Cash flow CARE Ratings Limited

Stocks

CARERATING

INE752H01013

Professional Information Services

Delayed NSE India S.E. 06:01:15 2026-09-30 EDT			5-day change	1st Jan Change
1,616.70 ^INR	-1.29%		-1.40%	+1.05%

09-02	Ind-Swift Laboratories Ltd. Approves the Appointment of M/S. Care Ratings Limited as the Monitoring Agency	CI
08-07	CARE Ratings Limited Reports Earnings Results for the First Quarter Ended June 30, 2026	CI

813a6268ec0.as7OIRMTl2sQxoFQuXMNbe3me5JZekrLNQfQ59q5F1o.WLyieWN1riJSgbcZ7T59GZqnLaIzDAenTWCIlJbKby0k-phvTCPjLkaJ7g

Published financial data: CARE RATINGS LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2022 (INR)	2023 (INR)	2024 (INR)	2025 (INR)	2026 (INR)
Revenues	2.48B	2.79B	3.32B	4.02B	4.73B
Total Revenues	2.48B	2.79B	3.32B	4.02B	4.73B
Cost of Goods Sold, Total	1.28B	1.34B	1.65B	1.89B	2.17B
Gross Profit	1.19B	1.45B	1.67B	2.13B	2.56B
Selling General & Admin Expenses, Total	27.59M	-	-	-	47.07M
Provision for Bad Debts	3.78M	-	-	-	5.84M
Depreciation & Amortization - (IS)	77.06M	105M	105M	117M	144M
Other Operating Expenses	365M	400M	550M	581M	538M
Other Operating Expenses, Total	474M	505M	655M	698M	734M
Operating Income	721M	945M	1.02B	1.44B	1.83B
Interest Expense, Total	-4.64M	-10.02M	-17.12M	-21.08M	-24.86M
Interest And Investment Income	255M	354M	429M	457M	488M
Net Interest Expenses	250M	344M	412M	436M	463M
Currency Exchange Gains (Loss)	-	11.17M	1.59M	2.21M	11.65M
Other Non Operating Income (Expenses)	11.19M	8.44M	9.94M	4.22M	11.94M
EBT, Excl. Unusual Items	983M	1.31B	1.44B	1.88B	2.32B
Gain (Loss) On Sale Of Investments	5.9M	6.1M	26.43M	44.06M	33.95M
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-2.13M	-57.06M	-	-	-
Other Unusual Items	-	-	-	-	2.28M
EBT, Incl. Unusual Items	986M	1.26B	1.47B	1.92B	2.35B
Income Tax Expense	218M	403M	441M	523M	617M
Earnings From Continuing Operations	768M	855M	1.03B	1.4B	1.74B
Net Income to Company	768M	855M	1.03B	1.4B	1.74B
Minority Interest	-17.21M	-19.29M	-20.39M	-27.63M	-25.19M
Net Income - (IS)	751M	835M	1.01B	1.37B	1.71B
Net Income to Common Incl Extra Items	751M	835M	1.01B	1.37B	1.71B
Net Income to Common Excl. Extra Items	751M	835M	1.01B	1.37B	1.71B
Per Share Items
Net EPS - Basic	25.45	28.17	33.77	45.89	57.06
Basic EPS - Continuing Operations	25.45	28.17	33.77	45.89	57.06
Basic Weighted Average Shares Outstanding	29.51M	29.66M	29.77M	29.9M	30M
Net EPS - Diluted	25.31	28.17	33.67	45.69	56.83
Diluted EPS - Continuing Operations	25.31	28.17	33.67	45.69	56.83
Diluted Weighted Average Shares Outstanding	29.67M	29.66M	29.86M	30.04M	30.12M
Normalized Basic EPS	20.23	26.92	29.54	38.34	47.44
Normalized Diluted EPS	20.11	26.92	29.46	38.17	47.25
Dividend Per Share	17	17	18	18	22
Payout Ratio	50.99	71.55	66.54	40.01	34.09
Supplemental Items
EBITDA	763M	1B	1.08B	1.5B	1.9B
EBITA	721M	945M	1.02B	1.44B	1.83B
EBIT	721M	945M	1.02B	1.44B	1.83B
EBITDAR	768M	1.01B	1.08B	1.5B	1.9B
Total Revenues (As Reported)	2.75B	3.17B	3.78B	4.53B	5.28B
Effective Tax Rate - (Ratio)	22.1	32.04	30.05	27.18	26.2
Total Current Taxes	293M	383M	431M	515M	622M
Total Deferred Taxes	-75.2M	14.91M	9.4M	6.2M	-5.58M
Normalized Net Income	597M	798M	880M	1.15B	1.42B
Interest on Long-Term Debt	4.64M	10.02M	17.12M	21.08M	24.86M
Non-Cash Pension Expense	1.6M	2.19M	3.15M	3.45M	9.32M
Supplemental Operating Expense Items
Marketing Expenses	23.32M	10.22M	29.46M	9.53M	44.42M
Selling and Marketing Expenses	23.32M	-	-	-	44.42M
Research And Development Expense From Footnotes	77.56M	84.59M	79.56M	89.38M	98.21M
Net Rental Expense, Total	4.27M	2.05M	2.86M	2.77M	2.65M
Imputed Operating Lease Interest Expense	1.96M	1.25M	2.12M	2.16M	2.11M
Imputed Operating Lease Depreciation	2.31M	806K	746K	613K	540K
Maintenance & Repair Expenses, Total	17.51M	16.6M	14.09M	23.7M	19.27M
Stock-Based Comp., COGS (Total)	65.28M	4.83M	27.15M	18.77M	17.76M
Total Stock-Based Compensation	65.28M	4.83M	27.15M	18.77M	17.76M

