ZAGGLE
Micro CapZaggle Prepaid Ocean Services Limited
IT
Zaggle Prepaid Ocean Services Limited is an Indian spend management company, automating non-CapEx linked business spends for enterprises. It offers a unified SaaS & Fintech ecosystem with products for employee expense management, benefits, rewards, channel incentives, fleet management, and international payments, integrating with ERPs, HRMS, and payment networks.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 62/100Rev +50% YoY · PAT +32% YoY · +17% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹618 Cr | +50.0% | +17.5% |
| EBITDA | ₹58 Cr | +61.1% | +11.5% |
| Operating margin | 9.0% | +0 bps | -100 bps |
| PAT | ₹41 Cr | +32.3% | +10.8% |
| PAT margin | 6.6% | -89 bps | -40 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
ZAGGLE reported record consolidated Q4 FY26 and FY26 results, with Q4 revenue up 49.9% YoY to INR 6,179 Mn and FY26 revenue up 46.3% YoY to INR 19,076 Mn. Adjusted EBITDA and PAT also saw strong YoY growth for both periods.
Management claims record quarterly and annual performance, driven by strong revenue growth across all segments. Strategic moves into new markets and acquisitions are cited as strengthening the long-term platform. The ambitious FY27 guidance suggests continued momentum, but execution on new initiatives and AI integration needs close monitoring.
Revenue from operations by segment (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
AI-first Product Development
Management is moving from an AI-led vision to full-scale execution with dual AI engines for internal efficiency and customer-facing capabilities.
Market Expansion
Plans for expansion into MENA and US markets are identified as a key driver for FY27 consolidated revenue growth.
Strategic Acquisitions
Completed acquisitions of Greenedge Enterprises and Rivpe Technology (Zagg.Money) to enhance capabilities and expand the product ecosystem.
New Market Entry
Entered the consumer retail credit card market and established Zaggle Payments IFSC Ltd in GIFT City for global cross-border payments.
GIFT City Platform
Established Zaggle Payments IFSC Ltd in GIFT City to serve as a platform for global cross-border payments and financial services.
Technology & Product Development
Increased depreciation and amortization reflect capitalization of new technology and product developments, indicating continued investment in innovation.
Digital Payments & Spend Management Ecosystem
Management expresses optimism about opportunities in the broader digital payments and enterprise spend management ecosystem.
Automation Demand
The inherent value proposition of spend management platforms to automate workflows, reduce leakage, and increase efficiency for businesses is a structural tailwind.
Competition
The company operates in a competitive environment, both domestically and internationally, which could impact growth and profitability.
Ability to Manage Growth
Rapid expansion and new market entries (e.g., consumer retail credit cards, international operations) pose risks related to managing growth effectively.
Regulatory Changes
Government policies, actions, and regulations in the digital payments and financial services sector could impact operations and business models.
Talent Retention
Ability to attract and retain highly skilled professionals is crucial for continued innovation and execution in the technology sector.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company explicitly states that Q3 and Q4 are seasonally higher revenue quarters, making year-over-year comparisons more relevant for understanding underlying business performance.
Total Customers Catered To
Increased from 3,455 in FY25 to 3,915 in FY26, a 13.3% YoY growth.
Aggregate Users on Platform
Grew from 3.30 million in FY25 to 3.90 million in FY26, an 18.2% YoY increase.
Cards Issued
Over 50 million cards issued to date.
Prepaid Card Issuer Ranking
Claims to be the #1 Prepaid Card issuer in the country.
FY27 Revenue Guidance
Projects standalone revenue growth of 25-30% and consolidated revenue growth of around 40% for FY27.
Strategic Growth Drivers
Future growth is expected to be driven by AI-first product development, expansion into MENA and US markets, and deeper monetization across four strategic pillars.
AI Execution
Management claims to have moved from an AI-led vision to full-scale execution with dual AI engines for internal efficiency and customer-facing capabilities.
New Ventures
Highlights recent acquisitions, entry into the consumer retail credit card market, and establishment of Zaggle Payments IFSC Ltd in GIFT City.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated Revenue Growth (FY27) | 40% projected | Actual achievement of 40% consolidated revenue growth for FY27, indicating successful execution of strategic initiatives. |
| Standalone Revenue Growth (FY27) | 25-30% projected | Performance against the 25-30% standalone revenue growth guidance, reflecting core business momentum. |
| New Market Penetration (MENA/US) | Expansion plans initiated | Concrete updates on market entry, customer acquisition, and revenue contribution from MENA and US markets. |
| AI Product Development & Monetization | Dual AI engines in execution | Evidence of deeper monetization across strategic pillars and tangible benefits from AI-first product development. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
43NeutralSMA20 -24.5% / mo · near 52W low
Technical chart
ZAGGLEweekly · 6M-43.2%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 31.
- RSI(14) at 31 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 46% off 52W high · 6% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 46.4%.
- Growth contributes 23/25 to the score.
- Balance sheet contributes 11/15 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Valuation is weaker at 14/30; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 67th percentile of the scored universe and 60th percentile within IT. Main check: cash conversion is weak at 38/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-51 Cr.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · IT: 60th pctile, median 68 · Micro: 52nd pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.7%.
- ▸Debt/equity is 0.04.
- ▸8/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-51 Cr.
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 19.20
- P/B
- 1.90
- EV/EBITDA
- 12.21
- Market Cap
- 2655.00Cr
Profitability
- ROE
- 10.40%
- ROCE
- 14.00%
- ROA
- 8.94%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 53.56%
- EPS 5Y
- 82.15%
- Revenue 3Y
- 51.00%
- EPS 3Y
- 82.00%
Balance Sheet
- Debt/Equity
- 0.04
- Interest Coverage
- 37.00×
- Altman Z
- 8.81
- Book Value
- 104.00
Cash Flow
- FCF Yield
- 0.72%
- FCF Positive Y
- 1/5
- OCF
- -51.00 Cr
- EPS TTM
- 10.27
Shareholding
- Promoter Hold
- 44.16%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 4%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.