The global economy remained resilient through Calendar Year (CY) 2025 despite geopolitical tensions, elevated commodity prices and uneven regional momentum. Global GDP growth stood at 3.5% in CY 2025 and is expected to moderate to 3.0% in CY 2026, as the impact of the Middle East conflict is partly offset by stronger technology-led activity and investment. Advanced economies are projected to grow by 1.7% in CY 2026, compared with 1.9% in CY 2025, reflecting softer underlying momentum and higher energy costs.
Emerging market and developing economies are expected to grow by 3.8% in CY 2026, with performance varying across economies depending on domestic demand, commodity exposure and participation in the global technology cycle. India remains among the fastest-growing major economies, with growth projected at 6.4% in CY 2026, supported by private consumption and services activity. However, higher energy and food prices have temporarily interrupted the disinflationary trend, with global inflation expected to rise from 4.1% in CY 2025 to 4.7% in CY 2026, before easing thereafter.
food prices have temporarily interrupted the disinflationary trend, with global inflation expected to rise from 4.1% in CY 2025 to 4.7% in CY 2026, before easing thereafter.
The global growth environment is expected to improve gradually in CY 2027, with world GDP growth projected at 3.4%, supported by a recovery in emerging market and developing economies to 4.5%, while advanced economies are expected to grow by 1.8%. Inflation is projected to moderate to 3.9%, alongside a recovery in global trade growth from 3.5% in CY 2026 to 4.3% in CY 2027. For the corporate employee transportation industry, continued expansion of services-led businesses, organised workplaces and technology-enabled operations should sustain demand for structured employee mobility solutions; increasing emphasis on employee safety, operational efficiency, route optimisation and fleet utilisation should further favour organised service providers, while energy-price volatility and geopolitical developments remain key operating considerations.
Global GDP Growth (in %)
| World | Advanced Economies | Emerging Markets and Developing Economies (EMDEs) |
| CY 2025: 3.5 | CY 2025: 1.9 | CY 2025: 4.5 |
| CY 2026 (P): 3.0 | CY 2026 (P): 1.7 | CY 2026 (P): 3.8 |
| CY 2027 (P): 3.4 | CY 2027 (P): 1.8 | CY 2027 (P): 4.5 |
P(Projected) Source: IMF World Economic Outlook, July 2026
India s economy continued to demonstrate strong resilience, with Real GDP grew by 7.7% in Financial Year (FY) 2025-26, compared with 7.1% in FY2024-25, reaffirming the strength of India s macroeconomic fundamentals and its position among the world s fastest-growing major economies. The growth environment was supported by healthy domestic demand, firm urban consumption, improving rural demand and resilient industrial and services activity. High-frequency indicators remained encouraging, with manufacturing activity staying in the expansionary zone and automobile production registering robust growth.
The structural transformation of the Indian economy is also driving greater urbanisation, expansion of corporate offices and the emergence of new business centres beyond traditional metropolitan markets. Public capital expenditure increased from about 2 lakh crore in FY2014-15 to 12.2 lakh crore in FY2026-27, reflecting the sustained policy focus on infrastructure development. This investment is strengthening road, transport and digital infrastructure and improving connectivity across cities and business hubs. At the same time, rapid digital adoption across fintech, AI and real-time technology platforms is enabling more efficient, data-led business operations. These trends are expanding the addressable market for organised, technology-enabled corporate employee transportation, particularly as companies expand their workforce and operations across Tier-1 and Tier-2 cities.
The Indian economy remains constructive, with Real GDP projected to grow at an estimated 6.6% in FY2026-27, supported by a consistent policy focus on manufacturing, infrastructure development and domestic demand. Continued government capital expenditure and rapid expansion of physical and digital infrastructure are expected to strengthen economic activity and accelerate the development of new commercial and employment centres. For the corporate mobility ecosystem, this expansion is expected to translate into increasing demand for reliable employee transportation as companies establish or expand offices across emerging business locations.
The policy environment is expected to remain supportive of investment and consumption, with infrastructure-led growth complemented by improving financial conditions and resilient rural and urban demand. The RBI has highlighted that India has sustained economic momentum despite global uncertainties, with industrial and services indicators remaining resilient. At the same time, the repo rate at 5.25%, easing lending rates and continued credit growth could support business investment and consumption. The increasing penetration of digital technologies, including AI-enabled platforms, real-time tracking and predictive analytics, is also expected to improve the efficiency, safety and scalability of organised mobility services.
