Roadzen Inc (RDZN) AI Stock Analysis

• Market Cap: $89.26M
• Dividend Yield: N/A
• Average Volume (3M): 459.74K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.58
• Revenue Growth: 3.42%
• EPS Growth: 93.90%
• Country: US
• Employees: 368
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): -0.12
• Shares Outstanding: 79,695,670
• 10 Day Avg. Volume: 830,996
• 30 Day Avg. Volume: 459,739
• PEG Ratio: >-0.01
• Price to Book (P/B): -28.41
• Price to Sales (P/S): 6.13
• P/FCF Ratio: -18.02
• Enterprise Value/Market Cap: 15.52K
• Enterprise Value/Revenue: 27.55K
• Enterprise Value/Gross Profit: 45.67K
• Enterprise Value/Ebitda: -391.71K
• 1Y Price Target: $5.00
• Price Target Upside: 115.52% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.12
• Revenue Forecast (FY): $60.95M

• Rating: 44 Neutral
• Price Target: $1.50 ▼(-35.34% Downside)
• Action: Reiterated Date: 02/13/26
• Date: Action: Reiterated 02/13/26

The score is held down primarily by weak financial quality (large losses, sustained cash burn, and negative equity) and bearish technicals (below key moving averages with negative MACD). Valuation provides limited support due to negative earnings and no dividend, while the recent convertible-note financing helps liquidity but increases dilution and financing-cost risk.

Positive Factors

High gross margins & revenue growth

Roadzen's ~61% gross margins and sustained revenue growth indicate healthy unit economics for its core AI/telematics products. That level of gross profitability creates structural leverage: if operating expenses are controlled, revenue scale can flow disproportionately to operating income over months, supporting path to durable profitability.

AI-driven insurtech product suite

The company's focus on AI, telematics and computer-vision for automotive insurance is a structural advantage: these technologies create data- and model-driven barriers to entry, enable deeper integrations with insurers' workflows, and foster recurring revenue opportunities through platform stickiness and tailored analytics.

Institutional financing extends runway

The $5M junior convertible notes offering provides near-term liquidity and an institutional partner, easing immediate solvency pressure. Over the coming months this financing and the investor relationship can sustain operations and enable execution on commercial growth initiatives while management seeks less dilutive capital or revenue breakeven.

Negative Factors

Negative shareholders' equity

Persistent negative shareholders' equity signals structural capital deficits and elevated solvency risk. This undermines the firm's ability to absorb shocks, reduces optionality for low-cost funding, and forces reliance on dilutive or expensive financing, constraining strategic investments and long-term financial flexibility.

Consistent cash burn

Sustained negative operating and free cash flow indicate the business is not yet self-financing and will need ongoing external capital. Continued cash burn increases dilution risk, limits the firm's ability to invest in sales/engineering without further financing, and pressures execution over the next several quarters.

High-cost convertible debt & restrictive covenants

The 14% junior convertible notes raise financing costs and future dilution via conversion rights. Quarterly repayments, redemption provisions and covenants (plus later amendments adding cross-default terms) reduce strategic flexibility, constrain further financings, and increase the probability that growth capital will be expensive or dilutive over the medium term.

Roadzen Inc Business Overview & Revenue Model

Company Description

RoadZen, lnc. provides an online on-demand roadside assistance services with a network of towing and roadside repair providers in India. The company suite enables Insurers and Automotive OEMs with real-time customer interactions, rapid claims processing, and better risk underwriting services. It also offers services in the areas of towing and removal, battery jumpstart, flat tire support, locked out/lost keys, fuel problems, and roadside assistance. The company was incorporated in 2015 and is based in New Delhi, India.

How the Company Makes Money

Roadzen generates revenue through multiple streams, primarily by offering subscription-based services for its telematics and fleet management platforms. These services provide real-time data and analytics to businesses, allowing them to monitor vehicle performance and driver behavior, thus improving safety and reducing operational costs. Additionally, the company earns revenue from partnerships with insurance providers, offering data-driven insights that enable personalized insurance products and risk assessments. Roadzen also explores opportunities in mobility as a service (MaaS) and collaborates with automotive manufacturers to integrate its technology into vehicles, further expanding its market reach and potential earnings.

Roadzen Inc Financial Statement Overview

Summary

Despite very strong revenue growth and ~61% gross margins, RDZN remains deeply unprofitable with large operating/net losses, persistent negative operating and free cash flow, and a balance sheet strained by negative shareholders’ equity—indicating ongoing funding needs and elevated solvency risk.

Income Statement

Revenue shows extremely strong growth in TTM (Trailing-Twelve-Months) and has generally expanded over the longer annual history, with gross margin holding near ~61% in recent annual periods. However, profitability is very weak: TTM (Trailing-Twelve-Months) results show large operating and net losses, and annual net margins have been deeply negative as well. Overall, the model appears to have decent unit-level gross profitability, but operating costs remain far too high for the current revenue base, keeping the company materially unprofitable.

