🧾 At a Glance
Ecos (India) Mobility & Hospitality Ltd, a ₹1,848 Cr company, runs an asset-light chauffeur and employee transportation business, clocking 3.1 million trips in FY24 across 109 Indian cities. With a 35.8% ROCE, nearly debt-free balance sheet, and 114% profit CAGR over 5 years, Ecos has become the fastest-scaling name in B2B people-moving — without ever owning the cars. But at 8.5x book and 32x earnings, is this still a ride worth boarding?
1️⃣ WTF Do They Even Do?
Ecos operates a car rental + employee transport service platform that:
🚕 Uses 12,500+ vendor-owned vehicles
📍 Serves 1,100+ corporates in 109 cities
👥 Completed 3.1 million trips in FY24
🛠️ Their services include:
- Corporate car rentals (chauffeured)
- Bulk employee transportation (IT, pharma, BFSI)
- Event-based logistics
- Fleet management (via new subsidiary)
It’s Uber for companies — but without the flashy app or IPO buzz.
2️⃣ Financials – Revenue, Margins, ROE, Growth 🚀
| Metric | FY20 | FY25 | CAGR |
|---|---|---|---|
| Revenue | ₹398 Cr | ₹626 Cr | 10% |
| Net Profit | ₹2 Cr | ₹58 Cr | 114% 💥 |
| EBITDA Margin | 5% | 14% | 📈 |
| ROE | ~5% | 29.4% | 🌶️ |
This isn’t “car rental” in the traditional loss-making sense — Ecos is printing profits with each trip.
3️⃣ Valuation – Cheap, Meh, or Crack?
| Metric | Value |
|---|---|
| CMP | ₹307 |
| P/E | 32x |
| EPS (FY25) | ₹9.63 |
| Book Value | ₹36.2 |
| P/B | 8.47x ❗ |
| ROE | 29.4% |
| Market Cap | ₹1,848 Cr |
🧠 Fair Value Estimate:
Assume FY26E EPS = ₹11.5–12.5
Target P/E = 24–30x (for high ROE, high scalability, low capex)
🎯 Fair Value Range = ₹275 – ₹375
CMP of ₹307 is fair-to-slightly-premium, but not overcooked.
4️⃣ What’s Cooking – Triggers, Expansions, Buzz
- 🚘 New Subsidiary: Ecos Fleet Management Pvt Ltd formed in June 2025
- 🏢 Servicing enterprise heavyweights: BFSI, IT, Pharma, Events
- 🔋 Asset-light, vendor-heavy model = scalability without capex drag
- 🧠 ROCE still sky-high despite revenue growth plateauing in FY25
- 💼 Investor meetings with PMS, family offices hint at rising institutional interest
It’s a B2B tech-enabled logistics firm — just not pretending to be one.
5️⃣ Balance Sheet – How Much Debt, How Many Dreams?
| Metric | FY25 |
|---|---|
| Net Worth | ₹217 Cr |
| Total Debt | ₹14 Cr |
| D/E | Practically 0x ✅ |
| Fixed Assets | ₹58 Cr |
| Investments | ₹83 Cr |
📦 Balance sheet is a fortress. High free cash reinvested into tech and digital fleet enablement.
6️⃣ Cash Flow – Sab Number Game Hai 💸
| Year | CFO | CFI | CFF | Net Cash |
|---|---|---|---|---|
| FY24 | ₹65 Cr | ₹(53) Cr | ₹(11) Cr | ₹2 Cr |
| FY25 | ₹75 Cr | ₹(19) Cr | ₹(30) Cr | ₹26 Cr |
🟢 Operating cash flow remains strong
🟡 Investing heavily in platforms and fleet tech
🟢 Still cash flow positive, despite funding expansions internally
7️⃣ Ratios – Sexy or Stressy?
| Metric | Value | Verdict |
|---|---|---|
| ROCE | 35.8% | 🔥 Insane |
| ROE | 29.4% | 💰 Consistent |
| OPM | 14% | 💪 Sustainable |
| CCC | 46 days | 🟢 Well-managed |
| Working Capital Days | 83 | 🟡 Manageable |
Ecos is operating at tech-like capital efficiency, but in a service business.
8️⃣ P&L Breakdown – Show Me the Money
| FY25 | Value |
|---|---|
| Revenue | ₹626 Cr |
| EBITDA | ₹89 Cr |
| Net Profit | ₹58 Cr |
| EPS | ₹9.63 |
And this isn’t lumpy — quarterly results show stable profits and margins across 8 quarters.
9️⃣ Peer Comparison – Who Else Is Driving the Same Road?
| Company | P/E | ROE | Revenue | PAT |
|---|---|---|---|---|
| Ecos India | 32x | 29.4% | ₹626 Cr | ₹58 Cr |
| Wise Travel | 14.6x | 14.5% | ₹549 Cr | ₹23 Cr |
| Shree OSFM | 16.1x | 15.9% | ₹138 Cr | ₹10 Cr |
| Voler Car | 21.9x | 21.8% | ₹42 Cr | ₹4.4 Cr |
Ecos is premium in every metric — but with ROCE to justify it.
🔟 Misc – Promoters, Institutions, Janta
- Promoter Holding: 67.75% 🟢 Stable
- FII Holding: 6.27% ✅
- DII Holding: 11.27% ✅ Growing
- Retail Holding: 14.7%
- Shareholders: ~52,000 🧑🌾
Institutional interest is rising — PMS/Family Offices already engaged.
🧠 EduInvesting Verdict™
💬 “Uber walked so Ecos could chauffeur the Fortune 500.”
✅ 114% profit CAGR
✅ ROCE > 35%
✅ Debt-free & cash-rich
✅ Vendor-led scaling = margin preservation
❌ P/B = 8.5x 😬
❌ EPS growth slowing — must accelerate revenue
Fair Value Range = ₹275 – ₹375
(CMP ₹307 = Fairly valued, not frothy)
This might be one of the cleanest cash-flowing midcap stories in transport, minus the Uber drama. If you’re betting on India’s enterprise digitization — Ecos might be driving the very car your CTO books.
✍️ Written by Prashant | 📅 June 28, 2025
Tags: Ecos India, Employee Transport Stocks, Asset-Light Logistics, High ROCE Midcaps, EduInvesting, Chauffeured Car Stocks,
