CARE Ratings logo

CARE Ratings CEO, MD, chairman, board of directors and AGM

NSE: CARERATINGBSE: 534804Capital MarketsSmall Cap

Formerly Credit Analysis and Research
Last close ₹1,586.30down ₹26.30 (1.63%)BSE ₹1,602.05

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,612.60.

52-week range of traded prices to 23 Oct 2026
₹1,392.70Low, 23 Mar 2026₹1,838.00High, 15 May 2026
Market cap
₹4,778 Cr794th largest listed
P/E
26.9
P/B
5.1
Dividend yield
1.39%
ROE
20.4%
ROCE
20.1%
Debt to equity
0.00
Volume, NSE
30,52347.8% delivered

CARE Ratings board of directors

At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

  • Managing director and CEOMehul Harshadray Pandya
  • ChairpersonV. Chandrasekaran
  • Company Secretary and Compliance OfficerManoj Kumar CV

7 directors6 independent1 executive

  • Mehul Harshadray Pandya · Managing director and CEOExecutive · joined Jul 2022 · 1 listed board · 1 committee seat
  • V. Chandrasekaran · ChairpersonIndependent · joined Dec 2022 · reappointed Dec 2025 · 45 months as independent · 5 listed boards · 5 as independent · 6 committee seats, 2 as chair
  • Mahalingam GIndependent · joined Nov 2022 · reappointed Nov 2025 · 46 months as independent · 4 listed boards · 4 as independent · 5 committee seats, 2 as chair
  • Manoj ChughIndependent · joined May 2024 · 28 months as independent · 2 listed boards · 2 as independent · 2 committee seats
  • Rajiv BansalIndependent · joined May 2025 · 16 months as independent · 2 listed boards · 2 as independent · 4 committee seats
  • Indrani BanerjeeIndependent · joined May 2025 · 16 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
  • Bimal N PatelIndependent · joined Nov 2025 · 10 months as independent · 1 listed board · 1 as independent · 1 committee seat

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

4 directors who left
  • Sobhag Mal Jain, left 27 Jan 2026: Others
  • Sonal Desai, left 10 Jul 2025: Tenure Completion
  • Najib Shah, left 10 Jul 2025: Tenure Completion
  • Madasamy Mathisekaran, left 10 Jul 2025: Tenure Completion

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

  • Board

    • 7 Aug 20267 of 7 present6 independent · 85 days in between
    • 13 May 20267 of 7 present6 independent

  • Audit Committee

    Chair Mahalingam G

    Rajiv Bansal, Indrani Banerjee

    • 7 Aug 20263 of 3 present3 independent · 85 days in between
    • 13 May 20263 of 3 present3 independent

  • Nomination and remuneration committee

    Chair Manoj Chugh

    Mahalingam G, V. Chandrasekaran, Bimal N Patel

    • 10 Jun 20264 of 4 present4 independent · 36 days in between
    • 4 May 20264 of 4 present4 independent

  • Stakeholders Relationship Committee

    Chair Indrani Banerjee

    Bimal N Patel, Mehul Harshadray Pandya

    No meeting listed in the filing.

  • Risk Management Committee

    Chair Manoj Chugh

    Rajiv Bansal, Mehul Harshadray Pandya

    • 5 May 20263 of 3 present2 independent

  • Corporate Social Responsibility Committee

    Chair V. Chandrasekaran

    Indrani Banerjee, Mehul Harshadray Pandya

    • 7 Aug 20263 of 3 present2 independent · 57 days in between
    • 10 Jun 20263 of 3 present2 independent · 42 days in between
    • 28 Apr 20263 of 3 present2 independent

  • Rating Sub-Committee

    Chair Mahalingam G

    V. Chandrasekaran, Indrani Banerjee

    • 31 Jul 20263 of 3 present3 independent · 93 days in between
    • 28 Apr 20263 of 3 present3 independent

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • M/s. BSR & Co. LLPPeer-review certificate valid to Jul 2028
1 earlier auditor
  • M/s B S R & Co LLPNamed in the filing for the quarter to Mar 2025

