Zaggle Prepaid Ocean Services Ltd logo

Zaggle Prepaid Ocean Services Ltd

ZAGGLE NSE

Key Fundamentals

MicrocapIT Enabled ServicesInformation Technology
Market Cap
₹2,639 Cr
Volatility
Moderate
P/E Ratio
20.78
EBITDA
₹185 Cr
Return on Equity
7.04%
Debt to Equity
0.04
Book Value
₹104.43
52W High
₹413.7
52W Low
₹154.36

Insights

Beta

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

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42 extracted metrics + investor summaries across FY20–FY26.

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Tapetide Score

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

Technical Indicators

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.

Growth Rate

Revenue Growth
43.38% ↗
Net Income Growth
57.04% ↗
Cash Flow Change
123.81% ↗
ROE
-7.97% ↗
ROCE
-18.25% ↗
EBITDA Margin (Avg.)
-10.40% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 48d ago
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 8
  • 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
  • Market cap of ₹2,814 crore implies a price-to-sales ratio of roughly 1.5x on FY26 revenue, which while optically cheap, reflects market scepticism about margin expansion sustainability

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

AI News Digest

Anthropic anthropic claude-opus-4.6 48d ago
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.

  • 100% acquisition of Rivpe Technology Jun 12

    Acquired 16,407 CCPS in Rivpe Technology on June 11, 2026, securing full ownership and expanding platform capabilities.

  • APAC Financial 5-year platform deal Jul 1

    Signed 5-year agreement with APAC Financial Services on June 29, 2026, to provide Zoyer Platform and Zaggle Save for employee expense management.

  • Crompton 5-year expense management deal Jun 11

    Entered 5-year deal with Crompton Greaves Consumer Electricals on June 10, 2026, for Zaggle Save employee expense management platform with variable pricing.

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.

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.

Quarterly Results

  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 in Rs
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
Figures in ₹ Crores

Profit & Loss

  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
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 in Rs
207
1,074
2,329
2.48
3.59
6.52
9.88
9.27
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

  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
200
CWIP
0
0
2
11
50
22
0
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
Figures in ₹ Crores

Cash Flow

  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
Figures in ₹ Crores

Ratios

  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%
13%

Shareholding Pattern

As of Jun 2026
Promoters 44.30%
Public 37.66%
Others 10.30%
DIIs 5.43%
FIIs 2.31%
Total 100.00%
  Dec 2022Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
61.66%
44.07%
44.07%
43.93%
43.93%
43.88%
40.09%
44.21%
44.20%
44.20%
44.13%
44.15%
44.30%
FIIs
0.00%
15.60%
6.18%
11.70%
5.95%
6.15%
9.18%
8.44%
8.50%
8.64%
7.61%
4.06%
2.31%
DIIs
0.00%
10.44%
1.83%
6.46%
7.34%
10.70%
14.57%
13.27%
10.65%
8.63%
7.76%
7.40%
5.43%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
0.00%
12.76%
17.71%
20.89%
25.25%
25.92%
23.47%
25.36%
28.04%
30.14%
31.40%
34.86%
37.66%
Others
38.34%
17.14%
30.21%
17.02%
17.53%
13.36%
12.69%
8.72%
8.61%
8.39%
9.10%
9.52%
10.30%
No. of Shareholders
28
42,352
29,323
46,567
67,620
75,100
89,510
1,06,663
1,08,821
1,12,493
1,15,806
1,15,656
1,18,274

Documents

Frequently Asked Questions about Zaggle Prepaid Ocean Services Ltd

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.[1]
Where is Zaggle Prepaid Ocean Services Ltd (ZAGGLE) listed?
Zaggle Prepaid Ocean Services Ltd is listed on the Indian stock exchanges. It is listed on NSE: ZAGGLE and BSE: 543985. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Zaggle Prepaid Ocean Services Ltd belong to?
Zaggle Prepaid Ocean Services Ltd operates in the Information Technology sector within the IT Enabled Services industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Zaggle Prepaid Ocean Services Ltd?
Zaggle Prepaid Ocean Services Ltd has a market capitalisation of approximately ₹2639.15 Cr. Based on this, it is classified as a Small Cap stock.
What is the PE ratio of Zaggle Prepaid Ocean Services Ltd?
The Price-to-Earnings (PE) ratio of Zaggle Prepaid Ocean Services Ltd is 20.78. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Zaggle Prepaid Ocean Services Ltd?
Over the past 52 weeks, Zaggle Prepaid Ocean Services Ltd has traded between a low of ₹154.36 and a high of ₹413.7. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Zaggle Prepaid Ocean Services Ltd?
Zaggle Prepaid Ocean Services Ltd has a Return on Equity (ROE) of 7.04%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Zaggle Prepaid Ocean Services Ltd on Tapetide?
On Tapetide, you can view Zaggle Prepaid Ocean Services Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Zaggle builds world-class financial solutions and products to manage the business expenses of corporates, SMEs, & Startups through automated and innovative workflows.[1]

Website zaggle.in
Listed 2023-09-22
Face Value ₹ 1
Issued Size 13,44,51,967

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