CARE Ratings Limited's Board of Directors, at its meeting held on May 13, 2026, approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The company reported strong Q4 performance, with EBITDA rising to 607M rupees from 474M rupees in the same quarter last year, and EBITDA margin expanding to 46.49% from 43.21% YoY. Q4 consolidated net profit came in at 528M rupees versus 427M rupees YoY, while Q4 revenue stood at 1.3B rupees compared to 1.1B rupees in the prior year period. The Board also recommended a final dividend of Rs. 14/- per equity share (face value Rs. 10/-) for FY26. Combined with the interim dividend of Rs. 8/- per share paid in Q2 FY26, the total dividend for FY26 stands at Rs. 22/- per share. The record date for dividend payment has been fixed as Friday, June 26, 2026, with payment to be made within 30 days of the Annual General Meeting. The statutory auditors, B S R & Co. LLP, have issued audit reports with unmodified opinion on both standalone and consolidated financial results.
Q4 FY26 Key Performance Highlights
The latest quarterly results reflect strong operational momentum. The table below summarises the key Q4 FY26 performance indicators:
| Metric: |
Q4 FY26 |
Q4 FY25 |
Change (YoY) |
| EBITDA (Rupees): |
607M |
474M |
Higher |
| EBITDA Margin (%): |
46.49% |
43.21% |
+328 bps |
| Consolidated Net Profit (Rupees): |
528M |
427M |
Higher |
| Revenue (Rupees): |
1.3B |
1.1B |
Higher |
Consolidated Financial Performance
On a consolidated basis, CARE Ratings delivered robust growth across key financial metrics for the year ended March 31, 2026. The following table presents the consolidated income statement highlights:
| Metric: |
Q4 FY26 (Unaudited) |
Q3 FY26 (Unaudited) |
Q4 FY25 (Unaudited) |
FY26 (Audited) |
FY25 (Audited) |
| Revenue from Operations (₹ Lakhs): |
13,067.01 |
11,212.42 |
10,965.09 |
47,307.05 |
40,231.75 |
| Other Income (₹ Lakhs): |
1,570.71 |
1,299.02 |
1,517.37 |
5,481.48 |
5,075.38 |
| Total Income (₹ Lakhs): |
14,637.72 |
12,511.44 |
12,482.46 |
52,788.53 |
45,307.13 |
| Total Expenses (₹ Lakhs): |
7,436.85 |
7,612.06 |
6,593.94 |
29,253.18 |
26,080.55 |
| Profit Before Tax (₹ Lakhs): |
7,200.87 |
4,899.38 |
5,888.52 |
23,535.35 |
19,226.58 |
| Net Profit (₹ Lakhs): |
5,344.86 |
3,653.96 |
4,337.21 |
17,369.59 |
14,000.19 |
| Basic EPS (₹): |
17.58 |
11.96 |
14.24 |
57.06 |
45.89 |
| Diluted EPS (₹): |
17.51 |
11.91 |
14.17 |
56.83 |
45.69 |
Of the consolidated net profit for FY26, ₹17,117.68 lakhs was attributable to owners of the parent, while ₹251.90 lakhs was attributable to non-controlling interests. Total comprehensive income for FY26 stood at ₹17,628.57 lakhs, compared to ₹13,973.90 lakhs in FY25.
Standalone Financial Performance
On a standalone basis, CARE Ratings also reported strong growth. The table below summarises the key standalone financial metrics:
| Metric: |
Q4 FY26 (Unaudited) |
Q3 FY26 (Unaudited) |
Q4 FY25 (Unaudited) |
FY26 (Audited) |
FY25 (Audited) |
| Revenue from Operations (₹ Lakhs): |
10,757.64 |
9,023.73 |
9,123.76 |
38,772.22 |
33,668.50 |
| Other Income (₹ Lakhs): |
1,539.20 |
1,315.89 |
1,551.27 |
5,567.97 |
5,139.04 |
| Total Income (₹ Lakhs): |
12,296.84 |
10,339.62 |
10,675.03 |
44,340.19 |
38,807.54 |
| Total Expenses (₹ Lakhs): |
5,239.03 |
5,569.17 |
4,782.47 |
21,092.96 |
19,105.89 |
| Profit Before Tax (₹ Lakhs): |
7,057.81 |
4,770.45 |
5,892.56 |
23,247.23 |
19,701.65 |
| Net Profit (₹ Lakhs): |
5,338.64 |
3,605.76 |
4,488.25 |
17,439.23 |
14,799.36 |
| Basic EPS (₹): |
17.77 |
12.01 |
15.00 |
58.13 |
49.49 |
| Diluted EPS (₹): |
17.70 |
11.96 |
14.93 |
57.90 |
49.27 |
Standalone total comprehensive income for FY26 stood at ₹17,440.15 lakhs, compared to ₹14,695.92 lakhs in FY25.
