Press Release

Press Release

February 20, 2026

EVEREST FLEET PRIVATE LIMITED
Rating Reaffirmed and Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	56.48	ACUITE BB \| Reaffirmed & Withdrawn	-
Bank Loan Ratings	43.52	Not Applicable \| Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	100.00	-	-

Rating Rationale

Acuite has reaffirmed and withdrawn its long-term rating to 'ACUITE BB' (read as ACUITE Double B) on Rs. 56.48 Cr. bank facilities of Everest Fleet Private Limited (EFPL). The rating has been withdrawn on account of the request received from the issuer along with no objection certificate from the banker.
Acuite has withdrawn its long term facility on the Rs. 7.30 Cr. of Everest Fleet Private Limited (EFPL) without assigning any rating as the instrument is fully repaid. the rating being withdrawn on account of the request received from the company and no due certificate from the banker.
Acuite has withdrawn its proposed long-term facility of Rs 36.22 Cr. of Everest Fleet Private Limited (EFPL) without assigning any rating as it is a proposed facility. The rating being withdrawn on account of the request received from the company.

The rating has been withdrawn as per Acuite's policy of withdrawal of ratings as applicable to the respective instrument/facility.
Acuité has received latest information from the issuer along with January 2026 NDS, leading to transition from Issuer Not Co-operating to Co-operative issuer.

Rationale for rating
Everest Fleet Private Limited (EFPL), within just eight years, has emerged as the largest fleet service provider to Uber in India.The company is professionally managed and demonstrates efficiency in handling its fleet operations. Although EFPL reported a net loss in FY2025, its revenue grew during the year due to the expansion of its fleet base. Profitability margins remain modest, reflecting the highly fragmented and intensely competitive nature of the industry. Nevertheless, the company’s liquidity and financial risk profile are adequate, supported by a healthy net worth and sufficient cash reserves.

About the Company

Everest Fleet Private Limited (EFPL) was incorporated on 2016 by Mr. Siddhartha Ladsariya and Mr. Prihans M. Dedhiya . The company is into the business of providing fleet management services, in which the company typically procures cars and deploys them on cab aggregator platforms such as Uber and Ola. In 8 years of time, Everest has become the largest fleet service provider to Uber in India. The company is professionally managed and is very successful in addressing the operational issues relating to the management of cabs and their drivers. The registered office of the company is in Maharashtra.

About the Group

The Everest Fleet Group is a leading Indian mobility powerhouse that operates as one of the country's largest independent fleet management providers for platforms like Uber and Ola. Headquartered in Mumbai and present in seven major metros, the group comprises several specialized entities—including Everest Fleet Private Limited and Everest Fleet North that work in tandem to manage a massive fleet of over 22000 vehicles. Beyond ride-hailing, the group has diversified into cold-chain logistics, corporate mobility, and a technology-driven "Everest MITR" ecosystem, all while leading a significant shift toward sustainability with an ambitious goal to deploy 10,000 electric vehicles by 2026-27.

Unsupported Rating

Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuite has considered consolidated financial and business risk profile of Everest Fleet Private Limited & Everest Fleet North Private Limited in order to arrive at the rating.

Key Rating Drivers

Strengths

Experienced Leadership
EFPL was incorporated in October 2016 by Mr. Siddharth Ladsariya and Mr. Prihans Dedhiya. Mr. Siddharth Ladsariya, is a Computer Science Engineer & MBA from University of Rochester, USA. He is an Active Angel Investor with 150+ investments in unicorns like OYO etc. He has also been recognized by AsiaOne as 40 Most Influential Asians Under 40. Mr. Prihans Dedhiya, is a Management Graduate from Chetna College, Mumbai and has about 8 years of experience. The team is led by expert management and supported by experienced operations team which is a mix of Engineers, MBAs & CAs. With expertise and professional management EFPL has become the largest fleet service provider to Uber in India in four years of time.

Average financial risk profile
The financial risk profile of the company is marked by healthy net worth, low gearing and below average debt protection metrics . The tangible net worth of the company stood at Rs. 520.34 Cr. as on FY2025 as compared to Rs. 324.53 Cr. as on FY2024. The company’s gearing improved to 1.26 times in FY2025 from 2.05 times in FY2024, primarily due to an increase in net worth arising from the infusion of equity share during FY2025. The Total Outside Liabilities/Tangible Net Worth (TOL/TNW) also improved to 1.53 times in FY2025 from 2.59 times in FY2024. The Interest Coverage Ratio (ICR) decreased slightly to 2.35 times in FY2025 from 3.85 times in FY2024. The Debt Service Coverage Ratio (DSCR) increased slightly to 0.87 times in FY2025 from 1.99 times in FY2024.

Weaknesses

Increased scale of operations but PAT loss in FY2025
EEPL has witnessed increased in its turnover to Rs.1225.77 Cr. in FY2025 from Rs. 1029.44 Cr. in FY2024. However, The company’s profitability weakened in FY2025, with the operating profit margin declining to 12.46% from 21.64% in FY2024 . Additionally, it reported a net loss of Rs.55.45 crore in FY2025, compared to a net profit of Rs.44.76 crore in the previous year. This downturn was primarily driven by delays in the registration of newly purchased vehicles, which postponed their deployment and revenue generation. However, depreciation on these vehicles was charged from day one, resulting in higher costs without corresponding income, thereby impacting overall profitability.

Driver availability Challenges
Driver availability and retention continue to be major challenges for the ride-hailing industry due to its highly competitive and unorganised nature. Cab aggregators typically engage drivers on a contractual basis, enabling flexible market expansion while avoiding employer-employee obligations. This structure also allows drivers to choose their working hours or exit at any time, often resulting in low driver-to-vehicle ratios and under-utilised assets. To address this, EFPL has adopted a driver-centric model focused on rural recruitment, referrals, and online hiring. However, maintaining a stable driver base to ensure adequate utilisation remains a key monitorable. Additionally, the industry’s operations are price-sensitive and vulnerable to fluctuations in fuel and inflation-linked costs, exposing the company to regulatory risks.

