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Revenue
₹131 Cr
verified against source
Revenue YoY
18%
reported change
EBITDA
₹197.39 Cr
latest reported figure
Source
nse announcements
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- 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 stated the strategy is to continue growing the domestic ratings business faster than the overall rating industry growth.
- Management aims to accelerate non-ratings revenue growth, with analytics and advisory now positioned for scaling after achieving breakeven.
Risks flagged
- 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.
- Corporate bond issuances declined 3.2% for FY26 and 11.3% in Q4, which could impact rating fee growth if the trend continues.
- Management declined to provide a quantitative split of initial vs surveillance fee growth, limiting visibility into underlying drivers.
Key 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.
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