Buy, Sell Or Hold: CRISIL, ICRA, CARE Ratings — Analyst Forecast
- September 24, 2026
- Posted by: Chaitanya Auti
- Category: Market
Sector Snapshot (24 September 2026)
| Stock | LTP (Rs) | 52W High | 52W Low | P/E vs Industry | ROE | Our View |
|---|---|---|---|---|---|---|
| CRISIL | 4,573.70 | 5,064.90 | 3,686.00 | 38.08 / 33.95 | 27.03% | Hold |
| ICRA | 4,504.00 | 6,982.00 | 4,515.00 | 22.30 / 33.95 | 15.37% | Buy on Dips |
| CARE Ratings | 1,623.20 | 1,838.00 | 1,392.70 | 27.39 / 33.95 | 18.36% | Buy on Dips |
India has only three genuine listed credit rating agencies, which is why this list covers three names instead of five.
Quick Answer
ICRA stands out among these credit rating agencies stocks, trading right at its 52-week low after a steep correction while still carrying a below-industry valuation and healthy return on equity. CARE Ratings offers a similar combination of a discount and strong profitability. CRISIL posts the strongest return on equity of the three but trades at a premium to the industry average, keeping it in hold territory near its own valuation ceiling.
India’s credit rating industry is a genuinely small, high-margin space dominated by just three listed players, all benefiting from bond market issuance and corporate credit assessment demand. This piece checks all three on valuation and profitability.
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CRISIL: Hold
CRISIL trades at Rs 4,573.70, down about 10% from its 52-week high of Rs 5,064.90. It posts the strongest return on equity among these credit rating agencies stocks at 27.03%, but its price-to-earnings ratio of 38.08 sits above the industry average of 33.95. That premium already reflects much of the company’s industry-leading profitability, which keeps this in hold territory rather than a fresh buy.
ICRA: Buy on Dips
ICRA has corrected sharply to Rs 4,504.00, right at its 52-week low of Rs 4,515.00 and down close to 35% from its high of Rs 6,982.00. It stands out with a price-to-earnings ratio of 22.30, well below the industry average of 33.95, alongside a return on equity of 15.37% and an almost debt-free balance sheet. That combination of a steep correction, a below-industry valuation and solid profitability makes it the standout credit rating agencies stock to watch for accumulation.
CARE Ratings: Buy on Dips
CARE Ratings is at Rs 1,623.20, down close to 12% from its 52-week high of Rs 1,838.00. It combines a healthy return on equity of 18.36% with a price-to-earnings ratio of 27.39, below the industry average of 33.95. That mix of a discounted valuation and strong profitability makes it another of the more attractive credit rating agencies stocks to accumulate on dips.
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What Ties These Credit Rating Agencies Stocks Together
All three of these credit rating agencies stocks carry very low debt and healthy double-digit return on equity, a reflection of the capital-light, high-margin nature of the ratings business. ICRA and CARE Ratings currently trade at valuations below the industry average, with ICRA’s steep correction pushing it right to its 52-week low, while CRISIL’s industry-leading returns have kept its multiple at a premium. Bond market issuance volumes, corporate credit demand and regulatory oversight of the ratings industry can all move these numbers from one quarter to the next.
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Conclusion
Credit rating agencies stocks in India remain a small, concentrated space. ICRA and CARE Ratings currently look better placed for gradual accumulation among these credit rating agencies stocks, with ICRA the standout given its proximity to its 52-week low, while CRISIL is a more reasonable hold given its premium valuation. As always, treat this as a starting point rather than a final word.
Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Stock market investments are subject to market risks. Please verify all data independently and consult a SEBI-registered investment adviser before making any investment decisions. Univest Financial Services Private Limited, SEBI Registered Investment Adviser, Registration No. INH000013776.
Frequently Asked Questions
A few common questions on these credit rating agencies stocks, answered briefly below for quick reference on this credit rating agencies stocks basket.
How many listed credit rating agencies are there in India?
Only three genuine listed credit rating agencies exist in India, CRISIL, ICRA and CARE Ratings, which together dominate the corporate bond and credit assessment market.
Which credit rating agencies stock looks the most attractive right now?
ICRA currently shows the most favourable combination of a below-industry valuation and solid return on equity among these credit rating agencies stocks, while also trading right at its 52-week low.
Why does CRISIL trade at a premium to ICRA and CARE Ratings?
CRISIL posts the strongest return on equity of the three at 27.03%, which has led the market to price it above the industry average, even as ICRA and CARE Ratings both trade at more reasonable multiples.
Why has ICRA corrected so sharply?
ICRA is down close to 35% from its 52-week high and now trades right at its low, a correction that has brought its valuation below the industry average even as its underlying profitability has stayed healthy.
Do credit rating agencies carry much debt?
No, all three listed credit rating agencies, CRISIL, ICRA and CARE Ratings, carry very low debt-to-equity ratios, reflecting the capital-light nature of the ratings business.
Where can I track these credit rating agencies stocks in real time?
You can track live prices, set price alerts, and follow quarterly results for CRISIL, ICRA and CARE Ratings using the Univest iOS App and Univest Android App.