MeritValue

Roadzen Inc.

RDZNdata completeness 100%5 fiscal years on file
i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue—$13.6M1$46.7M2$44.3M3$55M3
Net income$983,4394−$14M5−$99.7M6−$72.9M7−$22.5M7
Operating cash flow−$1.19M8−$7.55M9−$19.2M10−$18.1M11−$20.3M11
Capital expenditure—$842,04512$455,92413$424,91014$1.01M14
Free cash flow (derived)—−$8.39M9−$19.7M10−$18.6M11−$21.3M11
Total debt—$8.38M15$19.5M16$22.9M17$33.3M17
Cash & equivalents$50,96318$589,34019$11.2M20$4.84M21$6.58M21
Diluted shares—16.5M44.0M69.9M77.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$3.83
your share of equity
Profit it earned you last year
−$2.91
Free cash flow it threw off
−$2.75
Debt you’d be carrying
$4.3

10 shares is a claim on −$3.83 of net worth that earned you −$2.91 and generated −$2.75 of cash last year, against $4.3 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+369% shares · 5y

Share count is up 369% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 297% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2023-03-31 · accession 0000950170-24-079647 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-03-31 · accession 0001641172-25-016647 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2025-03-31 · accession 0001493152-26-031069 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K/A · period ending 2022-12-31 · accession 0001193125-23-121861 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0000950170-24-079647 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-31 · accession 0001641172-25-016647 (NetIncomeLoss)
  7. 10-K · period ending 2025-03-31 · accession 0001493152-26-031069 (NetIncomeLoss)
  8. 10-K/A · period ending 2022-12-31 · accession 0001193125-23-121861 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-03-31 · accession 0000950170-24-079647 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-03-31 · accession 0001641172-25-016647 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2025-03-31 · accession 0001493152-26-031069 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2023-03-31 · accession 0000950170-24-079647 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2024-03-31 · accession 0001641172-25-016647 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2025-03-31 · accession 0001493152-26-031069 (PaymentsToAcquireProductiveAssets)
  15. 10-K · period ending 2023-03-31 · accession 0000950170-24-079647 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-03-31 · accession 0001641172-25-016647 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2025-03-31 · accession 0001493152-26-031069 (LongTermDebtNoncurrent)
  18. 10-K/A · period ending 2022-12-31 · accession 0001193125-23-121861 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2023-03-31 · accession 0000950170-24-079647 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-03-31 · accession 0001641172-25-016647 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2025-03-31 · accession 0001493152-26-031069 (CashAndCashEquivalentsAtCarryingValue)