 | 16 | 15 | 15 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 |
| PBT | 26 | 50 | 34 | 36 | 30 | 64 | 39 | 59 | 37 | 77 | 49 | 72 | 45 | 96 |
| Tax % | 31% | 29% | 30% | 32% | 30% | 27% | 27% | 26% | 29% | 26% | 25% | 26% | 27% | 24% |
| Net Profit | 18 | 36 | 24 | 25 | 21 | 47 | 28 | 43 | 26 | 57 | 37 | 53 | 33 | 72 |
| EPS (₹) | 5.99 | 11.81 | 7.88 | 8.07 | 6.94 | 15.41 | 9.29 | 14.24 | 8.61 | 18.89 | 11.96 | 17.58 | 10.73 | — |
Sep 2026: from the results filed on 29 Oct 2026, ahead of the full statement, so some rows are blank.
Profit & Loss
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 261 | 279 | 287 | 333 | 319 | 244 | 248 | 248 | 279 | 332 | 402 | 473 | 491 |
| Expenses | 101 | 105 | 105 | 122 | 144 | 162 | 153 | 168 | 180 | 220 | 247 | 276 | 287 |
| Operating Profit | 160 | 174 | 182 | 211 | 175 | 81 | 96 | 80 | 99 | 112 | 155 | 197 | 204 |
| OPM % | 61% | 62% | 63% | 63% | 55% | 33% | 39% | 32% | 36% | 34% | 39% | 42% | 42% |
| Other Income | 44 | 9 | 34 | 25 | 30 | 31 | 31 | 27 | 38 | 47 | 51 | 55 | 56 |
| Interest | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 2 | 2 | 2 | 2 |
| Depreciation | 5 | 4 | 3 | 3 | 3 | 8 | 8 | 8 | 11 | 10 | 12 | 14 | 15 |
| PBT | 197 | 178 | 212 | 233 | 202 | 104 | 119 | 99 | 126 | 147 | 192 | 235 | 243 |
| Tax % | 30% | 33% | 31% | 30% | 32% | 20% | 23% | 22% | 32% | 30% | 27% | 26% | — |
| Net Profit | 138 | 120 | 148 | 162 | 138 | 83 | 91 | 77 | 85 | 103 | 140 | 174 | 180 |
| EPS (₹) | 47.53 | 40.68 | 50.13 | 55.13 | 46.66 | 27.96 | 30.39 | 25.34 | 28.12 | 33.67 | 45.85 | 56.97 | 59.16 |
| Div. Payout % | 166% | 69% | 56% | 100% | 64% | 70% | 56% | 67% | 89% | 53% | 39% | 39% | — |
Balance Sheet
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 30 | 30 | 30 | 30 | 30 |
| Reserves | 330 | 379 | 491 | 567 | 521 | 504 | 559 | 618 | 643 | 687 | 776 | 902 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 7 | 9 | 17 | 20 | 24 | 26 |
| Other Liabilities | 87 | 94 | 64 | 61 | 64 | 85 | 74 | 69 | 80 | 105 | 128 | 146 |
| Total Liabilities | 446 | 502 | 584 | 658 | 614 | 618 | 671 | 725 | 770 | 842 | 958 | 1,105 |
| Fixed Assets | 65 | 64 | 61 | 60 | 83 | 93 | 85 | 96 | 107 | 109 | 119 | 122 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 1 | 3 | 8 | 4 | 6 | 3 | 5 |
| Investments | 335 | 381 | 466 | 518 | 439 | 339 | 240 | 44 | 44 | 44 | 134 | 87 |
| Other Assets | 46 | 58 | 57 | 79 | 93 | 185 | 343 | 577 | 614 | 683 | 702 | 890 |
| Total Assets | 446 | 502 | 584 | 658 | 614 | 618 | 671 | 725 | 770 | 842 | 958 | 1,105 |
Cash Flow
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 107 | 106 | 119 | 134 | 109 | 67 | 86 | 68 | 82 | 91 | 123 | 148 |
| Investing | 157 | −41 | −22 | −25 | 83 | 27 | −38 | −27 | 13 | −39 | −58 | −94 |
| Financing | −276 | −66 | −96 | −99 | −195 | −107 | −43 | −35 | −63 | −63 | −54 | −59 |
| Net Cash Flow | −12 | −1 | 1 | 11 | −4 | −13 | 5 | 6 | 32 | −11 | 11 | −6 |
| Free Cash Flow | 96 | 104 | 118 | 131 | 82 | 63 | 82 | 49 | 71 | 82 | 108 | 140 |
| CFO/EBITDA | 104 | 95 | 101 | 95 | 98 | 125 | 114 | 122 | 115 | 119 | 112 | 107 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 22 | 31 | 32 | 43 | 54 | 61 | 31 | 25 | 27 | 25 | 29 | 27 |
| Cash Conversion Cycle | 22 | 31 | 32 | 43 | 54 | 61 | 31 | 25 | 27 | 25 | 29 | 27 |
| Working Capital Days | −82 | −65 | −10 | −1 | 13 | 14 | −3 | 635 | 638 | 591 | 451 | 316 |
| ROCE % | 39% | 46% | 44% | 41% | 35% | 19% | 21% | 16% | 19% | 21% | 25% | 26% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view CARE Ratings insights
55 extracted metrics across FY12–FY27.
Documents
- General announcements 30 Oct 2026
Frequently Asked Questions about CARE Ratings
What does CARE Ratings Ltd do?
Where is CARE Ratings Ltd (CARERATING) listed?
Which sector does CARE Ratings Ltd belong to?
What is the PE ratio of CARE Ratings Ltd?
What is the 52-week high and low of CARE Ratings Ltd?
Does CARE Ratings Ltd pay dividends?
What is the Return on Equity (ROE) of CARE Ratings Ltd?
Company Information
CARE Ratings is a leading credit rating agency of India. The Company provides various credit ratings that helps corporates to raise capital for their various requirements and assists the investors to form an informed investment decision based on the credit risk and their own riskreturn expectations.
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