Interim report
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CARE Ratings Limited 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022. Phone: +91 -22-6754 3456 • Email: care@careedge.in • www.careedge.in CIN-L67190MH1993PLC071691 Date: August 7, 2026 SE/2026-27/42 To, BSE Limited Corporate Relation Department Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001 Scrip Code: 534804 The National Stock Exchange of India Ltd. Listing Department Exchange Plaza Bandra Kurla Complex Bandra (East) Mumbai 400 051 Scrip Code: CARERATING Dear Sir/Madam, Sub: Outcome of the meeting of the Board of Directors of CARE Ratings Limited (“Company”) held on August 7, 2026 With regards to the captioned matter and in compliance with regulation 30 and Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Board of Directors of the Company at their meeting held today i.e., on Friday, August 7, 2026, have considered and approved the Unaudited Standalone and Consolidated Financial Results (''Unaudited Financial Results'') for the quarter ended June 30, 2026, along with Limited Review Report issued by B S R & Co. LLP, the Statutory Auditors of the Company. A copy of the Unaudited Financial Results together with the Limited Review Report on the said Unaudited Financial Results have been enclosed. The meeting of the Board of Directors of the Company commenced at 11:30 a.m. and concluded at 5:30 p.m. The above information is also being made available on the Company’s website i.e. www.careedge.in. We request you to kindly take the above on record. Thanking you, Yours faithfully, For CARE Ratings Limited Manoj Kumar CV Company Secretary and Compliance Officer Encl: As above
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BS R & Co. LLP Chartered Accountants 14th Floor, Central B Wing and North C Wing Nesco IT Park 4, Nesco Center Western Express Highway Goregaon (East), Mumbai - 400 063, India Telephone: +91 (22) 6257 1000 Fax: +91 (22) 6257 1010 Limited Review Report on unaudited consolidated financial results of CARE Ratings Limited for the quarter ended 30 June 2026 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of CARE Ratings Limited 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of CARE Ratings Limited (hereinafter referred to as "the Parent"), and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") for the quarter ended 30 June 2026 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). 2. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the entities mentioned in Annexure I to the Statement. 5. Attention is drawn to the fact that the figures for the three months ended 31 March 2026 as reported in the Statement are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of the previous financial year. The figures up to the end of the third quarter of previous financial year had only been reviewed and not subjected to audit. 6. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. vi BS R & Co. (a partnership firm with Registration No. BA61223) converted into BS R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013 Registered Office: 14th Floor, Central B VVing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063 Page 1 of 3
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BS R & Co. LLP Limited Review Report (Continued) CARE Ratings Limited 7. We did not review the interim financial results of 3 Subsidiaries included in the Statement, whose interim financial results reflects total revenues (before consolidation adjustments) of Rs. 861 .03 lakhs, total net profit after tax (before consolidation adjustments) of Rs. 232.83 lakhs and total comprehensive income (before consolidation adjustments) of Rs. 241.22 lakhs, for the quarter ended 30 June 2026, as considered in the Statement. These interim financial results have been reviewed by other auditors whose reports have been furnished to us by the Parent's management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. The Statement includes financial results of 3 subsidiaries as mentioned above located outside India whose interim financial results have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by other auditors under generally accepted auditing standards applicable in their respective countries. The Parent's management has converted the interim financial results of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Parent's management. Our conclusion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the reports of other auditors and the conversion adjustments prepared by the management of the Parent and reviewed by us. Our conclusion is not modified in respect of this matter. Mumbai 07 August 2026 For B S R & Co. LLP Chartered Accountants Firm's Registration No.:101248W/W-100022 ~ ~ Varun Kothari Partner Membership No.: 115089 UDIN:26115089ATWSYK7411 Page 2 of 3
