Integrated Filing — IndAS



General information about company

Scrip Code 534804
NSE Symbol CARERATING
MSEI Symbol NA
ISIN INE752H01013
Name of company CARE RATINGS LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 12-11-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 04-11-2025
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Second quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Unaudited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 12-11-2025   12:00:00
End date and time of board meeting 12-11-2025   18:00:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Not applicable



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 13,637.11 23,027.61
Other income 1,257.68 2,611.76
Total income 14,894.79 25,639.37
2 Expenses
(a) Cost of materials consumed 0.00 0.00
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 0.00 0.00
(d) Employee benefit expense 5,328.00 10,698.04
(e) Finance costs 61.44 121.38
(f) Depreciation, depletion and amortisation expense 346.01 685.56
(f) Other Expenses
1 Other Expenses 1,468.25 2,699.31
Total other expenses 1,468.25 2,699.31
Total expenses 7,203.70 14,204.29
3 Total profit before exceptional items and tax 7,691.09 11,435.08
4 Exceptional items 0.00 0.00
5 Total profit before tax 7,691.09 11,435.08
6 Tax expense
7 Current tax 1,965.39 3,009.45
8 Deferred tax 4.71 54.90
9 Total tax expenses 1,970.10 3,064.35
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 5,720.99 8,370.73
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period 5,720.99 8,370.73
17 Other comprehensive income net of taxes 119.49 82.20
18 Total Comprehensive Income for the period 5,840.48 8,452.93
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 5,666.86 8,244.71
Total profit or loss, attributable to non-controlling interests 54.13 126.02
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 5,782.49 8,324.86
Total comprehensive income for the period attributable to owners of parent non-controlling interests 57.99 128.07
21 Details of equity share capital
Paid-up equity share capital 2,999.50 2,999.50
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 18.9 27.51
Diluted earnings (loss) per share from continuing operations 18.81 27.38
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 18.9 27.51
Diluted earnings (loss) per share from continuing and discontinued operations 18.81 27.38
24 Debt equity ratio 0.00 0.00
25 Debt service coverage ratio 0.00 0.00
26 Interest service coverage ratio 0.00 0.00
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) 1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on November 12, 2025 and have been subjected to limited review by the statutory auditors of the Company. 2. The consolidated financial results include results of CARE Ratings Limited and its subsidiaries namely CARE Analytics and Advisory Private Limited (formerly known as CARE Risk Solutions Private Limited), CARE ESG Ratings Limited (formerly known as CARE Advisory Research and Training Limited), CARE Ratings (Africa) Private Limited, CARE Ratings South Africa (Pty) Limited, CARE Ratings Nepal Limited and CareEdge Global IFSC Limited. 3. The accompanying financial results have been prepared as per the format prescribed under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016. 4. The financial results have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) read with section 133 of the Companies Act, 2013.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 30-09-2025
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 8,097.14
Capital work-in-progress 0.00
Investment property 0.00
Goodwill 795.03
Other intangible assets 3,160.30
Intangible assets under development 311.22
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 14,544.77
Trade receivables, non-current 0.00
Loans, non-current 109.64
Other non-current financial assets 941.10
Total non-current financial assets 15,595.51
Deferred tax assets (net) 1.31
Other non-current assets 164.43
Total non-current assets 28,124.94
2 Current assets
Inventories 0.00
Current financial asset
Current investments 2,978.98
Trade receivables, current 7,973.91
Cash and cash equivalents 2,795.70
Bank balance other than cash and cash equivalents 25,864.49
Loans, current 229.67
Other current financial assets 33,299.39
Total current financial assets 73,142.14
Current tax assets (net) 653.06
Other current assets 1,828.94
Total current assets 75,624.14
3 Non-current assets classified as held for sale 0.00
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 1,03,749.08
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 2,999.50
Other equity 83,240.11
Total equity attributable to owners of parent 86,239.61
Non controlling interest 1,031.69
Total equity 87,271.30
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 0.00
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities 2,185.30
Total non-current financial liabilities 2,185.30
Provisions, non-current 1,650.40
Deferred tax liabilities (net) 697.64
Deferred government grants, Non-current 0.00
Other non-current liabilities 0.00
Total non-current liabilities 4,533.34
Current liabilities
Current financial liabilities
Borrowings, current 0.00
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 1,500.18
Total Trade payable 1,500.18
Other current financial liabilities 2,138.77
Total current financial liabilities 3,638.95
Other current liabilities 7,090.01
Provisions, current 491.91
Current tax liabilities (Net) 723.57
Deferred government grants, Current 0.00
Total current liabilities 11,944.44
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 16,477.78
Total equity and liabilites 1,03,749.08
Disclosure of notes on assets and liabilities Textual Information(1)



