Care Ratings Limited (CARERATING)

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Care Ratings Limited (CARERATING) · mywealthgrid

About

Care Ratings Limited is a credit ratings agency operating in India's capital markets sector. With ₹5,169.37 Cr market cap and 41.73% operating margins, it maintains zero debt and is held primarily by institutional investors (FII 23.41%, DII 31.58%). The company generates quarterly net profit ranging ₹32.99–₹57.21 Cr with 19.69% ROE.

Face value: ₹10

Market cap

₹4,824 Cr

P/E

27.2×

P/B

5.2×

Dividend yield

2.1%

ROE

19.7%

ROCE

25.8%

Debt / equity

OPM

41.7%

EPS (TTM)

₹59.1

Book value

₹310.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Quarterly earnings volatile: standalone net profit ranges ₹32.99–₹57.21 Cr and OPM swings 31–57%, suggesting dependence on rating volumes or transaction mix — verify drivers.
Zero promoter stake (0%) — verify management's long-term incentive alignment and succession planning.
Priced at PE 29.1 with 1y return only 5.49% — verify if earnings growth rate justifies current valuation vs. financial services peers.
Business dependent on corporate debt issuance for rating demand — verify exposure to capital market cycles and economic downturns.

Generated analysis · source review pending

Growth drivers

Zero debt (D/E: 0) and 41.73% OPM provide capacity to increase dividend payouts or redeploy capital — verify management's allocation strategy and payout growth.
Quarterly net profit ranges ₹32.99–₹57.21 Cr, suggesting operating leverage if transaction volumes or average fees improve — verify current utilization.
High OPM of 41.73% indicates efficient operations; verify if higher rating volumes would expand margins further or if pricing power is the primary driver.
Capital-light structure (zero debt, high margins) could enable entry into adjacent services (ESG ratings, credit research) — verify management's stated strategic direction.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,602.7-2.1%1Y

Quick read

rule-based

Pros

+High return on capital employed of 23.3%
+Healthy operating margin of 41.7%
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 95.5×
+Dividend payout of 55.9% of profit

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

72/100

Business quality: 86
Growth: 83
Valuation: 48

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	319	244	248	248	279	332	402	473
	144	162	153	168	180	220	247	276
	175	81	96	80	99	112	155	197
OPM %	54.8%	33.4%	38.6%	32.2%	35.6%	33.8%	38.6%	41.7%
Depreciation	3	8	8	8	11	10	12	14
Interest	—	1	1	0	1	2	2	2
	30	31	31	27	38	47	51	55
Profit before tax	—	104	119	99	126	147	192	235
Tax	64	21	28	22	40	44	52	62
Tax %	—	19.8%	23.3%	22.1%	32%	30.1%	27.2%	26.2%
	138	83	91	77	85	103	140	174
PAT margin %	43.3%	34.3%	36.6%	31%	30.6%	30.9%	34.8%	36.7%
EPS (₹)	—	28	30.4	25.5	28.2	33.8	45.9	57.1
EPS adjusted (₹)	0.2	28	30.4	25.3	27.8	33.7	45.9	57
	—	69.7%	56%	66.8%	88.7%	53.3%	39.2%	38.6%
Annual report	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	29	29	29	30	30	30	30	30
Reserves	521	504	559	618	643	687	776	902
Minority interest	—	—	4	5	7	7	9	11
	—	—	0	0	0	20	0	0
	65	86	79	75	92	98	142	162
Total equity & liabilities	615	619	672	727	771	842	958	1,105
	—	—	78	87	107	109	119	122
CWIP	—	—	7	9	0	0	0	0
Investments	249	226	240	44	44	44	134	87
	366	393	347	588	620	689	704	895
Total assets	615	619	672	727	771	842	958	1,105

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Ratings and related services	423.4	231.61	963.28	124.05	839.23	27.6
Others	50.59	-0.14

