Despite achieving 18.8% year-over-year revenue growth in 2026Q3, the company continues to struggle with profitability, reporting a net loss of $9.1M and a deeply negative operating margin of -16.5%.
| Sales/Revenue | 55.02M | 44.3M | 46.72M | 13.56M | 9.99M | 1.16M |
| Revenue Growth % | 24.21% | -5.2% | 244.56% | 35.76% | 757.52% | - |
| Cost of Goods Sold | 23.52M | 18.83M | 18.13M | 5.41M | 4.81M | 1.36M |
| COGS % of Revenue | 42.75% | 42.52% | 38.81% | 39.92% | 48.11% | 116.75% |
| Gross Profit | 31.5M | 25.46M | 28.59M | 8.15M | 5.18M | -195.16K |
| Gross Margin % | 57.25% | 57.48% | 61.19% | 60.08% | 51.89% | -16.75% |
| Gross Profit Growth % | 23.71% | -10.94% | 250.95% | 57.19% | 2755.57% | - |
| Operating Expenses | 45.5M | 86.28M | 106.25M | 19.68M | 11.42M | 3.59M |
| OpEx % of Revenue | 82.69% | 194.77% | 227.4% | 145.12% | 114.34% | 308.51% |
| Selling, General & Admin | 45.09T | 80.48M | 99.09M | 15.38M | 8.74M | 1.53M |
| SG&A % of Revenue | 81946883.88% | 181.68% | 212.08% | 113.45% | 87.54% | 131.52% |
| Research & Development | 408.36B | 3.78M | 4.97M | 2.67M | 1.31M | 908.59K |
| R&D % of Revenue | 742169.58% | 8.53% | 10.64% | 19.69% | 13.09% | 78% |
| Other Operating Expenses | -45.5T | 2.02M | 2.19M | 1.62M | 1.37M | 1.15M |
| Operating Income | -14M | -60.81M | -77.66M | -11.53M | -6.24M | -3.79M |
| Operating Margin % | -25.44% | -137.29% | -166.21% | -85.04% | -62.46% | -325.26% |
| Operating Income Growth % | 76.98% | 21.69% | -573.41% | -84.84% | -64.67% | - |
| EBITDA | -11.75M | -58.79M | -75.47M | -9.91M | -4.87M | -2.64M |
| EBITDA Margin % | -21.36% | -132.73% | -161.53% | -73.06% | -48.74% | -226.28% |
| EBITDA Growth % | 80.01% | 22.1% | -661.74% | -103.5% | -84.72% | - |
| D&A (Non-Cash Add-back) | 2.24M | 2.02M | 2.19M | 1.62M | 1.37M | 1.15M |
| EBIT | -14M | -69.83M | -97.59M | -13.47M | -9.74M | -3.79M |
| Net Interest Income | -7.25M | -3.25M | -2.29M | -776.02K | -44.93K | -6.2K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 7.25M | 3.25M | 2.29M | 776.02K | 44.93K | 6.2K |
| Other Income/Expense | -9M | -12.26M | -22.22M | -2.71M | -3.54M | -13.22M |
| Pretax Income | -23M | -73.08M | -99.88M | -14.24M | -9.78M | -17.01M |
| Pretax Margin % | -41.8% | -164.97% | -213.77% | -105.04% | -97.93% | -1460.53% |
| Income Tax | 20.21K | -13.97K | -23.65K | -42.27K | 24.96K | -1.36M |
| Effective Tax Rate % | -0.09% | 0.02% | 0.02% | 0.3% | -0.26% | 7.97% |
| Net Income | -22.52M | -72.87M | -99.67M | -14.02M | -9.74M | -15.64M |
| Net Margin % | -40.92% | -164.51% | -213.31% | -103.42% | -97.53% | -1342.78% |
| Net Income Growth % | 69.1% | 26.89% | -610.69% | -43.96% | 37.72% | - |
| Net Income (Continuing) | -23.02M | -73.06M | -99.86M | -14.2M | -9.81M | -15.66M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.13T | -616.88K | -426.03K | -237.69K | -73.98K | -11.52K |
| EPS (Diluted) | -0.29 | -1.04 | -2.26 | -0.22 | -0.15 | -0.63 |
| EPS Growth % | 72.12% | 53.98% | -927.27% | -46.67% | 76.19% | - |
| EPS (Basic) | -0.29 | -1.04 | -2.26 | -0.22 | -0.15 | -0.63 |
| Diluted Shares Outstanding | 68.44M | 69.87M | 44.03M | 63.4M | 63.4M | 25.01M |
| Basic Shares Outstanding | 68.44M | 69.87M | 44.03M | 63.4M | 63.4M | 25.01M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Unsustainable operating cash burn
As reported in recent financial filings, Roadzen's revenue growth has exhibited significant volatility, oscillating between double-digit expansion and contraction, with the most recent quarterly figures showing a 18.8% year-over-year increase that follows a period of notable revenue decline in previous fiscal quarters.
The inconsistent revenue trajectory suggests that the company's core service offerings may be struggling to achieve predictable adoption within the Indian automotive OEM ecosystem. Investors should monitor whether this volatility stems from seasonal contract renewals or a fundamental inability to scale the platform's transactional volume effectively.
According to the company's income statement data, Roadzen has maintained a relatively stable gross margin profile, peaking at 65.8% in 2024Q4, which suggests that the underlying software-as-a-service component of the business model provides a degree of structural protection against direct service delivery costs.
While the gross margin remains healthy, it fails to translate into operating profitability, indicating that the cost of maintaining the physical service network and administrative overhead is disproportionately high. This disconnect implies that the company has yet to achieve the necessary scale to leverage its proprietary AI stack against its fixed cost base.
Based on the provided financial statements, Roadzen's operating margin has remained deeply negative, reaching a trough of -198.3% in 2025Q2, which highlights a persistent inability to scale operating income in proportion to the gross profit generated by its service and licensing activities.
The failure to achieve operating leverage suggests that the company's administrative and research expenditures are currently outpacing revenue growth by a wide margin. This structural imbalance warrants further investigation into whether the current cost structure is a temporary investment phase or a permanent feature of the business model.
As indicated by the historical income statement data, Roadzen's net income has been consistently burdened by significant non-operating expenses and stock-based compensation, with quarterly SBC figures reaching as high as $27.3M in 2024Q3, which severely distorts the company's reported bottom-line performance.
The reliance on stock-based compensation as a primary expense item suggests that the company's reported net losses may understate the true economic cost of operations. Investors should be cautious of these non-cash charges, as they may mask the underlying cash burn required to sustain the current business trajectory.
Based on the company's reported financial position, the combination of a $4.8M cash balance and persistent operating losses suggests a precarious liquidity profile that may force management to seek dilutive financing, potentially undermining the long-term value proposition for existing public shareholders.
Short-sellers would likely focus on the widening gap between revenue generation and the cash required to fund the company's high-overhead operations. The lack of a clear path to positive operating cash flow suggests that the current business model may be fundamentally unsustainable without significant external capital injections.
Quick answers to the most common questions about buying RDZN stock.
For fiscal year 2026, Roadzen, Inc. (RDZN) reported total revenue of $55.0M. This represents a 4623.5% increase compared to $1.2M in 2021.
Roadzen, Inc. (RDZN) reported a net loss of $22.5M for the fiscal year ending 2026.
Roadzen, Inc. (RDZN) reported an operating income of $-14.0M, resulting in an operating profit margin of -25.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Roadzen, Inc. (RDZN) generated $31.5M in gross profit for the year, representing a gross profit margin of 57.2%. This demonstrates the company's core pricing power and production efficiency.