Fiscal Period: March	2022 (INR)	2023 (INR)	2024 (INR)	2025 (INR)	2026 (INR)
Assets
Cash And Equivalents	176M	494M	383M	488M	426M
Short Term Investments	4.41B	5.06B	5.85B	5.92B	5.77B
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	4.59B	5.56B	6.23B	6.41B	6.19B
Accounts Receivable, Total	234M	281M	302M	350M	395M
Other Receivables	6.18M	770K	10.93M	20.12M	6.97M
Notes Receivable	2.19M	2.9M	9.53M	12.39M	18.05M
Total Receivables	243M	284M	323M	382M	420M
Prepaid Expenses	27.65M	32.29M	34.3M	21.63M	43.52M
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	779M	159M	156M	110M	117M
Total Current Assets	5.64B	6.03B	6.75B	6.92B	6.77B
Gross Property Plant And Equipment	1.03B	1.18B	1.25B	1.35B	1.38B
Accumulated Depreciation	-156M	-209M	-271M	-332M	-333M
Net Property Plant And Equipment	873M	974M	978M	1.02B	1.04B
Long-term Investments	553M	545M	504M	1.39B	2.94B
Goodwill	79.5M	79.5M	79.5M	79.5M	79.5M
Other Intangibles, Total	85.63M	62.12M	90.07M	126M	153M
Loans Receivable Long-Term	2.47M	3.38M	3.38M	11.43M	14.36M
Deferred Tax Assets Long-Term	23.42M	-	-	125K	1.7M
Other Long-Term Assets, Total	17.78M	15.05M	17.07M	36.04M	36.67M
Total Assets	7.27B	7.71B	8.42B	9.58B	11.05B
Liabilities
Accounts Payable, Total	51.34M	26.58M	4.77M	-	8M
Accrued Expenses, Total	228M	328M	344M	422M	549M
Current Portion of Leases	32.72M	22.01M	24.08M	32.75M	43.8M
Current Income Taxes Payable	2.13M	2.8M	14.4M	15.61M	32.07M
Unearned Revenue Current, Total	162M	191M	270M	349M	393M
Other Current Liabilities	36.32M	22.55M	130M	159M	151M
Total Current Liabilities	512M	592M	787M	978M	1.18B
Long-Term Leases	56.41M	153M	171M	205M	218M
Pension & Other Post Retirement Benefits	38.55M	44M	52.07M	54.84M	63.94M
Deferred Tax Liability Non Current	60.62M	49.39M	54.82M	66.02M	60.26M
Other Non Current Liabilities	78.08M	81.51M	107M	119M	97.04M
Total Liabilities	746M	920M	1.17B	1.42B	1.62B
Common Stock, Total	296M	297M	299M	299M	300M
Additional Paid In Capital	737M	757M	875M	926M	1.01B
Retained Earnings	5.26B	5.5B	5.84B	6.67B	7.82B
Comprehensive Income and Other	186M	163M	159M	165M	187M
Total Common Equity	6.47B	6.72B	7.17B	8.06B	9.32B
Minority Interest	53.14M	68.33M	74.56M	92.34M	107M
Total Equity	6.53B	6.79B	7.25B	8.16B	9.43B
Total Liabilities And Equity	7.27B	7.71B	8.42B	9.58B	11.05B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	29.65M	29.7M	29.85M	29.93M	30.05M
ECS Total Common Shares Outstanding	29.65M	29.7M	29.85M	29.93M	30.05M
Book Value / Share	218.4	226.33	240.23	269.37	310.33
Tangible Book Value	6.31B	6.58B	7B	7.86B	9.09B
Tangible Book Value Per Share	212.83	221.56	234.55	262.49	302.6
Total Debt	89.13M	175M	196M	238M	262M
Net Debt	-4.5B	-5.38B	-6.04B	-6.17B	-5.93B
Debt Equivalent of Unfunded Proj. Benefit Obligation	40.98M	45.31M	55.2M	59.69M	64.64M
Debt Equivalent Oper. Leases	34.14M	16.42M	22.92M	22.16M	21.21M
Minority Interest, Total (Incl. Fin. Div)	53.14M	68.33M	74.56M	92.34M	107M
Account Code - Inventory Valuation	3	3	3	3	3
Buildings, Total	724M	730M	730M	751M	755M
Machinery, Total	219M	279M	319M	361M	356M
Full Time Employees	457	517	563	598	608
Accumulated Allowance for Doubtful Accounts (Supple)	22.71M	29.43M	30.4M	38.49M	39.3M

Fiscal Period: March	2022 (INR)	2023 (INR)	2024 (INR)	2025 (INR)	2026 (INR)
Net Income	751M	835M	1.01B	1.37B	1.71B
Depreciation & Amortization - CF	70.86M	99.99M	97.44M	104M	118M
Depreciation & Amortization, Total	70.86M	99.99M	97.44M	104M	118M
Amortization of Deferred Charges, Total - (CF)	6.2M	5.31M	7.38M	13.45M	25.37M
(Gain) Loss From Sale Of Asset	198K	81K	-	822K	-32.01M
(Gain) Loss on Sale of Investments - (CF)	-5.9M	-5.53M	-24.68M	-43.63M	-34.44M
Asset Writedown & Restructuring Costs	2.13M	57.06M	-	-	-
(Income) Loss On Equity Investments - (CF)	-	-	-	-1.76M	-2.02M
Stock-Based Compensation (CF)	65.28M	4.83M	27.15M	18.77M	17.57M
Provision and Write-off of Bad Debts	67.84M	5.21M	25.42M	34.51M	8.3M
Other Operating Activities, Total	-315M	-221M	-363M	-387M	-463M
Change In Accounts Receivable	47.15M	-42.76M	-44.89M	-	-
Change In Accounts Payable	-	-	-	-	-
Change in Other Net Operating Assets	-9.79M	83.97M	179M	118M	126M
Cash from Operations	680M	822M	909M	1.23B	1.48B
Capital Expenditure	-190M	-115M	-91.71M	-147M	-83M
Sale of Property, Plant, and Equipment	2.21M	263K	-	-	2.48M
Investment in Marketable and Equity Securities, Total	-337M	56.34M	-699M	-919M	-1.91B
Other Investing Activities, Total	251M	187M	400M	482M	1.05B
Cash from Investing	-273M	129M	-391M	-584M	-945M
Short Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-28.18M	-31.39M	-22.6M	-11.91M	-52.16M
Total Debt Repaid	-28.18M	-31.39M	-22.6M	-11.91M	-52.16M
Issuance of Common Stock	64.43M	24.24M	78.7M	42.14M	67.25M
Repurchase of Common Stock	-	-18.5M	-	-	-
Common Dividends Paid	-383M	-598M	-669M	-549M	-584M
Common & Preferred Stock Dividends Paid	-383M	-598M	-669M	-549M	-584M
Other Financing Activities, Total	-4.64M	-10.02M	-16.8M	-21.08M	-24.86M
Cash from Financing	-351M	-633M	-630M	-540M	-593M
Foreign Exchange Rate Adjustments	-	-	-	-	-
Miscellaneous Cash Flow Adjustments	1K	-	-	-	-
Net Change in Cash	55.47M	318M	-111M	105M	-62.16M
Supplemental Items
Cash Interest Paid	4.64M	10.02M	17.12M	21.08M	24.86M
Cash Income Tax Paid (Refund)	293M	317M	423M	506M	645M
Levered Free Cash Flow	2.62B	1.26B	819M	1.06B	1.32B
Unlevered Free Cash Flow	2.62B	1.26B	830M	1.07B	1.34B
Change In Net Working Capital	-2.22B	-679M	-154M	-182M	-116M
Net Debt Issued / Repaid	-28.18M	-31.39M	-22.6M	-11.91M	-52.16M

Fiscal Period: March	2022 (INR)	2023 (INR)	2024 (INR)	2025 (INR)	2026 (INR)
Profitability
Return on Assets	6.44	7.88	7.89	9.98	11.09
Return on Total Capital	7.14	8.7	8.82	11.34	12.65
Return On Equity %	12.33	12.83	14.61	18.18	19.75
Return on Common Equity	12.15	12.66	14.47	18.02	19.69
Margin Analysis
Gross Profit Margin %	48.24	51.99	50.38	53.04	54.21
SG&A Margin	1.11	-	-	-	1
EBITDA Margin %	30.83	35.97	32.58	37.28	40.14
EBITA Margin %	29.12	33.88	30.65	35.7	38.69
EBIT Margin %	29.12	33.88	30.65	35.7	38.69
Income From Continuing Operations Margin %	31.03	30.63	30.92	34.8	36.72
Net Income Margin %	30.33	29.94	30.31	34.11	36.18
Net Avail. For Common Margin %	30.33	29.94	30.31	34.11	36.18
Normalized Net Income Margin	24.1	28.62	26.52	28.5	30.08
Levered Free Cash Flow Margin	105.82	45.1	24.7	26.22	27.97
Unlevered Free Cash Flow Margin	105.94	45.33	25.02	26.55	28.3
Asset Turnover
Asset Turnover	0.35	0.37	0.41	0.45	0.46
Fixed Assets Turnover	3.02	3.02	3.4	4.04	4.59
Receivables Turnover (Average Receivables)	8.61	10.84	11.61	12.35	12.71
Short Term Liquidity
Current Ratio	11.01	10.19	8.57	7.08	5.76
Quick Ratio	9.43	9.86	8.32	6.93	5.6
Operating Cash Flow to Current Liabilities	1.33	1.39	1.16	1.26	1.25
Days Sales Outstanding (Average Receivables)	42.38	33.68	31.53	29.56	28.71
Average Days Payable Outstanding	12.68	10.62	-	-	-
Long Term Solvency
Total Debt/Equity	1.37	2.57	2.7	2.91	2.78
Total Debt / Total Capital	1.35	2.51	2.63	2.83	2.7
LT Debt/Equity	0.86	2.25	2.37	2.51	2.31
Long-Term Debt / Total Capital	0.85	2.19	2.3	2.44	2.25
Total Liabilities / Total Assets	10.26	11.93	13.92	14.85	14.63
EBIT / Interest Expense	155.49	94.36	59.37	68.12	73.62
EBITDA / Interest Expense	170.77	104.34	65.06	73.05	78.38
(EBITDA - Capex) / Interest Expense	129.84	92.85	59.71	66.06	75.04
Total Debt / EBITDA	0.11	0.17	0.18	0.15	0.13
Net Debt / EBITDA	-5.68	-5.15	-5.42	-4.01	-3.04
Total Debt / (EBITDA - Capex)	0.15	0.19	0.19	0.17	0.14
Net Debt / (EBITDA - Capex)	-7.48	-5.79	-5.91	-4.43	-3.18
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-0.33	12.66	18.89	21.3	17.59
Gross Profit, 1 Yr. Growth %	-5.96	19.66	15.2	27.7	21.56
EBITDA, 1 Yr. Growth %	-17.05	31.84	7.66	38.82	26.6
EBITA, 1 Yr. Growth %	-18.02	31.06	7.55	41.29	27.44
EBIT, 1 Yr. Growth %	-18.02	31.06	7.55	41.29	27.44
Earnings From Cont. Operations, 1 Yr. Growth %	-15.54	11.23	20.02	36.5	24.07
Net Income, 1 Yr. Growth %	-16.1	11.21	20.35	36.52	24.73
Normalized Net Income, 1 Yr. Growth %	-7.37	33.78	10.15	30.35	24.13
Diluted EPS Before Extra, 1 Yr. Growth %	-16.55	11.28	19.54	35.7	24.38
Accounts Receivable, 1 Yr. Growth %	-31.24	19.75	12.24	15.65	12.94
Net Property, Plant and Equip., 1 Yr. Growth %	13.68	11.53	0.51	3.79	2.88
Total Assets, 1 Yr. Growth %	8.28	6	9.37	13.78	15.35
Tangible Book Value, 1 Yr. Growth %	9.28	4.29	6.4	12.21	15.72
Common Equity, 1 Yr. Growth %	9.96	3.82	6.68	12.43	15.65
Cash From Operations, 1 Yr. Growth %	-21.09	20.94	10.5	35.29	20.02
Capital Expenditures, 1 Yr. Growth %	322.81	-39.39	-20.29	60.7	-43.68
Levered Free Cash Flow, 1 Yr. Growth %	-367.97	-51.72	-34.89	28.77	24.8
Unlevered Free Cash Flow, 1 Yr. Growth %	-369.33	-51.53	-34.37	28.7	24.72
Dividend Per Share, 1 Yr. Growth %	0	0	5.88	0	22.22
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	0.82	5.97	15.73	20.08	19.43
Gross Profit, 2 Yr. CAGR %	-4.58	6.85	17.41	21.29	23.89
EBITDA, 2 Yr. CAGR %	-0.57	4.43	19.14	22.25	32.57
EBITA, 2 Yr. CAGR %	-0.98	3.65	18.72	23.27	34.18
EBIT, 2 Yr. CAGR %	-0.98	3.65	18.72	23.27	34.18
Earnings From Cont. Operations, 2 Yr. CAGR %	-4.07	-3.07	15.54	27.99	30.14
Net Income, 2 Yr. CAGR %	-4.51	-3.4	15.69	28.18	30.49
Normalized Net Income, 2 Yr. CAGR %	6.19	11.32	21.39	19.83	27.2
Diluted EPS Before Extra, 2 Yr. CAGR %	-4.86	-3.63	15.34	27.36	29.92
Accounts Receivable, 2 Yr. CAGR %	-31.25	-9.26	13.57	13.93	14.29
Net Property, Plant and Equip., 2 Yr. CAGR %	1.75	12.6	5.87	2.14	3.34
Total Assets, 2 Yr. CAGR %	8.4	7.13	7.57	11.55	14.56
Tangible Book Value, 2 Yr. CAGR %	9.74	6.76	5.34	9.27	13.95
Common Equity, 2 Yr. CAGR %	10.19	6.85	5.24	9.52	14.03
Cash From Operations, 2 Yr. CAGR %	0.44	-2.31	15.6	22.27	27.43
Capital Expenditures, 2 Yr. CAGR %	103.61	60.09	-30.49	13.17	-4.87
Levered Free Cash Flow, 2 Yr. CAGR %	143.62	13.44	-43.93	-8.44	27.08
Unlevered Free Cash Flow, 2 Yr. CAGR %	145.37	13.94	-43.6	-8.09	27
Dividend Per Share, 2 Yr. CAGR %	-6.63	0	2.9	2.9	10.55
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-8.09	4.62	10.11	17.56	19.25
Gross Profit, 3 Yr. CAGR %	-17.6	3.4	9.56	20.74	20.92
