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CARE Ratings Limited

CARE Ratings Limited

CARERATING.BO
CARE Ratings LimitedIN flagBombay Stock Exchange
1,605.60
INR
-44.00
- -
48.32BMarket Cap
CARE Ratings Limited
CARERATING.BO
(Bombay Stock Exchange)

Recent

price

1,605.60

P/E

ratio

- -

div

yld

- -

ROIC.AI

2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
62.89
71.11
81.86
89.85
96.11
97.67
111.78
108.27
82.7
84.33
83.91
94.08
111.42
134.54
157.68
157.7
Revenue per Share
37.69
39.78
44.96
47.53
41.14
50.17
54.57
46.66
27.96
30.38
25.45
28.17
33.77
45.89
57.06
57.06
Basic EPS, GAAP
31.44
27.03
35.97
33.06
35.61
40.09
44.14
27.95
21.32
27.73
16.61
23.85
27.45
36.19
46.42
- -
Free Cash Flow per Basic Share
14.14
13.95
32.9
94.77
31.32
33.72
33.35
66.31
35.08
13.5
12.98
20.15
22.47
18.36
19.45
- -
Dividend per Share
94.37
105.59
111.77
60.58
83.67
93.63
109.56
90.84
83.35
100.48
113.1
120.84
131.64
158.96
196.82
196.85
Book Value per Share
129.56
146.28
166.45
120.94
158.76
174.05
198.18
184.29
178.95
197.41
215.62
224.2
237.7
265.83
306.62
306.66
Tangible Book Value per Share
29
29
29
29
29
29
30
29
29
29
30
30
30
30
30
30
Basic Weighted Avg Shares
1,796
2,030
2,356
2,605
2,794
2,874
3,327
3,190
2,436
2,484
2,476
2,790
3,317
4,023
4,731
4,731
Sales/Revenue/Turnover
67.6
65.01
61.48
59.3
60.98
70.64
62.72
53.92
31.26
37.26
29.27
33.92
30.98
35.89
38.81
38.66
Operating Margin (%)
21
32
29
51
42
34
31
33
78
80
77
105
105
117
144
144
Depreciation Expense
1,076
1,136
1,294
1,378
1,196
1,476
1,624
1,375
824
895
751
835
1,005
1,372
1,712
1,712
Net Income, GAAP
28.05
29.06
28.2
29.99
32.96
30.53
30.35
31.56
19.8
23.33
22.1
32.04
30.05
27.18
26.2
26.2
Effective Tax Rate (%)
59.93
55.94
54.93
52.9
42.81
51.37
48.82
43.1
33.81
36.03
30.33
29.94
30.31
34.11
36.18
36.18
Profit Margin (%)
2,196
2,201
2,320
1,053
1,857
3,913
2,913
2,304
2,364
4,929
5,127
5,440
5,959
5,943
5,596
5,596
Working Capital
- -
- -
- -
- -
- -
- -
- -
- -
83
45
56
153
171
205
218
218
LT Debt
3,778
4,249
4,863
3,589
4,697
5,205
5,989
5,523
5,365
5,930
6,528
6,790
7,246
8,155
9,431
9,431
Total Equity
- -
23.37
22.91
25.73
27.75
28.71
26.04
20.44
11.22
12.5
8.97
9.5
10
13.29
14.97
14.91
Return on Invested Capital (%)
- -
39.67
41.35
55.69
57.1
56.88
53.78
45.76
30.94
31.2
22.5
22.52
24.87
29.34
30.02
30.02
Return on Capital (%)
- -
39.79
41.53
55.42
57.1
56.92
53.99
46.31
32.1
33.06
23.85
24.14
26.8
31.65
32.12
32.12
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
36
- -
44
LT Borrowings
- -
- -
- -
LT Finance Leases
219
- -
218
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
30
- -
30
Market Capitalization
45,621
47,969
43,192

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
7,562
- -
6,773
Cash, Cash Equivalents & STI
6,494
- -
6,193
Accounts Receivable, Net
797
- -
350
Inventories
- -
- -
- -
Total Current Liabilities
1,194
- -
1,177
Payables & Accruals
- -
- -
- -
ST Debt
36
- -
44
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
7.48%
9.8%
15.65%
Free Cash Flow
7.53%
16.19%
28.7%
Net Income, GAAP
6.34%
15.34%
24.73%
Sales/Revenue/Turnover
6.3%
14.02%
17.59%
Total Cash Common Dividend
4.98%
10.53%
6.27%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
664
964
787
901
3,317
2025
789
1,174
964
1,097
4,023
2026
939
1,364
1,121
1,307
4,731

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
6
11.83
7.88
- -
33.77
2025
6.94
15.41
9.3
14.24
45.89
2026
8.61
18.9
11.96
17.58
57.06

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
22.47
2025
- -
- -
- -
- -
18.36
2026
- -
- -
- -
- -
19.45
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Business
CARE Ratings Limited, a leading credit rating agency in India and part of the CareEdge Group, provides independent credit ratings, research, analytics, and risk advisory services to facilitate capital market transactions and informed investment decisions. Incorporated on April 21, 1993, as Credit Analysis & Research Limited and renamed CARE Ratings Limited on February 22, 2017, the company is headquartered in Mumbai, Maharashtra, with regional offices across India including Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, and New Delhi, and international subsidiaries in Mauritius, Nepal, and South Africa. It offers a comprehensive suite of rating products covering bank loans, debt instruments, bonds, non-convertible debentures, preference shares, fixed deposits, structured finance, corporate debt, project finance, public finance, and securitization; research services including industry, macroeconomic, and sector-specific analyses; and risk solutions such as credit risk management, counterparty risk assessment, financial risk management, enterprise risk management, and ESG ratings. The company serves banks, financial institutions, non-banking financial companies, corporates, public sector undertakings, government organizations, and investors across sectors like manufacturing, infrastructure, financial services, and banking, holding leadership positions in PSU ratings, financial, and infrastructure sectors with over 91,000 rating assignments completed. Recent developments include a non-binding term sheet signed on November 12, 2025, with State Bank of India and NSE IFSC to acquire up to 9.9% stakes each in subsidiary CareEdge Global IFSC Limited, reducing CARE Ratings' ownership from 100%; allotment of 6,283 equity shares under the ESOP scheme 2020 and approval of 27,000 new stock options in November 2025 to enhance employee alignment; a strategic resource optimization shift in FY25 boosting new business acquisitions; and a April 2024 MoU by CareEdge Africa with the African Peer Rating Mechanism for technical collaboration on establishing a Pan-African Credit Rating Agency. Subsidiaries such as CARE Kalypto Risk Technologies & Advisory Services Private Limited focus on enterprise risk management solutions, while CARE Ratings (Africa) Private Limited and others expand global ratings and advisory operations.