Segment Performance (Consolidated)
The consolidated segment results highlight the dominance of the Ratings and related services segment. The following table presents segment revenue and profit before finance costs and tax:
| Segment: |
FY26 Revenue (₹ Lakhs) |
FY25 Revenue (₹ Lakhs) |
FY26 Segment Result (₹ Lakhs) |
FY25 Segment Result (₹ Lakhs) |
| Ratings and Related Services: |
42,340.31 |
36,012.15 |
23,160.60 |
19,582.85 |
| Others: |
5,058.66 |
4,256.71 |
(13.76) |
(728.12) |
| Unallocated: |
— |
— |
637.12 |
582.67 |
| Total: |
47,398.97 |
40,268.86 |
23,783.96 |
19,437.40 |
The Ratings and related services segment remained the primary revenue driver, contributing ₹42,340.31 lakhs to consolidated revenue in FY26, up from ₹36,012.15 lakhs in FY25. The "Others" segment also improved significantly, narrowing its segment loss to ₹13.76 lakhs from ₹728.12 lakhs in the prior year.
Consolidated Balance Sheet Highlights
As at March 31, 2026, the consolidated total assets stood at ₹1,10,473.70 lakhs, compared to ₹95,774.42 lakhs as at March 31, 2025. Total equity increased to ₹94,312.51 lakhs from ₹81,550.25 lakhs. The key balance sheet metrics are summarised below:
| Parameter: |
March 31, 2026 (₹ Lakhs) |
March 31, 2025 (₹ Lakhs) |
| Total Assets: |
1,10,473.70 |
95,774.42 |
| Total Equity: |
94,312.51 |
81,550.25 |
| Total Non-Current Liabilities: |
4,392.86 |
4,443.72 |
| Total Current Liabilities: |
11,768.33 |
9,780.45 |
| Cash and Cash Equivalents: |
4,259.95 |
4,881.52 |
Key Corporate Actions
The Board approved several significant corporate actions at the May 13, 2026 meeting, as detailed below:
| Action: |
Details |
| Final Dividend: |
Rs. 14/- per equity share for FY26 |
| Total FY26 Dividend: |
Rs. 22/- per share (including Rs. 8/- interim dividend paid in Q2 FY26) |
| Dividend Record Date: |
Friday, June 26, 2026 |
| Auditor Reappointment: |
B S R & Co. LLP for five years from conclusion of 33rd AGM to conclusion of 38th AGM (subject to member approval) |
| ESOP Grant: |
55,000 stock options under CARE Employee Stock Option Scheme 2020 |
| ESOP Exercise Price: |
Rs. 1,590/- per option |
| ESOP Vesting: |
1/3rd each on completion of one, two, and three years from date of grant |
| ESOP Exercise Period: |
2 years from date of vesting |
| 33rd AGM Date: |
Friday, July 3, 2026, at 3:30 PM IST (via VC/OAVM) |
Regulatory Disclosures
In compliance with Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, CARE Ratings published newspaper advertisements pertaining to its financial results for the quarter and year ended March 31, 2026. The advertisements were published in Business Standard (English Edition) and Navshakti (Marathi Edition) on May 15, 2026. The regulatory communication was signed by Manoj Kumar CV, Company Secretary & Compliance Officer, and the results are also available on the company's website at www.careedge.in .
In continuation of its earlier communication dated May 5, 2026, CARE Ratings also made available the audio recording of its earnings conference call with analysts and investors to discuss the financial results for the quarter and year ended March 31, 2026. The call was held on Thursday, May 14, 2026, at 1:30 PM (IST), in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Subsidiary Stake Sale Update
Further to an earlier intimation dated November 12, 2025, regarding the proposed partial stake sale in the company's wholly owned subsidiary CareEdge Global IFSC Limited to State Bank of India and NSE IFSC Limited, CARE Ratings informed that legal and documentation discussions between the parties have taken longer than anticipated. The parties continue to engage in negotiations, and the company will make further disclosures in accordance with applicable regulations upon occurrence of any material development.
The consolidated financial results encompass CARE Ratings Limited and its subsidiaries: CARE Analytics and Advisory Private Limited, CARE ESG Ratings Limited, CareEdge Global IFSC Limited, CARE Ratings Nepal Limited, CARE Ratings (Africa) Private Limited, and CARE Ratings South Africa (Pty) Ltd. The Board meeting commenced at 12:30 PM and concluded at 6:30 PM on May 13, 2026. The financial results were signed by Mehul Pandya, Managing Director & Group CEO.