CARERATING

What CARE Ratings promised, and what happened

Every commitment management made on a call, tracked from the quarter it was made — reaffirmed, revised, diluted or quietly dropped.

Guidance record · Q4 FY26

what the last two calls moved 13 tracked 6 delivered 3 missed 4 open
  • Ratings Market Share Gain delivered said Q2 FY22 Promised: at least 1% per annum over the next 3-4 years Q4 FY26: Management states they continue to hold about a 24%-25% market share in the incremental business, confirming the gains from prior years are being maintained and the promise is fulfilled.
  • Non-ratings Business Contribution to Revenue and Earnings missed said Q2 FY22 Promised: one-third of total revenue and earnings coming from non-ratings business by March of 2025 Q4 FY26: Promise concluded in FY25. The new target of 20% is tracked separately under promise 'non-rating-mix-80-20-long-term'.
  • Non-rating to Rating Business Mix on track said Q4 FY24 Promised: progressively, we'd like to move towards an 80-20 kind of mix... over a period of time Q4 FY26: Non-rating revenue grew to 10.57% of total revenue (vs 10.5% in FY25). While the ratio has not improved significantly, the underlying analytics business has reached breakeven, which management presents as a key step before acceleration.

The rest of the ledger

Above is what the last two calls moved. Pro opens all 13 tracked commitments for CARE Ratings — every quarter's revision, the source quote behind each one, and the topics management has stopped answering.

See what Pro opens