CARE Ratings Limited stands as a premier credit rating agency in India, playing a crucial role in facilitating capital markets by providing credit ratings, research, and analytics services. Formerly incorporated as Credit Analysis & Research Limited (CARE) on April 21, 1993, the company officially changed its name to CARE Ratings Limited on February 22, 2017. CARE Ratings is a leader in corporate ratings and enjoys a dominant position in Public Sector Undertaking (PSU) ratings, holding a significant market share of approximately 30% in the Indian credit rating sector.
CARE Ratings operates as a comprehensive financial services provider with multiple business segments. The company offers a wide array of services including credit rating and grading, in-depth research, risk assessment, and analysis. Its services cater to banks, financial institutions, non-banking financial companies, corporate entities, and government organizations. CARE Ratings' core business lines are credit rating, research, and risk assessment & analysis.
The credit ratings provided by CARE cover various financial instruments such as debt instruments, bank loans, structured finance, corporate debt, project finance, and public finance. Its research services encompass detailed credit analysis, industry research, macroeconomic research, and sector-specific analyses. Furthermore, risk assessment and analysis services include credit risk management, counterparty risk assessment, financial risk management, and enterprise risk management. The research and analytics segment is a vital part of CARE Ratings' service portfolio, contributing approximately 20% to the total revenue and providing valuable insights through detailed reports, sector analyses, and economic outlooks.
For the full financial year ending March 2025, CARE Ratings reported a significant increase in net profit, rising by 36.53% to ₹137.24 crore compared to ₹100.52 crore in the previous year ended March 2024. Sales also saw robust growth, increasing by 21.30% to ₹402.32 crore in FY25, up from ₹331.68 crore in FY24.
In the fourth quarter of FY25 (ended March 2025), CARE Ratings Ltd demonstrated strong performance with a net profit jump of 76.95% year-on-year, reaching ₹42.61 crore. The revenue for Q4 FY25 stood at ₹109.65 crore, with a net profit of ₹43.37 crore.
For the quarter ended December 2024, CARE Ratings' net profit increased by 18.50% to ₹27.80 crore, compared to ₹23.46 crore in the corresponding quarter of the previous year. Sales for the quarter rose by 22.50% to ₹96.38 crore, up from ₹78.68 crore in Q3 FY24.
CARE Ratings is a leader in corporate ratings and holds a dominant position in PSU ratings. The company, operating as CareEdge Ratings, is also a leader in rating the Financial and Infrastructure sectors. It has successfully completed over 91,059 rating assignments for a wide range of companies, including banks and financial services institutions, covering a total debt size of ₹1.8 Crore.
In 2025, CARE Ratings made significant strides in global expansion. The company launched CareEdge Global IFSC Ltd, becoming the first Indian credit rating agency to enter the global scale ratings space. Additionally, CARE Ratings signed a Memorandum of Understanding with Tresata Inc., a global leader in AI & predictive analytics software, to collaborate on launching predictive intelligence business solutions in India.
As of May 30, 2025, the market capitalization of CARE Ratings Ltd (CARERATING) was ₹5,105.53 Crore.
The Price-to-Earnings (P/E) ratio for CARE Ratings Ltd (CARERATING) is 37.20, and its Price-to-Book (P/B) ratio is 7.05.
The 52-week high for CARE Ratings Ltd (CARERATING) is ₹1800, while the 52-week low is ₹921.80.
The Board of Directors of CARE Ratings recommended a final dividend of ₹11 per equity share (110%) for the financial year ended March 2025, subject to shareholder approval. In the quarter ending March 2025, the company declared a dividend of ₹11, translating to a dividend yield of 0.94%.
CARE Ratings maintains a strong financial position, being almost debt-free. The company exhibits outstanding annual revenue growth of 20%, a great pre-tax margin of 48%, and an exceptional Return on Equity (ROE) of 17%. This debt-free status and robust balance sheet enable the company to report stable earnings growth across various business cycles.
* Chairperson: Najib Shah
* Managing Director & Group CEO: Mehul Harshady Pandya
* Registered Office: 4th Floor Godrej Coliseum, Somaiya Hospital Road, Sion (E), Mumbai, Maharashtra - 400022
CARE Ratings has consistently earned industry recognition. The company improved its ranking in the "Best 100 Risk Management Providers" category in Chartis Research's RiskTech100 report. In 2023, CARE Ratings was empanelled with the Association of Mutual Funds in India (AMFI) as an ESG Rating provider for asset management companies.
CARE Ratings continues to solidify its position as India's leading credit rating agency while actively expanding its global footprint and diversifying its service offerings. The company's strong financial performance, debt-free status, and market leadership, particularly in PSU ratings, underscore its significance in India's dynamic financial services sector.
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