MeritValue

Zoomcar Holdings, Inc.

ZCARdata completeness 100%5 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'dividendsPaid'; no data for concept 'incomeTaxExpense'

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue—$8.83M1$9.9M1$9.11M2$9.16M2
Net income−$4.63M3−$62M4−$34.3M5−$25.6M6−$14.6M6
Operating cash flow−$1.47M7−$36.3M8−$22.2M9−$8.53M10−$1.36M10
Capital expenditure———$12,01211$4,74811
Free cash flow (derived)———−$8.54M10−$1.36M10
Total debt—$4.46M12$7.9M13$5.36M14$2.51M14
Cash & equivalents$10,43615$3.69M16$1.5M17$1.08M17$328,58617
Diluted shares—482,6818,927490,14011.5M

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
−$30.83
your share of equity
Profit it earned you last year
−$12.77
Free cash flow it threw off
−$1.19
Debt you’d be carrying
$2.19

10 shares is a claim on −$30.83 of net worth that earned you −$12.77 and generated −$1.19 of cash last year, against $2.19 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
+2272% shares · 5y

Share count is up 2272% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 44% — deleveraging.

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 v0.5.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
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/A · period ending 2023-03-31 · accession 0001213900-24-061273 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2025-03-31 · accession 0001213900-26-078693 (Revenues)
  3. 10-K · period ending 2022-12-31 · accession 0001410578-23-000535 (NetIncomeLoss)
  4. 10-K/A · period ending 2023-03-31 · accession 0001213900-24-061273 (NetIncomeLoss)
  5. 10-K · period ending 2024-03-31 · accession 0001213900-25-059675 (NetIncomeLoss)
  6. 10-K/A · period ending 2025-03-31 · accession 0001213900-26-078693 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001410578-23-000535 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K/A · period ending 2023-03-31 · accession 0001213900-24-061273 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001213900-25-059675 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2025-03-31 · accession 0001213900-26-078693 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2025-03-31 · accession 0001213900-26-078693 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K/A · period ending 2023-03-31 · accession 0001213900-24-061273 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2024-03-31 · accession 0001213900-25-059675 (LongTermDebtCurrent)
  14. 10-K/A · period ending 2025-03-31 · accession 0001213900-26-078693 (LongTermDebtCurrent)
  15. 10-K · period ending 2022-12-31 · accession 0001410578-23-000535 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K/A · period ending 2023-03-31 · accession 0001213900-24-061273 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K/A · period ending 2024-03-31 · accession 0001213900-26-078693 (CashAndCashEquivalentsAtCarryingValue)