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Zaggle Prepaid Ocean Services

ZAGGLE NSE
₹165.11 No trade today
P/E
17.81
View as Markdown
MCP
Close 4 Nov 2026 ₹165.11 −187.99 −53.2% 1Y
Start ₹353.10

Key Fundamentals

MicrocapIT - ServicesInformation Technology

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
13.50%
Debt to Equity
0.04
EPS (TTM)
₹9.27
Book Value
₹103.32
Market Cap
—
P/E (TTM)
17.81
P/B
1.60
ROE
10.00%
Dividend Yield
0.00%
EBITDA
₹223 Cr
52W High
₹405.40
52W Low
₹146.65
Volume
0

Peer Comparison

Information Technology › IT Enabled Services

Zaggle Prepaid Ocean Services peer comparison
L&T Technology Services
₹4,133.5033.20₹45,364 Cr6.190.47%21.50%26.70%₹11,565 Cr₹1,322 Cr
Inventurus Knowledge Solutions
₹1,750.4039.33₹29,871 Cr10.730.00%31.40%31.50%₹3,347 Cr₹764 Cr
Tata Technologies
₹652.4547.55₹26,704 Cr6.911.81%16.30%20.90%₹5,926 Cr₹558 Cr
Netweb Technologies
₹4,062.3088.56₹24,520 Cr11.480.07%32.80%37.50%₹2,702 Cr₹260 Cr
Affle 3i
₹1,623.9047.83₹22,921 Cr5.070.00%13.80%16.80%₹2,836 Cr₹478 Cr
Sagility
₹43.5920.56₹20,233 Cr1.990.35%10.60%13.40%₹7,617 Cr₹994 Cr
ESDS Software Solution
₹1,193.6091.82₹14,545 Cr10.890.00%24.90%30.20%₹537 Cr₹134 Cr
Zaggle Prepaid Ocean Services (this company)
₹165.1117.81₹2,132 Cr1.600.00%10.00%13.50%₹1,911 Cr₹124 Cr
Median 8 companies₹1,408.7543.44₹23,720 Cr6.550.04%18.90%23.80%₹3,092 Cr₹518 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

47 Average

Data confidence 98/100

Category scores

Quality
45
Average
Returns, margins, earnings quality 22% weight
Valuation
48
Average
Cheap vs sector & own history 24% weight
Growth
83
Strong
Sales & profit trajectory 9% weight
Financial Health
81
Strong
Solvency, leverage, coverage 9% weight
Momentum
17
Poor
Trend strength, vol-adjusted 12% weight
Ownership
44
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

3
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 47.0% CAGR over last 5 years

Weaknesses

2
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of 10.4% over last 3 years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish865
OscillatorsBearish261
Moving AveragesStrong Bearish604

Key readings

RSI (14)
49.77
Neutral
MACD (12,26,9)
−4.59
Bullish
SMA (50)
173.63
Bearish
SMA (200)
216.48
Bearish

As of

Analyst Rating

Based on 2 analysts
BUY100%

2 of 2 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
2
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+50.50%
3Y+49.64%
1Y+42.21%
TTM+38.45%

Net profit

Net profit growth by window
5Y+47.58%
3Y+79.49%
1Y+52.87%
TTM+27.84%

Operating cash flow

Operating cash flow growth by window
5YTurned negative
3YOutflow narrowed by ₹10 Cr
1YTurned negative
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y−1.90 pp
3Y+1.09 pp
1Y+0.94 pp
TTM+0.38 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2020₹68.00 Cr
Mar 2021₹240 Cr
Mar 2022₹371 Cr
Mar 2023₹553 Cr
Mar 2024₹776 Cr
Mar 2025₹1,303 Cr
Mar 2026₹1,853 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2020₹4.00 Cr
Mar 2021₹19.00 Cr
Mar 2022₹42.00 Cr
Mar 2023₹23.00 Cr
Mar 2024₹44.00 Cr
Mar 2025₹87.00 Cr
Mar 2026₹133 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹54.70 Cr +37.4% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
AI opinion · based on fundamentals
Risk high

Zaggle Prepaid Ocean Services is a SaaS FinTech company that reported FY26 revenue of ₹1,908 crore (up 46% YoY) and PAT of ₹139 crore (up 52% YoY), trading at a market cap of ~₹2,814 crore with a PE of 20.6x. The company is nearly debt-free and has scaled its enterprise client base to over 3,900 customers and 3.9 million active users, though its EBITDA margins remain in the 9-10% range and the stock has declined ~49% over the past year.