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BS R & Co. LLP Limited Review Report (Continued) CARE Ratings Limited Annexure I List of entities included in unaudited consolidated financial results. Sr. No Name of component Relationship 1 CARE Ratings Limited Parent 2 CARE Analytics and Advisory Private Limited Subsidiary 3 CARE ESG Ratings Limited Subsidiary 4 CareEdge Global IFSC Limited Subsidiary 5 CARE Ratings Nepal Limited Subsidiary 6 CARE Ratings (Africa) Private Limited Subsidiary 7 CARE Ratings South Africa (Pty) Limited Subsidiary - Page 3 of 3
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BS R & Co. LLP Chartered Accountants 14th Floor, Central B Wing and North C Wing Nesco IT Park 4, Nesco Center Western Express Highway Goregaon (East), Mumbai - 400 063, India Telephone: +91 (22) 6257 1000 Fax: +91 (22) 6257 1010 Limited Review Report on unaudited standalone financial results of CARE Ratings Limited for the quarter ended 30 June 2026 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of CARE Ratings Limited 1. We have reviewed the accompanying Statement of unaudited standalone financial results of CARE Ratings Limited (hereinafter referred to as "the Company") for the quarter ended 30 June 2026 ("the Statement"). 2. This Statement, which is the responsibility of the Company's management and approved by its Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). Our responsibility is to issue a report on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly , we do not express an audit opinion. 4. Attention is drawn to the fact that the figures for the three months ended 31 March 2026 as reported in the Statement are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of the previous financial year. The figures up to the end of the third quarter of previous financial year had only been reviewed and not subjected to audit. 5. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement , prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it ---1 -- BS R & Co. (a partnership firm with Registration No. BA61223) converted into BS R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013 Registered Office: 14th Floor, Central B \/Ving and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063 Page 1 of 2
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BS R & Co. LLP contains any material misstatement. Mumbai 07 August 2026 Limited Review Report (Continued) CARE Ratings Limited For BS R & Co. LLP Chartered Accountants Firm's Registration No.: 101248W/W-100022 Varun Kothari Partner Membership No.: 115089 UDIN:26115089ZDPGOT9041 Page 2 of2
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CARE Ratings Limited CareEdge CIN-L67190MH1993PLC07!691 RA TIN GS Regd. Office: 4•h Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway. Sion (East), Mumbai- 400 022. Website: www.careratings.com J Email: investor.relat ions@caree dge.in Statement of Unaudited Consolidated Financial Results for the quarter ended June 30, 2026 (i in L akhs) Quarter ended Year ended SN. Particulars June 30, 2026 March 31, 2026 June 30, 2025 March 31, 2026 Unaudited Unaudited Unaudited Audited I Revenue from operations 11,167.95 13,067.01 9,390.50 47,307.05 II Other income 1,479.94 1,570.71 1,369.75 5,481.48 Ill TOTAL INCOME (I +II) 12,647.89 14,637.72 10,760 .25 52,788 .53 IV EXPENSES Employee benefit s expense 5,919.52 5,256.53 5,370.04 21,467.14 Finance cost 60.21 62.54 59.94 248.61 Depreciation and amortisation expense 385.81 382.51 339.55 1,437.18 Other expenses 1,785.17 1,735.27 1,246.73 6,100.25 TOTAL EXPENSES (IV) 8,150.71 7,436.85 7,016.26 29,253.18 V Profit before exceptional items and tax (111)-(IV) 4,497 .18 7,200.87 3,743.99 23,535.35 VI Exceptional item s - - - - VII Profit before tax expenses (V - VI) 4,497 .18 7,200.87 3,743.99 23,535.35 VIII Tax expenses: Current tax 1,307.65 1,874.33 1,044.06 6,217.66 Adjustmen t of tax relating to earlier periods - 3.94 - 3.94 Deferred tax (109.73) {22.26) 50.19 (55.84) Total tax expense 1,197.92 1,856.01 1,094.25 6,165.76 IX Net profit for the period/year (Vil - VIII) 3,299.26 5,344.86 2,649.74 17,369.59 Profit for-the