ZEAL
Zeal Aqua financials
- Market cap
- ₹107 Cr
- Sector
- Services
What Zeal Aqua Limited does
Zeal Global Services acts as a General Sales and Service Agent (GSSA) for international airlines, representing and selling their air-cargo capacity across a global network of destinations. It also handles passenger sales/GSA services for Azerbaijan Airlines. The company has expanded internationally through a wholly owned UAE subsidiary (Zeal Global Services L.L.C-FZ) and a joint venture with Teleport Everywhere Pte. Ltd., alongside a GSSA appointment from South African Airways.
Segments
- Cargo GSSA
- Passenger GSA
- Countries of operation
- 164
- Global airline partners
- 14+
- Destinations served
- 75+
- Business verticals
- 2 (Cargo GSSA & Passenger GSA)
- Cargo tonnage handled (H1 FY24-25)
- 20,14,252 kg (~2,014 tonnes)
- Passengers handled (H1 FY24-25)
- 61,078
Quarterly results
Q4 FY26: revenue up 15.2%, net profit up 0.0% against the same quarter last year.
| Line item | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 56 | 56 | 94 | 99 | 170 +204% | 197 +252% | 171 +82% | 114 +15% |
| EBITDA | 6 | 8 | 8 | 11 | 13 +117% | 9 +13% | 8 +0% | 11 +0% |
| Net profit | 4 | 6 | 5 | 7 | 9 +125% | 5 −17% | 5 +0% | 7 +0% |
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 −32.9% 1Y
1Y: ₹114 on 10 Sept 2025 → ₹76.55. High ₹124.6 (25 Sept 2025), low ₹57.3 (30 Mar 2026).
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹1 Cr | ₹2 Cr | ₹10 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr |
| Reserves | ₹5 Cr | ₹11 Cr | ₹13 Cr | ₹53 Cr | ₹72 Cr | ₹79 Cr |
| Borrowings | ₹2 Cr | ₹2 Cr | ₹17 Cr | ₹10 Cr | ₹25 Cr | ₹20 Cr |
| Other liabilities | ₹11 Cr | ₹17 Cr | ₹20 Cr | ₹39 Cr | ₹38 Cr | ₹31 Cr |
| Total liabilities | ₹19 Cr | ₹32 Cr | ₹60 Cr | ₹115 Cr | ₹149 Cr | ₹143 Cr |
| Fixed assets | ₹1 Cr | ₹0 Cr | ₹9 Cr | ₹18 Cr | ₹26 Cr | ₹23 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹9 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹2 Cr | ₹2 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr |
| Other assets | ₹18 Cr | ₹29 Cr | ₹48 Cr | ₹85 Cr | ₹120 Cr | ₹117 Cr |
| Total assets | ₹19 Cr | ₹32 Cr | ₹60 Cr | ₹115 Cr | ₹149 Cr | ₹143 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 Mar 2026
Since Mar 2025, DIIs added +2.05 pp while the public trimmed −2.05 pp. The shareholder count shrank 16% to 1,183.
- Promoters
- 73.4%
- DIIs
- 2.4%
- Public
- 24.2%
Since Mar 2025
- DIIs +2.05 pp
- Public −2.05 pp
- Promoters 0.00 pp
How it drifted, 6 quarters
Over this window DIIs went from 0.0% to 2.4% — +2.4 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 73.4%, Public 26.6%.Mar '24: Promoters 73.4%, FIIs 0.1%, Public 26.5%.Sep '24: Promoters 73.4%, Public 26.6%.Mar '25: Promoters 73.4%, DIIs 0.4%, Public 26.2%.Sep '25: Promoters 73.4%, DIIs 2.2%, Public 24.4%.Mar '26: Promoters 73.4%, DIIs 2.4%, Public 24.2%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Aarth AIF Growth Fund AIF +0.25 pp 2.44% held
- Manoj Agarwal +0.10 pp 1.83% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Zeal Aqua Limited above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Nipun Anand | 55.78% | unchanged |
| Vishal Sharma | 17.62% | unchanged |
| Aarth AIF Growth Fund AIF | 2.44% | +0.25 pp |
| Haryana Refractories Private Limited | 2.05% | unchanged |
| Manoj Agarwal | 1.83% | +0.10 pp |
| Firm | 0.04% | unchanged |
| Urmil Anand | 0.00% | unchanged |
| Mona Sharma | 0.00% | unchanged |
| Huf | — | off the list |
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
- Growth the price implies
- -15.2% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
Learn to analyse Zeal Aqua Limited
Guides on how to read this kind of business and the numbers that matter.