Zoomcar Holdings, Inc.
ZCAR Industrials Rental & Leasing Services
Zoomcar Holdings, Inc.’s revenue for fiscal 2026 (year ended March 2026) was $9.2 million, up 0.55% from fiscal 2025. In the quarter to June 2026, revenue grew 1.66%, EPS grew 52.0%, free cash flow fell 350.2% and total debt fell 18.6%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Zoomcar Holdings, Inc. (ZCAR) Altman Z-score
Zoomcar Holdings, Inc.'s Altman Z-score for fiscal 2026 is −169.65, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | −169.65 | (71.99) |
| FY2025 | −97.66 | (37.13) |
| FY2024 | −60.53 | (30.86) |
| FY2023 | −29.67 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (11.32) | — | −13.59 | |
| Retained earnings / total assets | (108.55) | — | −151.97 | |
| EBIT / total assets | (2.11) | — | −6.97 | |
| Market value of equity / total liabilities | 0.02 | — | 0.01 | |
| Sales / total assets | 2.86 | — | 2.86 | |
| Altman Z-score | Distress zone | −169.65 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −443.29 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| PRG Aaron's Holdings Company, Inc. compare | 4.8× |
| FPAYQ FlexShopper Inc. compare | 1.7× |
| ALTG Alta Equipment Group Inc. compare | 1.4× |
| VSTS Vestis Corporation compare | 1.3× |
| MWG Multi Ways Holdings Limited compare | 1.3× |
| WLFC Willis Lease Finance Corporation compare | 0.9× |
| HTZ Hertz Global Holdings, Inc. compare | 0.3× |
| VAI Valor Energy Inc. compare | −15.5× |
| ZCAR Zoomcar Holdings, Inc. | −170× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets