Roadzen Inc Financials
This page shows Roadzen Inc (RDZNW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Solid product-level margins are being swamped by a support cost base larger than revenue, keeping the company externally funded.
In the last two years, gross margin stayed near60.0% while SG&A stayed above revenue, which means the product-level economics are not the main bottleneck. Free cash burn remained about42.0% of sales, showing that the cash drain comes mostly from the operating structure rather than unusually heavy reinvestment.
The balance sheet reads like a liquidity problem more than a debt problem: the current ratio slipped to 0.5x while long-term debt was only
Because operating cash outflow was
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Roadzen Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Roadzen Inc has an operating margin of -137.3%, meaning the company retains $-137 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -166.2% the prior year.
Roadzen Inc's revenue declined 5.2% year-over-year, from $46.7M to $44.3M. This contraction results in a growth score of 100/100.
Roadzen Inc's current ratio of 0.47 is below the typical benchmark, resulting in a score of 4/100. This tight liquidity could limit financial flexibility if cash inflows slow.
While Roadzen Inc generated -$18.1M in operating cash flow, capex of $425K consumed most of it, leaving -$18.6M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Roadzen Inc passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Roadzen Inc generates $0.25 in operating cash flow (-$18.1M OCF vs -$72.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Roadzen Inc earns $-608.1 in operating income for every $1 of interest expense (-$60.8M vs $100K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Roadzen Inc generated $44.3M in revenue in fiscal year 2025. This represents a decrease of 5.2% from the prior year.
Roadzen Inc's EBITDA was -$58.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 22.1% from the prior year.
Roadzen Inc reported -$72.9M in net income in fiscal year 2025. This represents an increase of 26.9% from the prior year.
Roadzen Inc earned $-1.04 per diluted share (EPS) in fiscal year 2025. This represents an increase of 54.0% from the prior year.
Cash & Balance Sheet
Roadzen Inc generated -$18.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 5.6% from the prior year.
Roadzen Inc held $4.8M in cash against $140K in long-term debt as of fiscal year 2025.
Roadzen Inc had 74M shares outstanding in fiscal year 2025. This represents an increase of 8.5% from the prior year.
Margins & Returns
Roadzen Inc's gross margin was 57.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 3.7 percentage points from the prior year.
Roadzen Inc's operating margin was -137.3% in fiscal year 2025, reflecting core business profitability. This is up 28.9 percentage points from the prior year.
Roadzen Inc's net profit margin was -164.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 48.8 percentage points from the prior year.
Capital Allocation
Roadzen Inc invested $3.8M in research and development in fiscal year 2025. This represents a decrease of 24.0% from the prior year.
Roadzen Inc invested $425K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 6.8% from the prior year.
RDZNW Income Statement
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $14.4M+4.9% | $13.7M+25.9% | $10.9M-4.7% | $11.4M-5.6% | $12.1M+1.8% | $11.9M+32.9% | $8.9M-10.7% | $10.0M |
| Cost of Revenue | $5.2M-13.9% | $6.1M+35.5% | $4.5M+14.2% | $3.9M-8.5% | $4.3M-18.1% | $5.2M-3.9% | $5.4M+104.1% | $2.7M |
