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CARE Ratings Limited (CARERATING.NS)

INR1,666.20 +9.90 (+0.60%)
IN NSE Financial Services Financial - Data & Stock Exchanges
Address Godrej Coliseum 400022
Mumbai, IN
CEO Mehul Harshadray Pandya
Website careratings.com
IPO 2012-12-26
ISIN INE752H01013

Explore sections of this company profile

Also trades on Bombay Stock Exchange · CARERATING.BO (INR) National Stock Exchange of India · CARERATING.NS (INR)
Description

CARE Ratings Limited operates as a prominent credit rating agency, delivering a wide spectrum of rating and grading solutions across India, Mauritius, and Nepal. Its principal services involve assessing various debt instruments, including bonds, debentures, hybrid securities, preference shares, fixed deposits, commercial papers, short-term debt programs, and certificates of deposit. The company also specializes in bank loan ratings and provides tailored evaluations for financial sector entities such as banks, non-banking finance companies, housing finance companies, and other financial institutions. Furthermore, CARE Ratings extends its expertise to structured finance, insurance, and infrastructure project appraisals, alongside public finance ratings that encompass state government bodies and urban infrastructure initiatives. Additional services include corporate governance ratings, project finance assessments, and MLD valuation. The firm also furnishes corporate advisory, project evaluation and monitoring, credit analytics, comprehensive industry and company research, and due diligence and grading services, in addition to broader research and analytics, catering to corporates, financial institutions, banks, and institutional investors. Established in 1993, the company was formerly known as Credit Analysis and Research Limited, rebranding to CARE Ratings Limited in June 2017. Its headquarters are situated in Mumbai, India.

Market Cap & Enterprise Value
Merger & Acquisition History

No mergers or acquisitions recorded for this company.

Technical Outlook
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Signal Summary Loading…
Indicator 1D1W2W3W1M
Each column is computed on that timeframe's candles (1D = daily, 1W ≈ weekly, 1M ≈ monthly), not on the same last day. ▲ bullish · ▼ bearish · — neutral. The Net row counts signals per column; hover any cell (or the indicator name) to see the exact rule behind it.
Day Score & sub-scores
Statistical fingerprint & regime detail
Conditional historical analysis
Customize analysis (advanced)
Indicative levels generated algorithmically. Not financial advice.
Risk Profile
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Price Chart
Averages
Trend
Price
Levels
Draw
INR1,666.20 +9.90 (+0.60%)
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Volume Profile
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Liquidity & share structure
Average Volume
63.4K
Beta
0.33
Float Shares
23.72M
Free Float %
78.9%
Price Performance
1D5D1M3M6M YTD1Y3Y5Y10YMax
+3.86% +9.85% +11.64% +9.05% +17.23% +12.68% +17.03% +161.64% +242.39% +81.00% +95.40%
Rolling Volatility
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Drawdown
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Relative Strength
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Monthly Returns Heatmap
From To
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Annual Monthly Returns
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Daily Returns Distribution
vs.
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Revenue flow

Revenue by geography

Revenue by segment

From To

Revenue composition

From To

By product

By geography

Financial Statements

Income Statement

Balance Sheet

Cash Flow Statement

Key Metrics

Financial Ratios

Employees

Financial Growth (CAGR)

Market Data

Price Targets & DCF
Current price
1,666.20
DCF (Unlevered) 1,853.07 +11.2%
DCF (Levered) 1,570.18 -5.8%

DCF figures are point estimates: small changes in growth or discount-rate assumptions move them materially. Read them as a reference, not a precise target.

