---
title: "Zeal Global Services Ltd (ZEAL) — Share Price, Financials & Analysis"
symbol: "ZEAL"
company: "Zeal Global Services Ltd"
canonical: "https://tapetide.com/stocks/ZEAL"
isin: "INE0PPS01018"
nse_symbol: "ZEAL"
sector: "Services"
industry: "Transport Services"
market_cap_cr: 107.21
generated_at: "2026-09-13T20:15:18.654Z"
---

# Zeal Global Services Ltd (ZEAL)

Canonical page: https://tapetide.com/stocks/ZEAL

## Company

- **NSE Symbol:** ZEAL
- **ISIN:** INE0PPS01018
- **Sector:** Services
- **Industry:** Transport Services
- **Macro Sector:** Services
- **Stock Type:** EQUITY
- **Listed Since:** 2023-08-09
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** zeal-global.com

## About

Incorporated in 2014, Zeal Global Services Ltd provides Air Cargo Services[1]

## Latest Price

- **Price:** ₹76.55
- **Change:** -4 (-4.97%)
- **Open:** ₹78
- **Day High:** ₹78
- **Day Low:** ₹74.15
- **Previous Close:** ₹80.55
- **Volume:** 1800
- **As Of:** 2026-09-11T10:01:44+00:00

## Key Fundamentals

Observed at 2026-09-11T04:37:09.253683Z.

- **Market Cap:** ₹107.21 Cr
- **Classification:** SME
- **P/E (reported):** 9.6
- **EPS (reported):** ₹9.03
- **Book Value:** ₹69.41
- **Price to Book:** 1.16
- **Dividend Yield:** 1.9%
- **ROE:** 17.71%
- **ROCE:** 24.84%
- **Debt to Equity:** 0.22
- **Revenue (yearly):** ₹285.53 Cr
- **Net Income:** ₹10.71 Cr
- **EBITDA:** ₹18.42 Cr
- **52-Week High:** ₹93.55
- **52-Week Low:** ₹61.5
- **RSI (14):** 63.01

## Tapetide Score

- **Score:** 57 / 100
- **Score date:** 2026-09-04
- **Archetype:** Out of Favour
- **What it means:** Financially sound, yet the market is not rewarding it. Cases like this usually need a specific reason the pessimism is misplaced, and patience for that reason to play out.
- **Pillar profile:** Quality: Good · Valuation: Cheap · Momentum: Falling
- **Percentile:** 77.8 (of 4473 scored stocks)
- **Confidence:** 88%
- **Data coverage:** 76%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 51.28 | 9% |
| growth | 27.33 | 9% |
| momentum | 38.03 | 12% |
| ownership | 65.72 | 24% |
| quality | 69.83 | 22% |
| valuation | 61.7 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Stock is trading at 1.10 times its book value

