Ratings industry

2 companies · ₹9,153 cr · 2 with AI deep dives · Q2FY27 report

Exhibit 3Structure

₹9,153 cr

CARE Ratings Ltd is 52.8% of this industry by market cap. The top 5 are 100% and the top 10 are 100%.

small 22 above ₹500 cr

Exhibit 5Coverage (2 of 2)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
CARE Ratings Ltd	₹4,980 cr	27.4x	-	-	-	+20.3%	Unlock
ICRA Ltd	₹4,150 cr	21.9x	-	-	-	+30.2%	Unlock

CARE Ratings Ltd

Mcap: ₹4,980 cr
P/E: 27.4x
EV/EBITDA: -
ROCE: -
Margin: -
Rev YoY: +20.3%

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ICRA Ltd

Mcap: ₹4,150 cr
P/E: 21.9x
EV/EBITDA: -
ROCE: -

Exhibit 6What managements said

from Capital Markets earnings calls · as of 2026-09-30

headwindDerivatives regulation (STT hike, RBI bank-guarantee and prop-funding norms, CAS) is cutting trading volumes7 managements

Seven managements, including brokers, exchanges and a prop trader, linked weaker F&O or futures activity to policy rather than to the market. The rules cited were the April 2026…

BSE (Q1FY27): “The STT combined with the RBI circular, appears to have impacted the market significantly…”

tailwind4 managements mixed9 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

sort: mcap · composite · name