period/year attr ibutable to: Non-controlling interest 73.37 61.41 71.89 251.90 Owners of the parent 3,225.89 5,283.45 2,577.85 17,117.68 X Other comprehensive income A (i) Items that will not be reclassified to profit/ (loss) (33.43) 25.62 (41.03) (9.83) (ii) Income tax relating to items that will not be reclassified to profit/ (loss) 4.85 (5.95) 9.20 1.79 B (i) Items that will be reclassified to profit/ (loss) 18.29 142.24 (5.46) 267.02 (ii) Income tax relating to items that will be reclassified to profit/ (loss) - - - - Other comprehensive income/(loss) for the period/year (10.29) 161.91 (37.29) 258.98 Other comprehensive income/(loss) for the period/year attributable to: Non-controlling interest 4.38 3.50 (1.81) 3.75 Owners of the parent (14.67) 158.41 (35.48) 255.23 XI Total comprehensive income/(loss) for the period/year (IX+ X) 3,288.97 5,506.77 2,612.45 17,628.57 Total comprehensive income/(loss) for the period/year attributable to: Non-controlling interest 77.75 64.90 70.08 255.65 Owners of the parent 3,211.22 5,441.87 2,542.37 17,372.92 Paid up equity share capital (Face value~ 10 per share) 3,006.04 3,004.70 2,995.81 3,004.70 Other equity 90,226.66 Earnings per equity share (Face value 'I: 10 each) (Not annualised for the quarters ended) Basic(~) 10.73 17.58 8.61 57.06 Diluted(~) 10.70 17.51 8.56 56.83
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Notes:- 1 The above results have been reviewed by the Audit Committee and approved by the Board of Dire.ctors of the Company at its meeting held on August 07, 2026 and have been subjected to limited review by the statutory auditors of the Company. 2 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 . 3 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. 4 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. 5 The Company has allotted 13,400 equity shares of Rs.10 each pursuant to exercise of employee stock options during Ql FY 26-27. As per Ind AS 102 - Share Based Payment, total cost of ESOS 2020 is recognised over vesting period. Employee Benefit Expenses in Consolidated results includes ESOP charge under respective periods as under: (ai: in Lakhs) Particulars Quarter Ended Year ended June 30, 2026 March 31, 2026 I June 30, 2025 March 31, 2026 Unaudited Unaudited I Unaudited Audited Share based payment expenses 57.37 39.37 I 67.02 175.73 Jj --
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6 Segment Information based on Consolidated Financial results of the Group is as follows: ('1: in Lakhs) Quarter Ended Year Ended Particulars June 30,2026 March 31, 2026 June 30, 2025 March 31, 2026 Unaudited Unaudited Unaudited Audited a Segment Revenue Ratings and related services 9,871.37 11,767.91 8,297.75 42,340.31 Others 1,350.51 1,324.65 1,099.34 5,058.66 Total Segmental Revenue 11,221.88 13,092 .56 9,397.09 47,398.97 Less: Inter Segment Revenue (53.93) (25.55) (6.59) (91.92) Total Revenue from Operations 11,167 .95 13,067 .01 9,390.50 47,307.05 (Net) b Other Income Interest Income Ratings and related services 1,400.06 1,362.48 1,159.97 4,741.88 Others 20.29 27.20 26.36 102.48 Total Interest Income 1,420.35 1,389.68 1,186.33 4,844.36 Add :Other Un-allocable Income 59.59 181.04 183.42 637.12 Total Other Income 1,479.94 1,570.72 1,369.75 5,481 .48 C Employee benefit expenses Ratings and related services 4,950.62 4,558.33 4,391.37 17,958.27 Others 968.90 698.20 978.67 3,508.87 Total Employee Benefit Expenses 5,919.52 5,256.53 5,370.04 21,467.14 d Other Expenses Ratings and related services 1,523.95 1,311.39 1,061.49 4,906.20 Others 261.22 423.89 185.24 1,194.05 Total Other Expenses 1,785.17 1,735.28 1,246.73 6,100.25 e Segment Results (Profit before Finance Costs and Tax) Ratings and related services 4,512.16 6,976.50 3,766.71 23,160.60 Others (14.36) 105.86 (146.20) (13.76) Unallocated 59.59 181.04 183.42 637.12 Total Segment Result 4,557.39 7,263.40 3,803.93 23,783.96 Less: Finance Costs (60.21) (62.54) (59.94) (248.61) Profit before Tax 4,497.18 7,200 .86 3,743.99 23,535.35 As on Ason Ason Ason Particulars June 30, 2026 March 31, 2026 June 30, 2025 March 31, 2026 a Segment Assets Ratings and related services 97,765.32 96,328.43 79,701.24 96,328.43 Others 4,321.75 4,662.39 2,355.41 4,662.39 Unallocated Assets 12,585.56 9,482.88 16,595.74 9,482.88 Total 1,14,672.63 1,10,473.70 98,652 .39 1,10,473 .70 b Segment Liabilities Ratings and related services 13,183.17 12,405.08 12,813.44 12,405.08 Others 3,635.24 3,756.11 1,391.88 3,756.11 Unallocated - - - - Total 16,818.41 16,161.19 14,205.32 16,161.19 C Capital Employed Ratings and related services 84,582.15 83,923.35 66,887.80 83,923.35 Others 686.51 906.28 963.53 906.28 Unallocated 12,585.56 9,482.88 16,595.74 9,482.88 Total 97,854.22 94,312.51 84,447.07 94,312.51 7 The figures for the quarter ended March 31, 2026 in the above financial results are the balancing figures between the audited figures for the full previous financial year ended March 31, 2026 and the year to date unaudited limited reviewed figures published up to the nine months ended December 31, 2025. For and behalf of the Board of Directors CARE Ratings Limited UJ Mehul Pandya - Managing Director & Group CEO 'b,\\09 1 DIN No- 07610232 ~ <.,. August 07, 2026 I w~~- \ Mumbai , -, C?) ,, J1 ----
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Statement of unaudited Standalone Financial Results for the quarter ended June 30, 2026 ('l: in Lakhs) Standalone Quarter ended Year Ended SN Particulars June 30,2026 March 31, 2026 June 30, 2025 March 31, 2026 Unaudited Unaudited Unaudited Audited I Revenue from operations 8,815.14 10,757.64 7,563.93 38,772.22 II Other income 1,563.42 1,539.20 1,474.47 5,567.97 Ill TOTAL INCOME {I +II) 10,378.56 12,296 .84 9,038 .40 44,340 .19 IV EXPENSES Employee benefits expense 4,351.86 4,091.34 3,973.21 16,264.13 Finance cost 36.77 38.02 41.16 158.53 Depreciation and amortisation expense 232.81 233.03 209.36 901.56 Other expenses 1,253.68 876.64 877.17 3,768.74 TOTAL EXPENSES {IV) 5,875.12 5,239.03 5,100.90 21,092 .96 V Profit before exceptional items and tax (111)-(IV) 4,503.44 7,057.81 3,937 .50 23,247.23 VI Exceptional items - - - - VII Profit before tax expenses {V - VI) 4,503.44 7,057.81 3,937.50 23,247.23 VIII Tax expenses: Current tax 1,224.93 1,739.57 974.19 5,863.74 Deferred tax (109.85) (20.40) 51.76 (55.74) Total tax expense 1,115.08 1,719.17 1,025.95 5,808.00 IX Net profit for the period/year (VII - VIII) 3,388.36 5,338.64 2,911.55 17,439.23 Other comprehensive income A (i) Items that will not be reclassified to profit / (loss) (19.26) 29.87 (36.54) (0.87) (ii) Income tax relating to items that will not be 4.85 (5.95) 9.20 1.79 reclassified to profit/ (loss) B (i) Items that will be reclassified to profit/ (loss) - - - - (ii) Income tax relating to items that will be reclassified to - - - -profit/ (loss) X Other comprehensive income/ (loss) for the period/year {14.41) 23.92 {27.34) 0.92 XI Total comprehensive income/ {loss) for the period/year {IX + 3,373.95 5,362.56 2,884.21 17,440.15 X) Paid up equity share capital (Face value 'l: 10 per share) 3,006.04 3,004.70 2,995.81 3,004.70 Other equity 95,358.09 Earnings per equity share {Face value 'l: 10 each) (Not annualised for the quarters ended) Basic ('l:) 11.27 17.77 9.72 58.13 Diluted ('l:) 11.24 17.70 9.67 57.90
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Notes:- 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 August 07, 2026 and have been subjected to limited review by the statutory auditors of the Company. 2 3 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. 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. 4 The Company's business activity falls within a single primary operating segment viz. 'Ratings and other related services'. The operating segment has been defined based on regular review by the Company's Chief Operating Decision Maker to assess the performance of the Company and to make decisions about allocation of resources. 5 The Company has allotted 13,400 equity shares of Rs.10 each pursuant to exercise of employee stock options during Ql FY 26- 27. As per Ind AS 102 - Share Based Payment, total cost of ESOS 2020 is recognised over vesting period . Employee Benefit Expenses in Standalone results includes ESOP charge under respective periods as under : ('{ in Lakhs) Particulars Quarter Ended Year ended June 30, 2026 March 31, 2026 June 30, 2025 March 31, 2026 Unaudited Unaudited Unaudited Audited Share based payment expenses 43.85 29.06 35.19 114.54 6 The figures for the quarter ended March 31, 2026 in the above financial results are the balancing figures between the audited figures for the full previous financial year ended March 31, 2026 and the year to date unaudited limited reviewed figures published up to the nine months ended December 31, 2025. For and behalf of the Board of Directors CARE Ratings Limited Mehul Pandya Managing Director & Group CEO DIN No- 07610232 August 07, 2026 Mumbai ---1 ---