Executive Summary

Q2 FY2026 revenue was $13.68M, up 25.9% q/q and 15.2% y/y, with gross margin of 55.7%; net loss narrowed 90.3% y/y to $(2.11)M and Adjusted EBITDA loss improved to $(1.09)M, the fifth consecutive sequential improvement .
Versus S&P Global consensus, Roadzen delivered an EPS beat (actual −$0.03 vs est. −$0.04) and a revenue beat ($13.68M vs $12.00M), while EBITDA missed (actual −$2.59M vs est. −$1.40M); coverage remains thin with one estimate per metric (bolded in Estimates table) [Values retrieved from S&P Global].
Balance sheet/capital flexibility improved: ~$9M raised at premiums to market in Q2 and an agreement-in-principle post-quarter to extend the $11.5M Mizuho senior secured facility to June 30, 2027, removing a near-term maturity overhang .
Strategic catalysts: EU validation for DrivebuddyAI DMS, a major European OEM MGA mandate (>$20M GWP), and a definitive deal to acquire majority control of a U.S. commercial auto MGU projected to add ~$8M revenue in year one at ~25% net margin, scaling materially over three years .

What Went Well and What Went Wrong

What Went Well

Revenue momentum: “Revenue increased 25.9% sequentially and 15.2% year-over-year to $13.7 million; six-month revenue rose 18.0% to $24.5 million” .
Profitability trajectory: “Q2 net loss narrowed to $(2.1) million… a 90.3% year-over-year improvement. Adjusted EBITDA loss improved to $(1.1) million… fifth sequential improvement” .
Strategic validation and pipeline: DrivebuddyAI achieved EU GSR 2144 validation; European OEM MGA mandate (> $20M GWP) expected to launch next quarter; acquisition to build a U.S. commercial auto platform with 15–25% commission/fee model, non-dilutive and scaling to $150M GWP with 25%+ net margins within three years .
Management tone: “We raised over $11.5 million in the last four months with minimal dilution… delivered our fifth consecutive quarter of Adjusted EBITDA improvement” — CEO Rohan Malhotra .
CFO confidence: “We continued to strengthen our balance sheet, providing the runway to reach operational cash flow breakeven… extension of our debt facility… will drive continued margin expansion” — CFO Jean-Noël Gallardo .

What Went Wrong

EBITDA miss vs consensus: EBITDA actual −$2.59M vs est. −$1.40M; reflects higher q/q operating spend (G&A $3.81M Q2 vs $2.58M Q1; D&A $0.75M Q2 vs $0.13M Q1) despite y/y discipline [Values retrieved from S&P Global].
Gross margin modestly down y/y: 55.7% in Q2 vs 56.1% in prior-year quarter; also down from 58.9% in Q1, indicating mix/scale effects during ramp .
Leverage remains elevated: Short-term borrowings of $20.19M and total current liabilities of $61.29M at September 30, 2025, underscoring the importance of the debt maturity extension .

Financial Results

Core P&L and Margin Comparison

Metric	Q4 2025	Q1 2026	Q2 2026
Revenue ($USD)	$11.30M	$10.87M	$13.68M
Net Income - (IS) ($USD)	$(0.11)M	$(4.01)M	$(2.11)M
Diluted EPS - Continuing Operations ($)	−$0.00184* [Values retrieved from S&P Global]	−$0.0539* [Values retrieved from S&P Global]	−$0.03
Gross Margin %	n/a	58.9%	55.7%
Adjusted EBITDA ($USD, non-GAAP)	$(1.62)M	$(1.41)M	$(1.09)M

Notes: EPS for Q4 2025 and Q1 2026 marked with asterisks are from S&P Global and may reflect different calculation conventions. [Values retrieved from S&P Global]

Estimates vs Actual (S&P Global)

Metric	Q2 2026 Estimate	Q2 2026 Actual	Surprise
Primary EPS Consensus Mean ($)	−$0.04	−$0.03	Bold beat
Revenue Consensus Mean ($USD)	$12.00M	$13.68M	Bold beat
EBITDA Consensus Mean ($USD)	−$1.40M	−$2.59M	Bold miss
Primary EPS - # of Estimates	1	—	—
Revenue - # of Estimates	1	—	—

Notes: Estimate values sourced from S&P Global; bold denotes material beats/misses. [Values retrieved from S&P Global]

KPIs

KPI	Q4 2025	Q1 2026	Q2 2026
Brokerage policies sold (units)	n/a	104,675	116,528
Brokerage GWP ($USD)	n/a	$13.9M	$12.4M
IaaS claims/RA/inspections (units)	n/a	462,277	754,207
Customers (Insurance / Automotive / Agents & Fleet)	34 / 78 / ~3,800	34 / 78 / ~3,800	46 / 80 / ~3,900

Segment Mix (disclosed where available)

Segment	Q4 2025	Q1 2026	Q2 2026
Brokerage revenue share	n/a	53%	n/a
IaaS revenue share	n/a	47%	n/a

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Adjusted EBITDA breakeven timing	FY2026	“Within this fiscal year” (Q1 mgmt)	Reiterated progress; fifth consecutive improvement	Maintained
Operational cash flow breakeven	FY2026	Not explicitly guided	“Runway to reach operational cash flow breakeven” (CFO)	Introduced
Debt facility maturity (Mizuho $11.5M)	Maturity date	12/31/2025	Extended in principle to 6/30/2027	Extended
European OEM MGA mandate	Launch timing / revenue	Not previously quantified	Mandate >$20M GWP; >15% of GWP as recurring revenue to Roadzen; launch next quarter	Introduced
U.S. commercial auto MGU acquisition	Year-1 contribution	Not previously quantified	~$30M+ premiums; ~$8M revenues; ~25% net margin yr-1; scale to $150M GWP, 25%+ net margins in 3 yrs	Introduced

Earnings Call Themes & Trends

Note: A Q2 FY2026 earnings call transcript was not available in our document catalog; themes below are drawn from Q4–Q2 filings/press releases.

