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 01-04-2026
Date of end of financial year 31-03-2027
Date of board meeting when results were approved 29-10-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 12-10-2026
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 29-10-2026   12:00:00
End date and time of board meeting 29-10-2026   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 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 01-07-2026 01-04-2026
B Date of end of reporting period 30-09-2026 30-09-2026
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 16,413.34 27,581.29
Other income 1,542.71 3,022.65
Total income 17,956.05 30,603.94
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 6,074.22 11,993.74
(e) Finance costs 57.80 118.01
(f) Depreciation, depletion and amortisation expense 386.11 771.92
(f) Other Expenses
1 Other Expenses 1,877.73 3,662.90
Total other expenses 1,877.73 3,662.90
Total expenses 8,395.86 16,546.57
3 Total profit before exceptional items and tax 9,560.19 14,057.37
4 Exceptional items 0.00 0.00
5 Total profit before tax 9,560.19 14,057.37
6 Tax expense
7 Current tax 2,364.10 3,671.75
8 Deferred tax (40.61) (150.34)
9 Total tax expenses 2,323.49 3,521.41
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 7,236.70 10,535.96
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 7,236.70 10,535.96
17 Other comprehensive income net of taxes 60.53 50.24
18 Total Comprehensive Income for the period 7,297.23 10,586.20
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 7,184.86 10,410.75
Total profit or loss, attributable to non-controlling interests 51.84 125.21
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 7,245.28 10,456.50
Total comprehensive income for the period attributable to owners of parent non-controlling interests 51.95 129.70
21 Details of equity share capital
Paid-up equity share capital 3,011.84 3,011.84
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 23.88 34.61
Diluted earnings (loss) per share from continuing operations 23.82 34.52
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 23.88 34.61
Diluted earnings (loss) per share from continuing and discontinued operations 23.82 34.52
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 October 29, 2026 and have been subjected to limited review by the statutory auditors of the Company. 2. The Board of Directors of the Company have recommended interim dividend of Rs. 10/- per share. 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. The Company entered into definitive agreements with State Bank of India and NSE IFSC Limited on 19 October 2026 for the sale of a 9.90% equity stake each in its wholly owned subsidiary, CareEdge Global IFSC Limited (CGIL). Upon completion of the transaction, the Company's shareholding in CGIL will be reduced to 80.20%, and CGIL will cease to be a wholly owned subsidiary upon completion of the closing actions and approval of the share transfer by the Board of CGIL. 7. The Company has alloted 57,999 equity shares of Rs.10 each pursuant to excercise of employee stock options during Q2 FY 26-27. As per Ind AS 102 - Share Based Payment, total cost of ESOS 2020 is recognised over vesting period. 8. Employee Benefit Expenses in Consolidated results includes ESOP charge for Q2FY27 is Rs. 73.11 lakhs and H1FY27 is Rs.130.48 lakhs.



