ZAGGLE
Zaggle Prepaid Ocean Services share price & financials
- Price
- ₹209.61
- Market cap
- ₹2.7k Cr
- Sector
- Information Technology
- Calls analysed
- 8
Zaggle Prepaid Ocean Services Limited Q1 FY27
What went well
- Total revenue grew 28% YoY to INR423 crores in Q1 FY27, demonstrating strong top-line momentum.
- Standalone business showed resilient 18% YoY growth to INR390 crores despite Q1 being a soft quarter.
- Strategic investment in Unobanc (moneyHOP) aligns with Save and Zoyer products, enabling cross-border payments and remittances.
What to watch
- Adjusted EBITDA margin compressed to 8.2% in Q1 FY27 from 10.1% in Q1 FY26, primarily due to DICE acquisition costs and capitalization policy changes.
- Cost base, including employee and other expenses, increased by approximately 25% QoQ (Q1 FY27 vs Q4 FY26).
What Zaggle Prepaid Ocean Services Limited does
Zaggle Prepaid Ocean Services runs a SaaS-plus-fintech ecosystem that digitises non-capex corporate spend — employee expenses, reimbursements and benefits, vendor procure-to-pay, channel-partner incentives, and rewards/recognition programs. It earns through SaaS/platform fees charged to corporates, a share of card interchange from partner banks (program fees), and merchant commission on Propel platform redemptions (gift cards/vouchers). The company embeds prepaid and corporate credit cards, mobile apps and API integrations on top of client ERPs, HRMS and CRM systems, and works with banking and card-network partners (Visa, Mastercard, NPCI) to issue and process cards. It has expanded inorganically into UPI/consumer credit cards, golf-focused loyalty and rewards, tax e-filing (TaxSpanner) and an API banking platform (TransXT/86400), and has also set up a GIFT City IFSC entity for cross-border payments.
Segments
- Software/SaaS Fees
- Program Fees
- Propel Platform Revenue
- Corporate customers on platform
- 3,900+ (FY26)
- Aggregate users on platform
- 3.9 million+ (FY26)
- Cards issued (cumulative)
- 50 million+
- Market position
- #1 prepaid card issuer in India / #1 spend-management company in India
- Bank partners
- 19
- Employees
- 310+
Guidance record · Q1 FY27
what the last two calls moved 24 tracked 5 delivered 4 missed 15 open- FY25 Top Line Growth delivered said Q2 FY25 Promised: 45-55% Q1 FY27: Historical target already achieved.
- Propel Gross Margin missed said Q2 FY25 Promised: 7-9% for full year FY25 Q1 FY27: Historical target missed.
- FY27 Standalone Revenue Growth at risk said Q4 FY26 Promised: 25% to 30% Q1 FY27: Q1 FY27 standalone revenue grew 18% YoY, below the full-year guidance of 25-30%. Management attributes this to seasonality and expects acceleration, but the target is at risk.
All 24 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 27.4%, net profit down 30.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 303 | 337 | 412 | 332 | 432 +43% | 526 +56% | 618 +50% | 423 +27% |
| EBITDA | 27 | 29 | 36 | 30 | 44 +63% | 52 +79% | 58 +61% | 31 +3% |
| Net profit | 20 | 20 | 31 | 26 | 35 +75% | 37 +85% | 41 +32% | 18 −31% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −50.2% 1Y
1Y: ₹375.3 on 10 Sept 2025 → ₹187. High ₹401.35 (17 Nov 2025), low ₹160.48 (17 Aug 2026).
How the price took the results
close before → close after
- Q1 FY27
- −0.2%
- 14 Aug
- Q4 FY26
- +0.5%
- 13 May
- Q3 FY26
- +2.4%
- 12 Feb
- Q2 FY26
- +4.2%
- 11 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 51.0% a year over 3 years, FY23 to FY26. Operating margin widened to 9.6%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹554 Cr | ₹775 Cr | ₹1.3k Cr | ₹1.9k Cr |
| Operating profit | ₹48 Cr | ₹70 Cr | ₹114 Cr | ₹184 Cr |
| Operating margin | 8.7% | 9.0% | 8.7% | 9.6% |
| Interest | ₹11 Cr | ₹13 Cr | ₹7 Cr | ₹5 Cr |
| Depreciation | ₹6 Cr | ₹8 Cr | ₹14 Cr | ₹37 Cr |
| Net profit | ₹23 Cr | ₹44 Cr | ₹88 Cr | ₹139 Cr |
| Net margin | 4.2% | 5.7% | 6.7% | 7.3% |
| Cash from operations | ₹-16 Cr | ₹-83 Cr | ₹20 Cr | ₹-51 Cr |
| Free cash flow | ₹-32 Cr | ₹-129 Cr | ₹-48 Cr | ₹-159 Cr |
| ROCE | — | 17.0% | 13.0% | 14.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹9 Cr | ₹12 Cr | ₹13 Cr | ₹13 Cr |
| Reserves | ₹-46 Cr | ₹-4 Cr | ₹40 Cr | ₹563 Cr | ₹1.3k Cr | ₹1.4k Cr |
| Borrowings | ₹73 Cr | ₹70 Cr | ₹141 Cr | ₹87 Cr | ₹15 Cr | ₹55 Cr |
| Other liabilities | ₹35 Cr | ₹26 Cr | ₹45 Cr | ₹34 Cr | ₹50 Cr | ₹95 Cr |
| Total liabilities | ₹62 Cr | ₹93 Cr | ₹235 Cr | ₹696 Cr | ₹1.4k Cr | ₹1.6k Cr |
| Fixed assets | ₹7 Cr | ₹12 Cr | ₹29 Cr | ₹23 Cr | ₹153 Cr | ₹285 Cr |
| Capital work in progress | ₹0 Cr | ₹2 Cr | ₹11 Cr | ₹50 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹2 Cr | ₹26 Cr | ₹107 Cr | ₹32 Cr |
| Other assets | ₹55 Cr | ₹79 Cr | ₹193 Cr | ₹597 Cr | ₹1.1k Cr | ₹1.2k Cr |
| Total assets | ₹62 Cr | ₹93 Cr | ₹235 Cr | ₹696 Cr | ₹1.4k Cr | ₹1.6k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +11.32 pp while FIIs trimmed −6.19 pp. The shareholder count grew 9% to 1,18,274.