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	54.8%	33.4%	38.6%	32.2%	35.6%	33.8%	38.6%	41.7%
EBIT margin %	53.7%	30.2%	35.4%	29%	31.8%	30.6%	35.7%	38.7%
PAT margin %	43.3%	34.3%	36.6%	31%	30.6%	30.9%	34.8%	36.7%
Working capital
Receivable days	54	61	31	25	28	25	29	27
Inventory days	—	—	0	0	0	0	0	0
Payable days	—	—	9	11	20	22	22	20
NWC days	—	—	22	13	8	3	7	7
Leverage
Current ratio	5.71	4.95	10.88	11.01	10.19	8.57	7.08	5.76
Debt to EBITDA	—	—	0	0	0	0.17	0	0
Debt to equity	—	—	0	0	0	0.03	0	0
Interest coverage	—	112.9	192.4	215.4	126.8	86.7	92.1	95.5
Asset turnover	0.52	0.39	0.37	0.34	0.36	0.39	0.42	0.43
Return ratios
Return on assets %	22.4%	13.5%	13.5%	10.6%	11.1%	12.2%	14.6%	15.7%
Return on capital employed %	35.6%	18.7%	20.2%	15.3%	18.3%	20.1%	24%	25.8%
Return on equity %	25.1%	15.7%	15.4%	11.9%	12.7%	14.3%	17.4%	18.6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoter	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	20.9%	21.67%	22.91%	23.37%	24.8%	24.75%	23.74%	24.62%	23.61%	23%	23.25%	23.41%
	23.73%	26.33%	26.89%	26.15%	25.28%	27.51%	29.38%	29.76%	31.6%	31.3%	31.39%	31.58%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	55.37%	52%	50.2%	50.48%	49.92%	47.74%	46.88%	45.62%	44.79%	45.7%	45.36%	45.01%
No. of shareholders	—	—	—	—	—	—	—	—	56,931	59,139	58,978	58,466

Promoter holding up 0 percentage points since Sep 2023.

13 deals · 11 Aug 2021 – 4 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
4 Sept 2026	TENCORE PARTNERS MASTER LTD.	Bulk	NSE	Sell	2,17,500	₹1,725.00	₹37.52 Cr
4 Sept 2026	TENCORE PARTNERS MASTER LTD.	Bulk	BSE	Sell	2,09,037	₹1,725.00	₹36.06 Cr
23 May 2023	JYOTSNA GAUTAM KULKARNI	Bulk	NSE	Sell	1,67,000	₹668.91	₹11.17 Cr
13 Jul 2022	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	2,45,661	₹469.24	₹11.53 Cr
13 Jul 2022	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	2,45,661	₹468.52	₹11.51 Cr
27 Apr 2022	PHAEACIAN ACCENT INTERNATIONAL VALUE FUND	Bulk	NSE	Sell	1,54,790	₹477.57	₹7.39 Cr
8 Apr 2022	NIPPON INDIA MUTUAL FUND	Bulk	BSE	Buy	5,17,281	₹539.79	₹27.92 Cr
8 Apr 2022	PHAEACIAN ACCENT INTERNATIONAL VALUE FUND	Bulk	BSE	Sell	3,73,745	₹540.21	₹20.19 Cr
8 Apr 2022	MULTI FUND 10 UMBRELLA ICAV - KINSALE NAVIGATOR FUND	Bulk	BSE	Sell	2,99,489	₹540.21	₹16.18 Cr
11 Aug 2021	GOLDMAN SACHS INDIA FUND LIMITED	Block	BSE	Sell	7,22,018	₹669.80	₹48.36 Cr

1–10 of 13

1 / 2

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. V. ChandrasekaranNon-Executive - Independent Director-Chairperson
Mr. Mehul Harshadray PandyaExecutive Director-CEO-MD
Mr. Mahalingam GNon-Executive - Independent Director
Mr. Manoj ChughNon-Executive - Independent Director
Mr. Rajiv BansalNon-Executive - Independent Director
Ms. Indrani BanerjeeNon-Executive - Independent Director
Mr. Bimal N PatelNon-Executive - Independent Director
Mr. Jinesh ShahChief Financial Officer
Mr. Manoj Kumar C.V.Company Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 4 fund houses

Held by these funds

11.16%

of the company's equity

All mutual funds

17.9%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

7 schemes · 4 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	14.77 L	255.34	0.31%	4.906%	-0
Banking And Financial Services Fund	SBI Mutual Fund	5.61 L	97.07	0.89%	1.865%	-0
Multi Cap FundNEW	Nippon India Mutual Fund	5.41 L	93.55	0.17%	1.798%	—
Small Cap FundNEW	ICICI Prudential Mutual Fund	3.68 L	63.66	0.65%	1.223%	—
Business Cycle Fund	ICICI Prudential Mutual Fund	2.33 L	40.23	0.25%	0.773%	-0
Banking & Financial Services Fund	ICICI Prudential Mutual Fund	1.8 L	31.15	0.27%	0.599%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	81	0.01	0.02%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