Balance Sheet

The balance sheet is pressured by persistently negative shareholders’ equity across the annual periods and in TTM (Trailing-Twelve-Months), which raises financial flexibility and solvency risk. Debt is meaningful relative to the capital base given the negative equity position, and returns on equity are not economically meaningful in this context. While total assets are sizable in TTM (Trailing-Twelve-Months), the negative equity and ongoing losses make the balance sheet a key concern.

Cash Flow

Cash generation is weak: operating cash flow is negative in TTM (Trailing-Twelve-Months) and across all annual periods provided, and free cash flow is also consistently negative. Although TTM (Trailing-Twelve-Months) free cash flow shows strong growth versus the prior period, it remains a large cash outflow, indicating continued funding needs. Overall cash burn persists, and the business is not yet self-financing.

Breakdown	TTM	Jun 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	50.30M	44.30M	13.56M	9.99M	1.16M
Gross Profit	30.34M	25.46M	8.15M	5.18M	-195.16K
EBITDA	-3.54M	-67.81M	-11.84M	-4.87M	-2.64M
Net Income	-15.40M	-72.87M	-14.02M	-9.74M	-15.64M
Balance Sheet
Total Assets	44.87T	32.58M	15.18M	15.87M	17.09M
Cash, Cash Equivalents and Short-Term Investments	5.14T	5.03M	589.34K	913.64K	4.63M
Total Debt	6.53T	23.86M	8.95M	23.72M	21.48M
Total Liabilities	68.95T	58.27M	66.26M	52.83M	44.20M
Stockholders Equity	-26.60T	-25.07M	-50.85M	-36.88M	-27.10M
Cash Flow
Free Cash Flow	-825.51B	-18.57M	-8.39M	-50.07K	-5.10M
Operating Cash Flow	-3.71M	-18.14M	-7.55M	-50.07K	-4.71M
Investing Cash Flow	-2.25M	-115.62K	-841.36K	-204.10M	-2.80M
Financing Cash Flow	20.48M	11.74M	8.36M	205.09M	-24.19K

Roadzen Inc Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.32
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RDZN, the sentiment is Negative. The current price of 2.32 is above the 20-day moving average (MA) of 1.25, above the 50-day MA of 1.52, and above the 200-day MA of 1.34, indicating a bearish trend. The MACD of -0.09 indicates Negative momentum. The RSI at 41.26 is Neutral, neither overbought nor oversold. The STOCH value of 37.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for RDZN.

Roadzen Inc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
NTWK	59 Neutral	$41.36M	36.21	5.21%	―	7.70%	-36.01%
YXT	49 Neutral	$29.44M	-2.82	-89.60%	―	―	―
UPLD	47 Neutral	$20.80M	9.34	-76.27%	―	-15.54%	61.46%
PHUN	45 Neutral	$36.74M	-3.27	-11.94%	―	―	―
RDZN	44 Neutral	$89.26M	-5.19	<0.01%	―	3.42%	93.90%
SURG	44 Neutral	$20.72M	-1.86	-994.64%	―	-39.75%	-89.61%

Roadzen Inc Corporate Events

Roadzen Amends Notes, Reschedules Payments and Financing Rights

On February 25, 2026, Roadzen Inc. entered into a Second Amendment with an institutional investor to revise a previously agreed Securities Purchase Agreement and junior convertible notes originally issued in November 2025. The amendment changes the first two installment dates on the November notes to April 21, 2026, and May 21, 2026, reflecting a rescheduling of the company’s near-term payment obligations under the notes.

The Second Amendment also grants the investor a right to participate in certain future financings undertaken by Roadzen before June 20, 2026, subject to specified conditions and limits. These changes adjust the company’s capital-raising framework and repayment timeline, potentially easing short-term liquidity pressures while deepening its relationship with the institutional investor and shaping dilution and financing options for existing stakeholders.

The most recent analyst rating on (RDZN) stock is a Sell with a $1.00 price target. To see the full list of analyst forecasts on Roadzen Inc stock, see the RDZN Stock Forecast page.

Roadzen issues new junior convertible notes financing

On January 19–20, 2026, Roadzen Inc. entered into a securities purchase agreement with an institutional investor and completed a registered public offering of junior convertible notes with an aggregate principal amount of up to $5,555,555, sold for gross proceeds of $5 million. The notes, bearing 14% annual interest and maturing on June 20, 2027, are convertible into ordinary shares at an initial price of $3.50, feature quarterly principal repayments, redemption and make-whole provisions, and strict beneficial-ownership caps, while also restricting Roadzen’s ability to incur additional debt or issue certain equity-linked securities; in parallel, the company amended junior convertible notes issued in November 2025 to add cross-default and covenant alignment, tightening creditor protections and potentially influencing its capital structure and financing flexibility going forward.

The most recent analyst rating on (RDZN) stock is a Sell with a $1.50 price target. To see the full list of analyst forecasts on Roadzen Inc stock, see the RDZN Stock Forecast page.