Ebix Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Ebix Ltd trades at ₹22.4, in a downtrend and 75 weeks into that stage. That is −35.7% against its own 200-day average. It sits at 7% of a 52-week range of ₹21 to ₹46. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (6 weeks and counting).

Today the stock is in a downtrend — week 75 of stage 4, confirmed. At ₹22.4 it trades −35.7% versus its 200-day average and sits at 7% of its 52-week range (₹21–₹46).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +4,882% while the NIFTY 500 moved +266% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (6 weeks and counting; last ahead the week of 2026-06-19) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Ebix Ltd trades at 2,429.0× P/E, against too little history to rank. Its long-run median P/E is 2,850.5×, measured across 0.3 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 2,429.0× is against too little history to rank, against a long-run median of 2,850.5× measured over 0.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Ebix Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 0 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

The return-on-capital curve is not shown — net worth is negative, so a return on capital is not a meaningful number in any basis. This is a distressed balance sheet, and the stage is read from the growth curves alone.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Ebix Ltd reported ₹573 Cr of revenue in the Mar 26 quarter, −5.1% year on year. Over 2 years it has compounded at 3,391.4% a year. The last full year, FY26, came in at ₹2,438 Cr. The last four reported quarters add to ₹2,438 Cr.

FY26 revenue came in at ₹2,438 Cr (+61.6% on the year), capping 2 years at 3,391.4% compound. The latest quarter (Mar 26) printed ₹573 Cr, −5.1% year on year.

Pace check: the last four quarters averaged +64.1% growth against the decade's 3,391.4% — the current year is running slower than its own long-run rate.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Ebix Ltd's operating margin is 4.0% in the Mar 26 quarter, +18.0 percentage points against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged 4.0% to 30.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 4.0%, +18.0 pp against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged 4.0%–30.0%.

Why the margin moved: operating margin went +18.1 pp year on year while gross margin went +2.4 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Ebix Ltd earned ₹82.0 Cr of net profit in the Mar 26 quarter. The full FY26 year was a loss of ₹453 Cr. That is 14.3% of the quarter's revenue. The same quarter a year earlier lost ₹325 Cr. 4 of the last 9 reported quarters were loss-making.

Mar 26 profit was ₹82.0 Cr, null year on year. On the full year, FY26 printed ₹−453 Cr (null).

Pace comparison, last four quarters: profit −7,972.2% vs revenue +64.1%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Ebix Ltd's cash-flow history is too thin to judge how much reported profit converts into cash. In FY26 that was ₹−23.0 Cr of operating cash against ₹−453 Cr of profit. After ₹36.0 Cr of capital spending, ₹−59.0 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY26: operating cash of ₹−23.0 Cr against reported profit of ₹−453 Cr, leaving free cash of ₹−59.0 Cr after ₹36.0 Cr of capital spending.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Router verdict: the bigger cash user is investment — capital spending ran 6.2× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Ebix Ltd's cash conversion cycle runs −308 days in FY26, down from 0 days in FY24. Capital spending ran ₹1,525 Cr over the last 2 years. At FY26 sales of ₹2,438 Cr each day of that cycle holds about ₹6.7 Cr, so roughly ₹−2,057 Cr sits inside the business at any moment.

FY26: debtors at 47 days, inventory at 1 days — roughly 0.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −308 days, tighter than FY24's 0.

The full loop: cash goes out to suppliers and production on day 0; stock waits 1 days to sell; customers pay about 47 days after that; and suppliers themselves are paid at 356 days — netting out to the −308-day cycle.

In money terms: at FY26 sales of ₹2,438 Cr, each day of the cycle holds about ₹6.7 Cr — so the −308-day loop keeps roughly ₹−2,057 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹1,525 Cr over the last 2 fiscal years against ₹246 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Ebix Ltd earns a ROCE of 6% in FY26. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is −18.6% net margin on 0.63× asset turns.

FY26 ROCE is 6%.

Why the return is what it is — the wiring (FY26): −18.6% net margin × 0.63× asset turns × −2.04× balance-sheet leverage ≈ 23.9% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Ebix Ltd's net worth is negative — it owes more than it owns — so a debt-to-equity ratio is not meaningful here. Operating profit covers the interest bill 1×. Over 2 years borrowings went from ₹0.0 Cr to ₹1,319 Cr. Capital spending ran ₹1,525 Cr across the last 2 of those years.

FY26: borrowings of ₹1,319 Cr against equity of ₹−1,896 Cr — net worth is NEGATIVE: the company owes more than it owns, so a debt-to-equity ratio is not meaningful (it just goes negative). This is a balance sheet under water. Operating profit covers the interest bill 1×. Over 2 years borrowings went from ₹0.0 Cr to ₹1,319 Cr while capital spending ran ₹1,525 Cr in just the last 2 — part of the build-out is riding on borrowed money.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 9.9 points of Ebix Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 14.3% of the company. Promoters moved +6.5 points over the same window, to 42.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −9.9 points over 8 quarters to 14.3%; Promoters: +6.5 points over 8 quarters to 42.7%; Domestic institutions: −1.1 points over 8 quarters to 0.8%.

🚨 Why the register moved: foreign institutions drove it (−9.9 points), absorbed on the other side by promoters (+6.5 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Ebix Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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