Topic	Previous Mentions (Q4 FY2025 and Q1 FY2026)	Current Period (Q2 FY2026)	Trend
AI/technology initiatives (DrivebuddyAI, MixtapeAI)	MixtapeAI launch/award; DrivebuddyAI patents and India AIS-184 certification	EU GSR 2144 validation; dataset >3.5B km; strong safety outcomes	Accelerating validation/adoption
Regional trends (U.S., India, U.K.)	U.K. resumption; strong U.S./India pipeline; Q4 growth return	India 2-wheeler OEM partnership; European OEM MGA; U.S. platform via MGU acquisition	Broad-based expansion
Balance sheet and financing	Reduced liabilities; equity raises; clean-up of payables	~$9M raised at premiums; debt maturity extension in principle	Improved flexibility
Product performance and KPIs	Q1: brokerage +86% y/y; IaaS volumes	Q2: brokerage policies and GWP; IaaS volumes up y/y	Scaling volumes
Regulatory/legal	India AIS-184 mandate tailwinds	EU GSR validation ahead of NCAP 2026 mandate	Regulatory tailwinds broaden
Profitability trajectory	Q4 near breakeven; Q1 sequential Adjusted EBITDA improvement	Fifth consecutive Adjusted EBITDA improvement	Improving margins

Management Commentary

CEO Rohan Malhotra: “We raised over $11.5 million in the last four months with minimal dilution to shareholders… delivered our fifth consecutive quarter of Adjusted EBITDA improvement, and achieved a 90.3% year-over-year reduction in net loss” .
CEO Rohan Malhotra: “With over 3.5 billion kilometers of driving data… Roadzen now operates at a data scale unmatched in our industry… poised for sustained growth ahead” .
CFO Jean-Noël Gallardo: “We continued to strengthen our balance sheet, providing the runway to reach operational cash flow breakeven… agreed in principle with Mizuho to extend our debt facility” .
Q1 setup (CEO): “Record first quarter revenue… fourth consecutive quarter of improving Adjusted EBITDA… positions us to deliver the best year in our history” .

Q&A Highlights

No Q2 FY2026 earnings call transcript was found in our document catalog or investor materials; management’s prepared remarks and press releases emphasize operational cash flow breakeven runway, debt extension, and sequential Adjusted EBITDA improvements .
Clarifications provided in press releases include concrete program wins (European OEM MGA, U.S. MGU acquisition) and regulatory validations (EU GSR 2144), supporting revenue visibility and margin trajectory .

Estimates Context

EPS beat: Q2 EPS −$0.03 vs S&P Global consensus −$0.04; revenue beat: $13.68M vs $12.00M; EBITDA miss: −$2.59M vs −$1.40M; each metric had one estimate, indicating limited coverage [Values retrieved from S&P Global].
Potential estimate revisions: upward revenue revisions (European OEM MGA launch, India OEM partnership, U.S. MGU acquisition) ; EBITDA forecasts may adjust lower near term given q/q opex uptick, even as Adjusted EBITDA continues to improve .

Key Takeaways for Investors

Revenue growth re-accelerated with sequential and y/y gains; multi-region wins plus EU regulatory validation underpin demand momentum .
Profitability trajectory remains favorable: fifth consecutive Adjusted EBITDA improvement and substantial net loss reduction y/y; monitor gross margin mix and opex discipline quarter to quarter .
Balance sheet risk moderated: agreement-in-principle extending the $11.5M Mizuho facility beyond FY2026 removes a maturity overhang; $9M raised at premiums supports liquidity .
Near-term trading catalysts: formal debt extension execution, European OEM MGA program launch, closing of U.S. MGU acquisition, and continued AI validation updates .
Medium-term thesis: embedded insurance and AI automation across OEMs/fleets, regulatory mandates (EU NCAP 2026; India AIS-184) expanding TAM; U.S. platform integration (DrivebuddyAI + National Auto Club + distribution) targeted to scale margins .
Estimates context: thin sell-side coverage amplifies beat/miss impact; expect revenue estimates to adjust upward while EBITDA estimates may lag until opex normalizes [Values retrieved from S&P Global].
Risk checks: gross margin softening q/q/y/y, elevated current liabilities (short-term borrowings), and execution risk on program launches and acquisition integration; mitigated by improving cash runway and contract visibility .

Sources: Q2 FY2026 press release and 8-K (Nov 14, 2025) ; Q1 FY2026 press release and 8-K (Aug 13, 2025) ; FY2025/Q4 press release and 8-K (Jun 26, 2025) ; Investor site press release page and media coverage .

Roadzen Inc. (RDZN)·Q2 2026 Earnings Summary