Bull Case 8
  • Revenue grew 46.3% YoY in FY26 to ₹1,908 crore, following 68% growth in FY25, demonstrating consistent high-growth trajectory with 5-year sales CAGR of 51%
  • PAT grew 51.8% YoY in FY26 to ₹139 crore, with profit growth outpacing revenue growth, and 5-year profit CAGR of 47%
  • Company is virtually debt-free, reducing financial risk and interest burden on the business
  • Enterprise client base expanded to 3,900+ corporate customers and 3.9 million active users by end of FY26, up from 3,500+ in Q2 FY26, showing strong platform adoption
  • Management guided for 40% revenue growth in FY27, signalling continued confidence in the demand pipeline
  • PE ratio of 20.6x is relatively modest for a company delivering 46-50% revenue growth, implying the market has de-rated the stock significantly from highs
  • Adjusted EBITDA grew 51% YoY in FY26 to ₹192 crore, with EBITDA margin guidance maintained at 10-11%, indicating improving operating leverage
  • Secured long-term contracts like the 5-year SaaS deal with APAC Financial Services, providing revenue visibility
Bear Case 7
  • Stock has declined approximately 49% over the past one year, reflecting significant loss of investor confidence despite strong financials
  • EBITDA margin remains thin at 9.4% in Q4 FY26 and contracted 46 bps QoQ, raising questions about scalability of profitability
  • Return on equity is low at 10.4% over the last 3 years, suggesting capital is not being deployed at high returns despite rapid revenue growth
  • Company pays zero dividend despite reporting repeated profits, offering no cash return to shareholders
  • PAT margin remains in the 7-8% range (₹139 crore PAT on ₹1,908 crore revenue), low for a company classified under Information Technology/SaaS
  • ESOP costs have weighed on margins — Q4 FY25 EBITDA margin declined to 8.9% partly due to higher ESOP expenses, diluting existing shareholders
  • High dependence on prepaid card transaction volumes means revenue quality may not be purely recurring SaaS, adding cyclicality risk

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

121d ago

TL;DR: Zaggle is on a strong partnership signing spree, locking in multi-year deals with HPCL, PNB, Canara Bank, Crompton, and APAC Financial while completing the Rivpe Technology acquisition. No material headwinds are visible in the current news cycle. Revenue visibility remains variable as most contracts are usage-based, but the breadth of new partnerships across banking, fuel, and enterprise expense management suggests accelerating platform adoption heading into H2 2026.

Positives 6
  • Canara Bank fintech empanelment Jul 1

    Zaggle empanelled with Canara Bank for fintech services for two years effective June 30, 2026, expanding its banking partnership footprint.

  • HPCL 5-year fleet loyalty deal Jul 1

    Signed 5-year agreement with HPCL for loyalty reward points via the Drive Track Plus fleet card program, with variable revenue tied to user onboarding and fuel spends.

  • PNB co-branded credit card pact Jun 22

    Entered 5-year co-branding agreement with Punjab National Bank finalized June 19, 2026, to acquire and market a co-branded retail credit card leveraging Zaggle's corporate base.

Neutral 2
  • Promoter buys 16,900 shares Jun 24

    RAN Ventures purchased 16,900 shares via open market on June 19, 2026, raising promoter group holding to 44.30%.

  • Investor conferences in Mumbai Jun 24

    Zaggle scheduled investor meets on June 23 (JM Financial) and June 30 (Antique Stock Broking) in Mumbai, signaling active institutional engagement.

