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 13-05-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 28-04-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Fourth 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 Audited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 13-05-2026   12:30:00
End date and time of board meeting 13-05-2026   18:30:00
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 Declaration of unmodified opinion



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 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Unaudited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 13,067.01 47,307.05
Other income 1,570.71 5,481.48
Total income 14,637.72 52,788.53
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 5,256.53 21,467.14
(e) Finance costs 62.54 248.61
(f) Depreciation, depletion and amortisation expense 382.51 1,437.18
(f) Other Expenses
1 Other Expenses 1,735.27 6,100.25
Total other expenses 1,735.27 6,100.25
Total expenses 7,436.85 29,253.18
3 Total profit before exceptional items and tax 7,200.87 23,535.35
4 Exceptional items 0.00 0.00
5 Total profit before tax 7,200.87 23,535.35
6 Tax expense
7 Current tax 1,878.27 6,221.60
8 Deferred tax (22.26) (55.84)
9 Total tax expenses 1,856.01 6,165.76
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 5,344.86 17,369.59
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 5,344.86 17,369.59
17 Other comprehensive income net of taxes 161.91 258.98
18 Total Comprehensive Income for the period 5,506.77 17,628.57
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 5,283.45 17,117.68
Total profit or loss, attributable to non-controlling interests 61.41 251.90
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 5,441.87 17,372.92
Total comprehensive income for the period attributable to owners of parent non-controlling interests 64.90 255.65
21 Details of equity share capital
Paid-up equity share capital 3,004.70 3,004.70
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve 90,226.66
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 17.58 57.06
Diluted earnings (loss) per share from continuing operations 17.51 56.83
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 17.58 57.06
Diluted earnings (loss) per share from continuing and discontinued operations 17.51 56.83
24 Debt equity ratio 0 0
25 Debt service coverage ratio 0 0
26 Interest service coverage ratio 0 0
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 May 13, 2026 and have been subjected to audit by the statutory auditors of the Company. 2. The Board of Directors of the Company have recommended final dividend of Rs. 14/- per share, also Company has paid interim dividend of Rs.8/- per share in Q2 FY 26. Total dividend for FY 26 of Rs. 22. 3. The consolidated financial results include results of CARE Ratings Limited and its subsidiaries namely CARE Analytics and Advisory Private Limited, CARE ESG Ratings Limited, CARE Ratings (Africa) Private Limited, CARE Ratings South Africa (Pty) Limited, CARE Ratings Nepal Limited and CareEdge Global IFSC Limited. 4. 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. 5. 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. 6. On 21st November 2025, the Government of India notified the four Labour Codes – the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 – Consolidating 29 existing labour laws. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Group has considered restructured compensation of its employees with effect from April 1, 2026, and assessed the impact of changes, consistent with the Labour Codes, draft rules and FAQs and legal opinion. The incremental gratuity impact of Rs. 75.99 lakhs, arising primarly from the change in wage definition has been recognized under Employee Benefit Expenses for the year ended 31st March 2026. The Management will continue to track and evaluate the impact of the rules notified by the Central/State Government post 31 March 2026 and consider the appropriate accounting effect in the relevant periods, as needed. 7. The Company has alloted 21984 equity shares of Rs.10 each pursuant to excercise of employee stock options during Q4 FY 25-26. As per Ind AS 102 - Share Based Payment, total cost of ESOS 2020 is recognised over vesting period. ESOP Cost for Q4 FY26 is Rs.39.37 lakhs and for FY26 is Rs. 175.73 lakhs on consolidated basis.