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 01-04-2026
Date of end of reporting period 30-09-2026
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 7,825.15
Capital work-in-progress 0.00
Investment property 0.00
Goodwill 795.03
Other intangible assets 3,189.50
Intangible assets under development 522.94
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 7,248.70
Trade receivables, non-current 0.00
Loans, non-current 112.59
Other non-current financial assets
1 Other financial assets 4,821.60
Total of other non-current financial assets 4,821.60
Total non-current financial assets 12,182.89
Deferred tax assets (net) 16.81
Other non-current assets
1 Other non-current assets 168.80
Total of other non-current assets 168.80
Total non-current assets 24,701.12
2 Current assets
Inventories 0.00
Current financial asset
Current investments 11,520.30
Trade receivables, current 8,783.36
Cash and cash equivalents 10,646.72
Bank balance other than cash and cash equivalents 7,291.08
Loans, current 158.04
Other current financial assets
Total of other current financial assets 53,544.26
Total current financial assets 91,943.76
Current tax assets (net) 992.37
Other current assets
1 Other current assets 1,954.55
Total of other current assets 1,954.55
Total current assets 94,890.68
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 1,19,591.80
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 3,011.84
Other equity 97,195.62
Total equity attributable to owners of parent 1,00,207.46
Non controlling interest 1,172.67
Total equity 1,01,380.13
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 financial liabilities 1,946.43
Total of other non-current financial liabilities 1,946.43
Total non-current financial liabilities 1,946.43
Provisions, non-current 1,732.92
Deferred tax liabilities (net) 456.45
Deferred government grants, Non-current 0.00
Other non-current liabilities
Total of other non-current liabilities
Total non-current liabilities 4,135.80
Current liabilities
Current financial liabilities
Borrowings, current 0.00
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 12.37
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 1,869.19
Total Trade payable 1,881.56
Other current financial liabilities
1 Other financial liabilities 3,111.33
Total of other current financial liabilities 3,111.33
Total current financial liabilities 4,992.89
Other current liabilities 7,437.43
1 Other current liabilities 7,437.43
Total of other current liabilities 7,437.43
Provisions, current 537.37
Current tax liabilities (Net) 1,108.18
Deferred government grants, Current 0.00
Total current liabilities 14,075.87
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 18,211.67
Total equity and liabilites 1,19,591.80
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 01-07-2026 01-04-2026
Date of end of reporting period 30-09-2026 30-09-2026
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 14,854.99 24,726.36
2 Others 1,607.62 2,958.13
Total Segment Revenue 16,462.61 27,684.49
Less: Inter segment revenue 49.27 103.20
Revenue from operations 16,413.34 27,581.29
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Rating and related services 9,486.29 13,998.45
2 Others 13.31 (1.05)
Total Profit before tax 9,499.60 13,997.40
i. Finance cost 57.80 118.01
ii. Other Unallocable Expenditure net off Unallocable income (118.39) (177.98)
Profit before tax 9,560.19 14,057.37
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Rating and related services 95,370.83 95,370.83
2 Others 4,656.94 4,656.94
Total Segment Asset 1,00,027.77 1,00,027.77
Un-allocable Assets 19,564.03 19,564.03
Net Segment Asset 1,19,591.80 1,19,591.80
4 Segment Liabilities
Segment Liabilities
1 Rating and related services 14,246.35 14,246.35
2 Others 3,965.32 3,965.32
Total Segment Liabilities 18,211.67 18,211.67
Un-allocable Liabilities 0.00 0.00
Net Segment Liabilities 18,211.67 18,211.67
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 01-07-2026 01-04-2026
B Date of end of reporting period 30-09-2026 30-09-2026
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 33.76 0.33
Total Amount of items that will not be reclassified to profit and loss 33.76 0.33
2 Income tax relating to items that will not be reclassified to profit or loss 9.18 4.33
3 Amount of items that will be reclassified to profit and loss
1 Items that will be reclassified to profit and loss 35.95 54.24
Total Amount of items that will be reclassified to profit and loss 35.95 54.24
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 60.53 50.24



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2026
B Date of end of reporting period 30-09-2026
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 14,057.37
Adjustments for reconcile profit (loss)
Adjustments for finance costs 118.01
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 (795.03)
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 (5,226.05)
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 2,490.93
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 771.92
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 (885.30)
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 56.72
Adjustments for interest income 2,844.67
Adjustments for share-based payments 130.48
Adjustments for fair value losses (gains) (84.23)
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow (1.81)
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items (2.51)
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) (6,384.98)
Net cash flows from (used in) operations 7,672.39
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 3,080.39
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities 4,592.00
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 5.08
Purchase of property, plant and equipment 449.01
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 3,225.71
Purchase of other long-term assets 13,222.64
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 56.72
Interest received 1,600.21
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 14,551.96
Net cash flows from (used in) investing activities 5,768.03
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 85.64
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 494.08
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 0.00
Repayments of borrowings 0.00
Payments of lease liabilities 206.21
Dividends paid 4,228.76
Interest paid 118.01
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities (3,973.26)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 6,386.77
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 6,386.77
Cash and cash equivalents cash flow statement at beginning of period 4,259.95
Cash and cash equivalents cash flow statement at end of period 10,646.72