Autoriders International Limited, a Mumbai-based luxury car rental company, has delivered remarkable returns of up to 2,700% over the past year, establishing itself as one of the most impressive performers in the micro-cap segment. The company's exceptional stock performance has drawn increased market attention, particularly following ace investor Mukul Agrawal's investment in December 2024.

Company Overview and Operations

Founded in 1994, Autoriders International operates primarily in the premium automobile rental services sector, providing chauffeur-driven vehicles to both individual and institutional clients. The company has built a substantial operational presence across India, with its owned fleet comprising 472 vehicles as of March 31, 2025.

The company operates through eight strategically located branch offices in major Indian cities including Ahmedabad, Bangalore, Delhi, Chennai, Hyderabad, Pune, Gurgaon, and Kolkata. This multi-city presence enables comprehensive service delivery to corporate clients with pan-India requirements while ensuring geographic revenue diversification.

Service Portfolio and Market Positioning

Autoriders positions itself as a comprehensive premium mobility solutions provider, offering multiple service verticals to address diverse customer requirements. The company's flagship offering remains chauffeur-driven car rental services, focusing on professional drivers, well-maintained vehicles, and high service reliability standards.

Key service offerings include:

• Chauffeur-driven rentals: Professional driver services with emphasis on safety and punctuality
• Airport transfers: Timely pickup services covering major airports across India
• Self-drive rentals: Flexible booking options with advance reservations up to 60 days
• Long-term rental solutions: Extended rental arrangements for corporate clients

The self-drive fleet features popular models including Honda City, Toyota Innova, Toyota Etios, and Mahindra XUV, reinforcing the company's quality-focused approach.

Corporate Client Base and Revenue Concentration

Autoriders maintains a predominantly corporate client base comprising reputed organizations across various industries. According to CARE reports, the company serves notable clients including Exxon Group, Standard Chartered Bank, Ernst and Young, and Infosys, among others.

A significant aspect of the business model is the high level of repeat business, with the top ten customers contributing approximately 40-50% of total revenue from operations over the last four years. This concentration provides revenue visibility and demonstrates strong client retention built through consistent service delivery.

Financial Performance and Growth Trajectory

Autoriders has demonstrated robust financial growth with impressive consistency across key metrics. The company has achieved compounded profit growth of 40% and compounded sales growth of 38% over the last three years.

The company has maintained stable operating margins between 25-29% over the past four years, reflecting consistent operational efficiency. Balance sheet improvements have been notable, with borrowings declining from ₹32.16 crore in March 2025 to ₹18.18 crore by September 2025.

Balance Sheet Strength and Capital Structure

Significant balance sheet improvements have strengthened Autoriders' financial position. Fixed assets increased from ₹57.10 crore to ₹66.68 crore, indicating continued fleet expansion investments.

Liquidity remains adequate with expected gross cash accruals of ₹20.00-22.00 crore in FY26 against debt repayment obligations of ₹11.75 crore. The company reported free cash and bank balances of ₹6.44 crore as of March 31, 2025.

Investment Highlights and Market Interest

The stock currently trades around ₹741.00 with a market capitalization of approximately ₹258.00 crore. Notably, ace investor Mukul Mahavir Agrawal holds a 10.56% stake in the company, having first invested in December 2024. Since that investment, the stock has delivered extraordinary returns of up to 2,700%.

The company has generated consistent operating cash flows with cumulative operating cash flow of approximately ₹56.00 crore over the last three years, demonstrating the cash-generative nature of the business model.

Risk Factors and Competitive Landscape

Despite strong performance, Autoriders faces structural challenges including modest operational scale and dependence on corporate travel demand. The company's net worth stood at ₹49.51 crore as of March 31, 2025, which remains relatively constrained for sustained growth initiatives.

The Indian car rental industry remains highly competitive with significant unorganized market presence and increasing competition from organized players. However, Autoriders' focus on institutional clients provides some insulation from price-led competition, as corporate clients typically prioritize reliability and service quality over cost considerations.

Autoriders International Limited has successfully completed its postal ballot process, with shareholders unanimously approving three critical special resolutions through remote e-voting. The company announced the voting results on December 15, following the conclusion of the e-voting period on December 13.

Approved Resolutions

The postal ballot, conducted entirely through electronic means, addressed three key corporate governance matters that received overwhelming shareholder support:

Voting Process and Timeline

The remote e-voting process was conducted by National Securities Depository Limited (NSDL) over a comprehensive period to ensure maximum shareholder participation. The voting commenced on November 14 at 9:00 AM IST and concluded on December 13 at 5:00 PM IST.

KDA Associates, led by scrutinizer Kaushal Dalal (Membership Number: 7141), oversaw the entire voting process. The company had 523 shareholders on the record date of November 7, who were eligible to participate in the postal ballot.

Detailed Voting Results

The voting results demonstrated strong support across shareholder categories with 100.00% approval for all resolutions:

All three special resolutions received unanimous support from participating shareholders, with zero votes against any of the proposed measures across all categories.

Leadership Continuity and Corporate Governance

The reappointment of Mr. Chintan Patel as Managing Director and Chief Executive Officer for a five-year term ensures leadership continuity for the company. This resolution received unanimous support from all voting shareholders, reflecting confidence in the current management's strategic direction.

Regulatory Compliance and Documentation

The postal ballot process was conducted in full compliance with Section 108 and 110 of the Companies Act, 2013, and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company published advertisements in Free Press Journal and Navshakti on November 14, informing members about the postal ballot notice dispatch.

The scrutinizer's report dated December 15 was issued by KDA Associates, confirming that all resolutions were deemed passed on December 13. The voting results and scrutinizer's report are available on the company's website at www.autoriders.in , ensuring transparency and accessibility for all stakeholders.