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CARE Ratings Results: Latest Quarterly Results & Analysis

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CARE Ratings Ltd. 13 Nov 2025 13:16 PM
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Q2FY26 Quarterly Result Announced for CARE Ratings Ltd.

Financial Services company CARE Ratings announced Q2FY26 results

  • Revenue from Operations: Rs 136.37 crore, change 16% YoY.
  • EBITDA: Rs 68.41 crore, change 23% YoY.
  • EBITDA Margin: 50% for Q2FY26.
  • PAT: Rs  57.21 crore, change 22% YoY.
  • PAT Margin: 38% for Q2FY26.
  • The Board of Directors has declared an interim dividend of Rs 8/- per share (each having a face value of Rs 10/- per share) for Q2FY26.

Mehul Pandya, Managing Director & Group CEO, Care Edge, said: Even as we navigate through multiple global headwinds, we are pleased to report a healthy 13% YoY growth in standalone revenue from operations during Q2FY26, driven by our strong and diversified client base. On a consolidated basis, revenue grew by 16%, supported by improved performance across subsidiaries and further strengthened by our non-ratings businesses. Profitability at both standalone and consolidated levels remains robust, reflecting disciplined execution and operational efficiency.

For H1FY26, standalone revenue grew by 14%, while consolidated revenue recorded a strong 17% growth, accompanied by steady margins and profitability. We continue to emphasise that our financial performance is best viewed through an annual lens, as our focus remains on building sustainable, long-term growth. The progress across our core and emerging businesses reinforces our confidence in the strategic direction we have set for the Group.

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Financial Services company CARE Ratings announced Q1FY26 results

  • Operating Income: Rs 93.9 crore for Q1FY26, change 19% YoY.
  • EBITDA: Rs 27.8 crore for Q1FY26, change 28% YoY.
  • EBITDA Margin: 30% for Q1FY26.
  • PAT: Rs 26.5 crore for Q1FY26, change 24% YoY.
  • PAT Margin: 25% for Q1FY26.
  • EPS: Rs 8.61 for Q1FY26.

Mehul Pandya, Managing Director & Group CEO, CareEdge, said: FY26 commenced on a positive note despite the challenging global macroeconomic environment. On a standalone basis, revenue from operations for Q1FY26 registered a robust 16% year-on-year growth, while at the consolidated level, revenue grew by 19% over the same period. The profitability at standalone and consolidated levels also reflected healthy growth.

This performance has been primarily driven by a healthy uptick in ratings business across the segments. Our non-ratings businesses continued their momentum of providing a good contribution in the consolidated performance. However, we continue to emphasise that our financial performance is best viewed through an annual lens.

Looking ahead, we remain committed to continuously deepening our core capabilities, expanding our geographic reach, and sharpening our competitive edge - to ensure we continue to make positive impact across all the markets we serve.

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Financial Services company CARE Ratings announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from Operations: Rs 109.7 crore for Q4FY25, change 22% YoY.
  • EBITDA: Rs 47.4 crore for Q4FY25, change 63% YoY.
  • EBITDA margin: 43% for Q4FY25.
  • PAT: Rs 43.4 crore for Q4FY25, change 77% YoY.
  • PAT margin: 35% for Q4FY25.

FY25 Financial Highlights:

  • Revenue from Operations: Rs 402.3 crore for FY25, change 21% YoY.
  • EBITDA: Rs 155.3 crore for FY25, change 39% YoY.
  • EBITDA margin: 39% for FY25.
  • PAT: Rs 140.0 crore for FY25, change 37% YoY.
  • PAT margin: 31% for FY25.

Mehul Pandya, Managing Director & Group CEO, Care Edge, said: “In FY25, CARE Ratings Ltd. achieved its highest-ever standalone and consolidated income from operations, registering year-on-year growth of 19% and 21%, respectively. This performance reflects our steadfast commitment to quality-led growth. Our standalone ratings business continued to demonstrate strong traction, particularly in initial ratings of capital market instruments, securitisation, and bank debt. The consolidated performance was further bolstered by an enhanced contribution from our non-ratings businesses, aided by strong showing from our overseas rating subsidiaries.

