Slides
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Q3 & 9M FY26 CARE Ratings Limited Investor Presentation
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2 This presentation and the accompanying slides (the “Presentation”), which have been prepared by CARE Ratings Ltd. (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever . No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company . This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation . This Presentation may not be all inclusive and may not contain all of the information that you may consider material . Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded . This presentation contains certain forward looking statements concerning the Company’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward -looking statements . The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy . The Company does not undertake to make any announcement in case any of these forward -looking statements become materially incorrect in future or update any forward -looking statements made from time to time by or on behalf of the Company . Safe Harbour
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2.7 2.4 8.0 7.9 Q3 FY25 Q3 FY26 9M FY25 9M FY26 Corporate Bond Issuances* (Rs. Lakh Crore) 3.8 3.6 11.4 12.5 Q3 FY25 Q3 FY26 9M FY25 9M FY26 Commercial Paper Issuances (Rs. Lakh Crore) 4 Fundraising Activity in the Economy Source: Prime database; Data Extracted on 30th January 2026; * Includes public issues as well as private placements Source: RBI • Corporate bond issuances have been lower by 11.1% and 0.7% (YoY) in Q3 FY26 and 9M FY26, respectively. • Commercial paper issuances moderated in Q3 FY26, contracting by 6% YoY. However, cumulative issuances remained healthy, rising by 10.3% YoY in 9M FY26.
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5 Bank Credit Offtake Source: RBI; Note: Figures in bracket represent % share in overall bank credit Source: RBI; Note: Figures in bracket represent % share in industrial bank credit • Bank credit offtake increased by 14.5% as of December 2025, accelerating from 11.2% growth in the corresponding period of the previous year. • Credit expansion to large industries (67.3% share in total industrial credit) accelerated to 7.5%, from 5.5% growth seen last year. • Credit growth to services was seen at 15.3%, compared to 11.5% growth a year ago. 7.5 11.5 13.3 15.3 0 2 4 6 8 10 12 14 16 18 Industry (23.0) Services (29.4) Y-o-Y % Credit Growth in Industry & Services Dec-24 Dec-25 9.8 19.8 5.5 31.0 20.4 7.5 0 5 10 15 20 25 30 35 Micro & Small (23.1) Medium (9.6) Large (67.3) Y-o-Y % Industrial Credit Growth Dec-24 Dec-25
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6 First Advance Estimate Pegs India’s GDP Growth at 7.4% for FY26 • India's growth momentum remains largely resilient. • Consumption growth (PFCE) estimated to be at 7% in FY26, aided by income tax cuts, GST rationalisation, benign inflation and RBI rate cuts. • Investment growth (GFCF) estimated to improve to 7.8% in FY26 from 7.1% in FY25, amid encouraging public capex and signs of private capex revival. • With the recently announced India-US trade deal, we project real GDP growth to be at 7.2% in FY27. Source: MOSPI, CareEdge; FRE: First Revised Estimates; PE: Provisional Estimates; FAE: First Advance Estimates CareEdge Projection 11.7 7.5 5.6 7.2 7.0 17.5 8.4 8.8 7.1 7.8 0 2 4 6 8 10 12 14 16 18 20 FY22 FY23 FY24 (FRE) FY25 (PE) FY26 (FAE) Y-o-Y % Consumption and Investment Growth Private Final Consumption Expenditure (PFCE) Gross Fixed Capital Formation (GFCF) Source: MOSPI, CareEdge; ; FRE: First Revised Estimates; PE: Provisional Estimates; FAE: First Advance Estimates 9.7 7.6 9.2 6.5 7.4 7.2 0 2 4 6 8 10 12 FY22 FY23 FY24 (FRE) FY25 (PE) FY26 (FAE) FY27 (Proj) Y-o-Y % Real GDP Growth
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8 Q3 FY26 Key Highlights Revenue from Operations Rs. 90.24 Crs YOY 15% EBITDA & EBITDA Margin % Rs. 37.23 Crs YOY 23% PAT & PAT Margin % Rs. 36.06 Crs YOY 22% EPS Rs. 12.01 Revenue from Operations Rs. 112.12 Crs YOY 16% EBITDA & EBITDA Margin % Rs. 40.34 Crs YOY 33% PAT & PAT Margin % Rs. 36.54 Crs YOY 29% EPS Rs. 11.96 Standalone Consolidated Margin 41% Margin 36% Margin 35% Margin 29%
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9 9M FY26 Key Highlights Revenue from Operations Rs. 280.15 Crs YOY 14% EBITDA & EBITDA Margin % Rs. 129.50 Crs YOY 18% PAT & PAT Margin % Rs. 121.01 Crs YOY 17% EPS Rs. 40.35 Revenue from Operations Rs. 342.40 Crs YOY 17% EBITDA & EBITDA Margin % Rs. 136.64 Crs YOY 27% PAT & PAT Margin % Rs. 120.25 Crs YOY 24% EPS Rs. 39.46 Standalone Consolidated Margin 46% Margin 40% Margin 38% Margin 32%
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10 Consolidated: Segmental Contribution The non-rating segment contribution to consolidated revenue is 11%, even as the ratings segment recorded a strong 17% growth 89% 11% 9MFY26 Ratings Segment Non - Ratings Segment Ratings Segment Rs. 305.69 Crs YOY 17% Non-Ratings Segment Rs. 36.71 Crs YOY 21%