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

CARE Ratings AGM and shareholder votes

Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.CARE Ratings dividend history

Annual general meeting, 3 Jul 2026

59,923 shareholders on the register on 26 Jun 2026; present: 0 promoters and 60 others; votes counted by Mitesh Dhabliwala / Parikh & Associates.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements (including the Audited Consolidated Financial Statements) for the financial year ended March 31, 2026, together with the Reports of the Board of Directors and the Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: institutions 0.00% · other public 0.01%

    Turnout: all 44.56% · institutions 72.70% · other public 10.26%

  2. To confirm the payment of interim dividend of Rs. 8/- (Rupees Eight only) per equity share of face value of Rs.10/- (Rupees Ten only) and to declare a final dividend of Rs.14/- (Rupees Fourteen only) per equity share of face value of Rs.10/- (Rupees Ten only) for the financial year 2025-26.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: institutions 0.00% · other public 0.01%

    Turnout: all 44.56% · institutions 72.70% · other public 10.26%

  3. To appoint a director in place of Mr. Mehul Pandya (DIN:07610232), who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    100.00% for0.00% against

    Against: institutions 0.00% · other public 0.01%

    Turnout: all 44.56% · institutions 72.70% · other public 10.26%

  4. To re-appoint M/s. B S R & Co.LLP, Chartered Accountants (Firm Registration No.101248W/W-100022) as Statutory Auditors of the Company.
    Ordinary
    100.00% for0.00% against

    Against: institutions 0.00% · other public 0.04%

    Turnout: all 44.58% · institutions 72.70% · other public 10.31%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 15 Jan 2026, 1 resolution

60,822 shareholders on the register on 5 Dec 2025; votes counted by Mitesh Dhabliwala / Parikh & Associates.The company's voting result (opens in a new tab)

  1. Appointment of Dr. Bimal Patel (DIN:03006605) as a Non-Executive Independent Director of the Company
    Special
    99.99% for0.01% against

    Against: institutions 0.00% · other public 0.13%

    Turnout: all 43.75% · institutions 71.81% · other public 10.61%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 16 Oct 2025, 2 resolutions

58,158 shareholders on the register on 12 Sep 2025; votes counted by Mitesh Dhabliwala / Parikh & Associates.The company's voting result (opens in a new tab)

  1. Re-appointment of Mr. Gurumoorthy Mahalingam (DIN: 09660723) as an Independent Director of the Company for a second term.
    Special
    97.82% for2.18% against

    Against: institutions 2.62% · other public 0.06%

    Turnout: all 47.05% · institutions 70.28% · other public 18.34%

  2. Re-appointment of Mr. Venkatadri Chandrasekaran (DIN:03126243) as an Independent Director of the Company for a second term.
    Special
    76.67% for23.33% against

    Against: institutions 28.50% · other public 0.06%

    Turnout: all 45.06% · institutions 66.67% · other public 18.34%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 10 Jul 2025, 7 resolutions

63,181 shareholders on the register on 3 Jul 2025; present: 0 promoters and 53 others; votes counted by Mitesh Dhabliwala / Parikh & Associates.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statement (including the Audited Consolidated Financial Statement) for the financial year ended March 31, 2025, together with the Reports of the Board of Directors and the Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: institutions 0.00% · other public 0.08%

    Turnout: all 38.66% · institutions 67.52% · other public 4.33%

  2. To confirm the payment of interim dividend of Rs. 7/- (Rupees Seven only) per equity share of face value of Rs. 10/- (Rupees Ten only) and to declare a final dividend of Rs. 11/- (Rupees Eleven only) per equity share of face value of Rs. 10/- (Rupees Ten only) for the financial year 2024-25.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: institutions 0.00% · other public 0.08%

    Turnout: all 38.66% · institutions 67.52% · other public 4.33%

  3. To appoint a director in place of Mr. Mehul Pandya (DIN:07610232), who retires by rotation and being eligible, offers himself for re-appointment
    Ordinary
    99.99% for0.01% against

