CARERATING
CARE Ratings share price & financials
- Price
- ₹1,713.3
- Market cap
- ₹5.0k Cr
- Sector
- Financial Services
- Calls analysed
- 6
CARE Ratings Q4 FY26
What went well
- Consolidated revenue from operations for FY26 stood at ₹473.07 crores, marking full year growth of 18%.
- Consolidated operating profit amounted to ₹197.39 crores, reflecting a growth of 27% with operating margin at 42%.
- Consolidated profit after tax reached an all-time high of ₹173.69 crores, reflecting a year-on-year growth of 24% over FY25 with PAT margin of 33%.
What to watch
- Corporate bond issuances declined by 3.2% for the full year FY26 and by 11.3% in Q4 FY26.
- FY27 real GDP growth projected to moderate to around 6.7% from a pre-conflict baseline of 7.2% due to global crude oil prices and potential weaker monsoon.
What CARE Ratings Limited does
CARE Ratings (CareEdge) assigns credit ratings to bank loans, bonds/NCDs, structured finance instruments, IPOs of REITs/InvITs, and resolution/recovery plans for corporates, financial institutions and infrastructure issuers, earning fee income from issuers for these ratings. Beyond its core domestic ratings business, the group operates non-ratings verticals — analytics, advisory/consulting and ESG ratings — and extends its ratings franchise abroad through wholly/majority-owned subsidiaries covering global scale ratings, Africa and Nepal. The company is licensed by SEBI and accredited by the RBI as a credit rating agency.
Segments
- Ratings Segment
- Non-Ratings Segment
- Market position
- India's 2nd-largest credit rating agency
- Cumulative rating assignments
- Over 1,01,111
- Group structure
- 6 subsidiaries across ratings, analytics, ESG and global markets
- Geographic presence
- 4 continents
- CareEdge Global sovereign coverage
- 45 sovereigns rated — ranked 4th globally by country coverage
- ESG ratings market share
- 58% market share in Category 1 ESG Rating Provider (Issuer Pays) segment
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.
All 13 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 19.1%, net profit up 26.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 117 | 96 | 110 | 94 | 136 +16% | 112 +17% | 131 +19% | 112 +19% |
| EBITDA | 56 | 30 | 47 | 28 | 68 +21% | 40 +33% | 61 +30% | 35 +25% |
| Net profit | 47 | 28 | 43 | 26 | 57 +21% | 37 +32% | 53 +23% | 33 +27% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +1.4% 1Y
1Y: ₹1,627.7 on 10 Sept 2025 → ₹1,650.5. High ₹1,800.4 (15 May 2026), low ₹1,412.5 (23 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +7.9%
- 14 May
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 19.1% a year over 3 years, FY23 to FY26. Operating margin widened to 41.6%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹280 Cr | ₹331 Cr | ₹402 Cr | ₹473 Cr |
| Operating profit | ₹99 Cr | ₹112 Cr | ₹155 Cr | ₹197 Cr |
| Operating margin | 35.4% | 33.8% | 38.6% | 41.6% |
| Interest | ₹1 Cr | ₹0 Cr | ₹2 Cr | ₹4 Cr |
| Depreciation | ₹11 Cr | ₹12 Cr | ₹12 Cr | ₹14 Cr |
| Net profit | ₹85 Cr | ₹103 Cr | ₹139 Cr | ₹173 Cr |
| Net margin | 30.4% | 31.1% | 34.6% | 36.6% |
| Cash from operations | ₹82 Cr | ₹91 Cr | ₹123 Cr | ₹148 Cr |
| Free cash flow | ₹71 Cr | ₹82 Cr | ₹108 Cr | ₹140 Cr |
| ROCE | 19.0% | 21.0% | 25.0% | 26.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹29 Cr | ₹30 Cr | ₹30 Cr | ₹30 Cr | ₹30 Cr | ₹30 Cr |
| Reserves | ₹559 Cr | ₹618 Cr | ₹643 Cr | ₹687 Cr | ₹832 Cr | ₹902 Cr |
| Borrowings | ₹7 Cr | ₹9 Cr | ₹17 Cr | ₹20 Cr | ₹25 Cr | ₹26 Cr |
| Other liabilities | ₹74 Cr | ₹69 Cr | ₹80 Cr | ₹105 Cr | ₹150 Cr | ₹146 Cr |
| Total liabilities | ₹671 Cr | ₹725 Cr | ₹770 Cr | ₹842 Cr | ₹1.0k Cr | ₹1.1k Cr |
| Fixed assets | ₹85 Cr | ₹96 Cr | ₹107 Cr | ₹109 Cr | ₹124 Cr | ₹122 Cr |
| Capital work in progress | ₹3 Cr | ₹8 Cr | ₹4 Cr | ₹6 Cr | ₹0 Cr | ₹5 Cr |
| Investments | ₹240 Cr | ₹44 Cr | ₹44 Cr | ₹44 Cr | ₹175 Cr | ₹87 Cr |
| Other assets | ₹343 Cr | ₹577 Cr | ₹614 Cr | ₹683 Cr | ₹739 Cr | ₹890 Cr |
| Total assets | ₹671 Cr | ₹725 Cr | ₹770 Cr | ₹842 Cr | ₹1.0k Cr | ₹1.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +1.82 pp while FIIs trimmed −1.21 pp. The shareholder count shrank 4% to 58,466.
- FIIs
- 23.4%
- DIIs
- 31.6%
- Public
- 45.0%
Since Jun 2025
- DIIs +1.82 pp
- FIIs −1.21 pp
- Public −0.60 pp
How it drifted, 12 quarters
Over this window the public fell from 55.4% to 45.0% — −10.4 pp.
Ownership split by quarter, oldest first. Sep '23: FIIs 20.9%, DIIs 23.7%, Public 55.4%.Dec '23: FIIs 21.7%, DIIs 26.3%, Public 52.0%.Mar '24: FIIs 22.9%, DIIs 26.9%, Public 50.2%.Jun '24: FIIs 23.4%, DIIs 26.1%, Public 50.5%.Sep '24: FIIs 24.8%, DIIs 25.3%, Public 49.9%.Dec '24: FIIs 24.8%, DIIs 27.5%, Public 47.7%.Mar '25: FIIs 23.8%, DIIs 29.4%, Public 46.9%.Jun '25: FIIs 24.6%, DIIs 29.8%, Public 45.6%.Sep '25: FIIs 23.6%, DIIs 31.6%, Public 44.8%.Dec '25: FIIs 23.0%, DIIs 31.3%, Public 45.7%.Mar '26: FIIs 23.3%, DIIs 31.4%, Public 45.4%.Jun '26: FIIs 23.4%, DIIs 31.6%, Public 45.0%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Isif Equity Ex-Top 100 Long-Short Fund AIF newly disclosed 3.29% held
- Mirae Asset Equity Savings Fund Mutual fund newly disclosed 1.73% held
- Whiteoak Capital Flexi Cap Fund Mutual fund +1.08 pp 3.13% held
- Vanguard Total International Stock Index Fund Global fund house +0.05 pp 1.22% held
The same filing shows 4 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of CARE Ratings Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Crisil Limited | 8.72% | unchanged |
| Life Insurance Corporation Of India Insurer | 8.50% | −0.99 pp |
| Nippon Life India Trustee Ltd-A/C Nippon India Mul Mutual fund | 7.45% | −0.47 pp |
| PARI WASHINGTON INDIA MASTER nFUND, LTD. FPI fund | 5.19% | −0.80 pp |
| Isif Equity Ex-Top 100 Long-Short Fund AIF | 3.29% | newly disclosed |
| Whiteoak Capital Flexi Cap Fund Mutual fund | 3.13% | +1.08 pp |
| India Insight Value Fund FPI fund | 2.47% | unchanged |
| Pari Washington Investment Fund AIF | 2.24% | −0.26 pp |
| Aquamarine Master Fund L.P FPI fund | 2.17% | unchanged |
| SBI Banking & Financial Services Fund Mutual fund | 1.87% | unchanged |
| Russell Investments Limited | 1.77% | unchanged |
| Mirae Asset Equity Savings Fund Mutual fund | 1.73% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in CARERATING
Filings to Aug 2026
0 new, 0 added, 1 trimmed, 0 sold out — net −0.02 L shares (−0.1%).
- Held by funds
- ₹446 Cr
- 3 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹255 Cr · 0.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹255 Cr | held | Apr '22 |
| SBI Banking And Financial Services Fund SBI Mutual Fund | ₹97 Cr | held | Oct '24 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹94 Cr | −0.02 L | Aug '21 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 1 trimmed — net −1,715 shares (−0.1%)
- Funds are sitting on
- +155%
- vs est. average cost
- Held by funds
- ₹446 Cr
- 3 schemes · ≈ 8.9% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹255 Cr · 0.3% of that fund
- Longest holder
- Nippon India Multi Cap Fund
- 5y 1m · since Aug '21
Shares held by these funds −0%
Aug '23 25.81 L shares Jul '26
All earnings calls (6)
Read the Q4 FY26 call →Learn to analyse CARE Ratings Limited
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