CARE Ratings Limited

Since last many years, I see that credit rating industry has failed to grow its topline. This
applies to all 3 players (CRISIL, ICRA, CARE) that commands majority share of the market.
Note that I am talking about only Credit Rating Business (not other businesses like research and advisory).

CARE Topline – Last 10 years

ICRA Topline – Last 10 years (Little growth driven by business other than Credit Rating)

CRISIL Topline – Last 10 years (Good growth but again driven by business other than Credit Rating)

I was under assumption that this business grows roughly in line with growth in economy that’s tied to growth in credit. But looks I am wrong with this assumption, and probably missing something.

@dd1474 – Would you like to share your thoughts here please?