Roadzen Inc.
RDZN Technology Software Application
Roadzen Inc.’s revenue for fiscal 2026 (year ended March 2026) was $55.0 million, up 24.2% from fiscal 2025. In the quarter to June 2026, revenue grew 49.0%, EPS fell 140.0%, free cash flow fell 85.8% and total debt rose 39.5%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
Follow RDZN
Roadzen Inc. (RDZN) Beneish M-score
Roadzen Inc.'s Beneish M-score for fiscal 2026 is −0.61; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −0.61 | 10.07 |
| FY2025 | −10.68 | (3.13) |
| FY2024 | −7.55 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.30 | — | 2.12 | |
| Gross margin index | 0.94 | — | 0.49 | |
| Asset quality index | 2.45 | — | 0.99 | |
| Sales growth index | 1.24 | — | 1.11 | |
| Depreciation index | 0.95 | — | 0.11 | |
| SG&A index | 0.45 | — | −0.08 | |
| Total accruals to total assets | (0.05) | — | −0.24 | |
| Leverage index | 0.80 | — | −0.26 | |
| Beneish M-score | Flagged by the model | −0.61 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| NRDY Nerdy Inc. compare | −5.5× |
| AEYE Audioeye, Inc. compare | −3.6× |
| SSTI SoundThinking, Inc. compare | −3.0× |
| RSSS Research Solutions Inc. compare | −2.8× |
| NTWK NetSol Technologies Inc. compare | −2.7× |
| AIB AIB Data Centers Inc. compare | −2.6× |
| RDZN Roadzen Inc. | −0.6× |
| RTB RTB Digital, Inc. compare | 0.0× |
| BVC BitVentures Limited compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI