CARERATINGS / Q4-FY26 / claim-ledger

Audit the questions that mattered.

CARE Ratings · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ4-FY26 · 2026-05-15Back to quarter ↗

Questions audited

12

Answered directly

42%

Numeric claims

3

Consistency

mixed

Question ledger

What was answered, and how?

Balachi Subraman · Capital

partial

What drove the strong revenue growth across the board?

the bond market was a bit slower this year in FY26... the bank loan rating market was buoyant with 16.1% growth in bank credit... both the surveillance as well as the initial rating revenue continue to add to our growth.

Balachi Subraman · Capital

direct

Has the dynamic changed where bond market yields are better than bank loan?

your observation is right... yields in the bond market as far as rating fees are concerned are better than in the bank loan market and they continue to be in that same trajectory.

Balachi Subraman · Capital

evasive

Has there been any weakness in rating activity due to geopolitical issues?

This is still an evolving impact... nobody actually has any prognosis on how long the conflict could be continuing... it's too premature.

Rajiv Mata · Yes Security

declined

What is the growth in initial rating fees vs surveillance fees in FY26?

we won't be able to comment on what proportion is initial and what proportion is surveillance... it's very difficult to bifurcate as initial or surveillance.

Rajiv Mata · Yes Security

direct

What is the market share in initial ratings and number of rated corporates?

we have about 5,200 plus rated entities in our portfolio... we continue to hold about a 24-25% market share in the incremental business both by count and volume of debt rated.

Priyanka · Val Capital

declined

Can you bifurcate domestic rating revenue by banks, NBFCs, large and mid corporates?

we will not be able to give those bifurcations. It's the aggregate level of rating revenue which is there in the public domain.

Priyanka · Val Capital

direct

Will the mid-corporate strategy help grow India ratings faster than industry?

we have been going at a pace which is faster than the overall rating industry growth... our stated position remains that we'll continue to outpace the overall industry growth.

Priyanka · Val Capital

partial

Why has non-rating revenue growth decelerated and timeline to reach 20% of total?

non-ratings segments has grown by 19% faster than the group average... the reason the percentage share has not moved dramatically is because the rating business itself has grown very strongly at 17%.

Priyanka · Val Capital

evasive

Why is dividend payout flat and no buyback despite cash accumulation?

we have been consistently a dividend paying company and this year we have increased it also... we are actively evaluating inorganic opportunities... when the right opportunity presents itself we shall act decisively.

Deepak Ajira · IG India

direct

What is the growth prospect for overseas rating businesses?

Care Ratings Nepal is market leader... K Ratings Africa we got license to expand into South Africa and two other geographies... Carage Global IFSC rated about 8.5 billion dollars worth of debt.

Vun · Bandon Life

evasive

How do you see outlook for ratings business and share of BLR revenue?

we do not disclose our share between capital markets and banking ratings... we remain optimistic on the growth of the credit rating industry.

Rahul Gandari · Unifi Capital

evasive

Where is CARE in pricing compared to peers in bank and bond ratings?

we are not aware about the competitors pricing all across... you just have to be at it in terms of constant improvements... the results are showing for that.