28 announcementsExport CSV

28 Sept 2026, 4:25 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	54.8%	33.4%	38.6%	32.2%	35.6%	33.8%	38.6%	41.7%
EBIT margin %	53.7%	30.2%	35.4%	29%	31.8%	30.6%	35.7%	38.7%
PAT margin %	43.3%	34.3%	36.6%	31%	30.6%	30.9%	34.8%	36.7%
Working capital
Receivable days	54	61	31	25	28	25	29	27
Inventory days	—	—	0	0	0	0	0	0
Payable days	—	—	9	11	20	22	22	20
NWC days	—	—	22	13	8	3	7	7
Leverage
Current ratio	5.71	4.95	10.88	11.01	10.19	8.57	7.08	5.76
Debt to EBITDA	—	—	0	0	0	0.17	0	0
Debt to equity	—	—	0	0	0	0.03	0	0
Interest coverage	—	112.9	192.4	215.4	126.8	86.7	92.1	95.5
Asset turnover	0.52	0.39	0.37	0.34	0.36	0.39	0.42	0.43
Return ratios
Return on assets %	22.4%	13.5%	13.5%	10.6%	11.1%	12.2%	14.6%	15.7%
Return on capital employed %	35.6%	18.7%	20.2%	15.3%	18.3%	20.1%	24%	25.8%
Return on equity %	25.1%	15.7%	15.4%	11.9%	12.7%	14.3%	17.4%	18.6%

Date	Category	Subject	Filing
28 Sept 2026, 4:25 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
21 Sept 2026, 5:16 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
15 Sept 2026, 11:48 am	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
11 Sept 2026, 4:21 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
4 Sept 2026, 12:25 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
3 Sept 2026, 4:22 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
2 Sept 2026, 4:19 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
1 Sept 2026, 5:30 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
National Stock Exchange of India LtdNSENSE	₹4,30,972 Cr	₹4,35,023 Cr	₹16,601 Cr	—	—	₹10,302 Cr	62.1%	3.3%	33%	—
ICICI Prudential Asset Management Company LimitedICICIAMCICICIAMC	₹1,52,462 Cr	₹1,52,462 Cr	₹5,765 Cr	₹4,294 Cr	74.5%	₹3,298 Cr	57.2%	—	85.8%	—
Billionbrains Garage Ventures LimitedGROWWGROWW	₹1,12,994 Cr	₹1,13,218 Cr	₹5,242 Cr	₹3,234 Cr	59.1%	₹2,440 Cr	44.9%	29.4%	21.6%	-1,528
Sbi Funds Management LimitedSBIFUNDSSBIFUNDS	₹1,01,911 Cr	—	₹4,389 Cr	₹3,472 Cr	79.1%	₹3,067 Cr	69.9%	—	43%	—
Multi Commodity Exchange Of India LimitedMCXMCX	₹81,702 Cr	₹81,702 Cr	₹2,302 Cr	₹1,643 Cr	71.3%	₹1,332 Cr	57.8%	46.7%	56.3%	-321
Nippon Life India Asset Management LimitedNAM-INDIANAM-INDIA	₹66,871 Cr	₹66,871 Cr	₹2,869 Cr	₹1,915 Cr	66.3%	₹1,637 Cr	56.5%	—	34.5%	—
Motilal Oswal Financial Services LimitedMOTILALOFSMOTILALOFS	₹59,602 Cr	₹80,857 Cr	₹10,063 Cr	₹4,120 Cr	41.3%	₹1,980 Cr	20%	—	15.6%	—
360 One Wam Limited360ONE360ONE	₹42,297 Cr	₹57,749 Cr	₹4,638 Cr	₹2,875 Cr	62.1%	₹1,262 Cr	27.9%	—	14.4%	—
Nuvama Wealth Management LimitedNUVAMANUVAMA	₹31,051 Cr	₹42,594 Cr	₹4,884 Cr	₹2,554 Cr	52.7%	₹1,083 Cr	22.5%	—	27.4%	—
Aditya Birla Sun Life Amc LimitedABSLAMCABSLAMC	₹28,680 Cr	₹28,680 Cr	₹1,861 Cr	₹1,096 Cr	59.9%	₹1,007 Cr	52.9%	—	25.1%	—
Angel One LimitedANGELONEANGELONE	₹25,280 Cr	₹33,159 Cr	₹5,426 Cr	₹2,028 Cr	35.4%	₹1,032 Cr	17.8%	—	15.6%	—
Anand Rathi Wealth LimitedANANDRATHIANANDRATHI	₹17,575 Cr	₹17,592 Cr	₹1,197 Cr	₹462 Cr	41.9%	₹465 Cr	34.6%	59.1%	47.4%	14

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	109	-30	86	68	82	91	123	148
	83	124	-38	-27	13	-39	-58	-95
	-195	-107	-43	-35	-63	-63	-54	-59
Net cash flow	-4	-13	5	6	32	-11	11	-6
Free cash flow	82	-34	82	49	71	82	108	139
CFO / Operating profit %	62.2%	-36.7%	90%	85.4%	82.8%	81.1%	79.2%	74.8%

Care Ratings Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

44

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Others · revenue

Care Ratings Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Investor Presentation and earnings call

Dividends44

Board meetings1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Others · revenue

44

1