ESG Factors Relevant for Rating

Everest Fleet’s ESG approach focuses on environmental responsibility, social well-being, and strong governance. The company is lowering its carbon footprint through a CNG-based fleet and a planned shift to full electrification, supported by systems to monitor energy, water, and waste. It has established key governance policies and an ESG Steering Committee to ensure ethical and transparent oversight. On the social front, the company emphasizes driver and employee welfare through health, safety, and wellness programs, supports livelihoods, and engages in CSR initiatives while maintaining active stakeholder relationships.The Board of Directors consists of seven members, of which one is a female director.

Rating Sensitivities

Not Applicable

Liquidity Position

Adequate

The company has Adequate liquidity marked by adjusted net cash accruals of Rs. 183.28 Cr. in FY2025 as against Rs. 149.54 Cr. long term debt obligations over the same period. The current ratio of the company stood low at 1.13 times in FY2025. Additionally, the Company maintains an unencumbered cash and bank balance of Rs.8.50 crore.

Outlook : Not applicable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	1225.77	1029.44
PAT	Rs. Cr.	(53.45)	44.76
PAT Margin	(%)	(4.36)	4.35
Total Debt/Tangible Net Worth	Times	1.26	2.05
PBDIT/Interest	Times	2.35	3.85

Status of non-cooperation with previous CRA (if applicable)

Not applicable

Any Other Information

None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Service Sector: https://www.acuite.in/view-rating-criteria-50.htm

Note on complexity levels of the rated instrument

In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
03 Feb 2025	Covid Emergency Line.	Long Term	0.41	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)
	Covid Emergency Line.	Long Term	2.32	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)
	Term Loan	Long Term	4.96	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)
	Term Loan	Long Term	2.18	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)
	Term Loan	Long Term	1.74	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)
	Term Loan	Long Term	1.05	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)
	Term Loan	Long Term	22.12	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)
	Term Loan	Long Term	17.13	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)
	Term Loan	Long Term	1.47	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)
	Term Loan	Long Term	0.04	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)
	Term Loan	Long Term	2.88	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)
	Term Loan	Long Term	2.34	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)
	Proposed Long Term Loan	Long Term	36.22	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)
	Term Loan	Long Term	5.00	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)
	Covid Emergency Line.	Long Term	0.14	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)
07 Nov 2023	Term Loan	Long Term	2.18	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Term Loan	Long Term	1.74	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Term Loan	Long Term	1.05	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Term Loan	Long Term	22.12	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Term Loan	Long Term	17.13	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Term Loan	Long Term	1.47	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Term Loan	Long Term	0.04	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Term Loan	Long Term	2.88	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Term Loan	Long Term	2.34	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Proposed Long Term Loan	Long Term	36.22	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Term Loan	Long Term	5.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Covid Emergency Line.	Long Term	0.14	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Covid Emergency Line.	Long Term	0.41	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Covid Emergency Line.	Long Term	2.32	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Term Loan	Long Term	4.96	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
H D F C Bank Limited	Not avl. / Not appl.	Covid Emergency Line.	Not avl. / Not appl.	Not avl. / Not appl.	30 Jun 2024	0.14	Simple	ACUITE BB \| Reaffirmed & Withdrawn
ICICI BANK LIMITED	Not avl. / Not appl.	Covid Emergency Line.	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2023	0.41	Simple	ACUITE BB \| Reaffirmed & Withdrawn
IDFC First Bank Limited	Not avl. / Not appl.	Covid Emergency Line.	Not avl. / Not appl.	Not avl. / Not appl.	01 Mar 2024	2.32	Simple	ACUITE BB \| Reaffirmed & Withdrawn
Not Applicable	Not avl. / Not appl.	Proposed Long Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	36.22	Simple	ACUITE Not Applicable \| Withdrawn
Cosmos Bank	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	30 Jun 2025	5.00	Simple	ACUITE BB \| Reaffirmed & Withdrawn
Cholamandalam Investment Finance Company Ltd.	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	31 Jan 2025	4.96	Simple	ACUITE Not Applicable \| Withdrawn
AXIS BANK LIMITED	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	30 Apr 2025	2.18	Simple	ACUITE BB \| Reaffirmed & Withdrawn
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	31 May 2025	1.74	Simple	ACUITE BB \| Reaffirmed & Withdrawn
ICICI BANK LIMITED	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	30 Jun 2023	1.05	Simple	ACUITE BB \| Reaffirmed & Withdrawn
Mahindra & Mahindra Financial Services Ltd.	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	31 Dec 2025	22.12	Simple	ACUITE BB \| Reaffirmed & Withdrawn
IDFC First Bank Limited	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	30 Jun 2025	17.13	Simple	ACUITE BB \| Reaffirmed & Withdrawn
INDUSIND BANK LIMITED	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	07 Mar 2026	1.47	Simple	ACUITE BB \| Reaffirmed & Withdrawn
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	31 Aug 2025	0.04	Simple	ACUITE BB \| Reaffirmed & Withdrawn
Mahindra & Mahindra Financial Services Ltd.	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	28 Feb 2026	2.88	Simple	ACUITE BB \| Reaffirmed & Withdrawn
YES BANK LIMITED	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2025	2.34	Simple	ACUITE Not Applicable \| Withdrawn

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr.No	Name of Entity
1	Everest fleet Private Limited
2	Everest Fleet North Private Limited

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Prashant Dey
Associate Analyst - Rating Operations

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Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

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Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

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