3 Top Credit Rating Agency Stocks to Watch for Future Multibagger Potential: CRISIL, CARE Ratings and ICRA

Credit rating agency stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. CRISIL, CARE Ratings and ICRA meet that test, with market caps from Rs 4,388 crore to Rs 32,794 crore and CRISIL offering the highest return on equity at 27.03%. Every bond issue and bank loan above a threshold needs a rating, so these companies earn fees from the growth of credit in the economy itself.

This list covers listed credit rating agencies with complete, verifiable financials, ranked by market capitalisation. Not every name here is a largecap, so the list takes the leading companies of the sector by market capitalisation. Investors screening credit rating agency stocks usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 15 October 2026 and are drawn from NSE and BSE data and company filings.

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What Are Credit Rating Agency Stocks and Why Do They Attract Multibagger Interest?

Credit rating agency stocks are listed companies that assess the creditworthiness of borrowers and issuers of debt, and they earn fees for ratings, surveillance and related research. Their business has very little need for factories or inventory, which is why margins and returns on equity tend to be high.

The multibagger case rests on a deepening bond market, rising bank credit and regulatory pressure for more issuers to be rated. Rating firms that also sell analytics and research can add steady non-rating income, which is a feature investors look for when comparing credit rating agency stocks.

Credit Rating Agency Stocks at a Glance: Price, Market Cap, PE and ROE

Prices are as of 15 October 2026, mid-session. ICRA has the lowest PE of the group at 22.36, while CRISIL posts the highest return on equity at 27.03%.

Stock	CMP (Rs)	Market Cap (Rs Cr)	PE	Industry PE	ROE	Debt to Equity	52-Week Range (Rs)
CRISIL	4,403.30	32,794	37.08	33.26	27.03%	0.10	3,686.00 to 5,064.90
CARE Ratings	1,559.20	4,828	26.79	33.26	18.36%	0.03	1,392.70 to 1,838.00
ICRA	4,499.90	4,388	22.36	33.26	15.37%	0.02	4,198.20 to 6,620.00

CRISIL: Return on Equity of 27.03%

CRISIL is a leading credit rating and analytics company, majority-owned by S&P Global, that also offers research, risk solutions and data services. It reported CY25 revenue of Rs 3,755.55 crore, up 12.13% year on year, and net profit of Rs 766.01 crore, up 11.98%. Net profit has compounded at 13.24% a year since CY21, while revenue has grown 12.11% a year. Operating margin was 32.66% in CY25. The debt-to-equity ratio is 0.10, which keeps interest costs low.

In the June 2026 quarter, revenue rose 26.54% to Rs 1,096.53 crore and net profit grew 26.16% to Rs 216.46 crore. Domestic institutions raised their holding from 12.07% in June 2025 to 12.95% in June 2026. The stock trades at a PE of 37.08 against an industry PE of 33.26, with a return on equity of 27.03%.

CARE Ratings: 22.62% Profit CAGR Since FY22

CARE Ratings is a credit rating agency that rates debt instruments and bank facilities and also offers analytics and advisory services. It reported FY26 revenue of Rs 527.89 crore, up 16.51% year on year, and net profit of Rs 173.70 crore, up 24.07%. Net profit has compounded at 22.62% a year since FY22, while revenue has grown 17.73% a year. Operating margin was 53.32% in FY26. The debt-to-equity ratio is 0.03, which keeps interest costs low.

The stock trades at a PE of 26.79 against an industry PE of 33.26, below the sector average, with a return on equity of 18.36%. In the June 2026 quarter, revenue rose 17.54% to Rs 126.48 crore and net profit grew 24.49% to Rs 32.99 crore. The share price has gained 122.33% over five years. Domestic institutions raised their holding from 31.60% in September 2025 to 32.22% in September 2026.

ICRA: Debt-to-Equity of 0.02

ICRA is a credit rating and research company promoted by Moody's, and it also offers analytics, consulting and risk management services. It reported FY26 revenue of Rs 674.53 crore, up 17.22% year on year, and net profit of Rs 182.53 crore, up 6.62%. Net profit has compounded at 12.60% a year since FY22, while revenue has grown 15.15% a year. Operating margin was 47.23% in FY26. The debt-to-equity ratio is 0.02, which keeps interest costs low.

In the June 2026 quarter, revenue rose 28.32% to Rs 191 crore and net profit grew 32.04% to Rs 56.46 crore. Foreign investors raised their holding from 6.87% in September 2025 to 8.00% in September 2026. The stock trades at a PE of 22.36 against an industry PE of 33.26, below the sector average, with a return on equity of 15.37%. The dividend yield is 2.31%.

Credit Rating Agency Stocks: Financial Comparison on Growth and Margins

The table compares scale and growth across these credit rating agency stocks. Latest quarter means the most recent reported quarter for each company, and only metrics that are positive for every company are shown.

Stock	Revenue (Rs Cr)	Net Profit (Rs Cr)	Revenue Growth (YoY)	4-Year Revenue CAGR	4-Year Net Profit CAGR	Operating Margin (Latest Quarter)
CRISIL	3,755.55 (CY25)	766.01 (CY25)	12.13%	12.11%	13.24%	30.59%
CARE Ratings	527.89	173.70	16.51%	17.73%	22.62%	44.26%
ICRA	674.53	182.53	17.22%	15.15%	12.60%	53.32%

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Institutional Holding in CRISIL, CARE Ratings and ICRA

Institutional holding shows who is backing these credit rating agency stocks alongside the promoter. The table uses the latest reported quarter for each. CARE Ratings has the deepest institutional backing, with FII and DII together holding 55.82% as of September 2026. Domestic institutions increased their holding over the past year in CRISIL (from 12.07% to 12.95%) and CARE Ratings (from 31.60% to 32.22%).

Stock	Promoter	FII	DII	Public	Quarter
CRISIL	66.64%	6.38%	12.95%	14.03%	June 2026
CARE Ratings	Nil	23.60%	32.22%	44.17%	September 2026
ICRA	51.87%	8.00%	20.12%	20.01%	September 2026

Risks to Weigh in Credit Rating Agency Stocks

Being careful with credit rating agency stocks means looking at what can slow the story as well as what can speed it up. Four points matter most:

• Rating income depends on debt issuance and bank credit growth, so quarterly revenue can move with the borrowing cycle.
• Rating firms operate under SEBI and RBI rules, so changes in regulation can alter fee structures or coverage.
• Valuation: CRISIL trades at a PE of 37.08 against an industry PE of 33.26, so earnings need to keep growing to support the price.
• Concentration: Holding all 3 names puts the allocation in one sector, so size each position to match your risk appetite.

How to Choose Between Credit Rating Agency Stocks

Picking from credit rating agency stocks comes down to four checks, applied in order.

1. Check balance sheet strength first, and prefer a debt-to-equity ratio below 1 for non-financial companies.
2. Compare each PE with the industry PE (33.26) and ask whether the growth rate justifies any gap.
3. Track the operating margin and the growth in rating revenue each quarter, because both move with debt market activity.
4. Stagger entries across quarters and review institutional holding every reporting season.

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Conclusion

Among credit rating agency stocks, CRISIL stands out for the highest return on equity at 27.03%, CARE Ratings for the fastest profit growth, 22.62% a year since FY22 and ICRA for the strongest latest-quarter profit growth at 32.04%. Which one suits a portfolio depends on how much valuation risk it can carry, so staggering entries and reviewing each quarterly result is a sound habit. Investors comparing credit rating agency stocks should rank them on growth, financial strength and the price paid, and anyone who wants personalised guidance can consult a SEBI-registered advisor before acting.

Frequently Asked Questions on Credit Rating Agency Stocks to Watch

Which are the best credit rating agency stocks to watch for multibagger potential?

Ans. CRISIL, CARE Ratings and ICRA are the 3 names this list highlights, with market caps of Rs 32,794 crore, Rs 4,828 crore and Rs 4,388 crore respectively. CRISIL is notable for the highest return on equity at 27.03%. CARE Ratings stands out for the fastest profit growth, 22.62% a year since FY22. ICRA offers the strongest latest-quarter profit growth at 32.04%. These are watchlist names for credit rating agency stocks, not recommendations, so match each one to your own risk profile and time horizon.

Is CRISIL a good stock for long-term investors?

Ans. CRISIL has a return on equity of 27.03%, a PE of 37.08 against an industry PE of 33.26 and a market cap of Rs 32,794 crore. Net profit has compounded at 13.24% a year since CY21, and CY25 revenue rose 12.13% while June 2026 quarter net profit grew 26.16%. Long-term returns in credit rating agency stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.

Can CARE Ratings become a multibagger from here?

Ans. CARE Ratings has already gained 122.33% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in credit rating agency stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 22.62% a year since FY22, and FY26 revenue rose 16.51%. At a PE of 26.79 against an industry PE of 33.26, valuation should be checked against that growth before investing.

What is the market cap of CRISIL, CARE Ratings and ICRA?

Ans. As of 15 October 2026, CRISIL has a market cap of Rs 32,794 crore, CARE Ratings has a market cap of Rs 4,828 crore and ICRA has a market cap of Rs 4,388 crore. CRISIL is the largest of the group. Market cap changes daily with the share price, so check the latest figure on the Univest Screener or on NSE before taking a decision on credit rating agency stocks.

What are the risks of investing in credit rating agency stocks?

Ans. The main risks are debt market activity, regulation and competition among agencies. A slowdown in bond issuance or bank lending can affect rating revenue for a few quarters, and rule changes can alter fees. Companies with analytics income and strong cash flow are better cushioned. CRISIL trades at a PE of 37.08 against an industry PE of 33.26, so earnings growth needs to hold up.

Is ICRA trading below its industry PE?

Ans. ICRA trades at a PE of 22.36 against an industry PE of 33.26. A lower PE means investors pay less for each rupee of earnings, but it should be read with growth (net profit has compounded at 12.60% a year since FY22 and FY26 revenue rose 17.22%) and balance sheet strength before drawing a conclusion.

How much do institutions hold in CRISIL, CARE Ratings and ICRA?

Ans. As of the latest reported quarter, FII and DII together hold 19.33% of CRISIL (6.38% and 12.95%), 55.82% of CARE Ratings (23.60% and 32.22%) and 28.12% of ICRA (8.00% and 20.12%). Rising institutional holding is a useful signal in credit rating agency stocks, though it should be read with earnings trends rather than on its own.