CARE Ratings Ltd(CARERATING)

NSE: CARERATINGBSE: 534804

₹ 1,570-2.00%refreshed 26 Oct, 03:29 pm ISTMarket cap: ₹ 4,729 crNext results: 29 Oct 2026Website: www.careratings.comUpdated: 24 Oct 2026

About

CareEdge (CARE Ratings Ltd) is an Indian credit rating agency that assigns ratings to bank loans, bonds, commercial paper, and other debt instruments, and operates subsidiaries in analytics, advisory, ESG ratings, and international ratings. In FY26 the consolidated group generated revenue of ₹473.07 crores (+18% YoY), with ratings accounting for 89.3% of revenue. The company holds a 24 - 25% incremental market share (by count and volume of debt rated) in FY26 and has expanded internationally through CareEdge Global IFSC, which ranks among the top-ten global rating agencies by sovereign country coverage.^[1][2][3]

Business segments

Ratings and related services: 89.3% of consolidated revenue (₹423.4 Cr) in FY26, providing credit ratings on bank loans, bonds, and structured instruments; segment EBIT margin 54.7%.^[3]
Others (non-ratings): 10.7% of consolidated revenue (₹50.59 Cr) in FY26, comprising analytics, advisory, ESG ratings, and international ratings; segment EBIT margin -0.3%.^[3]
Non-ratings segment share has risen 4.8 percentage points since FY19, while ratings share has declined 4.8 pp over the same FY2019 - FY2026 window.^[3]

Key operating numbers

Incremental market share (by count and volume of debt rated): 24 - 25% in FY26.^[2]
Rated entities in portfolio: 5,200+ as of FY26.^[2]
Standalone ratings revenue: ₹387.72 Cr in FY26 (+15% YoY); consolidated ratings segment revenue: ₹423.05 Cr (+17% YoY).^[2]
Non-ratings segment revenue crossed ₹50 crores in FY26, growing 19% YoY; it contributed 11% of consolidated 9M FY26 revenue.^[2][4]
Bank credit offtake grew 16.1% in FY26 vs 11% the prior year, supporting bank loan rating volumes; corporate bond issuances declined 3.2% for the full FY26 year.^[2]

Products and services

Core offering: credit ratings on bank loans, corporate bonds, and commercial paper for Indian issuers, under the CARE Ratings brand.^[2][5]
CareEdge ESG Ratings: assigns ESG ratings under the SEBI Category 1 ESG Rating Provider framework; 58% market share among Category 1 ERPs in FY26, up from 50% as of March 2025.^[2][6]
EdgeAvira.AI platform with CredEdge, IntelEdge, and Kalypto products is live with clients as of FY26.^[2]
New products launched in Q3 FY26: PaRRVA (Past Risk and Return Verification Agency) and ReInvitEdge (platform for Infrastructure Investment Trusts).^[4]

Operations and subsidiaries

CareEdge Global IFSC (international ratings subsidiary): rated 45 sovereigns by end-FY26, ranking fourth globally by country coverage and among the top-10 global rating agencies.^[2]
CareEdge Global rated 30+ issuers across 10+ sectors and over US$8 billion of corporate debt in its first full year of operations (FY26).^[2]
CareEdge Global received RBI accreditation as an eligible International Credit Rating Agency in July 2025.^[6]
CARE Ratings Nepal: market leader with 52% market share for Category 1 ERP Issuer Pay model and highest market share in Nepal by number of instruments, as of Q3 FY26.^[4]
CARE Analytics & Advisory (CAAPL): achieved breakeven in FY26, turning around from losses of ~₹24 - 25 crores four years prior.^[2]

Technology and AI

60% of CareEdge employees are actively using enterprise AI tools daily as of FY26.^[2]
CRM software module for the business development team went live in FY26, digitising the entire business development process flow.^[2]

Research and outreach

Reports published grew 39.5% YoY to 120 in Q1 FY26; media coverages reached 1,842 (up 12.3% YoY); TV and podcast interviews rose 66.6% YoY.^[6]

Recent developments

CareEdge ESG Ratings enlisted with ICMA to offer third-party review services, announced in FY26 results.^[2]
CareEdge Global IFSC received RBI accreditation as eligible International Credit Rating Agency in July 2025.^[6]
Management described an inorganic acquisition pipeline as 'live' as of Q4 FY26, with commitment to act when the right opportunity at right valuation with clear analytical synergies presents itself.^[2]

Market Cap

₹4,729 Cr

High / Low

₹1,836 / 1,394

Stock P/E

27.1

Price / Book

5.2

Book Value

₹310

EPS

₹57.0

No. of Shares

3 Cr

ROE

19.7%

Sales

₹473 Cr

Net Profit

₹174 Cr

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CARE Ratings Ltd(CARERATING)

About

Business segments

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Products and services

Operations and subsidiaries

Technology and AI

Research and outreach

Recent developments

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