Text Block

Textual Information(1) 5. The Company has alloted 36,899 equity shares of Rs.10 each pursuant to excercise of employee stock options during Q2 FY 25-26. As per Ind AS 102 - Share Based Payment, total cost of ESOS 2020 is recognised over vesting period. Employee Benefit Expenses in Consolidated results includes ESOP charge under respective periods as under: Share Based payment expenses: Quarter ended September 30, 2025 (unaudited) - 44.54 lakhs Half year ended September 30, 2025 (unaudited) - 111.56 lakhs 6. The Board of Directors of the Company have recommended interim dividend of Rs.8/- per share. 7. ESOP application money pending alloted included in other equity.



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-07-2025 01-04-2025
Date of end of reporting period 30-09-2025 30-09-2025
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Rating and related services 12,301.38 20,599.13
2 Others 1,353.23 2,452.57
Total Segment Revenue 13,654.61 23,051.70
Less: Inter segment revenue 17.50 24.09
Revenue from operations 13,637.11 23,027.61
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Rating and related services 7,550.16 11,316.87
2 Others 91.04 (55.16)
Total Profit before tax 7,641.20 11,261.71
i. Finance cost 61.44 121.38
ii. Other Unallocable Expenditure net off Unallocable income (111.33) (294.75)
Profit before tax 7,691.09 11,435.08
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Rating and related services 80,861.45 80,861.45
2 Others 4,568.85 4,568.85
Total Segment Asset 85,430.30 85,430.30
Un-allocable Assets 18,318.78 18,318.78
Net Segment Asset 1,03,749.08 1,03,749.08
4 Segment Liabilities
Segment Liabilities
1 Rating and related services 12,616.51 12,616.51
2 Others 3,861.27 3,861.27
Total Segment Liabilities 16,477.78 16,477.78
Un-allocable Liabilities 0.00 0.00
Net Segment Liabilities 16,477.78 16,477.78
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Items that will not be reclassified to profit and loss 1102000 -3001000
Total Amount of items that will not be reclassified to profit and loss 11.02 (30.01)
2 Income tax relating to items that will not be reclassified to profit or loss 2.30 (6.90)
3 Amount of items that will be reclassified to profit and loss
1 Items that will be reclassified to profit and loss 11077000 10531000
Total Amount of items that will be reclassified to profit and loss 110.77 105.31
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 119.49 82.20



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 30-09-2025
C Whether results are audited or unaudited Unaudited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 11,435.08
Adjustments for reconcile profit (loss)
Adjustments for finance costs 121.38
Adjustments for decrease (increase) in inventories 0.00
Adjustments for decrease (increase) in trade receivables, current 0.00
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets (952.52)
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current (4,998.15)
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 0.00
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 2,241.52
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 685.56
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 0.00
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current (928.71)
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains (17.01)
Adjustments for dividend income 20.21
Adjustments for interest income 2,320.31
Adjustments for share-based payments 111.56
Adjustments for fair value losses (gains) (51.42)
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow (25.88)
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items (50.79)
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) (6,204.98)
Net cash flows from (used in) operations 5,230.10
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 2,694.79
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities 2,535.31
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 25.88
Purchase of property, plant and equipment 644.64
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 2,421.30
Purchase of other long-term assets 6,486.46
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 20.21
Interest received 3,585.41
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (571.52)
Net cash flows from (used in) investing activities (1,649.82)
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 0.00
Proceeds from issuing other equity instruments 83.19
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 408.06
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 0.00
Repayments of borrowings 0.00
Payments of lease liabilities 6.52
Dividends paid 3,334.66
Interest paid 121.38
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities (2,971.31)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes (2,085.82)
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents (2,085.82)
Cash and cash equivalents cash flow statement at beginning of period 4,881.52
Cash and cash equivalents cash flow statement at end of period 2,795.70