NSE: ZAGGLE · BSE: 543985
ZAGGLE PREPA OCEAN SER L
Operates a fintech platform that manages corporate spending, prepaid cards, employee benefits, gift cards and fleet-related payments for businesses and their employees. Revenue is reported across three streams dominated by Propel platform revenue and gift cards (58.1% of segment revenue in FY26), followed by program fees on customer spends (39.4%) and platform/SaaS/service fees (2.5%). The platform layer includes products branded as Zatix, Zoyer, Zaggle Save and Zagg.money, covering expense management, employee benefits and prepaid card issuance. Recent client agreements span a 5-year cobranded retail credit card with Punjab National Bank, a 5-year fleet card loyalty programme with Hindustan Petroleum, a 3-year fleet payments tie-up with Daimler India Commercial Vehicles, and empanelment with Canara Bank as a fintech vendor. Cost structure is dominated by other operating expenses at 86.6% of revenue, with employee costs at 3.7% and depreciation at 1.9%; management has flagged a cash-back/incentive ratio around 68% that it intends to reduce to ~50% over 4-5 years. The business has expanded through acquisitions including the DICE asset purchase (INR 68 crore, adding AI-enabled SaaS at ~95% gross margins) and a 19.9% stake in Unobanc Private Limited to access cross-border payments and an FFMC licence. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Propel platform revenue / Gift cards (58%), Program fee (39%), Platform fee / SaaS fee / Service fee (3%). Asset-light fintech spend management and prepaid payments platform
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 776 | 1,304 | 1,908 |
| EBITDA (ex other income) | 71 | 114 | 185 |
| margin % | 9.1 | 8.7 | 9.7 |
| Owners' profit | 0 | 88 | 138 |
| EPS, as reported (₹) | 4.06 | 6.99 | 10.28 |
| ROE % · ROCE % | 7.7 · 12.2 | 7.0 · 10.0 | 9.9 · 13.1 |
| Debt / equity (x) | 0.13 | 0.01 | 0.03 |
| Cash from operations | (83) | 20 | (51) |
| Capex | (46) | (67) | (107) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 303 | 337 | 412 | 332 | 432 | 526 | 618 | 423 |
| Profit before tax | 28 | 26 | 41 | 34 | 44 | 50 | 53 | 23 |
| Net profit | 20 | 20 | 31 | 26 | 35 | 37 | 41 | 18 |
| EPS (₹) | 1.66 | 1.61 | 2.32 | 1.94 | 2.61 | 2.76 | 3.02 | 1.30 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Program fee | 222 | 35.9 |
| Propel platform revenue / Gift cards | 382 | 61.8 |
| Platform fee / SaaS fee / Service fee | 14 | 2.3 |
| Total, before eliminations | 618 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 44,149 | 33.4 | 6.80 | 20.4 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 29,130 | 37.4 | 10.40 | 26.5 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,718 | 48.0 | 6.81 | 29.0 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 24,780 | 94.8 | 34.26 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 21,553 | 21.7 | 2.23 | 12.2 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,072 | 39.9 | 5.22 | 26.0 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,377 | 61.6 | 11.17 | 28.6 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 13,177 | 34.6 | 2.14 | 11.9 | 7.5 | 9.7 | 12.0 | 13.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.0 | 17.5 | 35 of 76 | 55% |
| P/B | 1.6 | 2.2 | 31 of 70 | 57% |
| ROCE | 12.8 | 9.6 | 33 of 86 | 62% |
| ROE | 9.9 | 9.2 | 32 of 70 | 55% |
| Debt / Equity | 0.0 | 0.0 | 35 of 70 | 51% |
| EBITDA margin | 8.9 | 13.0 | 50 of 69 | 28% |
| Revenue growth | 27.5 | 20.8 | 27 of 67 | 61% |
| Profit growth | (32.9) | 14.6 | 54 of 64 | 16% |
| Market cap | 2216 | 296 | 16 of 87 | 83% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · NSE seeks clarification on unusual trading volume | regulatory legal | low | — | — |
| 22 Oct 2026 · Zaggle incorporates wholly owned subsidiary in Abu Dhabi | strategic transactions | medium | — | — |
| 9 Oct 2026 · Zaggle wins Gold and Silver at Afaqs BankFin 360 Awards | business updates | medium | — | — |
| 8 Oct 2026 · Quarterly SEBI Regulation 74(5) compliance certificate filed | compliance | minimal | — | — |
| 6 Oct 2026 · Zaggle sets up wholly owned subsidiary in Abu Dhabi for fintech and SaaS expansion | strategic transactions | medium | — | — |
| 6 Oct 2026 · Zaggle to set up wholly owned subsidiary in Abu Dhabi for Fintech/SaaS/AI | strategic transactions | medium | — | — |
| 30 Sept 2026 · 15th AGM voting results: all 5 resolutions approved | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Re-designation of Mr. Arun Vijaykumar Gupta to Non-Executive Non-Independent Director | management changes | medium | — | — |
| 29 Sept 2026 · M S K A & Associates re-appointed as statutory auditor for 5 years | management changes | medium | — | — |
| 29 Sept 2026 · Zaggle 15th AGM held Sept 29 2026, 6 resolutions passed | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.