External risks remain, particularly from geopolitical tensions, supply-chain disruptions and evolving tariff regimes. However, initiatives such as the UK-India Free Trade Agreement, streamlined customs procedures and measures aimed at promoting foreign investment could strengthen trade, investment and business activity over the medium term. India s comfortable foreign exchange position and contained external-sector vulnerabilities provide an additional buffer against external shocks. Against this backdrop, continued corporate expansion, urbanisation and infrastructure development are expected to support sustained demand for safe, reliable and technology-enabled employee transportation solutions, creating a favourable operating environment for the sector.
Indian GDP Growth Trend (in %)
| FY2025 | FY2026 | FY2027 [P] |
| 7.1 | 7.7 | 6.6* |
P: Projected
The Indian corporate employee transportation services industry is evolving from a conventional fleet management business into a technology-enabled corporate mobility ecosystem. As enterprises increasingly prioritise workforce productivity, employee wellbeing and operational resilience, organised transportation has become an integral component of workplace infrastructure. The growing preference for outsourced mobility solutions is enabling businesses to optimise transportation costs, improve service reliability and ensure seamless employee movement across multiple locations and work shifts.
Digitalisation is reshaping the competitive landscape of the industry. Organisations are increasingly adopting integrated transport management platforms that combine automated trip scheduling, AI-driven route optimisation, GPS-enabled vehicle tracking, digital attendance integration and real-time fleet monitoring. Data analytics and predictive planning are improving fleet utilisation, reducing idle time and enhancing service quality, while stringent safety protocols and compliance standards are strengthening employee confidence in organised transportation services.
The industry s long-term growth is further supported by India s expanding digital economy, rapid growth of Global Capability Centres (GCCs), rising corporate employment and increasing adoption of Mobility-as-a-Service (MaaS) platforms. The Indian MaaS market was valued at USD 6.3 billion in 2025 and is projected to reach USD 96.1 billion by 2034. The convergence of digital mobility platforms, connected vehicles, sustainable fleet solutions and intelligent transport technologies is expected to accelerate the transformation of corporate mobility services across the country.
The outlook for the Indian corporate employee transportation services industry remains positive, underpinned by continued expansion of organised enterprises, increasing outsourcing of employee transportation and the growing need for safe, reliable and technology-enabled mobility solutions. Rising employment across IT/ITeS, GCCs, financial services, healthcare and manufacturing is expected to sustain demand for integrated corporate mobility services that enhance operational efficiency while supporting employee experience.
Looking ahead, the industry is expected to witness greater adoption of electric vehicles, AI-powered fleet management, predictive analytics and cloud-based transport platforms as corporates align mobility strategies with productivity and sustainability objectives. Service providers capable of delivering scalable, digitally integrated and compliance-driven mobility solutions will be well positioned to benefit from the evolving corporate transportation landscape.
6.3 FY 2025 FY 2034
Indian Mobility as a Service Forecast Market size (In USD Billion)
| FY 2025 | FY 2034 |
| 6.3 | 96.1 |
Source: IMARC
| Trend | Description |
| Enterprise Mobility Outsourcing | Organisations are increasingly outsourcing employee transportation to specialised providers to improve operational efficiency, scalability and cost optimisation. |
| Digital Transport Management | AI, GPS tracking, automated dispatch, route optimisation and cloud-based fleet management are enhancing operational visibility and service efficiency. |
| Integrated Mobility Platforms | Demand is rising for end-to-end mobility solutions that integrate booking, scheduling, tracking, compliance, analytics and employee communication on a single platform. |
| Safety & Regulatory Compliance | Enhanced safety protocols, real-time trip monitoring, driver verification and compliance management have become critical differentiators in corporate transportation. |
| Sustainable Corporate Mobility | Adoption of electric vehicles, shared mobility models and fuel-efficient fleets is increasing as enterprises pursue ESG goals and lower transportation-related emissions. |
The Government has allocated 4,391 crore for 14,028 electric buses and 2,000 crore for pan-India EV public charging infrastructure, accelerating the development of the electric mobility ecosystem. As of 27 January 2026, 22.12 lakh EVs had been sold under the scheme, supporting the broader availability of electric vehicles and charging infrastructure for organised employee transportation and corporate fleet operations.
The mission is improving urban mobility through 1,740 km of smart roads and technology-enabled traffic management systems, enhancing road connectivity, traffic flow and journey-time efficiency across urban centres. These developments support more efficient and reliable employee transportation services.
