Roadzen Inc. is a US-listed company in the insurance brokers industry. Its financial year ends in March.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $60m, up 30.5% on a year earlier, faster than the 24.2% growth a quarter earlier. That growth ranks 1 of 15 among the insurance brokers companies we cover. The diluted share count is up 11.5% on a year earlier, which dilutes existing holders.
Our models give no value for Roadzen at present, so past values are not shown.
Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Roadzen Inc.'s trailing-twelve-month revenue grew 30.5% year on year, with a free-cash-flow margin of -42.5%. Where it stands out: revenue growth of 30.5% ranks 1 of 17 insurance brokers companies we cover. Where it lags: net margin of -46.9% ranks 15 of 17 insurance brokers companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 50.5% while net income grew 0.6%: a 51pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No model value for Roadzen Inc. at the moment. Current status: no valuation model gives a value we can rate yet. Available reported financials are shown below.
We value Roadzen Inc. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.93 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: book value or earnings not available |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | — | Does not apply: no positive book value in the latest twelve months |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: pays no regular dividend |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | — | No model applies: the filings don’t yet support a value. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Roadzen Inc. with insurance brokers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$0.20 | −38% | $78m | +41% |
| Next | $0.11 | +155% | $138m | +78% |
Next year's EPS estimate has moved −15.4% in 90 days, across 1 analysts.
The consensus EPS forecast for the current fiscal year is +300.0% on 90 days ago. In the last 30 days, 0 analysts raised Roadzen Inc.'s forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$0.05 | $0.13 |
| 60 days ago | −$0.05 | $0.13 |
| 30 days ago | −$0.07 | $0.10 |
| 7 days ago | −$0.07 | $0.10 |
| Now | −$0.20 | $0.11 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.04 | −$0.03 | +31.2% |
| Mar 2026 | −$0.05 | −$0.05 | +5.2% |
| Dec 2025 | −$0.03 | −$0.04 | −20.3% |
| Sept 2025 | −$0.04 | −$0.02 | +40.2% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −33.9%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $46m | $60m | +30.5% |
| P/S multiple | 2.6x | 1.5x | −43.5% |
| Share count | 71m | 80m | −10.3% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|
| Return | ||||
| RDZN | −50% | −57% | +11% | −53% |
| Industry peers (median) | +21% | +27% | −21% | −1% |
| S&P 500 | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||
| RDZN | 92% | 42% | 42% | 18% |
| S&P 500 | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||
| RDZN | −76% | −89% | −72% | −58% |
| S&P 500 | −10% | −8% | −19% | −9% |
Worst fall since January 13, 2022: 94% from August 28, 2023 to May 7, 2025. Getting back needed a 1579% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 13, 2026 | +6.7% | +0.5% | +15.7% | −14.2% |
| July 6, 2026 | −5.2% | +0.4% | −11.2% | −8.2% |
| February 13, 2026 | −17.5% | +0.2% | −10.5% | −18.2% |
| November 14, 2025 | 0.0% | −0.9% | +10.4% | +25.9% |
| August 13, 2025 | −11.8% | +0.4% | −12.6% | −16.9% |
| June 26, 2025 | +6.9% | +1.3% | +2.9% | +26.5% |
| February 12, 2025 | +15.5% | +0.7% | −13.2% | −25.3% |
| November 13, 2024 | −6.4% | −0.6% | −9.8% | +105.8% |
