CARE Ratings LimitedQ1 FY27 Results & Financial Update
CARE Ratings Limited: Q1 FY27 consolidated results and company financials – revenue ₹111.68 Cr, PAT ₹32.99 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
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Quarterly Results AnalysisExplore CARE Ratings Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
CARE Ratings Limited commenced fiscal year 2027 with broad-based financial growth across both standalone and consolidated operations during the quarter ended June 30, 2026.
Consolidated operating income reached Rs. 111.68 crore, advancing by 18.9% year-on-year, while standalone operating income rose 16.5% year-on-year to Rs. 88.15 crore.
Profitability expanded notably, with consolidated profit after tax (PAT) reaching Rs. 32.99 crore, representing a 24.6% year-on-year increase over the corresponding period.
The core ratings business remained the primary engine of expansion, generating consolidated revenue of Rs. 98.71 crore, which marks a 19.1% year-on-year growth rate.
Non-ratings businesses sustained their momentum, contributing Rs. 12.97 crore to consolidated revenues, reflecting a 17.9% year-on-year improvement.
Management noted that performance was underpinned by healthy domestic credit activity and robust sectoral demand for rating and analytical services, despite mixed macroeconomic fundraising trends in the broader economy.
Profit before tax was ₹44.97 Cr for the reported quarter. EPS was ₹10.70 for the reported quarter.
01 · Business model
What does CARE Ratings do?
CARE Ratings Limited (CareEdge Group) is a knowledge-based analytical group established in 1993, operating as India's second-largest credit rating agency licensed by SEBI and accredited by RBI.
The group offers comprehensive services spanning credit ratings, analytics, consulting, and sustainability solutions across diverse economic sectors through its parent entity and specialized subsidiaries.
Wholly-owned and international subsidiaries include CareEdge Global IFSC Limited at GIFT City, CARE Analytics & Advisory Private Limited, CARE ESG Ratings Limited, and international footprints covering Africa and Nepal.
02 · Historical context
What shaped the business before this quarter
The parent company CARE Ratings Ltd was established in 1993, evolving into India's second-largest credit rating agency with widespread accreditation across regulatory bodies.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹111.68 Cr |
| Total income | ₹126.48 Cr |
| Profit before tax | ₹44.97 Cr |
| Profit after tax | ₹32.99 Cr |
| EPS | ₹10.70 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 29.5% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 40.3% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹14.80 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Consolidated ratings revenue reached Rs. 98.71 crore, expanding 19.1% year-on-year, driven by strong demand across corporate and financial sector segments.
Non-ratings business segments delivered Rs. 12.97 crore in revenue, growing 17.9% year-on-year and supporting overall top-line diversification.
What drove margins
The company reported a consolidated EBITDA margin of 31.0% and a PAT margin of 26.1% for Q1 FY27.
On a standalone basis, EBITDA margin stood at 36.5% with a PAT margin of 32.7%.
05 · Demand, customers & order book
Where demand is coming from
CareEdge Global covered 45 sovereigns globally, ranking fourth worldwide by country coverage, and maintained active credit rating engagements across diverse industrial sectors.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Comprises domestic credit ratings and international subsidiaries such as CareEdge Global IFSC, CARE Ratings Africa, and CARE Ratings Nepal, which collectively registered robust uptake.
Includes analytics, advisory, ESG ratings, and consulting services provided through specialized entities like CARE Analytics & Advisory and CARE ESG Ratings.
Geography and market mix
CareEdge Global IFSC Limited at GIFT City offered Global Scale Ratings, ESG, and valuation services, having rated 45 sovereigns and over USD 20 billion of debt.
Overseas entities in Mauritius, South Africa, Kenya, Tanzania, and Nepal continued active coverage across regional debt markets.
07 · Strategy & new businesses
How the company is trying to change its growth mix
Advanced technological integration was sustained across the organization via proprietary analytical platforms including CredEdge, IntelEdge, Kalypto, and EdgeAvira.AI.
SBI and NSE announced plans to acquire approximately 10% stake each in CareEdge Global IFSC Limited (CGIL).
08 · Reported developments
What changed operationally
Consolidated operating income grew 18.9% year-on-year to Rs. 111.68 crore, accompanied by a 24.6% increase in consolidated PAT.
Hosted the flagship 'CareEdge Conversation – Debt Market Summit, 2026' in Mumbai and launched the third edition of Sovereign Ratings in London.
09 · Beyond the numbers
What changed beyond the numbers
Reported update
Sovereign Rating Outlook
CareEdge Global released its third edition of Sovereign Ratings covering 45 economies, unveiled in London in the presence of Union Minister Shri Piyush Goyal.
Reported update
ESG Leadership
CARE ESG Ratings maintained a market leader position among Category 1 ESG Rating Providers with a 58% market share under the Issuer Pay model.
10 · Key Q&A
The quarter, answered directly
What does CARE Ratings do?
CARE Ratings Limited (CareEdge Group) is a knowledge-based analytical group established in 1993, operating as India's second-largest credit rating agency licensed by SEBI and accredited by RBI.
What is the clearest takeaway from Q1 FY27?
CARE Ratings Limited commenced fiscal year 2027 with broad-based financial growth across both standalone and consolidated operations during the quarter ended June 30, 2026.
What drove revenue or demand?
Consolidated ratings revenue reached Rs. 98.71 crore, expanding 19.1% year-on-year, driven by strong demand across corporate and financial sector segments.
What mattered most for margins or profitability?
The company reported a consolidated EBITDA margin of 31.0% and a PAT margin of 26.1% for Q1 FY27.
What changed operationally beyond the headline numbers?
Advanced technological integration was sustained across the organization via proprietary analytical platforms including CredEdge, IntelEdge, Kalypto, and EdgeAvira.AI.
What should the next disclosure help confirm?
Management reiterated that financial performance should be evaluated on an annual basis rather than sequentially across quarters.
11 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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12 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Annual Performance Evaluation: Management reiterated that financial performance should be evaluated on an annual basis rather than sequentially across quarters.
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Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.