Ecos (India) Mobility & Hospitality
Mainboard₹601 Cr issue
+17.16%
Listing gain over issue price
Issue size
₹601 Cr
1 lot at cut-off
₹14,696
Lot size
44shares
Open
28 Aug 2024
Close
30 Aug 2024
Allotment
02 Sep 2024
Listing
04 Sep 2024
Listing performance
Issue price
₹334
Listed at
₹391.30
Listing-day close
₹443.15
Latest price
₹99.92
Close on 23 Oct 2026
Listing gain
+17.16%
Return since issue
-70.08%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 28 Aug 2024 – 30 Aug 2024
- Listing date
- 04 Sep 2024
- Face value
- ₹2 per share
- Issue price
- ₹334 per share
- Lot size
- 44 shares
- Total issue size
- ₹601 Cr
- Market cap at offer price
- ₹2,004 Cr
- Promoter holding
- 97.75% → 67.75% pre-issue → post-issue
- ISIN
- INE06HJ01020
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Equirus Capital Ltd.
- Registered office
- 45, First Floor, Corner Market, Malviya Nagar, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 54,00,000 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 44 shares per lot, in multiples, at ₹334
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 44 | ₹14,696 |
| Retail (max) | 13 | 572 | ₹1,91,048 |
| S-HNI (min) | 14 | 616 | ₹2,05,744 |
| S-HNI (max) | 68 | 2,992 | ₹9,99,328 |
| B-HNI (min) | 69 | 3,036 | ₹10,14,024 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
54,00,000
Anchor portion
₹180 Cr
at ₹334 per share
Valuation and performance
Valuation at offer price
₹334 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.42 | 10.42 |
| P/E (×) | 32.05 | 32.05 |
| Price to book (×) | 11.30 | — |
| Market cap | — | ₹2,004 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 42.75%
- ROCE
- 42.88%
- Debt / equity
- 0.12
- PAT margin
- 11.00%
- NAV per share
- ₹29.57
- Price to book
- 11.30
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Ecos (India) Mobility & Hospitality
Ecos (India) Mobility & Hospitality Limited, incorporated in 1996 and converted to a public limited company in March 2024, is a B2B2C mobility services company serving corporate clients including Fortune 500 companies. The company provides two main services: Chauffeured Car Rentals (CCR), where corporate customers utilize transportation for employees, visitors and clients, and Employee Transportation Services (ETS), which offers corporations comprehensive solutions for managing employee ground transportation. Operating through a mixed fleet model combining company-owned vehicles and vendor-supplied vehicles, the company has established long-standing relationships with customers across information technology, business process outsourcing, consultancy, healthcare, e-commerce and manufacturing sectors. The company generated revenue from operations of ₹5,544.11 million in Fiscal 2024, with a profit after tax of ₹625.31 million.
Company Analysis
from RHPEcos (India) Mobility & Hospitality Limited is India's largest and most profitable chauffeur-driven mobility provider to corporates, operating in chauffeured car rentals (CCR) and employee transportation services (ETS) across 109 Indian cities for over 25 years.
Ecos (India) Mobility & Hospitality Limited, incorporated in 1996 and converted to a public limited company in March 2024, is a B2B2C mobility services company serving corporate clients including Fortune 500 companies. The company provides two main services: Chauffeured Car Rentals (CCR), where corporate customers utilize transportation for employees, visitors and clients, and Employee Transportation Services (ETS), which offers corporations comprehensive solutions for managing employee ground transportation. Operating through a mixed fleet model combining company-owned vehicles and vendor-supplied vehicles, the company has established long-standing relationships with customers across information technology, business process outsourcing, consultancy, healthcare, e-commerce and manufacturing sectors. The company generated revenue from operations of ₹5,544.11 million in Fiscal 2024, with a profit after tax of ₹625.31 million.