| August 13, 2024 | +2.2% | +2.0% | +2.9% | +10.6% |
| July 1, 2024 | +32.9% | +0.9% | −1.8% | −30.6% |
| February 12, 2024 | +0.5% | −1.4% | −2.5% | +0.2% |
| November 13, 2023 | −0.6% | +1.8% | −6.4% | −39.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY24 Q2 | $29.4M |
| FY24 Q3 | $41.7M |
| FY24 Q4 | $46.7M |
| FY25 Q1 | $50M |
| FY25 Q2 | $46.4M |
| FY25 Q3 | $42.9M |
| FY25 Q4 | $44.3M |
| FY26 Q1 | $46.2M |
| FY26 Q2 | $48M |
| FY26 Q3 | $50.3M |
| FY26 Q4 | $55M |
| FY27 Q1 | $60.4M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY25 Q1 | 202.5% |
| FY25 Q2 | 58.0% |
| FY25 Q3 | 2.8% |
| FY25 Q4 | -5.2% |
| FY26 Q1 | -7.6% |
| FY26 Q2 | 3.4% |
| FY26 Q3 | 17.3% |
| FY26 Q4 | 24.2% |
| FY27 Q1 | 30.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY24 Q2 | -61.2% |
| FY24 Q3 | -110.5% |
| FY24 Q4 | -166.2% |
| FY25 Q1 | -208.1% |
| FY25 Q2 | -258.7% |
| FY25 Q3 | -214.5% |
| FY25 Q4 | -137.3% |
| FY26 Q1 | -71.3% |
| FY26 Q2 | -26.5% |
| FY26 Q3 | -23.7% |
| FY26 Q4 | -25.4% |
| FY27 Q1 | -21.6% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY24 Q2 | -66.7% |
| FY24 Q3 | -40.0% |
| FY24 Q4 | -45.8% |
| FY25 Q1 | -48.5% |
| FY25 Q2 | -37.5% |
| FY25 Q3 | -48.9% |
| FY25 Q4 | -45.5% |
| FY26 Q1 | -36.9% |
| FY26 Q2 | -37.7% |
| FY26 Q3 | -44.6% |
| FY26 Q4 | -40.9% |
| FY27 Q1 | -42.5% |
| Fiscal year | 2023 Mar 2023 | 2024 Mar 2024 | 2025 Mar 2025 | 2026 Mar 2026 | LTM Jun 2026 |
|---|---|---|---|---|---|
| Income | |||||
| Revenue | 14 | 47 | 44 | 55 | 60 |
| Gross profit | 8 | 29 | 25 | 34 | 37 |
| EBITDA | −10 | −75 | −59 | −12 | −10 |
| Operating income | −12 | −78 | −61 | −14 | −13 |
| Net income | −14 | −100 | −73 | −23 | −28 |
| Diluted EPS | −$0.86 | −$2.26 | −$1.04 | −$0.29 | −$0.36 |
| Growth (year on year) | |||||
| Revenue | — | +244.6% | −5.2% | +24.2% | +30.5% |
| Margins | |||||
| Gross margin | 60.1% | 61.2% | 57.5% | 61.3% | 60.7% |
| EBITDA margin | −73.1% | −161.5% | −132.7% | −21.4% | −16.9% |
| Operating margin | −85.0% | −166.2% | −137.3% | −25.4% | −21.6% |
| Net margin | −103.4% | −213.3% | −164.5% | −40.9% | −46.9% |
| Free-cash-flow margin | −61.9% | −42.1% | −41.9% | −38.7% | — |
| Cash flow | |||||
| Cash from operations | −8 | −19 | −18 | −20 | −23 |
| Capital spending | 1 | 0 | 0 | 1 | — |
| Free cash flow | −8 | −20 | −19 | −21 | — |
| Stock-based pay | — | 56 | 47 | 0 | 1 |
| Free cash flow after stock pay | — | −76 | −66 | −22 | — |
| Balance sheet | |||||
| Cash | 1 | 11 | 5 | 7 | 6 |
| Total debt | 11 | 20 | 24 | 33 | 33 |
| Net debt (negative = net cash) | 10 | 9 | 20 | 27 | 27 |
| Diluted shares | 17m | 44m | 70m | 77m | 80m |
| Quarter | 2025 Q2 Sept 2024 | 2025 Q3 Dec 2024 | 2025 Q4 Mar 2025 | 2026 Q1 Jun 2025 | 2026 Q2 Sept 2025 | 2026 Q3 Dec 2025 | 2026 Q4 Mar 2026 | 2027 Q1 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 12 | 12 | 11 | 11 | 14 | 14 | 16 | 16 |
| Gross profit | 7 | 8 | 7 | 6 | 8 | 9 | 11 | 9 |
| EBITDA | −23 | −3 | −3 | −2 | −3 | −2 | −5 | −1 |
| Operating income | −24 | −3 | −4 | −3 | −3 | −2 | −6 | −2 |
| Net income | −22 | −3 | −0 | −4 | −2 | −9 | −7 | −10 |
| Diluted EPS | −$0.32 | −$0.04 | $0.02 | −$0.05 | −$0.03 | −$0.12 | −$0.09 | −$0.12 |
| Growth (year on year) | ||||||||
| Revenue | −23.2% | −22.7% | +14.0% | +21.7% | +15.2% | +18.8% | +41.4% | +49.0% |
| Margins | ||||||||
| Gross margin | 56.1% | 64.6% | 65.7% | 58.9% | 55.7% | 63.7% | 65.7% | 57.2% |
| EBITDA margin | −196.6% | −23.7% | −23.3% | −22.0% | −18.9% | −14.3% | −29.3% | −5.0% |
| Operating margin | −198.3% | −26.2% | −32.5% | −23.2% | −24.4% | −16.5% | −35.8% | −9.5% |
| Net margin | −183.7% | −20.8% | −1.2% | −36.9% | −15.4% | −63.7% | −45.0% | −60.5% |