Ratings Trend (MoM) 100% Bullish
Rating 2026-05 Change
Strong Buy 0 0
Buy 1 0
Hold 0 0
Sell 0 0
Strong Sell 0 0
Quality scores
Altman Z-Score
21.78
Safe zone
Piotroski F-Score
4 / 9
Average
MOAT Score
6 / 10
Developing
Composite Rating
C-
Overall Score
1 / 5
Low
DCF Score
3 / 5
Medium
ROE Score
1 / 5
Low
ROA Score
1 / 5
Low
D/E Score
1 / 5
Low
P/E Score
1 / 5
Low
P/Book Score
1 / 5
Low
Operational MOAT
✗ Below peers
  • ✓
    Revenue growth Financial - Data & Stock Exchanges: +11.9%
    +17.6% ★ Q1'26: +19.2% (vs Q1'25)
  • ✗
    EPS growth Financial - Data & Stock Exchanges: +19.9%
    -61.7% Q1'26: +301.1% (vs Q1'25)
  • ✓
    FCF margin FCF growth · Financial - Data & Stock Exchanges: +25.6%
    +29.4% Q1'26: +14.5% (vs Q1'25)
  • ✓
    EBIT margin Financial - Data & Stock Exchanges: +51.8%
    +38.7% Q1'26: +43.6% (vs Q1'25)
  • ✓
    ROIC Financial - Data & Stock Exchanges: +13.5%
    +16.5% ★ Q1'26: +20.6% (vs Q1'25)
  • ✗
    Share dilution Financial - Data & Stock Exchanges: +0.6%
    +225.5% Q1'26: -69.1% (vs Q1'25)
  • ✓
    Debt / EBITDA Net debt/EBITDA · Financial - Data & Stock Exchanges: -0.36×
    0.13× ★ Q1'26: 0.11× (vs Q1'25)
Valuation Multiples From To
Price Forecast (3Y) From To
Model
Adjust
P/E
Theoretical Return — If Invested Today

* These projections are based on analyst consensus estimates and user-defined valuation multiples. This table is for informational purposes only and does not constitute a recommendation to buy or sell any security. Past performance is not indicative of future results.

DCF Interactive Model (UFCF)
Projection years:
Market assumptions
▶ WACC components (optional)
Ke (Cost of Equity) = Rf + β (0.39) × ERP
WACC = 100% × Ke + 0% × Kd (8.9%) × (1−t)

Modifying these values recalculates WACC automatically.

Business assumptions
—
Intrinsic value (base): 1,828.91 Current price: 1,666.20
Enterprise Value: — Equity Value: — Terminal Value: — TV as % of EV: —

Base values reflect the latest available data for this company and market conditions.