Business Process OutsourcingInformation TechnologyConsultingHealthcareE-commerceManufacturingCorporate Mobility Services
Objects of the Issue
- Achieve the benefits of listing the Equity Shares on the Stock Exchanges and carry out the Offer for Sale p.17
- Achieve the benefits of listing the Equity Shares on the Stock Exchanges p.97
- Offer for Sale by Selling Shareholders p.97
- Not explicitly stated in Part 3 of the document
- This is an Offer for Sale by Selling Shareholders; no fresh issue by the Company p.306
Issue Structure
- Total Issue
- Up to ₹[●] million
- Fresh Issue
- Not applicable
- Offer for Sale
- Up to 18,000,000 Equity Shares of face value ₹2 each aggregating up to ₹[●] million
- Price Band
- ₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares
- Face Value
- ₹2 each
Business Model
The company operates a B2B2C model where corporate customers contract for CCR and ETS services. Revenue is generated through monthly billing to corporate customers based on agreed service levels and rates. The company sources vehicles through a mix of owned fleet and vendor-supplied vehicles (94.19% of fleet from vendors in Fiscal 2024), with vendors responsible for vehicle maintenance, chauffeur employment, and background verification. The company manages operations through centralized systems including RentNet (backend transport management system) and mobile applications, handling reservations, operations, car tracking, incident management, and billing.
Business Segments
B2B2C business where corporate customers utilize chauffeured vehicles for their employees, visitors and clients
Solutions to manage employee ground transportation for corporate customers
Provides chauffeur-driven employee transportation services to corporate clients
Provides car rental services on self-drive basis
Provides chauffeured car rental services for corporate clients, including airport transfers, corporate events, conferences, exhibitions and outstation trips with a range of vehicles from economy to luxury segments
Offers solutions to manage employee home-office-home ground transportation with dedicated and compliant fleet, chauffeurs and supervisory manpower on site, routing and managing transport desk/helpdesk
Provides self-drive car rental services in select Indian cities (Delhi, Gurugram, Mumbai, Bengaluru) and through international vendors
Addresses global car rental requirements of corporate customers through a network of vendors providing Corporate Car Rental services in over 30 countries
Provides dedicated transportation services to corporate employees on a daily basis with contracted vendor networks managing the fleet. Services include chauffeur-driven vehicles for employee commuting and business travel.
Provides on-demand and pre-booked corporate car rental services with trained chauffeurs for business travel, airport transfers, and executive transportation. Includes access to online booking platform.
Provides ground transportation logistics for events, conferences, and exhibitions; services to international delegations and embassies; and commission-based business support services.
Provides corporate customers with on-demand chauffeured car rental services for business travel, employee commute, and hospitality purposes using a fleet of economy to luxury vehicles. Services include ride-booking for corporate client and guest transportation.
Offers managed transportation solutions for employee home-office-home ground transportation, managing dedicated fleets and chauffeurs for corporate customers' daily employee commute requirements.
Includes revenue from sale of traded goods, event management services, commission income, and business support charges.
Provides transportation services to employees of corporate customers
Services provided by the company outside India, carried out through the company's global network of vendors
Event management services for corporate customers
T-shirts, electronic wearables, bottles, mugs, sippers, bags and notepads used by corporate customers and as souvenirs or gifts for employees
SWOT Analysis
Strengths
- • Largest and most profitable CCR/ETS provider to corporates in India(p.17)
- • 25+ years of established business operations and customer relationships(p.34)
- • Diversified customer base across Fortune 500 companies and multiple industries(p.30)
- • Strong revenue growth trajectory(p.18)
- • Significant PAT growth and profitability improvement(p.18)