The standalone EBITDA improved by 22%, underscoring our continued focus on operational efficiency. Other income also improved, supported by better yields from treasury investments. As a result, standalone PAT registered a healthy growth of 24% over the previous year.

At the consolidated level, the EBITDA margin improved from 34% to 39%, reflecting significantly improved performance across our subsidiaries. Consolidated PAT margin improved from 27% to 31%, reinforcing the strength and scalability of our increasingly diversified business lines.

For Q4FY25, we recorded a 22% year-on-year growth in both standalone and consolidated income from operations. Notably, standalone and consolidated PAT for the quarter grew by 29% and 77%, respectively, marking a substantial improvement in profitability across the Group.

Built on strong foundations, clear vision and an unwavering commitment to quality, CareEdge is well-positioned for long-term success.

I am happy to share that The Board of Directors has recommended a final dividend of Rs 11/- per share (of Rs 10/-face value) which will take the total dividend declared for the year to Rs 18/- per share."

Result PDF

Financial Services company CARE Ratings announced Q3FY25 results

  • Revenue: Rs 78.59 core, change YoY 18%.
  • EBITDA: Rs 30.30 core, change YoY 12%.
  • EBITDA Margins : 39% for Q3FY25.
  • PAT: Rs 29.46 core, change YoY 33%.
  • PAT Margins: 33% for Q3FY25.

Mehul Pandya, Managing Director & Group CEO of CareEdge, said: "We are pleased to report that the company has demonstrated strong performance in both the ratings and non-ratings businesses, especially when seen against the backdrop of moderation in FY25 GDP growth projections. This performance underpins our unwavering commitment to qualityled growth. Our ratings business has continued to gain traction, particularly in the initial ratings of capital market instruments, securitisation, and bank debt. Our subsidiaries have also done well.

Within the first quarter of operations, CareEdge Global Ratings assigned global scale ratings to debt issuance of ~ $2 billion across corporates and FIs. Similarly, CareEdge ESG Ratings assigned 2 ESG ratings. We aim to consistently add value for informed decision making by stakeholders through our offerings.

While we are encouraged by our robust Q3FY25 performance, we re-emphasize that our financial performance should be evaluated on an annual basis rather than quarter-on-quarter or sequential quarter basis. Over the past nine months, we have seen consistently strong performance in both our ratings as well as non-ratings segments, with the contribution of non-ratings segment depicting a steady increase.

We remain confident in our ability to sustain the momentum with good growth in operating revenue and profitability as evidenced by the results over the last several quarters."

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Financial Services company CARE Ratings announced H1FY25 & Q2FY25 results

  • Revenue from Operations: H1FY25 Rs 166.85 crore, change YoY 18%, Q2FY25 Rs 101.51 crore, change YoY 19%
  • EBITDA: H1FY25  Rs 79.09 crore, change YoY 21%, EBITDA Margin: 47%, Q2FY25 Rs 56.92 crore, change YoY 26% EBITDA Margin: 56%.
  • PAT: H1FY25  Rs 73.65 crore, change YoY 18%, PAT Margin: 38%, Q2FY25 Rs 49.64 crore, change YoY 22% PAT Margin: 44%.

Mehul Pandya, Managing Director & Group CEO of CareEdge, said: “The company has shown good performance in ratings as well as non-rating businesses. Reflective of our commitment towards quality led growth, ratings business continued to show momentum in initial ratings of capital market instruments, securitisation and bank debt.

In H1FY25, the contribution of non-ratings business to total consolidated revenue from operations has improved to 9.5% even as the ratings business witnessed a strong growth of 19%.

We are proud to be the first rating agency from India to foray in the sovereign & global scale ratings, with the announcement of sovereign ratings of 39 countries at the launch event of CareEdge Global IFSC Ltd. Further, our step-down subsidiary in South Africa has also received the regulatory approval to offer credit ratings services, including sovereign ratings in that geography

CareEdge Africa and CareEdge Nepal reported robust growth in their business during the period. CareEdge ESG is on the path to be a catalyst for change towards sustainable future with the release of its first ESG rating recently. CareEdge Analytics and CareEdge Advisory continued to improve their performance during the period.

