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Last Updated: April 2, 2026, 2:45 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 534804 | NSE: CARERATING

CARE Ratings Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,179.32Overvalued by 21.85%vs CMP ₹1,509.00

P/E (28.2) × ROE (18.0%) × BV (₹287.00) × DY (1.19%)

₹712.98Overvalued by 52.75%vs CMP ₹1,509.00
MoS: -111.6% (Negative)Confidence: 63/100 (Moderate)Models: 1 Fair, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹1,370.4522%Fair (-9.2%)
Graham NumberEarnings₹588.8716%Over (-61%)
Earnings PowerEarnings₹286.1313%Over (-81%)
DCFCash Flow₹1,150.1711%Over (-23.8%)
Net Asset ValueAssets₹286.897%Over (-81%)
EV/EBITDAEnterprise₹436.339%Over (-71.1%)
Earnings YieldEarnings₹537.007%Over (-64.4%)
ROCE CapitalReturns₹474.069%Over (-68.6%)
Revenue MultipleRevenue₹200.695%Over (-86.7%)
Consensus (9 models)₹712.98100%Overvalued
Key Drivers: Wide model spread (₹201–₹1,370) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 16.2%

*Investments are subject to market risks

Investment Snapshot

69
CARE Ratings Ltd scores 69/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health83/100 · Strong
ROCE 24.6% ExcellentROE 18.0% GoodD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money65/100 · Strong
FII holding stable No changeDII holding up 1.92% MF buying
Earnings Quality55/100 · Moderate
OPM expanding (34% → 37%) ImprovingWorking capital: 451 days Capital intensive
Quarterly Momentum80/100 · Strong
Revenue (4Q): +19% YoY GrowingProfit (4Q): +32% YoY Strong
Industry Rank50/100 · Moderate
P/E 28.2 vs industry 27.1 In-lineROCE 24.6% vs industry 23.9% Average3Y sales CAGR: 17% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:45 am

Market Cap 4,534 Cr.
Current Price 1,509
Intrinsic Value₹712.98
High / Low 1,965/1,052
Stock P/E28.2
Book Value 287
Dividend Yield1.19 %
ROCE24.6 %
ROE18.0 %
Face Value 10.0
PEG Ratio1.74

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for CARE Ratings Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
CARE Ratings Ltd 4,534 Cr. 1,509 1,965/1,05228.2 2871.19 %24.6 %18.0 % 10.0
ICRA Ltd 4,909 Cr. 5,086 7,135/4,90526.0 1,1271.18 %23.1 %16.8 % 10.0
Industry Average4,721.50 Cr3,297.5027.10707.001.19%23.85%17.40%10.00

All Competitor Stocks of CARE Ratings Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 85627866967990791179611094136
Expenses 43485049555561576266626668
Operating Profit 42142718422329225630472868
OPM % 50%22%35%27%43%30%32%28%47%32%43%30%50%
Other Income 8121012111410121212151413
Interest 0010000001111
Depreciation 3333333333333
Profit before tax 48233426503436306439593777
Tax % 27%28%41%31%29%30%32%30%27%27%26%29%26%
Net Profit 35162018362425214728432657
EPS in Rs 11.575.386.605.9911.817.888.076.9415.419.2914.248.6118.89

Last Updated: January 2, 2026, 4:02 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 23, 2026, 5:16 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 236261279287333319244248248279332402452
Expenses 88101105105122144162153168180220247268
Operating Profit 14816017418221117581968099112155184
OPM % 63%61%62%63%63%55%33%39%32%36%34%39%41%
Other Income 3644934253031312738475154
Interest 0100001101222
Depreciation 35433388811101214
Profit before tax 18119717821223320210411999126147192222
Tax % 28%30%33%31%30%32%20%23%22%32%30%27%
Net Profit 13013812014816213883917785103140164
EPS in Rs 44.6347.5340.6850.1355.1346.6627.9630.3925.3428.1233.6745.8553.70
Dividend Payout % 63%166%69%56%100%64%70%56%67%89%53%39%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)6.15%-13.04%23.33%9.46%-14.81%-39.86%9.64%-15.38%10.39%21.18%35.92%
Change in YoY Net Profit Growth (%)0.00%-19.20%36.38%-13.87%-24.27%-25.04%49.49%-25.02%25.77%10.79%14.75%

