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'Buy' CARE Ratings Shares Maintains Yes Securities — Check Target Price
Yes Securities retain positive view on Care Ratings with valuation reasonable at 24x FY27 P/E for the envisaged earnings growth/RoE trajectory and potential inorganic fillip.
12 Sep 2025, 12:00 PM IST 
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The performance of CareEdge Africa and CareEdge Nepal has been strong in recent years.
(Source: Gemini/AI)
After witnessing a CAGR of 16% in domestic rating revenue over FY22-25, CARE delivered a sector-leading growth of 16% in Q1 FY26 (CRISIL 16% & ICRA 14%). Sustenance of growth momentum in recent quarters despite a notable slowdown in bank credit to Large Industry and NBFCs can be interpreted as a stronger performance from CARE versus peers (as CARE has significantly higher revenue share of Bank Loan ratings).