### Weaknesses

- Contingent liabilities of Rs.62.7 Cr.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | -38.19% | 260.24% | 111.86% |
| ebitda margin growth | -8.1% | -40.26% | -51.53% |
| net income growth | -25.62% | 4% | 44% |
| revenue growth | -23.29% | 37% | 36% |
| roce | -5.59% | -60.73% | 44.63% |
| roe | 1.08% | 26.23% | -56.86% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 64 | 56 | 56 | 94 | 99 | 170 | 197 | 171 | 114 |
| Expenses | 61 | 50 | 48 | 87 | 88 | 158 | 189 | 164 | 103 |
| Operating Profit | 3 | 6 | 8 | 8 | 11 | 13 | 9 | 8 | 11 |
| OPM % | 5 | 11 | 15 | 8 | 11 | 7 | 4.5 | 4.4 | 10 |
| Other Income | 0 | 0 | 0 | 1 | 2 | 2 | 2 | 2 | 2 |
| Interest | 0 | 0 | 1 | 1 | 1 | 0 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 1 | 1 | 2 | 3 | 3 | 3 | 3 |
| Profit before tax | 3 | 6 | 7 | 6 | 10 | 12 | 8 | 6 | 9 |
| Tax % | 27 | 25 | 27 | 26 | 26 | 26 | 27 | 26 | 27 |
| Net Profit | 3 | 4 | 6 | 5 | 7 | 9 | 5 | 5 | 7 |
| EPS in Rs | 15.46 | 22.21 | 5.64 | 3.44 | 5.6 | 6.9 | 4.05 | 3.47 | 4.91 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 76 | 61 | 121 | 112 | 193 | 368 | 286 |
| Expenses | 75 | 58 | 114 | 97 | 175 | 346 | 267 |
| Operating Profit | 2 | 2 | 7 | 15 | 19 | 21 | 18 |
| OPM % | 2.5 | 4 | 6 | 13 | 10 | 6 | 6 |
| Other Income | 0 | 0 | 0 | 0 | 2 | 4 | 4 |
| Interest | 0 | 0 | 0 | 1 | 2 | 1 | 2 |
| Depreciation | 0 | 0 | 0 | 1 | 3 | 5 | 6 |
| Profit before tax | 2 | 2 | 7 | 13 | 16 | 19 | 15 |
| Tax % | 26 | 26 | 26 | 26 | 26 | 26 | 27 |
| Net Profit | 1 | 2 | 7 | 10 | 12 | 15 | 11 |
| EPS in Rs | 21 | 31.33 | 36.95 | 10.08 | 9.03 | 10.95 | 8.38 |
| Dividend Payout % | 52 | 11 | 0 | 0 | 0 | 0 | 18 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 0.6 | 0.6 | 2 | 10 | 13 | 13 | 13 |
| Reserves | 4 | 5 | 11 | 13 | 53 | 68 | 79 |
| Borrowings | 3 | 2 | 2 | 17 | 10 | 14 | 20 |
| Other Liabilities | 15 | 11 | 17 | 20 | 39 | 47 | 31 |
| Total Liabilities | 22 | 19 | 32 | 60 | 115 | 143 | 143 |
| Fixed Assets | 0 | 1 | 0 | 9 | 18 | 19 | 23 |
| CWIP | 0 | 0 | 0 | 0 | 9 | 7 | 0 |
| Investments | 0 | 0 | 2 | 2 | 3 | 3 | 3 |
| Other Assets | 22 | 18 | 29 | 48 | 85 | 113 | 117 |
| Total Assets | 22 | 19 | 32 | 60 | 115 | 143 | 143 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 9 | -5 | 7 | -9 | 23 | 14 | -12 |
| Cash from Investing Activity | -1 | 0 | -5 | -9 | -43 | -17 | 5 |
| Cash from Financing Activity | 1 | -1 | 0 | 14 | 23 | 3 | 4 |
| Net Cash Flow | 9 | -6 | 2 | -3 | 3 | 1 | -4 |
| Free Cash Flow | 9 | -6 | 7 | -19 | 3 | 10 | -15 |
| CFO/OP | 566 | -187 | 123 | -45 | 149 | 91 | -41 |

### Ratios

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 17 | 56 | 39 | 51 | 31 | 25 | 37 |
| Cash Conversion Cycle | 17 | 56 | 39 | 51 | 31 | 25 | 37 |
| Working Capital Days | -64 | -14 | -9 | -35 | -24 | -15 | 5 |
| ROCE % | — | 34 | 65 | 53 | 30 | 24 | 17 |

## Shareholding Pattern

### Quarterly

| Category | Jun 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 100% | 73.4% | 73.4% | 73.4% | 73.4% | 73.4% | 73.4% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% | 2.44% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 0% | 18.27% | 18.64% | 19.71% | 19.74% | 18.13% | 18.12% |
| Others | 0% | 8.33% | 7.96% | 6.89% | 6.86% | 8.47% | 6.04% |
| No. of Shareholders | 7 | 811 | 879 | 1409 | 1410 | 1301 | 1183 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 11 / 6 / 2