    Against: institutions 0.00% · other public 0.23%

    Turnout: all 38.66% · institutions 67.52% · other public 4.33%

  4. Appointment of Mr. Rajiv Bansal (DIN:00245460) as a Non-Executive Independent Director of the Company
    Special
    99.99% for0.01% against

    Against: institutions 0.00% · other public 0.23%

    Turnout: all 38.66% · institutions 67.52% · other public 4.32%

  5. Appointment of Ms. Indrani Banerjee (DIN:09043941) as a Non-Executive Independent Director of the Company
    Special
    99.99% for0.01% against

    Against: institutions 0.00% · other public 0.23%

    Turnout: all 38.66% · institutions 67.52% · other public 4.32%

  6. To approve remuneration payable to Mr. Mehul Pandya (DIN:07610232) as the Managing Director and Group Chief Executive Officer of the Company
    Ordinary
    99.98% for0.02% against

    Against: institutions 0.01% · other public 0.23%

    Turnout: all 38.66% · institutions 67.52% · other public 4.33%

  7. To appoint Secretarial Auditor of the Company
    Ordinary
    100.00% for0.00% against

    Against: institutions 0.00% · other public 0.07%

    Turnout: all 38.69% · institutions 67.52% · other public 4.39%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 9 Jul 2024, 4 resolutions

Present: 0 promoters and 56 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statement (including the Consolidated Financial Statement) for the financial year ended March 31, 2024 together with the Reports of the Board of Directors and the Auditors thereon.MoreLess
    Ordinary
    100.00% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.21%

    Turnout: all 32.95% · promoters 0.00% · institutions 64.88% · other public 1.58%

  2. To confirm the payment of interim dividend of Rs.7/- (Rupees Seven only) per equity share of face value of Rs. 10/- (Rupees Ten only) and to declare a final dividend of Rs.11/- (Rupees Eleven only) per equity share of face value of Rs. 10.00/- (Rupees Ten only) for the financial year 2023-24MoreLess
    Ordinary
    100.00% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.21%

    Turnout: all 32.95% · promoters 0.00% · institutions 64.88% · other public 1.58%

  3. To appoint a director in place of Mr. Sobhag Mal Jain (DIN: 08770020), who retires by rotation and being eligible, offers himself for re-appointment
    Ordinary
    99.74% for0.26% against

    Against: promoters 0.00% · institutions 0.25% · other public 0.43%

    Turnout: all 32.92% · promoters 0.00% · institutions 64.88% · other public 1.54%

  4. Appointment of Mr. Manoj Chugh (DIN: 02640995) as a Non-Executive Independent Director of the Company
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.26%

    Turnout: all 32.95% · promoters 0.00% · institutions 64.88% · other public 1.58%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 28 Jul 2023, 3 resolutions

Present: 0 promoters and 55 others.The company's voting result (opens in a new tab)

  1. Adoption of the audited financial statements standalone (including the Consolidated Financial Statement) for the financial year ended March 31, 2023 together with the reports of Board of Directors and the Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.10%

    Turnout: all 27.76% · promoters 0.00% · institutions 62.11% · other public 1.15%

  2. To confirm the payment of interim dividend of Rs.10/- (Rupees Ten Only) per equity share and declaration of final dividend of Rs.7/- (Rupees Seven Only) per and a special dividend of Rs.8/- (Rupees Eight only) per equity share for the financial year 2022-23.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.09%

    Turnout: all 27.77% · promoters 0.00% · institutions 62.13% · other public 1.15%

  3. Re-appointment of Mr. Mehul Pandya (DIN: 07610232), as Director liable to retire by rotation.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.69%

    Turnout: all 27.72% · promoters 0.00% · institutions 62.13% · other public 1.05%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 15 Apr 2023, 1 resolution

The company's voting result (opens in a new tab)

  1. Appointment of Mr. Sobhag Mal Jain (DIN-08770020) as a Non-Executive Non-Independent Director of the Company
    Ordinary
    99.26% for0.74% against

    Against: promoters 0.00% · institutions 0.60% · other public 7.93%

    Turnout: all 28.35% · promoters 0.00% · institutions 63.38% · other public 0.97%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 21 Jan 2023, 5 resolutions

