Ecos (India) Q4 FY26 Results (NSE: ECOSMOBLTY)
Signal: Margin pressure
The read
Q4FY26 revenue growth remained solid at 16.7% YoY, but EBITDA margin compression of 325bps YoY to 11.68% and a 12.9% PAT decline signal rising cost pressure. FY26 revenue grew 23.6% with 29% trip volume growth, yet margins and profits fell, indicating a structural margin squeeze from operating cost inflation and competitive pricing.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹206.76 Cr | 16.65% | N/A |
| EBIT | ₹24.15 Cr | -8.74% | |
| Net profit | ₹15.74 Cr | -12.90% | |
| EPS | ₹2.63 | -12.62% | |
| EBIT margin | 11.68% |
P&L walk
Revenue grew 16.7% YoY to ₹2,067.6 Mn, driven by trip volume and client additions; other income of ₹36.2 Mn contributed; EBITDA margin contracted 325bps to 11.68% due to higher operating costs, causing PAT to fall 12.9%.
Key positives
- Revenue from operations grew 16.65% YoY to ₹2,067.6 Mn in Q4, driven by 29% YoY trip volume growth in FY26.
- FY26 full-year revenue rose 23.58% to ₹8,081.58 Mn, supported by addition of 223 new clients and fleet expansion to 20,000+ vehicles.
- Strategic partnership with SIXT SE for global mobility and digital booking portal launch strengthens long-term growth platform.
Key concerns
- EBITDA margin contracted 325bps YoY to 11.68% in Q4 and 251bps for FY26 to 11.62%, indicating margin erosion.
- PAT declined 12.9% in Q4 and 4.19% for FY26, despite revenue growth, due to margin compression.
- EPS fell 12.6% in Q4 to ₹2.63, reflecting lower profitability.
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