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 73.12 | Buy |
| EMA (10) | 75.36 | Buy |
| SMA (20) | 68.61 | Buy |
| EMA (20) | 71.2 | Buy |
| SMA (50) | 66.81 | Buy |
| EMA (50) | 68.63 | Buy |
| SMA (100) | 68.87 | Buy |
| EMA (100) | 71.05 | Buy |
| SMA (200) | 79.85 | Sell |
| EMA (200) | 81.82 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 57.65 | Neutral |
| MACD (12,26,9) | 4.18 | Buy |
| Stochastic (14,3,3) | 63.13 | Neutral |
| ADX (14) | 26.57 | Buy |
| Williams %R (14) | -51.59 | Neutral |
| ATR (14) | 4.27 | High Volatility |
| ROC (12) | 17.77 | Buy |
| Stoch RSI (14) | 41.51 | Neutral |
| UO (7,14,28) | 62.48 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 8 Sep - Investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written … | [Price movement 8 Sep - Investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written …](https://www.nseindia.com/companies-listing/corporate-filings-announcements?symbol=ZEAL&tabIndex=sme) |
| 8 Jul - Filed Regulation 74(5) certificate for quarter ended 30 June 2026. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 8 Jul - Filed Regulation 74(5) certificate for quarter ended 30 June 2026.](https://nsearchives.nseindia.com/corporate/ZEALGLOBAL_08072026163813_745Z26.pdf) |
| 7 January 2026 - Certificate under SEBI Reg 74(5) for quarter ended 31-Dec-2025 filed by Zeal Global. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 7 January 2026 - Certificate under SEBI Reg 74(5) for quarter ended 31-Dec-2025 filed by Zeal Global.](https://nsearchives.nseindia.com/corporate/ZEALGLOBAL_07012026161230_745dec25.pdf) |
| 4 April 2026 - Submitted Regulation 74(5) certificate for quarter ended 31 March 2026. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 4 April 2026 - Submitted Regulation 74(5) certificate for quarter ended 31 March 2026.](https://nsearchives.nseindia.com/corporate/ZEALGLOBAL_04042026121859_745ZEALFINAL.pdf) |
| 31 Aug - 13th AGM on September 25, 2026; dividend Rs 1.5/share proposed, Mr. Vishal Sharma reappointment. | [Shareholders meeting 31 Aug - 13th AGM on September 25, 2026; dividend Rs 1.5/share proposed, Mr. Vishal Sharma reappointment.](https://nsearchives.nseindia.com/corporate/ZEALGLOBAL_31082026172317_ZEAL_AGM_NOTICE.pdf) |
| 30 May - Board approved FY26 audited results, recommended Rs1.50 dividend, and regularized Mrs. Deeksha Bajaj as independent director. | [Outcome of Board Meeting 30 May - Board approved FY26 audited results, recommended Rs1.50 dividend, and regularized Mrs. Deeksha Bajaj as independent director.](https://nsearchives.nseindia.com/corporate/ZEALGLOBAL_30052026212714_Final_Outcome.pdf) |
| 30 May - Board approved FY26 audited results, proposed ₹1.50 final dividend, RPTs, and regularized Deeksha Bajaj as independent director. | [Dividend 30 May - Board approved FY26 audited results, proposed ₹1.50 final dividend, RPTs, and regularized Deeksha Bajaj as independent director.](https://nsearchives.nseindia.com/corporate/ZEALGLOBAL_30052026213404_outcome_signed.pdf) |
| 3 Jul - Promoter and PACs hold 97,69,525 shares as of 31 March 2026; no encumbrance created. | [Disclosure under SEBI Takeover Regulations 3 Jul - Promoter and PACs hold 97,69,525 shares as of 31 March 2026; no encumbrance created.](https://nsearchives.nseindia.com/corporate/team_sandeshc_28042026123318_DWOP.pdf) |
| 25 March 2026 - Trading window closed Apr 1, 2026 until 48 hours after audited results for half-year and year ended Mar 31, 2026. | [Trading Window 25 March 2026 - Trading window closed Apr 1, 2026 until 48 hours after audited results for half-year and year ended Mar 31, 2026.](https://nsearchives.nseindia.com/corporate/ZEALGLOBAL_25032026163630_ZTWM26.pdf) |
| 25 Aug - Zeal Global Services Limited has informed regarding Outcome of Board Meeting held on August 25, 2026. | [Outcome of Board Meeting 25 Aug - Zeal Global Services Limited has informed regarding Outcome of Board Meeting held on August 25, 2026.](https://nsearchives.nseindia.com/corporate/ZEALGLOBAL_25082026163430_zeal_outcome.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_30905_ZEAL_2025_2026_A_9473537_31082026174545.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_28412_ZEAL_2024_2025_A_8717612_04092025154448.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_25514_ZEAL_2023_2024_03092024123511.pdf) |
| from nse | [Annual Report 2023 from nse](https://archives.nseindia.com/annual_reports/SME_AR_23736_ZEAL_2022_2023_07092023145837_09072023150001.zip) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Nov 2024 | [Concall - Nov 2024](https://nsearchives.nseindia.com/corporate/ZEAL_16112024173815_investor.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T20:15:18.654Z.