Consensus Estimates
Metric Mar 2013
actual 		Mar 2014
actual 		Mar 2015
actual 		Mar 2016
actual 		Mar 2017
actual 		Mar 2018
actual 		Mar 2019
actual 		Mar 2020
actual 		Mar 2021
actual 		Mar 2022
actual 		Mar 2023
actual 		Mar 2024
actual 		Mar 2025
actual 		Mar 2026
1 Rev. Ana.
1 EPS Ana. 		Mar 2027
1 Rev. Ana.
1 EPS Ana. 		Mar 2028
1 Rev. Ana.
1 EPS Ana. 		Mar 2029
1 Rev. Ana.
1 EPS Ana.
Revenue
2.03B
est: 1.98B (+2.5%)
2.36B
est: 2.29B (+2.9%)
2.61B
est: 2.59B (+0.7%)
2.79B
est: 2.73B (+2.2%)
2.87B
est: 2.92B (-1.6%)
3.33B
est: 3.12B (+6.6%)
3.19B
est: 3.20B (-0.2%)
2.44B
est: 2.43B (+0.2%)
2.39B
est: 2.20B (+8.8%)
2.47B
est: 2.50B (-1.0%)
2.79B
est: 2.76B (+1.2%)
3.32B
est: 3.44B (-3.6%)
4.02B
est: 3.31B (+21.6%)
4.66B
4.66B – 4.66B
+40.9% YoY
4.49B
4.49B – 4.49B
-3.6% YoY
5.12B
5.12B – 5.12B
+14.0% YoY
5.80B
5.80B – 5.80B
+13.2% YoY
EBITDA
1.35B
est: 969.51M (+39.5%)
1.83B
est: 2.22B (-17.4%)
2.03B
est: 1.27B (+60.5%)
1.75B
est: 2.43B (-28.2%)
2.06B
est: 2.12B (-2.4%)
2.12B
est: 2.40B (-11.7%)
2.05B
est: 2.62B (-21.7%)
1.13B
est: 1.71B (-33.9%)
1.27B
est: 1.08B (+18.2%)
1.07B
est: 1.22B (-12.6%)
1.37B
est: 991.76M (+38.4%)
1.59B
est: 1.61B (-1.1%)
2.06B
est: 1.54B (+33.5%)
2.17B
2.17B – 2.17B
+40.9% YoY
2.10B
2.10B – 2.10B
-3.6% YoY
2.39B
2.39B – 2.39B
+14.0% YoY
2.71B
2.71B – 2.71B
+13.2% YoY
EBIT
1.32B
est: 904.92M (+45.9%)
1.81B
est: 1.52B (+18.8%)
1.98B
est: 1.77B (+12.1%)
1.70B
est: 1.54B (+10.5%)
2.03B
est: 1.89B (+7.7%)
2.09B
est: 1.97B (+5.7%)
2.02B
est: 2.20B (-8.1%)
1.05B
est: 1.44B (-27.2%)
1.19B
est: 1.00B (+18.7%)
990.94M
est: 1.14B (-13.1%)
1.27B
est: 664.21M (+90.8%)
1.48B
est: 1.50B (-0.8%)
1.94B
est: 1.44B (+35.2%)
2.03B
2.03B – 2.03B
+40.9% YoY
1.95B
1.95B – 1.95B
-3.6% YoY
2.23B
2.23B – 2.23B
+14.0% YoY
2.52B
2.52B – 2.52B
+13.2% YoY
Net Income
1.14B
est: 1.23B (-7.4%)
1.29B
est: 1.31B (-1.5%)
1.38B
est: 1.58B (-12.8%)
1.20B
est: 1.38B (-13.1%)
1.48B
est: 1.33B (+11.3%)
1.62B
est: 1.51B (+7.7%)
1.37B
est: 1.67B (-17.6%)
823.70M
est: 1.07B (-23.0%)
895.16M
est: 809.00M (+10.7%)
751.08M
est: 805.00M (-6.7%)
835.29M
est: 743.84M (+12.3%)
1.01B
est: 3.39B (-70.4%)
1.37B
est: 4.22B (-67.5%)
5.31B
5.31B – 5.31B
+25.7% YoY
6.62B
6.62B – 6.62B
+24.7% YoY
7.64B
7.64B – 7.64B
+15.5% YoY
8.78B
8.78B – 8.78B
+14.8% YoY
SGA
30.80M
est: 85.80M (-64.1%)
32.04M
est: 789.85M (-95.9%)
50.59M
est: 1.01B (-95.0%)
94.35M
est: 974.02M (-90.3%)
3.37M
est: 1.14B (-99.7%)
108.02M
est: 1.02B (-89.4%)
119.94M
est: 1.22B (-90.1%)
161.29M
est: 1.09B (-85.2%)
94.37M
est: 95.25M (-0.9%)
108.51M
est: 1.47B (-92.6%)
118.07M
est: 1.43B (-91.8%)
153.96M
est: 121.95M (+26.3%)
178.94M
est: 117.20M (+52.7%)
165.14M
165.14M – 165.14M
+40.9% YoY
159.15M
159.15M – 159.15M
-3.6% YoY
181.51M
181.51M – 181.51M
+14.0% YoY
205.50M
205.50M – 205.50M
+13.2% YoY
EPS
39.78
est: 40.82 (-2.6%)
44.96
est: 43.81 (+2.6%)
47.53
est: 48.29 (-1.6%)
41.14
est: 42.37 (-2.9%)
50.16
est: 53.05 (-5.4%)
54.57
est: 53.48 (+2.0%)
46.66
est: 49.73 (-6.2%)
27.96
est: 33.50 (-16.5%)
30.38
est: 26.93 (+12.8%)
25.45
est: 28.13 (-9.5%)
28.17
est: 31.60 (-10.9%)
33.77
est: 34.69 (-2.7%)
45.89
est: 43.20 (+6.2%)
54.30
54.30 – 54.30
+25.7% YoY
67.70
67.70 – 67.70
+24.7% YoY
78.20
78.20 – 78.20
+15.5% YoY
89.80
89.80 – 89.80
+14.8% YoY
Historical Ratings (3M)
Date Rating Overall DCF ROE ROA D/E P/E P/B
2026-05-11 C- 1/5 3/5 1/5 1/5 1/5 1/5 1/5
2026-05-08 C- 1/5 3/5 1/5 1/5 1/5 1/5 1/5
2026-05-07 C- 1/5 3/5 1/5 1/5 1/5 1/5 1/5
2026-05-06 C- 1/5 3/5 1/5 1/5 1/5 1/5 1/5
2026-05-05 C- 1/5 3/5 1/5 1/5 1/5 1/5 1/5
2026-05-04 C- 1/5 3/5 1/5 1/5 1/5 1/5 1/5
2026-04-30 C- 1/5 3/5 1/5 1/5 1/5 1/5 1/5
2026-04-29 C- 1/5 4/5 1/5 1/5 1/5 1/5 1/5
2026-04-28 C- 1/5 4/5 1/5 1/5 1/5 1/5 1/5
2026-04-27 C- 1/5 4/5 1/5 1/5 1/5 1/5 1/5
2026-04-24 C- 1/5 4/5 1/5 1/5 1/5 1/5 1/5
2026-04-23 C- 1/5 4/5 1/5 1/5 1/5 1/5 1/5
2026-04-22 C- 1/5 4/5 1/5 1/5 1/5 1/5 1/5
2026-04-21 C- 1/5 4/5 1/5 1/5 1/5 1/5 1/5
2026-04-20 C- 1/5 4/5 1/5 1/5 1/5 1/5 1/5
2026-04-17 C- 1/5 4/5 1/5 1/5 1/5 1/5 1/5
2026-04-16 C- 1/5 4/5 1/5 1/5 1/5 1/5 1/5