| Free-cash-flow margin | — | — | — | −29.4% | — | — | — | −36.7% |
| Cash flow | ||||||||
| Cash from operations | −6 | −3 | −4 | −3 | −6 | −7 | −4 | −5 |
| Capital spending | — | — | — | 0 | — | — | — | 0 |
| Free cash flow | — | — | — | −3 | — | — | — | −6 |
| Stock-based pay | 21 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow after stock pay | — | — | — | −3 | — | — | — | −6 |
| Last 12 months unless stated | RDZN | XHG | HUIZ | EZRA | GSHD | EHTH | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $60m | $51m | $220m | $11m | $402m | $502m | $1.6bn |
| Revenue growth, last 12 months | 30.5% | 26.5% | 26.8% | −21.4% | 17.7% | −8.4% | 7.6% |
| Revenue growth, 3-year average | 53.9% | — | — | −5.3% | 18.4% | 8.7% | 13.8% |
| Revenue growth, latest quarter | 49.0% | — | — | −31.6% | 20.6% | −44.8% | 4.7% |
| Gross margin | 60.7% | 2.2% | 30.6% | — | — | 44.3% | 44.3% |
| Operating margin | −21.6% | −197.2% | 0.4% | −75.1% | 23.3% | 10.8% | 9.4% |
| Operating margin, 3-year average | −100.3% | — | −14.3% | −78.8% | 18.7% | 4.9% | 4.9% |
| Net margin | −46.9% | −204.9% | 0.3% | −54.3% | 8.8% | 5.4% | 4.9% |
| Cash from operations / revenue | −37.8% | −3.2% | 1.1% | −42.3% | 21.4% | −6.1% | 15.5% |
| Free-cash-flow margin | −42.5% | −3.2% | 0.6% | −42.3% | 19.8% | −6.3% | 13.4% |
| Free-cash-flow margin, 3-year average | −42.6% | — | −14.1% | −19.0% | 22.4% | −5.1% | 13.7% |
| Stock pay / revenue | 0.8% | 0.9% | 1.2% | 27.2% | 5.5% | 2.4% | 1.4% |
| Change in share count | 11.5% | >999% | 1.2% | 91.2% | 13.8% | 4.1% | 5.7% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 30.5% | 7.6% | 1 of 17 |
| Change in growth rate Growth | +6.3pp | -0.7pp | 3 of 17 |
| Operating margin Profitability | -21.6% | 10.8% | 12 of 14 |
| Net margin Profitability | -46.9% | 4.9% | 15 of 17 |
| Stock pay as % of revenue Cash generation | 0.8% | 1.5% | 3 of 16 |
| Change in share count Balance sheet | 11.5% | 7.4% | 8 of 12 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Commision and Distrubution Service | $27.7M | 50.4% | ▲ 18.3% |
| Insurance Service | $27.3M | 49.6% | ▲ 30.8% |
| Region | Revenue | Share | YoY |
|---|---|---|---|
| India | $32M | 58.2% | ▲ 36.7% |
| United States | $11.9M | 21.7% | ▲ 3.3% |
| United Kingdom | $6.3M | 11.5% | ▼ 31.9% |
| China | $4.7M | 8.6% | — |
From Roadzen Inc.'s 10-K filed June 29, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $3.4M | 2.3M | 34.4% | ▲ 2253.0% |
| Geode Capital Management, LLC | $984,493 | 674K | 10.0% | ▲ 1522.1% |
| Citadel Advisors LLC | $704,961 | 483K | 7.2% | New |
| UBS Group AG | $466,642 | 320K | 4.7% | ▲ 436.4% |
| Vanguard Portfolio Management LLC | $447,183 | 306K | 4.5% | New |
| Arete Wealth Advisors, LLC | $370,333 | 254K | 3.8% | 0.0% |
| Meteora Capital, LLC | $365,000 | 250K | 3.7% | ▼ 55.0% |
| Northern Trust Corp | $359,698 | 246K | 3.7% | New |
| Goldman Sachs Group Inc | $342,262 | 234K | 3.5% | ▲ 78.1% |
| State Street Corp | $328,354 | 225K | 3.3% | New |
| Cannell & Spears LLC | $219,000 | 150K | 2.2% | 0.0% |
| Voss Capital, LP | $210,611 | 144K | 2.1% | New |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Roadzen Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Malhotra Rohan See Remarks | March 2, 2026 | Buy | 19,085 | $1.37 | $26,146 |
| Malhotra Rohan See Remarks | December 4, 2025 | Buy | 10,000 | $1.71 | $17,100 |
| Malhotra Rohan See Remarks | November 21, 2025 | Buy | 12,000 | $1.43 | $17,160 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 13, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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