Overall, CareEdge is well poised for continued success and growth, driven by our strategic pillars and an unyielding commitment to excellence.”

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Financial Services company CARE Ratings announced Q1FY25 results:

  • Revenue from operations: Rs 78.9 crore, up by 19% YoY
  • EBITDA: Rs 21.8 crore, up by 22% YoY
  • PAT: Rs 21.4 crore, up by 16% YoY

Commenting on the results for Q1 FY25, Mehul Pandya, Managing Director & Group CEO of CareEdge, said: "We reiterate that our financial performance should be assessed on an annual basis rather than QoQ. Nevertheless, our Company on a Standalone basis recorded a healthy YoY growth of 16% in revenue from operations for Q1 FY25. The Consolidated revenue from operations also recorded a Yoy growth of 19% for Q1 FY25. 

The Standalone growth in revenue from operations is attributed to strong Bank loan initial ratings business supported well by securitization. The contribution of Non-Ratings business to consolidated revenue from operation stands at stable 10% over a decent growth in Ratings business."

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Financial Services company CARE Ratings announced Q4FY24 & FY24 results:

  • Standalone Total Income: "Total income for CareEdge Ratings Limited increased by 15% to Rs 330.0 crore for FY24."
  • Standalone Operating EBITDA and Profit After Tax: "The Operating EBITDA grew by 10% to Rs 127.5 crore and Profit After Tax (PAT) saw an ascent of 15% at Rs 119.4 crore for the fiscal year 2024."
  • Dividend Declaration: The Board of Directors has recommended a final dividend of Rs 11 per share, making the total dividend Rs 18 per share for the year.

Commenting on the results for Q4 & FY24, Mehul Pandya, Managing Director & Group CEO of CareEdge, said: "The income from operations of our Company rose 14% in FY24 on a Standalone basis as the initial ratings business continued to witness strong growth. The EB/TOA margin remained robust at 45% for FY24. Our other income increased on back of better yield on deposits. Notwithstanding the increase in employee cost for Talent management, our PAT on a Standalone basis improved by 15%, while on a Consolidated basis, it was up by 20% in FY24.

The Consolidated income from operations grew 19%, aided by the increase in the ratings and non-ratings income. The Consolidated EB/TOA margin for FY24 came in strong at 34%.

We reiterate that our financial performance should be assessed on an annual basis rather than quarter-on-quarter. Nevertheless, our Company on a Standalone basis recorded a healthy YoY growth of 10% in income from operations for Q4FY24. The Consolidated income from operations also recorded a YoY growth of 16% for Q4FY24.

I am happy to share that The Board of Directors has recommended a final dividend of Rs 11/- per share (of Rs 10/-face value) which will take the total dividend declared for the year to Rs 18/- per share."

Result PDF

Financial Services company CARE Ratings announced Q3FY24 & 9MFY24 results:

Consolidated Q3FY24:

  • Operating Income: Witnessed a 27% YoY jump to Rs 78.68 crore.
  • EBITDA: Grew by 31% YoY to Rs 23.36 crore.
  • EBITDA Margin: At 30%.
  • Profit After Tax (PAT): Increased to Rs 23.92 crore, up by 47% YoY.
  • PAT Margin: Came in at 26%.

Standalone Q3FY24:

  • Operating Income: Rs 66.68 crore, a significant increase of 22% YoY.
  • EBITDA: Reached Rs 27.04 crore, up by 22% YoY.
  • EBITDA Margin: Held steady at 41%.
  • Profit After Tax (PAT): Grew by 4% YoY to Rs 22.23 crore.
  • PAT Margin: Reported at 29%.

