Overview

Detailed Summary

CareEdge (CARE Ratings Limited) is an India‑based knowledge and analytics group that provides credit ratings, analytics, consulting and sustainability services; it is India’s second‑largest credit rating agency with a group of subsidiaries covering analytics, ESG ratings and global IFSC operations, serving corporates, financial institutions and international sovereign and debt issuers.
Financial momentum is visible in Q3 and 9M FY26: consolidated revenue rose 16% in Q3 and 17% in 9M to Rs. 112.12 Cr and Rs. 342.40 Cr respectively, while consolidated PAT margin expanded to 32% for 9M FY26, reflecting disciplined cost management and broad‑based growth across ratings and non‑ratings businesses.
Ratings remain the dominant revenue driver, contributing 89% of consolidated 9M FY26 revenue (Rs. 305.69 Cr), while the non‑ratings segment grew faster at 21% and now contributes 11% of consolidated revenue, indicating early diversification beyond traditional rating services towards analytics, advisory and ESG offerings.
Strategic product and market expansion are evident: CareEdge launched CareEdge Global IFSC for global scale ratings, secured SEBI Category I license for CARE ESG Ratings, and commercialized EdgeAvira.ai, a Gen‑AI risk intelligence platform, all of which signal deliberate moves to expand addressable markets and monetize technology‑enabled services.

Sector: Capital Markets
Industry: Ratings
Market Cap: 4,668 Cr
Volatility: Low Risk
P/E Ratio: 28.8
Industry P/E: 41.2
PEG Ratio: 1.5
P/B Ratio: 5.4
52W High: 1,964.80
52W Low: 1,057.65

Sales CAGR

1Y: 21.30%
3Y: 15.37%
5Y: 8.97%
10Y: 2.70%

Profit CAGR

1Y: 36.51%
3Y: 20.55%
5Y: 12.95%
10Y: 2.58%

ROE

TTM: 17.73%
3Y: 14.48%
5Y: 14.02%
10Y: 18.67%

ROCE

TTM: 24.14%
3Y: 20.11%
5Y: 18.95%
10Y: 25.62%

Technicals

‌

Forecasts

Peers

Financial Services Financial Services Capital Markets Ratings

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SHREMINVIT		100.00	6,108 Cr	7.05	0.80	13.94	15.17	10.50	5.56
NDRINVIT		130.00	5,386 Cr	36.55	1.33	4.83	3.80	5.26	2.55
CRAMC		230.30	5,239 Cr	25.14	7.72	0.95	29.35	37.04	27.20
ICRA		5194.30	5,185 Cr	27.08	4.77	1.12	17.29	22.66	13.62
CARERATING		1535.35	4,668 Cr	28.79	5.41	1.15	17.73	24.14	15.77
ARSSBL		451.95	3,532 Cr	20.12	2.71	1.76	6.96	11.54	2.06
INDOTHAI		293.00	3,191 Cr	22.39	8.09	0.00	9.86	13.37	13.15
Median: 7 Co.	—	293.00	5,185 Cr	25.14	4.77	1.15	15.17	13.37	13.15

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	96	79	90	79	117	96	110	94	136	112
Expenses	55	55	61	57	62	66	62	66	68	72
Operating Profit	42	23	29	22	56	30	47	28	68	40
OPM %	43.46	29.68	32.20	27.65	47.47	31.57	43.20	29.55	50.16	35.98
Other Income	11	14	10	12	12	12	15	14	13	13
Interest	0.41	0.47	0.46	0.46	0.49	0.56	0.60	0.60	0.61	0.65
Depreciation	2.63	2.60	2.67	2.80	2.85	3.00	3.06	3.40	3.46	3.69
Profit Before Tax	50	34	36	30	64	39	59	37	77	49
Tax %	28.63	29.56	32.16	29.71	27.01	26.73	26.34	29.22	25.61	25.41
Net Profit	36	24	25	21	47	28	43	27	57	37
EPS in Rs	11.68	7.78	7.98	6.87	15.29	9.26	14.12	8.53	18.78	11.90

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	287	333	319	244	248	248	279	332	402	417
Expenses	105	122	144	162	153	168	180	220	247	256
Operating Profit	182	211	175	81	96	80	99	112	155	161
OPM %	63.39	63.35	54.76	33.38	38.55	32.15	35.61	33.81	38.61	38.65
Other Income	34	25	30	31	31	27	38	47	51	53
Interest	0.00	0.00	0.00	0.93	0.62	0.46	1.00	1.71	2.11	2.25
Depreciation	3.39	3.15	3.33	7.77	7.80	7.71	11	10	12	12
Profit Before Tax	212	233	202	104	119	99	126	147	192	199
Tax %	30.53	30.35	31.56	19.80	23.33	22.10	32.04	30.05	27.18	27.18
Net Profit	148	162	138	83	91	77	85	103	140	145
EPS in Rs	—	53.82	45.80	27.41	29.68	24.39	27.80	33.37	45.53	53.33
Dividend Payout %	55.85	100.84	64.29	69.74	56.05	67.17	88.75	53.46	39.40	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	29	29	29	29	29	29	30	30	30	30
Reserves	379	491	567	521	504	559	618	643	687	776
Borrowings	0.00	0.00	0.00	0.00	0.00	7.23	8.91	17	20	24
Other Liabilities	94	65	62	65	86	76	71	80	105	128
Total Liabilities	503	585	659	615	619	672	727	770	842	958
Fixed Assets	64	61	60	83	93	85	96	107	109	119
CWIP	0.00	0.07	0.00	0.00	0.52	3.15	8.19	4.23	5.99	2.92
Investments	381	466	518	439	339	240	44	44	44	134
Other Assets	58	58	80	93	186	344	580	614	683	702
Total Assets	503	585	659	615	619	672	727	770	842	958

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	106	119	138	109	67	86	68	82	91	123
Cash from Investing Activity	-41	-22	-25	83	27	-38	-27	13	-39	-58
Cash from Financing Activity	-66	-96	-99	-195	-107	-43	-35	-63	-63	-54
Net Cash Flow	-0.72	1.19	15	-4.17	-13	5.09	5.55	32	-11	11

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FIIs	20.26%	20.90%	21.67%	22.91%	23.37%	24.80%	24.75%	23.74%	24.62%	23.61%	23.00%	23.25%
DIIs	23.17%	23.73%	26.33%	26.89%	26.15%	25.28%	27.51%	29.38%	29.76%	31.60%	31.30%	31.39%
Public	56.57%	55.38%	52.00%	50.20%	50.48%	49.93%	47.74%	46.87%	45.62%	44.79%	45.70%	45.37%
Total Shareholders	59,504	55,721	54,539	52,468	53,140	53,602	52,007	51,395	61,111	56,931	59,139	58,978

Market Transactions

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Available on Pro Plan