| Gross Profit | $9.1M+20.0% | $7.6M+19.2% | $6.4M-14.6% | $7.5M-4.1% | $7.8M+17.3% | $6.7M+90.0% | $3.5M-52.3% | $7.3M |
| R&D Expenses | $294K+97.9% | $149K+82.2% | $82K-66.6% | $244K-2.2% | $250K-83.3% | $1.5M-16.4% | $1.8M-6.9% | $1.9M |
| SG&A Expenses | $3.5M-7.5% | $3.8M+47.7% | $2.6M+0.1% | $2.6M-7.1% | $2.8M-86.4% | $20.4M-20.9% | $25.8M-16.8% | $31.0M |
| Operating Income | -$2.4M+29.2% | -$3.3M-32.4% | -$2.5M+32.0% | -$3.7M-17.0% | -$3.2M+86.5% | -$23.5M+22.5% | -$30.4M+12.9% | -$34.9M |
| Interest Expense | -$3.2M-155.1% | -$1.2M-32.7% | -$941K-135.7% | $2.6M+342.7% | -$1.1M-73.1% | -$627K+23.7% | -$822K+18.0% | -$1.0M |
| Income Tax | -$24K-318.2% | $11K-86.5% | $80K+14.7% | $70K+868.7% | -$9K+95.0% | -$181K-270.0% | $107K+52.9% | $70K |
| Net Income | -$9.1M-334.0% | -$2.1M+47.4% | -$4.0M-2852.4% | -$136K+94.6% | -$2.5M+88.5% | -$21.8M+54.9% | -$48.4M-42.5% | -$34.0M |
| EPS (Diluted) | $-0.12-300.0% | $-0.03+40.0% | $-0.05 | N/A | $-0.04+87.5% | $-0.32+54.9% | $-0.71 | N/A |
RDZNW Balance Sheet
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $44.9M+8.0% | $41.5M+26.1% | $33.0M+1.2% | $32.6M+1.8% | $32.0M+9.8% | $29.1M-14.7% | $34.1M-41.3% | $58.1M |
| Current Assets | $34.2M+0.1% | $34.1M+25.9% | $27.1M+0.5% | $27.0M+3.7% | $26.0M+13.0% | $23.0M-13.9% | $26.7M-46.3% | $49.8M |
| Cash & Equivalents | $5.1M+3.4% | $5.0M+59.2% | $3.1M-35.4% | $4.8M-16.8% | $5.8M-3.0% | $6.0M-23.0% | $7.8M-30.5% | $11.2M |
| Inventory | $177K-17.4% | $214K+115.6% | $99K-51.0% | $203K+76.9% | $115K+25.1% | $92K+18.2% | $77K+9.5% | $71K |
| Accounts Receivable | $3.7M+40.2% | $2.6M+2.9% | $2.6M-1.9% | $2.6M-8.6% | $2.9M-10.9% | $3.2M+20.8% | $2.7M-26.9% | $3.7M |
| Goodwill | $4.1M+79.9% | $2.3M+11.5% | $2.1M0.0% | $2.1M+1.1% | $2.0M-2.7% | $2.1M+1.7% | $2.1M0.0% | $2.1M |
| Total Liabilities | $69.0M+10.5% | $62.4M+1.1% | $61.8M+6.0% | $58.3M-6.7% | $62.5M-1.5% | $63.4M-5.6% | $67.2M-2.2% | $68.6M |
| Current Liabilities | $63.2M+3.1% | $61.3M+1.1% | $60.6M+6.5% | $56.9M-7.2% | $61.4M+0.6% | $61.0M-5.2% | $64.4M-1.9% | $65.7M |
| Long-Term Debt | $4.8M0.0% | $4.8M+3124.9% | $150K+7.6% | $140K+19.3% | $117K-91.2% | $1.3M-2.6% | $1.4M-7.2% | $1.5M |
| Total Equity | -$26.6M+5.1% | -$28.0M+0.2% | -$28.1M-12.0% | -$25.1M+14.2% | -$29.2M+11.7% | -$33.1M-1.7% | -$32.5M-223.0% | -$10.1M |
| Retained Earnings | -$239.0M-3.9% | -$229.9M-0.9% | -$227.8M-1.8% | -$223.8M0.0% | -$223.7M-1.1% | -$221.2M-10.9% | -$199.4M-32.1% | -$151.0M |
RDZNW Cash Flow Statement
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$7.5M-22.9% | -$6.1M-108.0% | -$2.9M+21.3% | -$3.7M-16.7% | -$3.2M+43.1% | -$5.6M+1.5% | -$5.7M-22.2% | -$4.6M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $32K |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -$4.7M |
| Investing Cash Flow | -$329K-79.8% | -$183K+9.0% | -$201K+86.9% | -$1.5M-914.8% | $189K+2716.9% | $7K-99.5% | $1.2M+3891.4% | -$32K |
| Financing Cash Flow | $7.4M+4.8% | $7.1M+393.7% | $1.4M-68.1% | $4.5M+62.7% | $2.8M-19.1% | $3.4M+231.7% | $1.0M-84.7% | $6.8M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
RDZNW Financial Ratios
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 63.7%+8.0pp | 55.7%-3.1pp | 58.9%-6.8pp | 65.7%+1.1pp | 64.6%+8.6pp | 56.1%+16.8pp | 39.2%-34.2pp | 73.4% |
| Operating Margin | -16.5%+7.9pp | -24.4%-1.2pp | -23.2%+9.3pp | -32.5%-6.3pp | -26.2%+172.0pp | -198.3%+142.0pp | -340.3%+8.8pp | -349.1% |
| Net Margin | -63.7%-48.3pp | -15.4%+21.5pp | -36.9%-35.7pp | -1.2%+19.6pp | -20.8%+162.8pp | -183.7%+358.3pp | -542.0%-202.2pp | -339.7% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -20.4%-15.3pp | -5.1%+7.1pp | -12.2%-11.7pp | -0.4%+7.5pp | -7.9%+67.0pp | -74.9%+66.9pp | -141.8%-83.3pp | -58.5% |
