Autoriders International Limited

Industrials — Rental & Leasing Services · BSE

₹219.75−₹0.25 (−0.11%)

DalalBaazaar Score

60 / 100

🟢 Good

Verdict

NEUTRAL

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, falling profits.

In simple words: Strong business and financial position, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

The 60-second version of Autoriders International Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Autoriders International Limited engages in the car rental business in India. The company offers chauffeur-driven car solutions; airport transfers; and self-drive services. It also provides domestic and international tour packages booking through V-Explore.

IndustryRental & Leasing Services

SectorIndustrials

Employees360

Annual revenue₹101 Cr

How does it make money?

Turns over ₹101 Cr a year. Of every ₹100 of sales, about ₹9 reaches shareholders as profit, with ₹28 left at the operating level before interest, tax and depreciation. Each of its 360 employees supports ₹27.9 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹27.9 lakh

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 17.9% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE15.2%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +43% while net margin moved -6% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+43%

Margin effect-6%

DalalBaazaar Score

60/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.71 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✓ Profits have been consistent from year to year
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

60/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

72/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

9.2x

3Y Median

1.8x

40 monthly readings · mean 6.7x · range 0.1x–29.8x

Sector Median

88.8x

median of 3 sector peers

⚠️Current valuation is approximately 404% above its 3y median of 1.8x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

🟢Against its sector it trades 90% below the peer median of 88.8x.

vs. its own history

Expensive

1.8x median over 40 months · +404%

vs. sector peers

Cheap

88.8x median of 3 peers · -90%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

3.9x

PEG

0.90

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 29.3% to 15.4% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 27.1% to 17.9% — often a sign of competition or overexpansion.

Red Flags

1 item require attention · 1 watch

🟡Free cash flow is negativeFinancial
Free cash flow was -₹2 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 90% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

The price already assumes success
The stock trades 404% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
Returns on shareholder capital are falling
ROE has dropped from 29.3% to 15.4%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 9% a year✓ 12.5% CAGR
Latest reported year was 4.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 26%✓ 28.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹2 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.2x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 15%✓ 17.9%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 3 neutral · 2 weak

Market Cap

₹76 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

9.2x

Cheap

Cheap against the generic band

P/B Ratio

1.27x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹23.98

Profitable

Profitable on a per-share basis

ROE

15.4%

Strong

Strong capital efficiency

ROCE

17.9%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.57x

Low

Conservative leverage

Revenue Growth (YoY)

4.8%

Modest

Modest growth

Profit Growth (YoY)

-42.7%

Falling

Profits are shrinking

Dividend Yield

0.08%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹2 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

7.7%

Average

Average margins

Net Margin

8.1%

Average

Average bottom-line conversion

Current Ratio

1.25

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.71

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

236.4 / 269.5

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

39.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹71 Cr	₹83 Cr	₹87 Cr	₹101 Cr	+12.5%
EBITDA	₹20 Cr	₹24 Cr	₹25 Cr	₹28 Cr	+13.0%
EBITDA Margin	27.7%	28.6%	28.6%	28.0%	—
PAT (Net Profit)	₹7 Cr	₹9 Cr	₹8 Cr	₹9 Cr	+10.2%
EPS	₹22.99	₹32.1	₹28.53	₹30.74	+10.2%
ROE	29.3%	29.1%	16.9%	15.4%	—
ROCE	27.1%	26.0%	19.2%	17.9%	—
Total Debt	₹32 Cr	₹29 Cr	₹32 Cr	₹34 Cr	+2.1%
Free Cash Flow	-₹8 Cr	₹5 Cr	-₹8 Cr	-₹2 Cr	—

🟢 Revenue has grown at 12.5% a year over 3 years.

🟢 EBITDA has grown at 13.0% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 28.0% over 3 years.

🟢 PAT (Net Profit) has grown at 10.2% a year over 3 years.

🟢 EPS has grown at 10.2% a year over 3 years.

🔴 ROE has fallen from 29.3% to 15.4% over 3 years (-13.9 pts).

🔴 ROCE has fallen from 27.1% to 17.9% over 3 years (-9.2 pts).

🔴 Total Debt has grown at 2.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹105 Cr

Total Liabilities

₹46 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹25 Cr

Capex

-₹27 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

94.6%

Corporate Actions

Dividend Rate

₹0.17

Ex-Dividend Date

19 Sept 2025

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

1 positive1 mixed4 general

Autoriders International Ltd. Peer Comparison – Compare with Others

Value Research, 31 Aug

Autoriders International Ltd. Upper Circuit: Price and Key Data

Univest, 21 Sept

Autoriders International seeks approval for renewable energy expansion at AGM

scanx.trade, 28 SeptCapacity

🟡Mixed / dependsCapacity additions can raise revenue over two to three years, but the capital spend usually pressures free cash flow first. Worth checking whether the capex is funded from operations or from borrowing.

Autoriders Int’l Stock Price Down 83% as It Trades Ex-Bonus 5:1

HDFC Sky, 18 Nov

Autoriders International approach record date for 5:1 bonus issue. Last day to buy shares to qualify

The Economic Times, 17 NovCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Autoriders International: Why is this Mukul Agrawal stock showing an 83% fall today?

Business Today, 18 Nov

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Valuation

MiddlingFinancial Health · Growth · Profitability · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you.

1 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