Zeal Global Services share price & results
- Mar 2026
- Sept 2026
New Delhi-based air-cargo General Sales and Service Agent (GSSA) representing global airlines' cargo capacity, with an added passenger GSA line for Azerbaijan Airlines.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 114 | −42.1% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | 10.0 | +5.5 pts YoY | Operating profit / revenue | Quarter to Mar 2026 | For the quarter; a change is in percentage points. |
| Net profit | 7.0 | +40.0% YoY | Quarterly, as filed | Quarter to Mar 2026 | Profit after tax as filed. |
| Return on equity | −7.4 pts | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. | |
| Free cash flow margin | -5.04 | −7.6 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | −113.0 pts | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. |
Price
Performance −41.6% 1Y
1Y: ₹113 on 24 Oct 2025 → ₹66. High ₹121.4 (12 Nov 2025), low ₹57.3 (30 Mar 2026).
- Previous close
- ₹62.9
- Market cap
- ₹91 Cr
- 52-week range
- ₹57.3 – ₹121.4
- One year
- −42.11%
- Price to earnings (FY ending Mar 2026)
- 8.23×
- Return on equity (FY ending Mar 2026)
- 12.72%
Overview
- Symbol
- NSE:ZEAL
- Sector
- Services
- Exchange
- NSE
- Currency
- INR
What Zeal Global Services Limited does
Based on the company's own presentations, annual report and earnings calls.
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
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +40% (quarter to mar 2026 against mar 2025).
| Line item | Sept 2022 | Mar 2023 | Sept 2023 | Mar 2024 | Sept 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 56 | 56 | 94 | 99 | 170 | 197 | 171 | 114 |
| Expenses | 50 | 48 | 87 | 88 | 158 | 189 | 164 | 103 |
| Operating profit | 6 | 8 | 8 | 11 | 13 | 9 | 8 | 11 |
| Operating margin | 11.0% | 15.0% | 8.0% | 11.0% | 7.0% | 4.5% | 4.4% | 10.0% |
| Other income | 0 | 0 | 1 | 2 | 2 | 2 | 2 | 2 |
| Interest | 0 | 1 | 1 | 1 | 0 | 1 | 1 | 1 |
| Depreciation | 0 | 1 | 1 | 2 | 3 | 3 | 3 | 3 |
| Profit before tax | 6 | 7 | 6 | 10 | 12 | 8 | 6 | 9 |
| Tax rate | 25.0% | 27.0% | 26.0% | 26.0% | 26.0% | 27.0% | 26.0% | 27.0% |
| Net profit | 4 | 6 | 5 | 7 | 9 | 5 | 5 | 7 |
| EPS (₹ per share) | 4.43 | 5.64 | 3.44 | 5.60 | 6.90 | 4.05 | 3.47 | 4.91 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 1 | 2 | 10 | 13 | 13 | 13 |
| Reserves | 5 | 11 | 13 | 53 | 68 | 79 |
| Borrowings | 2 | 2 | 17 | 10 | 14 | 20 |
| Other liabilities | 11 | 17 | 20 | 39 | 47 | 31 |
| Total liabilities | 19 | 32 | 60 | 115 | 143 | 143 |
| Fixed assets | 1 | 0 | 9 | 18 | 19 | 15 |
| Capital work in progress | 0 | 0 | 0 | 9 | 7 | 8 |
| Investments | 0 | 2 | 2 | 3 | 3 | 3 |
| Other assets | 18 | 29 | 48 | 85 | 113 | 117 |
| Total assets | 19 | 32 | 60 | 115 | 143 | 143 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 56 | 39 | 51 | 31 | 25 | 37 |
| Cash conversion cycle | 56 | 39 | 51 | 31 | 25 | 37 |
| Working capital days | -14 | -9 | -35 | -24 | -15 | 5 |
| Return on capital employed | 34.0% | 65.0% | 53.0% | 30.0% | 24.0% | 17.0% |
| Dividend payout | 11.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
What the price assumes
- Growth the price implies
- -18.0% 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
Ownership
Who owns it
Promoters hold 73.40% as of Sept 2026; institutions added 0.01 pts since Mar 2026.
- Promoters 73.40%
- Foreign institutions 0.00%
- Domestic institutions 2.45%
- Public 24.15%
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.
- +0.28 pp 2.11% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Sep 2026 filing
Every holder of Zeal Global Services Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| 55.78% | unchanged | |
| 17.62% | unchanged | |
| AIF | 2.45% | unchanged |
| 2.11% | +0.28 pp | |
| 2.05% | unchanged | |
| 0.04% | unchanged |
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.
Your own record
Start an Inve Case for Zeal Global Services Limited
Free account: one company. Everything above stays public.
Write why you follow Zeal Global Services Limited and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading
Other Services companies
- DR
DRONACHRYADroneacharya Aerial Innovations Limited - MO
MOTOGENFINThe Motor & General Finance Limited - SH
SHREEOSFMShree OSFM E-Mobility Ltd - SE
SERVICESERVICE - PA
PATINTLOGPatel Integrated Logistics Limited - CR
CRAVATEXCravatex Ltd. - GO
GOYALALUMGoyal Aluminiums Limited - AI
AISLANI Integrated Services Limited
Learn to analyse Zeal Global Services Limited
Guides on how to read this kind of business and the numbers that matter.