ECOS (India) Mobility & Hospitality Limited was originally incorporated as "ET TRAV-AIDES Private Limited" on February 15, 1996, and was later renamed to "Ecos (India) Mobility & Hospitality Private Limited" on September 23, 2008. The company was converted to a public limited company on March 22, 2024.
The company stands as the largest and most profitable chauffeur-driven mobility provider to corporates, primarily engaged in providing chauffeured car rentals (CCR) and employee transportation services (ETS) to corporate customers, including Fortune 500 companies in India, for more than 25 years. ECOS operates an asset-light model with a 90%+ vendor-owned fleet of 12,500+ vehicles. The company has served over 1,100 organizations across 109 cities in 30+ countries, completing 3.1 million trips in FY24.
ECOS operates through two primary segments: Chauffeured Car Rentals (CCR) and Employee Transportation Services (ETS).
- CCR Segment: Operates on a B2B2C model, where corporate clients are the primary customers, and their employees, clients, guests, or visitors are the end users.
- ETS Segment: Provides comprehensive solutions for managing employees' daily home-office-home transportation needs.
The company's fleet consists of over 12,000 vehicles, ranging from economy to luxury cars, mini-vans, and specialty vehicles like limousines, vintage cars, and vehicles equipped for accessible transportation for people with disabilities. In Fiscal 2024, ECOS serviced the CCR and ETS requirements of more than 1,100 organisations across India, completing over 3.1 million trips, averaging more than 8,400 trips per day.
As of March 31, 2024, ECOS Mobility had an extensive pan-India presence, operating in 109 cities across 21 states and 4 union territories. Operations in 97 cities are conducted through vendor partnerships, underscoring the company's asset-light model.
The company also addresses the global car rental needs of its corporate customers, leveraging a network of vendors to provide CCR services in over 30 countries. Additionally, ECOS offers self-drive car services in key Indian cities such as Delhi, Gurugram, Mumbai, and Bengaluru, and even extends this service internationally through vendors.
ECOS has demonstrated strong financial growth in recent years:
- Operating Revenue: ₹554.41 crore in fiscal 2024, up from ₹422.68 crore in fiscal 2023 and ₹147.34 crore in fiscal 2022.
- Profit After Tax: ₹62.53 crore in fiscal 2024, compared to ₹43.59 crore in fiscal 2023 and ₹9.87 crore in fiscal 2022.
For the most recent quarter (ended March 2025):
- Net Profit: Rose 0.56% to ₹18.07 crore, as against ₹17.97 crore during the previous quarter ended March 2024.
- Sales: Rose 18.97% to ₹177.24 crore, as against ₹148.98 crore during the previous quarter ended March 2024.
- Market Capitalization: ₹1,807.20 Cr (as of 7th July 2025)
- P/E Ratio: 30.07
- P/B Ratio: 10.19
- 52-Week High: ₹593.70
- 52-Week Low: ₹165
- Annual Revenue Growth: 17%
- Pre-tax Margin: 12%
- Return on Equity (ROE): 27% (3 Years ROE: 36.5%)
- Dividend: Recommended final dividend of ₹2.4 per equity share (120%) for FY2025, subject to shareholder approval.
ECOS IPO opened on August 28, 2024, and closed on August 30, 2024.
- IPO Size: Bookbuilding of ₹601.20 crores.
- Offer Type: Entirely an offer for sale of 1.80 crore shares.
- IPO Price Band: ₹334 per share.
- Listing Date: September 4, 2024, on BSE and NSE.
ECOS Mobility & Hospitality Limited boasts several corporate strengths:
- Debt-Free Status: The company has significantly reduced debt and is almost debt-free.
- Strong Profit Growth: Delivered good profit growth of 114% CAGR over the last 5 years.
- Robust ROE: Strong return on equity (ROE) track record, with a 3-year ROE of 36.5%.
- Healthy Balance Sheet: A strong balance sheet enables stable earnings growth across business cycles.
On June 12, 2025, ECOS incorporated a wholly-owned subsidiary, Ecos Fleet Management Services Pvt Ltd, indicating strategic expansion. The company has demonstrated robust operational growth, onboarding 188 new clients and achieving a nearly 25% increase in total trips. With a solid cash balance of ₹1,161 million earmarked for reinvestment, ECOS is well-positioned to capitalize on emerging opportunities in both domestic and international markets.
ECOS Mobility & Hospitality continues to strengthen its position as India's leading chauffeur-driven mobility provider, with a focus on technology-driven operations, extensive market presence, and consistent financial performance that positions it well for future growth in the corporate transportation sector.