- • 50+ years combined promoter industry experience(p.54)
- • Fuel cost pass-through mechanism with customers(p.46)
- • Fuel procurement advantage via PSU supplier MoU(p.46)
- • Strong management team with proven track record(p.54)
- • India's largest and most profitable chauffeur-driven mobility provider(p.138)
- • Long-standing customer relationships with high retention(p.144)
- • Pan-India presence in 109 cities with significant geographic reach(p.138)
- • Asset-light business model with superior capital efficiency(p.138)
- • Comprehensive proprietary technology ecosystem(p.146)
- • Strong financial performance with robust profitability metrics(p.138)
- • Established brand with 25+ years of operational excellence(p.145)
- • Low debt burden compared to peers with strong balance sheet(p.147)
- • High customer retention with long-standing relationships and significant revenue concentration from retained customers(p.156)
- • Strong retained customer revenue base generating 89.75% of total revenue from repeat customers(p.156)
- • Comprehensive proprietary technology platform (RentNet) with advanced features for transport management(p.161)
- • Full-stack integrated software ecosystem including customer apps, driver apps, online booking tools and backend systems(p.157)
- • Strong quality control and customer satisfaction with high average ratings(p.165)
- • Large trained operational workforce with structured learning and development programs(p.164)
- • Multiple registered trademarks and intellectual property protecting brand identity(p.167)
- • Pan-India presence across 9 states and one union territory with established branch network(p.168)
- • Largest and most profitable chauffeur-driven mobility provider to corporates in India(p.261)
- • 25+ years of industry experience with deep customer relationships(p.261)
- • Pan-India presence in 109 cities across 21 states and 4 union territories(p.261)
- • High customer retention with 57% revenue from customers with >5 year relationships(p.264)
- • Large and diverse customer base serving 1,100+ organizations including 42 Fortune 500 and 60 BSE 500 companies(p.261)
- • Asset-light operating model with 94.19% of fleet from vendors, reducing capital burden(p.265)
- • Technology integration with custom booking tools, mobile apps, and backend transport management system(p.262)
- • Strong profitability with PAT of ₹625.31 million in Fiscal 2024, representing 43% Return on Equity(p.253)
- • Strong revenue growth trajectory with 31% YoY increase in FY2024(p.279)
- • Significant expansion in Employee Transportation Services (ETS) segment with 55.69% growth(p.279)
- • Improved profitability with net profit margin of 11.01% in FY2024(p.279)
- • Strong cash generation from operations with ₹671.36 million in FY2024(p.283)
- • Improved working capital management with lower proportionate growth in receivables(p.280)
Weaknesses
- • Heavy dependence on top customers for revenue(p.30)
- • 94% fleet dependency on vendor-supplied vehicles(p.30)
- • Concentration of revenue in major tier-I cities(p.37)
- • History of EPF payment delays(p.35)
- • High reliance on single outsourced technology vendor(p.38)
- • Outstanding litigation against company, directors and promoters(p.35)
- • High employee attrition rates(p.55)
- • Subsidiary incurred losses in prior years(p.48)
- • Promoter personal guarantees for third-party debt(p.53)
- • Missing corporate records from pre-2016(p.51)
- • Past employee fraud incidents(p.53)
- • High dependence on small number of top customers for significant revenue(p.138)
- • Significant reliance on vendor fleet creates operational dependency(p.154)
- • Limited ETS presence concentrated in only 10 cities(p.152)
- • Complete dependence on outsourced technology team for software development and maintenance(p.157)
- • Vulnerability to termination of outsourced technology contract without internal development capability(p.157)
- • All properties including registered office and branch facilities are leased, creating operational dependency(p.168)
- • Significant financial debt burden with borrowings of ₹168.95 million as of March 31, 2024(p.216)
- • Heavy reliance on a concentrated vendor network for vehicle supply and chauffeur sourcing(p.163)
- • Limited intellectual property protection with reliance on outsourced technology vendor(p.156)
- • High dependence on major customers for significant revenue proportion(p.264)
- • Business heavily dependent on global capability centres (GCC) sector growth(p.264)
