Roadzen, Inc. (RDZN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1946.4%

-$20.86

vs $1.13 price

Levered DCF

-$12.40

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-7.42

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	-4.14×	-1×	-2.88×	-47.5×	-66.6×	-15.67×
P/B	-2.77×	-2.9×	-28.41×	-13.03×	-17.17×	-9.11×
P/S	1.49×	1.64×	6.13×	48.86×	63.41×	211.94×
EV / EBITDA	-8.14×	-1.35×	-3.09×	-56.65×	-78.43×	-100.05×
Gross margin	61.3%	57.5%	61.2%	60.1%	51.9%	-16.8%
Operating margin	-25.4%	-137.3%	-166.2%	-85.0%	-62.5%	-325.3%
Net margin	-40.9%	-164.5%	-213.3%	-103.4%	-97.5%	-1342.8%
Current ratio	0.55×	0.47×	0.76×	0.32×	0.84×	0.54×
Debt / equity	-1.16×	-0.95×	-1.99×	-0.18×	-0.64×	-0.79×
Interest coverage	-1.93×	-18.72×	-33.9×	-14.86×	-138.86×	-610.9×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	75.9%	290.6%	989.4%	27.6%	26.4%	57.7%
Return on invested capital	-113.3%	4799.1%	-717.2%	-178.6%	-58.0%	-51.8%
Return on assets	-42.8%	-223.7%	-171.4%	-92.4%	-61.4%	-91.5%
Free cash flow yield	-25.9%	-25.6%	-5.5%	-1.3%	-0.8%	-2.1%
Earnings yield	-27.4%	-100.3%	-34.8%	-2.1%	-1.5%	-6.3%
Enterprise value	$109.9M	$91.7M	$295.1M	$670.9M	$656.2M	$263.7M
Net debt / EBITDA	-2.05×	-0.28×	-0.09×	-0.71×	-2.73×	-6.39×
Cash conversion cycle (days)	-164	-262	-415	-63	-37	77