| Current Ratio | 0.54-0.0 | 0.56+0.1 | 0.45-0.0 | 0.47+0.0 | 0.42+0.0 | 0.38-0.0 | 0.42-0.3 | 0.76 |
| Debt-to-Equity | -0.180.0 | -0.17-0.2 | -0.010.0 | -0.010.0 | -0.00+0.0 | -0.040.0 | -0.04+0.1 | -0.15 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -46.7% |
Note: Shareholder equity is negative (-$25.1M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.47), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Frequently Asked Questions
What is Roadzen Inc's annual revenue?
Roadzen Inc (RDZNW) reported $44.3M in total revenue for fiscal year 2025. This represents a -5.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Roadzen Inc's revenue growing?
Roadzen Inc (RDZNW) revenue declined by 5.2% year-over-year, from $46.7M to $44.3M in fiscal year 2025.
Is Roadzen Inc profitable?
No, Roadzen Inc (RDZNW) reported a net income of -$72.9M in fiscal year 2025, with a net profit margin of -164.5%.
What is Roadzen Inc's EBITDA?
Roadzen Inc (RDZNW) had EBITDA of -$58.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Roadzen Inc have?
As of fiscal year 2025, Roadzen Inc (RDZNW) had $4.8M in cash and equivalents against $140K in long-term debt.
What is Roadzen Inc's gross margin?
Roadzen Inc (RDZNW) had a gross margin of 57.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Roadzen Inc's operating margin?
Roadzen Inc (RDZNW) had an operating margin of -137.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Roadzen Inc's net profit margin?
Roadzen Inc (RDZNW) had a net profit margin of -164.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Roadzen Inc's free cash flow?
Roadzen Inc (RDZNW) generated -$18.6M in free cash flow during fiscal year 2025. This represents a 5.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Roadzen Inc's operating cash flow?
Roadzen Inc (RDZNW) generated -$18.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Roadzen Inc's total assets?
Roadzen Inc (RDZNW) had $32.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Roadzen Inc's capital expenditures?
Roadzen Inc (RDZNW) invested $425K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Roadzen Inc spend on research and development?
Roadzen Inc (RDZNW) invested $3.8M in research and development during fiscal year 2025.
What is Roadzen Inc's current ratio?
Roadzen Inc (RDZNW) had a current ratio of 0.47 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Roadzen Inc's debt-to-equity ratio?
Roadzen Inc (RDZNW) had a debt-to-equity ratio of -0.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Roadzen Inc's return on assets (ROA)?
Roadzen Inc (RDZNW) had a return on assets of -223.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Roadzen Inc's cash runway?
Based on fiscal year 2025 data, Roadzen Inc (RDZNW) had $4.8M in cash against an annual operating cash burn of $18.1M. This gives an estimated cash runway of approximately 3 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Roadzen Inc's debt-to-equity ratio negative or unusual?
Roadzen Inc (RDZNW) has negative shareholder equity of -$25.1M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Roadzen Inc's Piotroski F-Score?
Roadzen Inc (RDZNW) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Roadzen Inc's earnings high quality?
Roadzen Inc (RDZNW) has an earnings quality ratio of 0.25x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Roadzen Inc cover its interest payments?
Roadzen Inc (RDZNW) has an interest coverage ratio of -608.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Roadzen Inc?
Roadzen Inc (RDZNW) scores 17 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.