- Promoters
- 44.3%
- FIIs
- 2.3%
- DIIs
- 5.4%
- Public
- 48.0%
Since Jun 2025
- Public +11.32 pp
- FIIs −6.19 pp
- DIIs −5.20 pp
How it drifted, 12 quarters
Over this window the public went from 31.8% to 48.0% — +16.2 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 44.1%, FIIs 15.6%, DIIs 8.5%, Public 31.8%.Dec '23: Promoters 44.1%, FIIs 13.0%, DIIs 6.6%, Public 36.3%.Mar '24: Promoters 43.9%, FIIs 11.7%, DIIs 4.6%, Public 39.8%.Jun '24: Promoters 43.9%, FIIs 6.0%, DIIs 5.4%, Public 44.7%.Sep '24: Promoters 43.9%, FIIs 6.1%, DIIs 10.7%, Public 39.3%.Dec '24: Promoters 40.1%, FIIs 9.2%, DIIs 14.6%, Public 36.2%.Mar '25: Promoters 44.2%, FIIs 8.4%, DIIs 13.3%, Public 34.1%.Jun '25: Promoters 44.2%, FIIs 8.5%, DIIs 10.6%, Public 36.6%.Sep '25: Promoters 44.2%, FIIs 8.6%, DIIs 8.6%, Public 38.5%.Dec '25: Promoters 44.1%, FIIs 7.6%, DIIs 7.8%, Public 40.5%.Mar '26: Promoters 44.2%, FIIs 4.1%, DIIs 7.4%, Public 44.4%.Jun '26: Promoters 44.3%, FIIs 2.3%, DIIs 5.4%, Public 48.0%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Ran Ventures Private Limited +0.15 pp 0.35% held
- Neuro And Spine Associates Private Limited newly disclosed 0.00% held
- Prismberry Technologies Private Limited newly disclosed 0.00% held
- Nikhath Design Studio newly disclosed 0.00% held
- Npr And Daughters Trust newly disclosed 0.00% held
- Nrm And Sons Trust newly disclosed 0.00% held
- Eyantra Ventures Fze newly disclosed 0.00% held
- Anjana Ramesh Thakker newly disclosed 0.00% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Zaggle Prepaid Ocean Services Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Raj P Narayanam | 34.33% | unchanged |
| Avinash Ramesh Godkhindi | 5.71% | unchanged |
| Quadigo Ventures Llp | 3.92% | unchanged |
| Zuzu Software Services Llp | 3.89% | unchanged |
| Bank Of India Large & Mid Cap Fund Mutual fund | 2.49% | unchanged |
| Ashish Kacholia | 2.16% | −0.07 pp |
| Bengal Finance And Investment Pvt Ltd Corporate | 1.72% | unchanged |
| Ran Ventures Private Limited | 0.35% | +0.15 pp |
| Neuro And Spine Associates Private Limited | 0.00% | newly disclosed |
| Prismberry Technologies Private Limited | 0.00% | newly disclosed |
| Nikhath Design Studio | 0.00% | newly disclosed |
| Npr And Daughters Trust | 0.00% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
AttractiveTo justify its price of ₹187, this stock must grow earnings at 14% every year for 7 years. Our analysis caps realistic growth at ~82%. At that growth it is worth ₹4003 — upside of 2041%.
- Growth the price implies
- 13.6% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 82.1% a year
- net profit, FY23–FY26
- The gap
- -0.7 pp
- 2041% downside if it only repeats history
All earnings calls (8)
Read the Q1 FY27 call →Learn to analyse Zaggle Prepaid Ocean Services Limited
Guides on how to read this kind of business and the numbers that matter.