NSE: EBIX · BSE: 531035
EBIX LIMITED
The company runs a financial technology and payments franchise centred on EbixCash, offering software for insurance and financial services, foreign exchange and remittance, prepaid digital wallets, and travel services across India. Its largest segment by revenue, Financial Technologies and IT Services, contributed Rs 1,416.96 crore in FY26, followed by Foreign Exchange, Money Transfer and Payment Services (Rs 170.94 crore), Travel Services (Rs 46.82 crore), and Other (Rs 1.52 crore). Distribution is built around more than 650,000 retail outlets spread across 4,000 cities and 75,000 villages. The prepaid wallet has over 14 lakh active users and has been integrated with BHIM UPI, with planned expansion to Google Pay and PhonePe. Costs are dominated by employees (37.2% of revenue) and other operating expenses (36.5%); depreciation adds 6.2% and capex runs at 1.6% of revenue, with no raw material component. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Financial Technologies and IT Services, Foreign Exchange, Money Transfer and Payment Services, Travel Services, Other. Asset-light financial technology and payments services
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 1,481 | 2,438 |
| EBITDA (ex other income) | (71) | 85 |
| margin % | (4.8) | 3.5 |
| Owners' profit | (359) | (413) |
| EPS, as reported (₹) | (20.55) | 21.21 |
| ROE % · ROCE % | (1035.7) · (7.7) | (1129.3) · 4.4 |
| Debt / equity (x) | 37.92 | 29.03 |
| Cash from operations | (220) | (23) |
| Capex | (30) | (40) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 666 | 604 | 609 | 636 | 620 | 573 |
| Profit before tax | 19 | (185) | 16 | (21) | (6) | 7 |
| Net profit | 1 | (325) | (24) | (326) | (55) | 82 |
| EPS (₹) | 0.69 | 0.00 | 1.05 | 10.36 | 1.73 | 1.63 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Financial Technologies and IT Services | 1,071 | 43.9 |
| Foreign Exchange, Money Transfer and Payment Services | 701 | 28.8 |
| Travel Services | 284 | 11.6 |
| Other | 16 | 0.6 |
| Financial Technologies & IT Sevices | 346 | 14.2 |
| Others | 20 | 0.8 |
| Total, before eliminations | 2,438 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| THE INDIAN HOTELS CO. LTD | 1,15,701 | 53.9 | 7.74 | 30.7 | 15.0 | 16.2 | 43.8 | 32.2 |
| ITC HOTELS LIMITED | 34,472 | 39.8 | 2.95 | 22.4 | 7.0 | 9.0 | — | 37.5 |
| LEELA PALACES HOTEL LTD | 19,829 | 32.8 | 3.07 | 26.4 | 6.2 | 5.9 | — | 43.2 |
| EIH LIMITED | 18,135 | 25.5 | 3.35 | 17.0 | 12.2 | 14.9 | 42.7 | 31.6 |
| CHALET HOTELS LIMITED | 17,782 | 33.6 | 4.81 | 16.2 | 17.4 | 13.6 | 56.6 | 45.5 |
| VENTIVE HOSPITALITY LTD | 12,520 | 26.1 | 1.85 | 11.1 | 7.4 | 7.4 | — | 37.7 |
| LEMON TREE HOTELS LTD | 8,434 | 35.9 | 4.06 | 15.6 | 13.9 | 9.2 | 41.8 | 44.1 |
| INDIA TOUR. DEV. CO. LTD. | 5,146 | 62.8 | 12.52 | 42.0 | 20.0 | 26.6 | 24.7 | 17.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 1.0 | 26.1 | 1 of 57 | 100% |
| P/B | 7.3 | 1.6 | 54 of 57 | 5% |
| ROCE | (9.2) | 4.9 | 60 of 65 | 8% |
| ROE | (1129.3) | 6.3 | 57 of 57 | 0% |
| Debt / Equity | 29.0 | 0.2 | 57 of 57 | 0% |
| EBITDA margin | 10.9 | 29.5 | 50 of 58 | 14% |
| Revenue growth | (5.1) | 7.6 | 48 of 58 | 18% |
| Profit growth | 125.2 | 11.6 | 12 of 55 | 80% |
| Market cap | 293 | 237 | 30 of 66 | 55% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Zero investor complaints in Q2 FY27 - routine SEBI compliance filing | compliance | minimal | — | — |
| 15 Oct 2026 · RTA compliance certificate for quarter ended September 30, 2026 | compliance | minimal | — | — |
| 6 Oct 2026 · 3 Independent Directors resign, 3 new ones appointed at Ebix Limited | management changes | medium | — | — |
| 6 Oct 2026 · 3 Independent Directors resign, 3 new IDs appointed to Ebix board | management changes | high | — | — |
| 6 Oct 2026 · Three Independent Directors resign, three new ones appointed | management changes | high | — | — |
| 6 Oct 2026 · Compliance certificate for share dematerialization, Sep 2026 quarter | compliance | minimal | — | — |
| 1 Oct 2026 · Ebix Limited 60th AGM - Audited Accounts Resolution Approved | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 60th AGM held; subsidiary auditor withdraws reports over ED attachment order | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · Trading Window Closure for Q2 FY26 Financial Results | compliance | minimal | — | — |
| 9 Sept 2026 · Ebix Limited files 60th Annual Report FY 2025-26; AGM on September 30 | general | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.