- • Geographic concentration risk with significant revenue from tier-I cities(p.266)
- • Significant operational dependence on vendors for 94.19% of fleet without exclusive arrangements(p.266)
- • Vulnerability to employee and chauffeur misconduct affecting operations and reputation(p.266)
- • High dependence on car hire vendors with significant vendor payouts(p.279)
- • Rising depreciation and amortization expenses indicating capital intensity(p.280)
- • Significant outstanding litigation including labor disputes dating back to 1999(p.290)
- • Criminal proceedings against directors and company under Delhi Excise Act(p.290)
- • Tax disputes involving promoters with ₹18.82 million in direct tax proceedings(p.293)
Opportunities
- • Large fragmented ETS market with only 15% organized player penetration(p.17)
- • Significant growth in CCR market with only 25% organized penetration(p.17)
- • Strong market growth driven by return to office and business expansion(p.17)
- • Expansion into tier-II and tier-III cities(p.45)
- • Global expansion opportunity with high growth potential(p.45)
- • Expand presence in Tier-II and Tier-III cities(p.47)
- • Technology-driven operational excellence(p.47)
- • Global geographical expansion(p.47)
- • Capitalize on industry revival and growth(p.47)
- • Recover from hybrid work culture normalization(p.48)
- • Significant under-penetration in Indian corporate mobility market with growth potential(p.148)
- • Expansion in Tier-II and Tier-III cities emerging as tech and commerce hubs(p.148)
- • Growth in Global Capability Centers (GCCs) driving employee transportation demand(p.127)
- • Rising business travel and corporate spending supporting mobility services(p.128)
- • Premiumization trend driving higher-value CCR bookings(p.120)
- • Consolidation trend in corporate mobility market favoring organized players(p.149)
- • Increasing urbanization driving demand for corporate mobility solutions(p.114)
- • Expansion of airport connectivity creating demand for first/last-mile mobility(p.128)
- • Cross-sell services to existing retained customers through synergies across business segments(p.156)
- • Expansion of customer base through leveraging long-term relationships and market presence(p.156)
- • Technology-driven market growth with increasing adoption of online booking platforms and mobile applications(p.156)
- • Enhancement of operational efficiency through investments in IT infrastructure and technology(p.156)
- • Launch of advanced CabDrivePro platform for managed corporate car hire services(p.159)
- • Expansion through development of New RentNet with artificial intelligence capabilities(p.161)
- • Geographic expansion with multi-state presence enabling penetration into new markets(p.180)
- • India's corporate mobility market projected to grow at CAGR of 10.7% from 2023-2030(p.267)
- • Expansion opportunity in emerging tier-II and tier-III cities becoming trade and technology hubs(p.266)
- • Cross-selling opportunity with 72.45% of ETS customers also availing CCR services in Fiscal 2024(p.264)
- • Global expansion capability through vendor network in 30+ countries(p.266)
- • Growing demand for premium vehicle bookings increasing from 28.53% in Fiscal 2022 to 35.46% in Fiscal 2024(p.261)
- • Strong post-COVID recovery with return to office driving ETS demand(p.281)
- • Expansion into new markets and geographic footprint(p.281)
- • Growing leisure travel segment following lifting of pandemic restrictions(p.281)
- • Acquisition of new customers and revival of dormant customer base(p.281)
- • Asset-light business model enabling profitable scaling(p.282)
Threats
- • Heavy dependence on GCCs representing 66.63% of ETS revenue(p.32)
- • Risk from emergence of alternative mobility solutions and ride-sharing(p.44)
- • Risk from improved public transportation infrastructure(p.44)
- • Vulnerability to fuel price fluctuations(p.45)
- • Exposure to global air travel disruptions(p.44)
- • Risk from regulatory changes in automotive industry(p.44)
- • Exposure to macroeconomic downturns and reduced business travel(p.37)
- • Fuel price volatility and supply disruptions(p.46)
- • Dominance of unorganized sector (85% ETS, 75% CCR)(p.46)
- • Fragmented competitive landscape(p.46)
- • Vehicle manufacturer recall risks(p.47)
- • Dependence on Indian road infrastructure(p.47)
- • COVID-19 pandemic impact on work-from-home adoption(p.48)
