CARE Ratings CARERATING
Third-largest Indian rating agency, independent of a global parent, expanding into ESG, risk and Africa
Mapped in 1 theme: Capital Markets.
Where CARE Ratings sits in the supply chain
CARE Ratings appears in 1 supply-chain layer in one theme, Capital Markets.
Capital Markets › Ratings & research
OperatorRevenue and profit
| ₹ Cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 248 | 279 | 332 | 402 | 473 |
| Net profit | 77 | 85 | 103 | 140 | 174 |
Latest-year revenue ₹473 Cr (FY26, company-wide).
Strengths
- Pure play on Indian ratings growth with operating leverage
- Growing ESG, advisory and international businesses
Risks
- Past governance lapses (SEBI action after IL&FS) still shape perception
- No global parent to feed analytics work
Common questions
What does CARE Ratings do?
Third-largest Indian rating agency, independent of a global parent, expanding into ESG, risk and Africa.
Where does CARE Ratings sit in the supply chain?
CARE Ratings (NSE: CARERATING) is mapped in 1 supply-chain layer: Ratings & research (Capital Markets).
Who are CARE Ratings' peers?
In the Ratings & research layer of Capital Markets: CRISIL, ICRA and India Ratings & Research (Fitch) (not NSE-listed).
What is CARE Ratings' market cap and valuation?
As of 6 Nov 2026: market cap ₹4,705 Cr, P/E 24.4x, ROCE 26.3%, ROE 19.7%, dividend yield 1.41%.