CARE Ratings Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:4%
5 Years:11%
3 Years:18%
TTM:21%
Compounded Profit Growth
10 Years:2%
5 Years:11%
3 Years:22%
TTM:38%
Stock Price CAGR
10 Years:2%
5 Years:30%
3 Years:44%
1 Year:55%
Return on Equity
10 Years:19%
5 Years:15%
3 Years:15%
Last Year:18%

Last Updated: September 5, 2025, 1:35 am

Balance Sheet

Last Updated: December 4, 2025, 1:05 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 29292929292929293030303030
Reserves 456330379491567521504559618643687776832
Borrowings 00000007917202425
Other Liabilities 96879464616485746980105128150
Total Liabilities 5814465025846586146186717257708429581,037
Fixed Assets 596564616083938596107109119124
CWIP 0000001384630
Investments 459335381466518439339240444444134175
Other Assets 634658577993185343577614683702739
Total Assets 5814465025846586146186717257708429581,037

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 1071071061191341096786688291123
Cash from Investing Activity + -46157-41-22-258327-38-2713-39-58
Cash from Financing Activity + -62-276-66-96-99-195-107-43-35-63-63-54
Net Cash Flow -1-12-1111-4-135632-1111
Free Cash Flow 10496104118131826382497182108
CFO/OP 107%104%95%101%95%98%125%114%122%115%119%112%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow148.00160.00174.00182.00211.00175.0081.0089.0071.0082.0092.00131.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 232231324354613125272529
Inventory Days
Days Payable
Cash Conversion Cycle 232231324354613125272529
Working Capital Days -100-82-65-10-11314-3635638591451
ROCE %36%39%46%44%41%35%19%21%16%19%21%25%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
FIIs 20.03%20.25%20.90%21.67%22.91%23.37%24.79%24.75%23.75%24.62%23.61%23.00%
DIIs 23.79%23.17%23.72%26.32%26.89%26.15%25.28%27.50%29.38%29.76%31.60%31.30%
Public 56.16%56.57%55.38%51.99%50.20%50.47%49.92%47.74%46.87%45.61%44.79%45.70%
No. of Shareholders 61,05059,50455,72154,53952,46853,14053,60252,00751,39561,11156,93159,139

Shareholding Pattern Chart

No. of Shareholders

CARE Ratings Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Nippon India Small Cap Fund 1,476,822 0.36 236.65N/AN/AN/A
Nippon India Multi Cap Fund 913,365 0.3 146.36N/AN/AN/A
SBI Banking & Financial Services Fund 561,424 0.86 89.96N/AN/AN/A
Mirae Asset Multicap Fund 207,194 0.72 33.2249,7782026-02-23 00:22:01-17.05%
ICICI Prudential Business Cycle Fund 203,988 0.21 32.69203,7992026-02-22 13:05:100.09%
ICICI Prudential Smallcap Fund 200,478 0.4 32.12146,9722026-02-21 17:07:2636.41%
WhiteOak Capital Flexi Cap Fund 176,786 0.4 28.33N/AN/AN/A
Mirae Asset Banking and Financial Services Fund 174,337 1.25 27.94170,8882026-01-25 07:21:462.02%
ICICI Prudential Childrens Fund 109,952 1.28 17.62108,3342026-01-26 05:56:471.49%
WhiteOak Capital Special Opportunities Fund 100,035 1.16 16.03N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 45.8933.7728.1725.4530.38
Diluted EPS (Rs.) 45.6933.7728.1725.4530.38
Cash EPS (Rs.) 50.6937.8732.3228.5133.52
Book Value[Excl.RevalReserv]/Share (Rs.) 269.37240.23228.63220.20201.29
Book Value[Incl.RevalReserv]/Share (Rs.) 269.37240.23228.63220.20201.29
Revenue From Operations / Share (Rs.) 134.41111.1193.9483.5384.33
PBDIT / Share (Rs.) 68.8553.2046.2236.0243.13
PBIT / Share (Rs.) 64.9449.6942.6733.4240.48
PBT / Share (Rs.) 64.2349.1242.3433.2740.27
Net Profit / Share (Rs.) 46.7734.3628.7725.9130.88
NP After MI And SOA / Share (Rs.) 45.8533.6728.1225.3330.38
PBDIT Margin (%) 51.2247.8849.2043.1251.14
PBIT Margin (%) 48.3144.7245.4340.0148.00
PBT Margin (%) 47.7844.2045.0739.8247.75
Net Profit Margin (%) 34.7930.9230.6331.0236.61
NP After MI And SOA Margin (%) 34.1130.3029.9330.3336.03
Return on Networth / Equity (%) 17.0214.0112.4211.5915.20
Return on Capital Employeed (%) 22.6019.4317.8014.6519.27
Return On Assets (%) 14.3211.9410.8310.3213.32
Asset Turnover Ratio (%) 0.440.410.330.310.34
Current Ratio (X) 7.088.5710.1911.0110.34
Quick Ratio (X) 7.088.5710.1911.0110.34
Dividend Payout Ratio (NP) (%) 39.2065.0971.0250.9944.79
Dividend Payout Ratio (CP) (%) 36.1158.9463.0746.2441.19
Earning Retention Ratio (%) 60.8034.9128.9849.0155.21
Cash Earning Retention Ratio (%) 63.8941.0636.9353.7658.81
Interest Coverage Ratio (X) 97.7692.77137.04230.27205.78
Interest Coverage Ratio (Post Tax) (X) 67.4160.9186.31166.65148.31
Enterprise Value (Cr.) 3207.013284.311859.531441.35932.75
EV / Net Operating Revenue (X) 7.979.906.675.823.75
EV / EBITDA (X) 15.5620.6813.5513.507.34
MarketCap / Net Operating Revenue (X) 8.1910.066.846.134.88
Retention Ratios (%) 60.7934.9028.9749.0055.20
Price / BV (X) 4.094.652.842.342.06
Price / Net Operating Revenue (X) 8.1910.066.846.134.88
EarningsYield 0.040.030.040.040.07

