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Swing Capital

CARE Ratings Ltd

NSE: CARERATING BSE: 534804

CARE Ratings is a leading credit rating agency of India. The Company provides various credit ratings that helps corporates to raise capital for their various requirements and assists the investors to form an informed investment decision based on the credit risk and their own riskreturn expectations.(Source : 202003-01 Annual Report Page No:134)

₹1,719
52W: ₹1393 — ₹1965
PE 29.6 · Book ₹327 · +426% vs book
Market Cap₹5,166 Cr
Stock P/E29.6Price to Earnings
ROCE25%Return on Capital
ROE18.9%Return on Equity
Div. Yield1.26%Face Value ₹10

Strengths

  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 39.8%

Shareholding Pattern

Promoters0%
FIIs23.25%
DIIs31.38%
Public45.37%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters0%0%0%0%0%0%0%0%
FIIs23.37%24.79%▲1.424.75%▼0.023.75%▼1.024.62%▲0.923.61%▼1.023%▼0.623.25%▲0.3
DIIs26.15%25.28%▼0.927.5%▲2.229.38%▲1.929.76%▲0.431.6%▲1.831.3%▼0.331.38%▲0.1
Public50.47%49.92%▼0.547.74%▼2.246.87%▼0.945.61%▼1.344.79%▼0.845.7%▲0.945.37%▼0.3

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales67756510279917611490108
Expenses43404345484548495350
Operating Profit24352257304627653758
OPM %35%47%34%56%39%50%36%57%41%54%
Net Profit22352450294529563653
EPS ₹7.4711.678.0416.69.8514.999.7218.6112.0117.77

AI Insights

Revenue Trend

Mar 2026 revenue at ₹388Cr, up 15.1% YoY. OPM at 48%.

Debt Position

Borrowings at ₹16Cr. Debt-to-equity ratio: 0.02x. Healthy balance sheet.

Institutional Flow

DIIs: 31.38% (+8.21pp change). FIIs: 23.25% (+3.00pp change). Promoters hold 0%.

Margin & Efficiency

ROCE declining from 40% (Mar 2015) to 25% (Mar 2026). Working capital days: 398.

Valuation

PE 29.6x with 25% ROCE. Price is 426% above book value of ₹327. Dividend yield: 1.26%.

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