EBITDA, 3 Yr. CAGR %	-24.03	9.13	5.5	25.37	23.69
EBITA, 3 Yr. CAGR %	-25.06	8.72	4.94	25.81	24.64
EBIT, 3 Yr. CAGR %	-25.06	8.72	4.94	25.81	24.64
Earnings From Cont. Operations, 3 Yr. CAGR %	-17.75	0.78	4.08	22.14	26.67
Net Income, 3 Yr. CAGR %	-18.25	0.47	3.94	22.25	27.02
Normalized Net Income, 3 Yr. CAGR %	-19.91	14.68	10.93	24.31	21.24
Diluted EPS Before Extra, 3 Yr. CAGR %	-18.45	0.25	3.54	21.76	26.36
Accounts Receivable, 3 Yr. CAGR %	-23.76	-17.28	-3.92	14.26	13.6
Net Property, Plant and Equip., 3 Yr. CAGR %	5.82	4.91	8.42	5.18	2.38
Total Assets, 3 Yr. CAGR %	5.75	7.59	7.81	9.6	12.8
Tangible Book Value, 3 Yr. CAGR %	5.29	7.89	6.64	7.58	11.38
Common Equity, 3 Yr. CAGR %	5.59	8.02	6.79	7.58	11.53
Cash From Operations, 3 Yr. CAGR %	-14.44	6.86	1.79	21.83	21.52
Capital Expenditures, 3 Yr. CAGR %	-10.21	35.95	26.88	-8.09	-10.32
Levered Free Cash Flow, 3 Yr. CAGR %	51.8	41.78	-5.73	-26.03	1.69
Unlevered Free Cash Flow, 3 Yr. CAGR %	51.85	42.64	-5.19	-25.75	1.92
Dividend Per Share, 3 Yr. CAGR %	-17.25	-4.47	1.92	1.92	8.97
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-2.94	-3.46	0.78	10.55	13.75
Gross Profit, 5 Yr. CAGR %	-10.84	-9.7	-4.78	10.22	15.08
EBITDA, 5 Yr. CAGR %	-15.97	-13.77	-9.1	14.2	15.59
EBITA, 5 Yr. CAGR %	-16.62	-14.57	-9.91	14.32	15.78
EBIT, 5 Yr. CAGR %	-16.62	-14.57	-9.91	14.32	15.78
Earnings From Cont. Operations, 5 Yr. CAGR %	-12.24	-12.04	-5.77	10.89	13.81
Net Income, 5 Yr. CAGR %	-12.64	-12.45	-6.07	10.75	13.84
Normalized Net Income, 5 Yr. CAGR %	-12.82	-10.74	-5.42	16.71	17.17
Diluted EPS Before Extra, 5 Yr. CAGR %	-12.78	-12.39	-6.32	10.32	13.38
Accounts Receivable, 5 Yr. CAGR %	-3.2	-8.48	-10.58	-6.75	2.98
Net Property, Plant and Equip., 5 Yr. CAGR %	10.61	13.76	5.84	3.79	6.35
Total Assets, 5 Yr. CAGR %	4.45	3.2	6.47	9.12	10.46
Tangible Book Value, 5 Yr. CAGR %	4.28	2.29	5.31	8.44	9.51
Common Equity, 5 Yr. CAGR %	4.48	2.41	5.45	8.62	9.63
Cash From Operations, 5 Yr. CAGR %	-10.59	-9.27	-3.49	12.77	11.36
Capital Expenditures, 5 Yr. CAGR %	79.49	36.9	-18.95	26.34	13.07
Levered Free Cash Flow, 5 Yr. CAGR %	29.44	-1.04	1.8	19.03	6.23
Unlevered Free Cash Flow, 5 Yr. CAGR %	29.47	-0.95	2.07	19.64	6.57
Dividend Per Share, 5 Yr. CAGR %	-9.5	-10.74	-9.71	-1.59	5.29