The NCAP promotes coordinated measures to reduce air pollution from vehicular, industrial and other sources across urban areas. The programme supports cleaner mobility and sustainable transportation, contributing to improved air quality and a healthier urban environment.
The PM GatiShakti National Master Plan promotes integrated infrastructure development through multimodal connectivity, last-mile access and data-driven planning. As of February 2026, 352 infrastructure projects worth 16.10 lakh crore had been evaluated under the Network Planning Group, with 167 projects under implementation. The initiative also supports 50-year interest-free loans of 5,000 crore to States for infrastructure development, strengthening connectivity and transportation efficiency.
Voler Car Limited is an Employee Transportation Services (ETS) provider serving leading multinational corporations and corporate clients across India. The Company provides home-to-office-to-home employee transportation solutions across metropolitan cities and major Tier I and Tier II locations. Its operations are supported by dedicated location teams, verified vehicles and chauffeur-driver partners, 24x7 customer support and technology-enabled fleet management.
In addition to its core ETS business, the Company has expanded into the Car Rental (RAC) segment, enabling corporate employees to avail rental cab services in accordance with the commercial arrangements and agreements with its corporate clients.
Founded in 2010, Voler Car has developed a diversified corporate client base spanning IT & ITES, manufacturing, BFSI, aviation, hospitality, real estate & infrastructure, telecom, media & entertainment, e-commerce, engineering and events.
The Company follows a predominantly asset-light, B2B operating model, serving as an interface between vehicle vendors and corporate employees. Vehicles are sourced through a network of vendors following defined quality and compliance checks, while Voler manages cab induction, vehicle allocation, route planning, employee travel data and service execution. Approximately 99% of the operating fleet is vendor sourced. GPS-based monitoring and dedicated ground/location teams support day-to-day operational control, incident response and service delivery according to client requirements.
Employee routes are planned with a focus on optimising vehicle and seat utilisation, while the Company s commercial arrangements with clients are generally structured around Cost Per Boarded Employee (CPBE), Trip or Distance Run models. This framework provides flexibility in managing operating economics across different client and market requirements while giving corporate clients greater visibility over their employee transportation costs.
Voler Car provides four complementary B2B mobility offeringsEmployee Transportation Services, Rental Cars, Quick Response Team and Events & Exhibitions- supported by a predominantly asset-light operating model and a vendor-partner ecosystem. As on 31 March 2026, 569 vehicles were electric, while Electric and CNG vehicles accounted for 50.51% of FY26 trips, including
electric, hybrid and CNG vehicles, in line with the Company s Vision 2027 commitment.
3746 vehicles in total, including 569 EVs Fleet Size
16 Presence in cities
5,67,023 Total trips annually
? Competition from established corporate mobility and employee transportation service providers may create pricing and margin pressure.
? Changes in corporate working models, including hybrid or remote working, could affect employee transportation demand in certain client segments.
? Changes in transportation regulations, safety standards and local mobility policies may increase compliance requirements and operating costs.
? FY26 represented a year of strong revenue expansion accompanied by deliberate investment in organisational and operating capability. Revenue from operations increased by 24.6% to 5,284.41 lakhs, while audited profit before tax was 466.58 lakhs and profit after tax was 347.06 lakhs. Audited PBT was 537.09 lakhs in FY25. Profitability was lower than the previous year, reflecting higher direct expenses and increased employee and professional costs associated with scaling the organisation, launching new cities and building new operating capabilities.
? ( in Lakhs)
| Particulars | FY 2025-2026 | FY 2024-2025 |
| Revenue from Operations | 5,284.41 | 4,239.85 |
| Other Income | 259.83 | 59.20 |
| Total Revenue | 5,544.24 | 4,299.05 |
| Profit Before Tax (PBT) | 466.58 | 537.09 |
| Profit for the year | 347.06 | 449.89 |
Financial Ratio
| Sl. No. | Particulars | FY 2025-2026 | FY 2024-2025 | % Variance |
| (a) | Current Ratio | 7.88 | 6.79 | 16.04% |
| (b) | Debt-Equity Ratio | - | - | - |
| (c) | Debt Service Coverage Ratio | - | - | - |
| (d) | Return on Equity Ratio | 8.95% | 22.53% | (60.26%) |
| (e) | Inventory turnover ratio | - | - | - |
| (f) | Trade Receivables turnover ratio | 9.92 | 10.37 | (4.34%) |
| (g) | Trade payables turnover ratio | 21.94 | 15.02 | 46.06% |
| (h) | Net capital turnover ratio | 1.44 | 2.22 | (35.32%) |
| (i) | Net profit ratio | 6.57% | 10.61% | (38.11%) |
| (j) | Return on Capital employed | 11.54% | 14.19% | (18.67%) |
| (k) | Return on investment | 2.66% | 1.02% | 161.46% |
Reasons for variation more than 25% :