- • Restrictive regulatory covenants on financing(p.50)
- • Indian regulatory changes and compliance costs(p.51)
- • Global economic uncertainty and Indian market volatility(p.56)
- • Natural disasters and pandemic risks(p.57)
- • Fragmented market with numerous unorganized local competitors(p.123)
- • Competition from app-based ride-hailing aggregators entering corporate mobility(p.128)
- • Regulatory challenges and compliance requirements in corporate mobility(p.127)
- • Driver recruitment, training and retention challenges impacting service quality(p.127)
- • Risks from fuel price volatility and fluctuations in input costs(p.155)
- • Uncertainty in EV adoption and charging infrastructure creating operational hurdles(p.130)
- • Regulatory changes in motor vehicles, transport workers, and consumer protection laws affecting operations(p.172)
- • Environmental regulations and compliance requirements for vehicle emissions and pollution control(p.173)
- • Data protection and privacy law compliance requirements including DPDP Act 2023(p.172)
- • Rising competition in the corporate car rental and mobility solutions market(p.156)
- • Risk of lease agreement non-renewal on critical operating premises affecting business continuity(p.171)
- • Potential conflict of interest between promoters and lessors affecting property access and operations(p.171)
- • Fluctuations in input costs, fuel prices, and operational expenses affecting profitability(p.217)
- • Labour laws compliance and increasing employee benefit obligations(p.172)
- • Economic downturn reducing corporate travel and demand for chauffeured services(p.267)
- • Regulatory changes simplifying taxi licensing and bike-sharing potentially impacting growth(p.267)
- • Intense competition from organized and unorganized operators and alternative mobility solutions(p.267)
- • Volatile fuel prices and supply disruptions impacting operational expenses(p.266)
- • Dependence on compliance with stringent customer quality standards risking business termination(p.264)
- • Risk of default or payment delays by major customers affecting financial condition(p.264)
- • Exposure to input cost volatility and inflation pressures(p.287)
- • Highly competitive mobility services environment(p.287)
- • Regulatory and compliance risks across multiple jurisdictions(p.294)
- • Credit risk from dependence on corporate customers with extended credit periods(p.287)
- • Operating risks from vehicle-based business model with traffic and safety incidents(p.290)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Rajesh Loomba | Promoter | 48.76% | 32.26% |
| Aditya Loomba | Promoter | 38.99% | 25.49% |
| Rajesh Loomba Family Trust | Promoter | 5.00% | 5.00% |
| Aditya Loomba Family Trust | Promoter | 5.00% | 5.00% |
| Nidhi Seth | Promoter | Negligible | Negligible |
| Rajesh Loomba | Promoter | 48.76% | — |
| Aditya Loomba | Promoter | 38.99% | — |
| Rajesh Loomba | Promoter | — | — |
| Aditya Loomba | Promoter | — | — |
| Rajesh Loomba | Promoter and Chairman and Managing Director | 50.00% | — |
| Aditya Loomba | Promoter and Joint Managing Director | 40.00% | — |
| Nidhi Seth | Promoter and Non-Executive Director | — | — |
| Rajesh Loomba Family Trust | Promoter | — | — |
| Aditya Loomba Family Trust | Promoter | — | — |
| Rajesh Loomba | Promoter/Chairman and Managing Director | 50.00% | — |
| Aditya Loomba | Promoter/Joint Managing Director | 40.00% | — |
| Rajesh Loomba Family Trust | Promoter Group | 5.00% | — |
| Aditya Loomba Family Trust | Promoter Group | 5.00% | — |
| Rajesh Loomba | Promoter | — | — |
| Aditya Loomba | Promoter | — | — |
| Rajesh Loomba | Promoter/Selling Shareholder | — | — |
| Aditya Loomba | Promoter/Selling Shareholder | — | — |
Leadership
Rajesh Loomba · Managing Director
Aditya Loomba · Joint Managing Director
Hem Kumar Upadhyay · Chief Financial Officer
Shweta Bhardwaj · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Ecos (India) Mobility & Hospitality IPO FAQs
What is the lot size of Ecos (India) Mobility & Hospitality IPO?
The minimum lot size of Ecos (India) Mobility & Hospitality IPO is 44 shares. One lot costs ₹14,696 at the cut-off price.
When does Ecos (India) Mobility & Hospitality IPO open and close?
Ecos (India) Mobility & Hospitality IPO opened for subscription on 28 Aug 2024 and closed on 30 Aug 2024.
What is the listing date of Ecos (India) Mobility & Hospitality IPO?
Ecos (India) Mobility & Hospitality IPO listed on 04 Sep 2024.