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To be a global research and analytics company that enables risk mitigation and superior decision making Our Vision To provide best-in- class tools, analyses, and insights, enabling customers to make informed decisions Our Mission CareEdge Group CARE Ratings Limited (Parent Company) Subsidiaries100% 100% 100% 78% 51% 100% CARE Analytics and Advisory Private Limited CARE ESG Ratings Limited CareEdge Global IFSC Limited CARE Ratings (Africa) Private Limited CARE Ratings Nepal Limited CARE Ratings South Africa (Pty) Limited About Us 12
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Credit Ratings Business Other Ratings Incorporated in 1993, India’s second largest credit rating agency licensed by SEBI & accredited by RBI Credible track record of rating companies of diverse sectors and a strong position across the segments CARE Ratings Limited CareEdge Global is a full- service global credit rating agency (CRA) providing Global Scale Ratings to Sovereigns, Issuers and Debt instruments First CRA registered with the International Financial Services Centres Authority (IFSCA) at GIFT City and now accredited by RBI Within the short timeframe. CareEdge Global has rated 41 sovereigns and debt instruments over USD 6 billion across financial institutions, corporates, and the infrastructure sector CareEdge Global IFSC Limited Incorporated in 2014 Outstanding Ratings to 100 plus companies. and USD 4 billion debt Licensed by FSC, Mauritius and accredited by BoM. Licensed by CMA, Kenya and CMSA, Tanzania Marquee Shareholders - AfDB, MCB Eq. Fund and SBM (NFC). Also has a Wholly owned ratings subsidiary CARE Ratings South Africa (Pty) Ltd. CARE Ratings (Africa) Private Limited Incorporated and registered in Nepal, Licensed by SEBON, Institutional Shareholding Significant coverage of Nepal’s financial services landscape Highest market share in Nepal on the basis of no. of instrument CARE Ratings Nepal Limited SEBI-registered India’s premier ESG Rating Provider (ERP). Now Market Leader with 52% market share for Cat 1 ERP, Issuer Pay’s Model. Enlisted with ICMA (International Capital Markets Association) for providing Third Party Review services. Launched Third Party Review services CARE ESG Ratings Limited 13 Overall Ratings Business
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Advisory Services Advisory & Consulting Practice Sustainability Practice • Bespoke Consulting • Transaction Advisory • Risk Advisory • Feasibility Studies • Techno-Economic Viability (TEV) studies • ESG Strategy and Integration • SPOs/Impact Study on Green/Social Bond/Deposits/Loans • BRSR/ESG/GRI Reporting • Climate Change & Decarbonisation Strategy • ESG Due Diligence (ADB, IFC, SFDR) Grading Services Research Services • AIF Grading • MFI / COCA Grading • NGO/ LPG Grading • Corporate Governance • Customized Sectoral Research • Market study & Business Strategy • Industry Risk Scores • Research for Global Fund Houses Analytics Services Risk Consulting Digital Banking Solutions • Valuation Services (MLD, Unlisted Bonds) • Scorecard & Model Creation Validations • Policy, Framework & ICAAP, & Stress Testing Support • Customer Journey enhancements • Platform evaluation support • Project Management services for Credit Platform Implementations Risk Analytics • Cred Edge RLOS, CLOS, Internal Rating Models • Intel Edge EWS++, Credit Monitoring & Fraud Detection • Kalypto IFRS Models (PD, LGD, EAD), Basel III Compliance (Credit, Market & Operational Risk), Data Products & Risk Scorecards, Model Risk Management CARE Analytics and Advisory Private Limited 14
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Product Launches CareEdge Ratings’ Past Risk and Return Verification Agency (PaRRVA). CareEdge Analytics’ ReInvitEdge – a platform for Infrastructure Investment Trusts (InvITs). Knowledge Sharing Forums & Speaker Invitations Knowledge Partnerships Outreach Activities: Q3 FY26 15 CareEdge Events CareEdge Global’s ‘The Dialogue - Ratings and Economic Resilience - Building Global Confidence’. November 11, 2025. Chief Guest Shri Piyush Goyal, Hon’ble Minister of Commerce & Industry, GOI. CareEdge Ratings’ ‘Conversations - Powering India’s Growth: Shaping Tomorrow’. October 8, 2025. Chief Guest Shri Anantha Nageswaran, Chief Economic Advisor, GOI. CareEdge Ratings’ “Charcha” a Round Table discussion on the “Securitisation Market”, on October 28, 2025 CareEdge Ratings’ “Charcha” a Round Table discussion on “The Evolving Landscape of India’s Municipal Bond Market”, on November 28, 2025.
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16 Contact Us Company : Investor Relations Advisors : CARE Ratings Limited CIN: L67190MH1993PLC071691 investor.relations@careedge.in www.careedge.in Strategic Growth Advisors Private Limited CIN: U74140MH2010PTC204285 Ms. Neha Shroff/ Mr. Dhruvil Jani neha.shroff@sgapl.net / dhruvil.jani@sgapl.net +91 77380 73466 / +91 97025 54569 www.sgapl.net Follow us on: