Rated corporates portfolio
5,200+
300+ new clients in single A and above
Onboarded over 300 clients in the single A and above category in FY26.
CARERATINGS
Other
15 May 2026
CARE Ratings Ltd — Q4 FY26
CARE Ratings delivered a strong FY26 with consolidated revenue of ₹473.07 crore (+18% YoY) and PAT of ₹173.69 crore (+24% YoY), driven by broad-based growth across domestic ratings (+15%), non-ratings (+19%), and international operations.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
CARE Ratings delivered a strong FY26 with consolidated revenue of ₹473.07 crore (+18% YoY) and PAT of ₹173.69 crore (+24% YoY), driven by broad-based growth across domestic ratings (+15%), non-ratings (+19%), and international operations. The ratings segment benefited from buoyant bank loan growth (16.1% YoY) offsetting a soft bond market. Non-ratings crossed ₹50 crore revenue, with analytics subsidiary Capital achieving breakeven. Management highlighted 60% AI tool adoption and a disciplined inorganic strategy. FY27 GDP growth is projected at 6.7% assuming $90/bbl oil, with risks from prolonged West Asia conflict and potential moderation in corporate borrowing. Key risk: escalation of geopolitical tensions could dampen credit demand and delay capital expenditure plans.
Key Numbers
CARE Global IFSC debt rated
$8.5B
First full year of operations
Rated USD 8.5 billion of corporate debt with 30+ issuers across 10+ sectors.
CARE ESG market share
58%
Market leader among Category 1 ESG providers
Gained 58% market share amongst category 1 ESG rating providers.
AI tool adoption
60%
Of employees actively using enterprise AI tools
Around 60% of people are actively using enterprise AI tools as part of daily work.
Management Guidance
FY27 GDP growth projection of 6.7%
Management projects India's real GDP growth to moderate to around 6.7% in FY27, assuming global crude oil prices average $90 per barrel.
Management guidance growthOutpace industry growth in domestic ratings
Management stated the strategy is to continue growing the domestic ratings business faster than the overall rating industry growth.
Management guidance growthScale non-ratings businesses for higher contribution
Management aims to accelerate non-ratings revenue growth, with analytics and advisory now positioned for scaling after achieving breakeven.
Management guidance growthKey Risks
Prolonged West Asia conflict impacting oil prices
Ongoing conflict in West Asia could keep oil prices elevated, pressuring India's economy through higher energy import costs and potential moderation in corporate borrowing.
high · management_commentarySoftening bond market and corporate bond issuances
Corporate bond issuances declined 3.2% for FY26 and 11.3% in Q4, which could impact rating fee growth if the trend continues.
medium · data_observationInability to provide quantitative revenue split between initial and surveillance fees
Management declined to provide a quantitative split of initial vs surveillance fee growth, limiting visibility into underlying drivers.
low · analyst_questionNotable Quotes
That trust is the most valuable asset on our balance sheet and we do not take it lightly.
Every AI application we use must be explainable, auditable and regulatory ready. In the ratings business, we can only stand behind what we fully understand.
When the right opportunity presents itself at the right valuation and with clear analytical synergies we shall act decisively.
Frequently Asked Questions
What was CARE Ratings's revenue in Q4 FY26?
CARE Ratings reported revenue of ₹131 Cr in Q4 FY26, representing a +18% change compared to the same quarter last year.
What guidance did CARE Ratings management give for FY27?
FY27 GDP growth projection of 6.7%: Management projects India's real GDP growth to moderate to around 6.7% in FY27, assuming global crude oil prices average $90 per barrel. Outpace industry growth in domestic ratings: Management stated the strategy is to continue growing the domestic ratings business faster than the overall rating industry growth. Scale non-ratings businesses for higher contribution: Management aims to accelerate non-ratings revenue growth, with analytics and advisory now positioned for scaling after achieving breakeven.
What are the key risks for CARE Ratings in FY27?
Key risks include Prolonged West Asia conflict impacting oil prices — Ongoing conflict in West Asia could keep oil prices elevated, pressuring India's economy through higher energy import costs and potential moderation in corporate borrowing.; Softening bond market and corporate bond issuances — Corporate bond issuances declined 3.2% for FY26 and 11.3% in Q4, which could impact rating fee growth if the trend continues.; Inability to provide quantitative revenue split between initial and surveillance fees — Management declined to provide a quantitative split of initial vs surveillance fee growth, limiting visibility into underlying drivers..
Did CARE Ratings meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full CARE Ratings Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.