Care Ratings Ltd.
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ABOUT
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 24.1%
- Company has been maintaining a healthy dividend payout of 37.9%
- Company has a consistent dividend-paying track record
- Working capital cycle has improved - days down from 568 to 462
- Company generates healthy free cash flow
CONS
- Operating margins have contracted to 48.2% from 59.0%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| CRISIL | 4682.85 | 38.73 | 34245.69 | 1.30 | 216.46 | 26.16 | 1075.39 | 27.56 | 37.98 | 28.63 |
| CARERATING | 1726.30 | 29.27 | 5199.34 | 1.27 | 32.99 | 24.52 | 111.68 | 18.92 | 27.36 | 31.01 |
| ICRA | 4789.95 | 23.68 | 4622.89 | 2.19 | 56.46 | 32.04 | 163.37 | 31.23 | 22.80 | 33.72 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 56 | 85 | 67 | 75 | 65 | 102 | 79 | 91 | 76 | 114 | 90 | 108 | 88 | |
| 36 | 40 | 43 | 40 | 43 | 45 | 48 | 45 | 48 | 49 | 53 | 50 | 59 | |
| Operating Profit | 20 | 45 | 24 | 35 | 22 | 57 | 30 | 46 | 27 | 65 | 37 | 58 | 29 |
| OPM % | 35.69% | 53.28% | 35.30% | 46.79% | 33.95% | 56.06% | 38.55% | 50.14% | 35.88% | 56.86% | 41.27% | 53.82% | 33.35% |
| 11 | 12 | 11 | 14 | 13 | 12 | 11 | 16 | 15 | 13 | 13 | 15 | 16 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Profit before Tax | 29 | 55 | 32 | 46 | 32 | 66 | 39 | 59 | 39 | 75 | 48 | 71 | 45 |
| Tax % | 26.06% | 25.38% | 29.94% | 24.75% | 26.08% | 25.12% | 25.07% | 23.82% | 26.06% | 25.37% | 24.42% | 24.36% | 24.76% |
| Net Profit | 22 | 41 | 22 | 35 | 24 | 50 | 29 | 45 | 29 | 56 | 36 | 53 | 34 |
| 7.28 | 13.71 | 7.47 | 11.67 | 8.04 | 16.60 | 9.85 | 15.00 | 9.72 | 18.62 | 12.01 | 17.77 | 11.27 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 280 | 322 | 297 | 219 | 220 | 219 | 249 | 283 | 337 | 388 | 400 | |
| 94 | 112 | 126 | 143 | 131 | 133 | 139 | 159 | 182 | 201 | 211 | |
| Operating Profit | 186 | 209 | 171 | 77 | 88 | 86 | 110 | 124 | 155 | 187 | 190 |
| OPM % | 66.36% | 65.12% | 57.60% | 34.94% | 40.18% | 39.22% | 44.12% | 43.82% | 46.08% | 48.23% | 47.35% |
| 34 | 25 | 30 | 31 | 32 | 28 | 37 | 47 | 51 | 56 | 57 | |
| Interest | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 1 | 2 | 2 | 2 |
| Depreciation | 3 | 3 | 3 | 7 | 7 | 7 | 8 | 8 | 8 | 9 | 9 |
| Profit before Tax | 217 | 232 | 198 | 100 | 113 | 107 | 138 | 162 | 197 | 232 | 238 |
| Tax % | 29.86% | 30.52% | 31.84% | 19.70% | 23.87% | 21.04% | 24.86% | 26.22% | 24.88% | 24.98% | 24.76% |
| Net Profit | 152 | 161 | 135 | 81 | 86 | 84 | 104 | 119 | 148 | 174 | 179 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 29.08 | 28.47 | 35.00 | 40.01 | 49.44 | 58.04 | — |
| Dividend Payout % | 54.16% | 100.63% | 65.48% | 71.36% | 58.35% | 59.66% | 71.53% | 44.99% | 36.41% | 37.91% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 4%
- 5 Years:
- 12%
- 3 Years:
- 16%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 4%
- 5 Years:
- 15%
- 3 Years:
- 19%
STOCK PRICE CAGR
- 10 Years:
- 4%
- 5 Years:
- 18%
- 3 Years:
- 26%
- 1 Year:
- 4%
RETURN ON EQUITY
- 10 Years:
- 20%
- 5 Years:
- 17%
- 3 Years:
- 18%
- Last Year:
- 19%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 29 | 29 | 29 | 29 | 29 | 30 | 30 | 30 | 30 | 30 |
| 495 | 561 | 499 | 479 | 529 | 613 | 659 | 724 | 822 | 949 | |
| 0 | 0 | 0 | 6 | 4 | 2 | 12 | 15 | 14 | 13 | |
| Trade Payables | 1 | 1 | 1 | 1 | 3 | 3 | 4 | 4 | 8 | 8 |
| 986 | 564 | 638 | 568 | 589 | 593 | 61 | 78 | 94 | 109 | |
| Total Liabilities | 1,511 | 1,156 | 1,168 | 1,083 | 1,155 | 1,240 | 766 | 851 | 969 | 1,109 |
| 53 | 52 | 75 | 83 | 76 | 82 | 91 | 93 | 93 | 92 | |
| 484 | 537 | 458 | 359 | 266 | 71 | 112 | 129 | 255 | 207 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15 | 22 | 25 | |
| Cash & Bank | 12 | 24 | 21 | 101 | 269 | 71 | 43 | 31 | 27 | 68 |
| 963 | 543 | 614 | 540 | 544 | 1,017 | 520 | 584 | 572 | 717 | |
| Total Assets | 1,511 | 1,156 | 1,168 | 1,083 | 1,155 | 1,240 | 766 | 851 | 969 | 1,109 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 188 | 204 | 172 | 99 | 103 | 90 | 125 | 107 | 121 | 142 | |
| Cash from Investing | -28 | -27 | 81 | 26 | -38 | -23 | -2 | -60 | -72 | -98 |
| Cash from Financing | -96 | -99 | -195 | -106 | -43 | -35 | -62 | -60 | -53 | -53 |
| -0 | 11 | -4 | -14 | 2 | 6 | 31 | -12 | -4 | -9 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-04 - CARE Ratings Limited has informed the Exchange about Schedule of InvestorMeet
2026-09-03 - CARE Ratings Limited has informed the Exchange about Cancellation of Investor Meet
2026-09-02 - CARE Ratings Limited has informed the Exchange regarding Allotment of 24,500 equity shares pursuant to exercise of ESOP
2026-09-01 - CARE Ratings Limited has informed the Exchange about Schedule of Investor Meet
2026-08-27 - CARE Ratings Limited has informed the Exchange about Schedule of Investor Meet
2026-08-20 - CARE Ratings Limited has informed the Exchange about Reschedule of Investor Meet
2026-08-20 - CARE Ratings Limited has informed the Exchange about Schedule of Investor Meet
2026-08-18 - CARE Ratings Limited has informed the Exchange about Schedule of Investor Meet
2026-08-14 - CARE Ratings Limited has informed the Exchange about Schedule of Investor meet
News
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Care Ratings Ltd.
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