The company's voting result (opens in a new tab)

  1. Approval for payment of remuneration by way of commission to Non-Executive Directors including Independent Directors of the Company
    Ordinary
    99.66% for0.34% against

    Against: promoters 0.00% · institutions 0.00% · other public 3.43%

    Turnout: all 30.83% · promoters 0.00% · institutions 64.63% · other public 5.32%

  2. Approval of Amendments to CARE Employee Stock Option Scheme 2020
    Special
    81.27% for18.73% against

    Against: promoters 0.00% · institutions 20.37% · other public 3.59%

    Turnout: all 30.81% · promoters 0.00% · institutions 64.63% · other public 5.29%

  3. Approval of Grant of employee stock options under the CARE Employee Stock Option Scheme 2020 to employees of subsidiary companies, group companies, holding companies and associate companies as applicableMoreLess
    Special
    81.52% for18.48% against

    Against: promoters 0.00% · institutions 20.37% · other public 1.11%

    Turnout: all 30.81% · promoters 0.00% · institutions 64.63% · other public 5.29%

  4. Approval of Appointment of Mr. G. Mahalingam (DIN: 09660723) as a Non-Executive Independent Director of the Company
    Special
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.42%

    Turnout: all 30.81% · promoters 0.00% · institutions 64.63% · other public 5.29%

  5. Approval of Re-designation of Mr. V. Chandrasekaran (DIN: 03126243) as a Non-Executive Independent Director of the Company
    Special
    82.46% for17.54% against

    Against: promoters 0.00% · institutions 19.12% · other public 2.96%

    Turnout: all 30.82% · promoters 0.00% · institutions 64.63% · other public 5.30%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

How mutual funds voted

Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it

Mutual fund votes, meeting of 3 Jul 2026, 3 fund houses so far (houses' deadline to file 15 Oct 2026)

  • To receive, consider and adopt the Audited Financial Statements (including the Audited Consolidated Financial Statements) for the financial year ended March 31, 2026, together with the Reports of the Board of Directors and the Auditors thereon.MoreLess
    3 for0 against
  • To confirm the payment of interim dividend of Rs. 8/- (Rupees Eight only) per equity share of face value of Rs.10/- (Rupees Ten only) and to declare a final dividend of Rs.14/- (Rupees Fourteen only) per equity share of face value of Rs.10/- (Rupees Ten only) for the financial year 2025-26.MoreLess
    3 for0 against
  • To appoint a director in place of Mr. Mehul Pandya (DIN:07610232), who retires by rotation and being eligible, offers himself for re-appointment.
    3 for0 against
  • To re-appoint M/s. B S R & Co.LLP, Chartered Accountants (Firm Registration No.101248W/W-100022) as Statutory Auditors of the Company.
    3 for0 against

Mutual fund votes, meeting of 15 Jan 2026, 9 fund houses

  • Appointment of Dr. Bimal Patel (DIN:03006605) as a Non-Executive Independent Director of the Company
    9 for0 against
6 earlier meetings

Mutual fund votes, meeting of 16 Oct 2025, 8 fund houses

  • Re-appointment of Mr. Gurumoorthy Mahalingam (DIN: 09660723) as an Independent Director of the Company for a second term.
    8 for0 against
  • Re-appointment of Mr. Venkatadri Chandrasekaran (DIN:03126243) as an Independent Director of the Company for a second term.
    Against Motilal Oswal Mutual Fund, Nippon India Mutual Fund
    • Motilal Oswal Mutual FundCompliant with law. Governance Concern: Cooling off period of 3 years not served at the time of transition from NED to ID. Proposed term will lead to prolonged association with the Group.
    • Nippon India Mutual FundGovernance Concern: Cooling off period of 3 years not served at the time of transition from NED to ID. Proposed term will lead to prolonged association with the Group.
    5 for2 against