Quarterly Results

₹ Cr
ZAGGLE quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
118
184
200
273
252
303
336
411
331
431
498
593
390
Expenses
111
169
179
246
230
276
307
375
301
387
447
538
361
Operating Profit
8
15
20
27
22
27
29
37
31
44
51
55
29
OPM %
7%
8%
10%
10%
9%
9%
9%
9%
9%
10%
10%
9%
7%
Other Income
1
1
4
5
5
4
4
13
12
9
8
8
7
Interest
4
3
2
4
2
2
2
1
1
1
1
1
2
Depreciation
2
2
2
2
2
2
4
6
7
7
10
10
11
PBT
3
10
21
26
23
26
27
42
35
44
48
51
23
Tax %
31%
24%
27%
26%
27%
28%
24%
24%
25%
25%
25%
25%
26%
Net Profit
2
8
15
19
17
19
20
32
26
33
36
38
17
EPS (₹)
0.22
0.62
1.25
1.56
1.37
1.51
1.51
2.38
1.93
2.48
2.68
2.81
1.3

Profit & Loss

₹ Cr
ZAGGLE profit and loss, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
68
240
371
553
776
1,303
1,853
1,911
Expenses
57
212
311
505
705
1,187
1,672
1,733
Operating Profit
11
28
60
48
71
115
181
179
OPM %
16%
12%
16%
9%
9%
9%
10%
9%
Other Income
0
0
0
1
11
25
37
32
Interest
5
8
7
11
14
8
5.33
6
Depreciation
2
2
2
6
8
15
35
38
PBT
5
18
51
32
60
117
178
167
Tax %
22%
−6%
18%
28%
26%
26%
25%
—
Net Profit
4
19
42
23
44
87
133
124
EPS (₹)
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank.
2.48
3.59
6.52
9.88
9.27
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
ZAGGLE balance sheet, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
0.18
0.18
0.18
9
12
13
13
Reserves
−65
−46
−4
40
563
1,234
1,387
Borrowings
71
73
70
141
87
16
53
Other Liabilities
43
35
26
45
34
44
66
Total Liabilities
49
62
93
235
696
1,308
1,520
Fixed Assets
8
7
12
29
23
104
134
CWIP
0
0
2
11
50
22
67
Investments
0
0
0
2
26
82
192
Other Assets
41
55
79
193
597
1,101
1,127
Total Assets
49
62
93
235
696
1,308
1,520

Cash Flow

₹ Cr
ZAGGLE cash flow, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
−20
3
20
−16
−83
20
−6
Investing
−4
−1
−10
−18
−332
−486
18
Financing
27
−6
−12
53
403
496
47
Net Cash Flow
3
−3
−2
19
−12
30
59
Free Cash Flow
−24
2
13
−32
−129
−47
−113
CFO/OP
−164
25
43
−25
−104
41
19

Ratios

ZAGGLE financial ratios, annual
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
85
34
42
68
82
60
66
Cash Conversion Cycle
85
34
42
68
82
60
66
Working Capital Days
−139
−51
16
23
100
98
88
ROCE %
—
154%
124%
33%
17%
13%
14%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Zaggle Prepaid Ocean Services insights

66 extracted metrics across FY20–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 44.30%
  • Public 38.33%
  • Others 12.19%
  • DIIs 2.69%
  • FIIs 2.49%

1.61% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Zaggle Prepaid Ocean Services

What does Zaggle Prepaid Ocean Services Ltd do?
Zaggle builds world-class financial solutions and products to manage the business expenses of corporates, SMEs, & Startups through automated and innovative workflows.
Where is Zaggle Prepaid Ocean Services Ltd (ZAGGLE) listed?
Zaggle Prepaid Ocean Services Ltd trades as ZAGGLE on the NSE and under code 543985 on the BSE.
Which sector does Zaggle Prepaid Ocean Services Ltd belong to?
Zaggle Prepaid Ocean Services Ltd is classified under the Information Technology sector, in the IT Enabled Services industry.
What is the PE ratio of Zaggle Prepaid Ocean Services Ltd?
Zaggle Prepaid Ocean Services Ltd trades at a PE ratio of 17.81 as of 4 Nov 2026, on earnings per share of ₹9.27, against a book value of ₹103.32 per share.
What is the 52-week high and low of Zaggle Prepaid Ocean Services Ltd?
Over the last 52 weeks Zaggle Prepaid Ocean Services Ltd has traded between ₹146.65 and ₹405.4 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Zaggle Prepaid Ocean Services Ltd?
Zaggle Prepaid Ocean Services Ltd reported a return on equity of 10.00%. Its debt-to-equity ratio is 0.04.

Company Information

Zaggle builds world-class financial solutions and products to manage the business expenses of corporates, SMEs, & Startups through automated and innovative workflows.

Website zaggle.in
Listed 22 Sep 2023
Face Value ₹1

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