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

CARE Ratings Ltd. is a Public Limited Listed company incorporated on 21/04/1993 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L67190MH1993PLC071691 and registration number is 071691. Currently Company is involved in the business activities of Activities auxiliary to financial service activities. Company's Total Operating Revenue is Rs. 336.69 Cr. and Equity Capital is Rs. 29.93 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Rating Services4th Floor, Godrej Coliseum, Somaiya Hospital Road, Mumbai Maharashtra 400022Contact not found
Management
NamePosition Held
Mr. Najib ShahChairman(NonExe.&Ind.Director)
Mr. Mehul Harshadray PandyaManaging Director & Group CEO
Mr. Sobhag Mal JainNon Exe.Non Ind.Director
Mr. V ChandrasekaranInd. Non-Executive Director
Ms. Sonal DesaiInd. Non-Executive Director
Dr. M MathisekaranInd. Non-Executive Director
Mr. Gurumoorthy MahalingamInd. Non-Executive Director
Mr. Manoj ChughInd. Non-Executive Director
Mr. Rajiv BansalInd. Non-Executive Director
Ms. Indrani BanerjeeInd. Non-Executive Director

FAQ

What is the intrinsic value of CARE Ratings Ltd and is it undervalued?

As of 09 April 2026, CARE Ratings Ltd's intrinsic value is ₹712.98, which is 52.75% lower than the current market price of ₹1,509.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (18.0 %), book value (₹287), dividend yield (1.19 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of CARE Ratings Ltd?

CARE Ratings Ltd is trading at ₹1,509.00 as of 09 April 2026, with a FY2026-2027 high of ₹1,965 and low of ₹1,052. The stock is currently in the middle of its 52-week range. Market cap stands at ₹4,534 Cr..

How does CARE Ratings Ltd's P/E ratio compare to its industry?

CARE Ratings Ltd has a P/E ratio of 28.2, which is above the industry average of 27.10. The premium over industry average may reflect growth expectations or speculative interest.

Is CARE Ratings Ltd financially healthy?

Key indicators for CARE Ratings Ltd: ROCE of 24.6 % indicates efficient capital utilization; ROE of 18.0 % shows strong shareholder returns. Dividend yield is 1.19 %.

Is CARE Ratings Ltd profitable and how is the profit trend?

CARE Ratings Ltd reported a net profit of ₹140 Cr in Mar 2025 on revenue of ₹402 Cr. Compared to ₹77 Cr in Mar 2022, the net profit shows an improving trend.

Does CARE Ratings Ltd pay dividends?

CARE Ratings Ltd has a dividend yield of 1.19 % at the current price of ₹1,509.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in CARE Ratings Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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