Mutual fund votes, meeting of 10 Jul 2025, 6 fund houses

  • To receive, consider and adopt the Audited Financial Statement (including the Audited Consolidated Financial Statement) for the financial year ended March 31, 2025, together with the Reports of the Board of Directors and the Auditors thereon.MoreLess
    6 for0 against
  • To confirm the payment of interim dividend of Rs. 7/- (Rupees Seven only) per equity share of face value of Rs. 10/- (Rupees Ten only) and to declare a final dividend of Rs. 11/- (Rupees Eleven only) per equity share of face value of Rs. 10/- (Rupees Ten only) for the financial year 2024-25.MoreLess
    6 for0 against
  • To appoint a director in place of Mr. Mehul Pandya (DIN:07610232), who retires by rotation and being eligible, offers himself for re-appointment
    6 for0 against
  • Appointment of Mr. Rajiv Bansal (DIN:00245460) as a Non-Executive Independent Director of the Company
    6 for0 against
  • Appointment of Ms. Indrani Banerjee (DIN:09043941) as a Non-Executive Independent Director of the Company
    6 for0 against
  • To approve remuneration payable to Mr. Mehul Pandya (DIN:07610232) as the Managing Director and Group Chief Executive Officer of the Company
    6 for0 against
  • To appoint Secretarial Auditor of the Company
    6 for0 against

Mutual fund votes, meeting of 9 Jul 2024, 5 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • To receive, consider and adopt the Audited Financial Statement (including the Consolidated Financial Statement) for the financial year ended March 31, 2024 together with the Reports of the Board of Directors and the Auditors thereon.MoreLess
    4 for0 against
  • To confirm the payment of interim dividend of Rs.7/- (Rupees Seven only) per equity share of face value of Rs. 10/- (Rupees Ten only) and to declare a final dividend of Rs.11/- (Rupees Eleven only) per equity share of face value of Rs. 10.00/- (Rupees Ten only) for the financial year 2023-24MoreLess
    4 for0 against
  • To appoint a director in place of Mr. Sobhag Mal Jain (DIN: 08770020), who retires by rotation and being eligible, offers himself for re-appointment
    4 for0 against
  • Appointment of Mr. Manoj Chugh (DIN: 02640995) as a Non-Executive Independent Director of the Company
    4 for0 against
4 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 3, as a fund house numbered it
    1 for0 against
  • Item 4, as a fund house numbered it
    1 for0 against

Mutual fund votes, meeting of 28 Jul 2023, 2 fund houses

  • Adoption of the audited financial statements standalone (including the Consolidated Financial Statement) for the financial year ended March 31, 2023 together with the reports of Board of Directors and the Auditors thereon.MoreLess
    2 for0 against
  • To confirm the payment of interim dividend of Rs.10/- (Rupees Ten Only) per equity share and declaration of final dividend of Rs.7/- (Rupees Seven Only) per and a special dividend of Rs.8/- (Rupees Eight only) per equity share for the financial year 2022-23.MoreLess
    2 for0 against
  • Re-appointment of Mr. Mehul Pandya (DIN: 07610232), as Director liable to retire by rotation.
    2 for0 against

Mutual fund votes, meeting of 15 Apr 2023, 2 fund houses

  • Appointment of Mr. Sobhag Mal Jain (DIN-08770020) as a Non-Executive Non-Independent Director of the Company
    2 for0 against

Mutual fund votes, meeting of 21 Jan 2023, 2 fund houses

  • Approval for payment of remuneration by way of commission to Non-Executive Directors including Independent Directors of the Company
    2 for0 against
  • Approval of Amendments to CARE Employee Stock Option Scheme 2020
    2 for0 against
  • Approval of Grant of employee stock options under the CARE Employee Stock Option Scheme 2020 to employees of subsidiary companies, group companies, holding companies and associate companies as applicableMoreLess
    2 for0 against
  • Approval of Appointment of Mr. G. Mahalingam (DIN: 09660723) as a Non-Executive Independent Director of the Company
    2 for0 against
  • Approval of Re-designation of Mr. V. Chandrasekaran (DIN: 03126243) as a Non-Executive Independent Director of the Company
    2 for0 against

Each fund house counted once, from its own disclosure; the reasons are its own words.

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

None open at any quarter's end.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
No
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
No
There was a cyber security incident in the quarter
No

The company's own answers in its filing.