1 Return on Equity Ratio: Return on equity has reduced due to lower profitability during the year.
2 Trade payables turnover ratio: The ratio increased by 46.06% during FY26, from 15.02 to 21.94, reflecting the timing and quantum of vendor payments and faster settlement of vendor obligations in line with increased operating volumes.
3 Net capital turnover ratio: Ratio decreased mainly due to an increase in net working capital deployed in the business, particularly to support the Companys increased scale of operations. 4 Net profit ratio: Ratio decreased due to an increase in direct and indirect expenses recorded during the year, including higher employee costs and legal and professional expenses associated with organisational strengthening and business expansion.
5 Return on Investment: Ratio increased due to an increase in income generated on investments.
Outlook
The Company s outlook for FY 2025-26 and beyond is shaped by a clear roadmap around scaling its geographic footprint, strengthening operational and technology capabilities, improving utilisation and contract economics, and expanding sustainable mobility offerings.
Human Resources
The Company recognises its workforce as a key enabler of operational excellence and service delivery. Permanent employee headcount increased from 89 to 115 as at 31 March 2026, with the leadership team strengthened through the appointment of a Chief Operating Officer. Its team of executives, supervisors, managers and MIS/accounts professionals ensures seamless coordination of employee transportation services across multiple client locations. Operational capabilities are further strengthened by a network of verified chauffeur-driver partners, who undergo stringent quality and compliance checks, including medical verification, to uphold safety and service standards. Through dedicated location teams, GPS-enabled fleet monitoring and technology-driven operations, the Company continues to enhance service efficiency, operational reliability and customer satisfaction while strengthening long-term client relationships.
115
Total Number Of Employees as on 31 st March, 2026
Risk and Management- Driving Reliable Corporate Mobility
The Company operates in a business environment exposed to fuel price volatility, evolving regulatory requirements, vendor execution risks, cost inflation and the operational complexity of expansion into new cities and verticals. The Company is also exposed to concentration in larger enterprise accounts,
receivables and working-capital requirements, vendor availability and service consistency, and contingent legal/tax matters. As at 31 March 2026, trade receivables were 6.17 crore, including 0.76 crore of undisputed receivables outstanding for more than six months and 0.015 crore of disputed receivables. Contingent liabilities totalled 1.17 crore as disclosed in the audited financial statements.
The Company s internal audit system is under constant review and improvement to guarantee the protection of its assets, adherence to all relevant regulations and timely resolution of any outstanding issues. The Audit Committee regularly examines reports from the internal auditors, carefully noting their findings and implementing corrective measures as needed. The Committee also maintains an ongoing dialogue with both statutory and internal auditors to ensure the effectiveness of our internal control systems.
The objective of this report is to convey the Management s perspective on the external environment, the strategies involved, operating and financial performance, developments in human resources and industrial relations, risks and opportunities, as well as internal control systems and their adequacy in the Company during the financial year 2025-26. This should be read in conjunction with the Company s financial statements, the schedules and notes thereto and other information included elsewhere in the Report and Annual Financial Statements 2025-26. The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013 and the relevant provisions of the Companies Act, 2013 ( the 2013 Act ), as applicable.
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2026, IIFL Capital Services Ltd. All Rights Reserved
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132 (Member ID - NSE: 10975 BSE: 179 MCX: 55995 NCDEX: 01249), DP SEBI Reg. No. IN-DP-185-2016, IA SEBI Regn. No: INA000000623, Merchant Banker SEBI Regn. No. INM000010940, RA SEBI Regn. No: INH000000248, BSE Enlistment Number (RA): 5016, AMFI-Registered Mutual Fund Distributor & SIF Distributor
ARN NO : 47791 (Date of initial registration – 17/02/2007; Current validity of ARN – 08/02/2027), PFRDA Reg. No. PoP 20092018, IRDAI Corporate Agent (Composite) : CA1099
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