Consolidated 9MFY24:

  • Operating Income: Increased by 20% YoY to Rs 241.54 crore.
  • EBITDA: Rose to Rs 83.10 crore, a YoY increase of 9%.
  • EBITDA Margin: Recorded at 34%.
  • Profit After Tax (PAT): Amounted to Rs 78.01 crore, reflecting a 19% YoY growth.
  • PAT Margin: At 28%.

Standalone 9MFY24:

  • Operating Income: Recorded at Rs 208.27 crore, marking a year-over-year (YoY) increase of 15%.
  • EBITDA: Stood at Rs 92.54 crore, showing a growth of 8% YoY.
  • EBITDA Margin: Maintained at 44%.
  • Profit After Tax (PAT): Reported as Rs 84.61 crore, which is a 9% increase YoY.
  • PAT Margin: At 35%.

Commenting on the results and performance for Q3 & 9MFY24, Mehul Pandya, Managing Director & CEO of CARE Ratings said, “Despite the muted fund-raising scenario witnessed for Q2 & Q3 of FY24, our Company on a standalone basis recorded YoY growth of 15% in income from operations for 9MFY24. The initial ratings business continued to witness good growth. The EBITDA margin continued to remain robust at 44% for 9MFY24. The other income, driven by interest income grew on the back of better yield generated on deposits. On cost parameters, the increase in employee cost is attributed to a talent management initiative.

On a Consolidated basis, Income from operations reported growth of 20% on the back of improvement in ratings and non-ratings businesses. The EBITDA margin for 9MFY24 continued to remain strong at 34%.

We reiterate that our financial performance should be assessed on a cumulative basis rather than a quarterly basis. Nevertheless, our company on a standalone basis recorded a healthy YoY growth of 22% in income from operations for Q3FY24. The consolidated operating income also recorded a YoY growth of 27% for Q3FY24."

Result PDF

Other Financial Services firm CARE Ratings announced Q4FY23 & FY23 results:

  • Standalone Q4FY23:
    • Total Income: Rs 78.2 crore
    • Operating EBIDTA: Rs 29.5 crore
    • Profit After Tax: Rs 25.9 crore
  • Standalone FY23:
    • Total Income: Rs 285.9 crore
    • Operating EBIDTA: Rs 115.5 crore
    • Profit After Tax: Rs 103.8 crore

Commenting on the results and performance for Q4FY23 & FY23, Mehul Pandya, Managing Director & CEO of CARE Ratings said: 'Over the past decade, India has made remarkable strides in economic development, rising from the tenth to the fifth largest economy in the world. Despite the challenging macroeconomic conditions, the Indian economy has demonstrated exceptional resilience and is on track to achieve robust growth.

In FY23, gross bank credit growth accelerated by 15%, with the services sector leading the way with a year-on-year increase of 19.8%. Overall, these positive developments bode well for the Indian economy's future growth trajectory.

The Indian economy is relatively better placed in the midst of the global turmoil. Domestic demand indicators are robust, and inflation is moderating. While external demand is likely to remain weak, the external vulnerability has reduced with the current account deficit narrowing. With capacity utilisation of the manufacturing sector reaching the long-period average, we expect the private investment cycle to pick up. However, given the uncertain economic environment, the pick-up in private capex is likely to be gradual. CareEdge, with its robust quality-led growth, reflected in its Rating performance and Financial performance in FY23, is on the growth trajectory.

On a standalone basis, our Company recorded revenue from operations of Rs 248.84 crore in FY23 as compared to Rs 219.27 crore in FY22, registering a growth of 13% Year on Year. For FY23, EBITDA grew by 34% to Rs 115.50 crore. For the year, the EBITDA margin stood at 46%. For FY23, the Profit after tax stood at Rs 103.80 crore, a growth of 23%.

On a consolidated basis, our Company recorded revenue from operations of Rs 278.99 crore as compared to Rs 247.63 crore, registering a growth of 13% Year on Year. Profit After Tax stood at Rs 85.46 crore, a growth of 11%.

I'm pleased to announce that our Company has completed 30 years of operations, and this is a testament to the hard work and dedication of our team and the support from stakeholders.