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 31-03-2026
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 8,132.70
Capital work-in-progress 0.00
Investment property 0.00
Goodwill 795.03
Other intangible assets 3,312.08
Intangible assets under development 532.34
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 6,634.30
Trade receivables, non-current 0.00
Loans, non-current 143.56
Other non-current financial assets
1 Other non-current financial assets 23,099.88
Total of other non-current financial assets 23,099.88
Total non-current financial assets 29,877.74
Deferred tax assets (net) 16.98
Other non-current assets
1 Other non-current assets 75.94
Total of other non-current assets 75.94
Total non-current assets 42,742.81
2 Current assets
Inventories 0.00
Current financial asset
Current investments 2,053.55
Trade receivables, current 3,503.51
Cash and cash equivalents 4,259.95
Bank balance other than cash and cash equivalents 8,641.89
Loans, current 180.50
Other current financial assets
Total of other current financial assets 47,167.87
Total current financial assets 65,807.27
Current tax assets (net) 791.91
Other current assets
1 Other current assets 1,131.71
Total of other current assets 1,131.71
Total current assets 67,730.89
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 1,10,473.70
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 3,004.70
Other equity 90,239.82
Total equity attributable to owners of parent 93,244.52
Non controlling interest 1,067.99
Total equity 94,312.51
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
1 Other non-current financial liabilities 2,182.25
Total of other non-current financial liabilities 2,182.25
Total non-current financial liabilities 2,182.25
Provisions, non-current 1,607.97
Deferred tax liabilities (net) 602.64
Deferred government grants, Non-current 0.00
Other non-current liabilities
1 Other non-current liabilities 0.00
Total of other non-current liabilities 0.00
Total non-current liabilities 4,392.86
Current liabilities
Current financial liabilities
Borrowings, current 0.00
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 80.03
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 1,409.32
Total Trade payable 1,489.35
Other current financial liabilities
1 Other current financial liabilities 4,368.62
Total of other current financial liabilities 4,368.62
Total current financial liabilities 5,857.97
Other current liabilities 5,058.08
1 Other current liabilities 5,058.08
Total of other current liabilities 5,058.08
Provisions, current 531.61
Current tax liabilities (Net) 320.67
Deferred government grants, Current 0.00
Total current liabilities 11,768.33
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 16,161.19
Total equity and liabilites 1,10,473.70
Disclosure of notes on assets and liabilities



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 01-01-2026 01-04-2025
Date of end of reporting period 31-03-2026 31-03-2026
Whether results are audited or unaudited Unaudited Audited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Ratings and related services 11,767.91 42,340.31
2 Others 1,324.65 5,058.66
Total Segment Revenue 13,092.56 47,398.97
Less: Inter segment revenue 25.55 91.92
Revenue from operations 13,067.01 47,307.05
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Ratings and related services 6,976.52 23,160.62
2 Others 105.86 (13.75)
Total Profit before tax 7,082.38 23,146.87
i. Finance cost 62.54 248.61
ii. Other Unallocable Expenditure net off Unallocable income (181.03) (637.11)
Profit before tax 7,200.87 23,535.37
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Ratings and related services 96,328.43 96,328.43
2 Others 4,662.39 4,662.39
Total Segment Asset 1,00,990.82 1,00,990.82
Un-allocable Assets 9,482.88 9,482.88
Net Segment Asset 1,10,473.70 1,10,473.70
4 Segment Liabilities
Segment Liabilities
1 Ratings and related services 12,405.08 12,405.08
2 Others 3,756.11 3,756.11
Total Segment Liabilities 16,161.19 16,161.19
Un-allocable Liabilities 0.00 0.00
Net Segment Liabilities 16,161.19 16,161.19
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 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Unaudited Audited
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 25.62 (9.83)
Total Amount of items that will not be reclassified to profit and loss 25.62 (9.83)
2 Income tax relating to items that will not be reclassified to profit or loss 5.95 (1.79)
3 Amount of items that will be reclassified to profit and loss
1 Items that will be reclassified to profit and loss 142.24 267.02
Total Amount of items that will be reclassified to profit and loss 142.24 267.02
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 161.91 258.98



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 31-03-2026
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 23,535.35
Adjustments for reconcile profit (loss)
Adjustments for finance costs 248.61
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 (546.34)
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 (252.41)
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 539.15
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 1,437.18
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current (50.79)
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current 1,654.57
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 20.21
Adjustments for interest income 4,850.53
Adjustments for share-based payments 175.73
Adjustments for fair value losses (gains) (333.32)
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow (320.11)
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items 0.00
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) (2,318.47)
Net cash flows from (used in) operations 21,216.88
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 6,448.65
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities 14,768.23
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 24.78
Purchase of property, plant and equipment 829.96
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 41,112.57
Purchase of other long-term assets 36,059.93
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 10,485.90
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (24,210.04)
Net cash flows from (used in) investing activities (9,456.47)
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 13.16
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 659.36
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 0.00
Repayments of borrowings 0.00
Payments of lease liabilities 521.56
Dividends paid 5,835.68
Interest paid 248.61
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities (5,933.33)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes (621.57)
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 (621.57)
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 4,259.95





Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Auditor's opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results Yes
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 M/s BSR & Co LLP Yes 31-07-2028