Owner Earnings

Owner's Earnings (history) From To
Owner alignment
Owner's Earnings TTM
1.49B
OE per share TTM
49.58
Owner's Yield
3.10%
Maintenance CapEx ratio
1.29%
Maint CapEx / Avg PPE
30.1%

Ownership Overview

Ownership breakdown

Ownership breakdown not available.

At a glance
Institutional holders
—
Total invested
—
Insider transactions (90d)
0
Beneficial owners (>5%)
0
Beneficial owners (>5%)

No beneficial ownership filings recorded.

Institutional Activity (13F)

Institutional ownership trend

Institutional history not available.

Top institutional holders

Top holders not available.

ETF Ownership

Top ETFs holding this stock Held by 16 ETFs in our universe
# ETF Weight Est. AUM exposure TER
1 Vanguard FTSE All-World ex-US Small-Cap ETF VSS 0.01% 1.51M 0.06%
2 Vanguard FTSE Emerging Markets Shares ETF VGE.AX 0.00% 48.2K 0.48%
3 Vanguard FTSE Emerging Markets All Cap Index ETF VEE.TO 0.00% 108.8K 0.26%
4 Vanguard FTSE Emerging Markets ETF VWO 0.00% 5.37M 0.06%
5 Vanguard ESG International Stock ETF VSGX 0.00% 75.3K 0.10%
6 Vanguard Total International Stock ETF VXUS 0.00% 5.86M 0.05%
7 Vanguard ESG Global All Cap UCITS ETF (USD) Accumulating V3AA.L 0.00% 7.3K 0.24%
8 Vanguard ESG Global All Cap UCITS ETF (USD) Distributing V3AL.L 0.00% 7.3K 0.24%
9 Vanguard Total World Stock ETF VT 0.00% 346.9K 0.06%
10 Vanguard FTSE Global All Cap ex Canada Index ETF VXC.TO 0.00% 8.6K 0.22%

Insider Activity

Insider Activity — Latest Quarter

No insider activity available.

Insider buys vs sells (history)

Insider history not available.

Recent insider transactions

No recent insider transactions.

Executive team

Top executives
EBIT / Employee
3.25M
Shares Outstanding
30.05M

Executive compensation

Executive compensation (annual)

Executive compensation not available.

CEO compensation breakdown

No CEO compensation history available.

Proxy statements

Proxy statements (DEF 14A)

No proxy statements available for this company yet.

Recent SEC filings

Recent SEC filings

No SEC filings available for this company yet.

Executive team

NameTitleCompensationGender
Mehul Harshadray Pandya MD, Group Chief Executive Officer & Director 41M male
C. V. Manoj Kumar Company Secretary & Compliance Officer — male
Jinesh Shah Group Chief Financial Officer — male
Mradul Mishra Head of Corporate Communications — male
Nadir Noorallah Bhalwani Chief Information & Technology Officer — male
Rajani Sinha Chief Economist — female
Revati Parag Kasture Chief Executive Officer, CareEdge Global & Executive Director of CareEdge Ratings — female
Sachin Gupta Executive Director & Chief Ratings Officer — male
Aniruddha Sen Chief Human Resources Officer — male
Smita Rajpurkar Head of Criteria & Quality Control Team — female
ESG Score History

No data available for this company.

Senate Trading Activity

No Senate trading activity found for this company.

House Trading Activity

No House trading activity found for this company.

Market share among peers
Peer comparison — filtered group (TTM)
Your opinion

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Dividend yield history

Dividend history

Earnings history

Earnings reports

Stock splits

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