“l am happy to share that the Board of Directors has recommended a final dividend of Rs 7/- per share and a special dividend of Rs 8/- per share (of Rs 10/- face value) to mark the completion of 30 years operations, which will take the total dividend declared for the year to Rs 25/- per share.

Throughout our transformative journey, we have invested significant efforts in enhancing and automating our rating processes, improving organizational efficiencies, and optimizing talent and technology.

Lastly, We remain committed to our strategy, which centers around driving group impetus, fostering talent, harnessing technology, and building a compelling brand through rebranding initiatives. With these key focus areas, we are confident in our ability to continue providing exceptional value to our clients and stakeholders and achieve long-term growth and success.”'

Result PDF

CARE Ratings announced Q3FY23 results:

  • Standalone Q3FY23:
    • CARE Ratings’ standalone income from operations was up by 12% to Rs 54.55 crore in Q3FY23, compared with Rs 48.65 crore in the corresponding quarter of the previous year.
    • Total income was up by 18% to Rs 65.58 crore in Q3FY23, compared with Rs 55.45 crore in Q3FY22. Total expenses have increased by 8% to Rs 38.30 crore in Q3FY23, compared with Rs 35.60 crore in Q3FY22.
    • Operating profit increased by 49% to Rs 22.25 crore in Q3FY23 from Rs 14.93 crore in Q3FY22. Net profit increased by 44% to Rs 21.40 crore in Q3FY23 from Rs 14.90 crore in Q3FY22.
    • Operating profit margin and net profit margin were 41% and 33% respectively in Q3FY23, which reflected good growth compared to corresponding quarter of the previous year.
    • Income from operations was up by 13% to Rs 180.79 crore in 9MFY23, compared with Rs 159.73 crore in 9MFY22. Bank loan ratings segment led this growth, with sustained momentum in initial ratings business.
    • Total income was up by 15% to Rs 207.77 crore in 9MFY23, compared with Rs 180.70 crore in 9MFY22. Total expenses have decreased by 3% to Rs 104.78 crore in 9MFY23, compared with Rs 107.90 crore in 9MFY22.
    • Operating profit increased by 50% to Rs 85.96 crore in 9MFY23 from Rs 57.25 crore in 9MFY22. Net profit increased by 40% to Rs 77.95 crore in 9MFY23 from Rs 55.55 crore in 9MFY22.
    • Operating profit margin and net profit margin were 48% and 38% respectively in 9MFY23, which reflected good growth compared to the corresponding 9 months of the previous year.
    • The Board of Directors have declared an interim dividend of Rs 10 per share (of Rs 10 face value per share) for the third quarter of FY23.
  • 9MFY23:
    • CARE Ratings’ consolidated total income was up by 17% to Rs 73.73 crore in Q3FY23, compared with Rs 62.96 crore in Q3FY22. Operating profit increased by 19% to Rs 17.87 crore in Q3FY23 from Rs 14.96 crore in Q3FY22.
    • Net profit increased by 9% to Rs 16.31 crore in Q3FY23 from Rs 14.90 crore in Q3FY22.
    • Total income increased by 14% to Rs 229.05 crore in 9MFY23 from Rs 201.77 crore in 9MFY22.
    • Operating profit increased by 33% to Rs 76.00 crore in 9MFY23 from Rs 57.14 crore in 9MFY22.
    • Net profit increased to Rs 65.31 crore in 9MFY23 from Rs 53.52 crore in 9MFY22, an increase of 22%.

“While the Indian economy has been recording healthy growth, there are concerns for the external sector. With the global economy slowing down, India’s economy will definitely feel the pain. At this crucial juncture, the critical aspect would be for the domestic demand revival to be sustained. With capacity utilisation levels improving, the private sector’s intent to invest has improved. Hence, our initial ratings business continued to witness good growth from the bank loan rating as well as the capital market segments. We could expect a gradual rise in private investment in the coming quarters, even while the global and domestic economic uncertainties will prevent a dramatic turnaround, said Mehul Pandya, MD & CEO, CARE Ratings Ltd.”

 

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