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
| ₹ 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) |
| ₹ 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 |
| 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 35,510 | 26.9 | 5.47 | 16.3 | 19.7 | 21.1 | 15.1 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · Income tax appeal dismissed; company to approach ITAT | regulatory legal | high | — | — |
| 8 Sept 2026 · Newspaper Publication of 15th AGM Notice | compliance | minimal | — | — |
| 29 Aug 2026 · Zaggle 15th AGM notice published in newspapers on Aug 29, 2026 | compliance | minimal | — | — |
| 21 Aug 2026 · Q1 FY27 earnings call transcript; revenue up 28%, EBITDA margin dips to 8.2% | investor communications | medium | — | — |
| 14 Aug 2026 · Zaggle Q1 FY27 revenue up 27.5%, PAT falls 32.9% on acquisition costs | compliance | low | — | — |
| 14 Aug 2026 · Q1 FY27 results: revenue up, profit down YoY; new acquisitions and investments announced | results | high | — | — |
| 14 Aug 2026 · Zaggle Q1 FY27 results: revenue up 27.5%, profit falls 33% | results | high | — | — |
| 14 Aug 2026 · Zaggle grants 2.5 lakh ESOP options at Rs 151 each | capital market events | medium | — | — |
| 11 Aug 2026 · Zaggle schedules Q1FY27 earnings call for Aug 14, 2026 | board shareholder meetings | low | — | — |
| 8 Aug 2026 · Amendment to agreement with APAC Financial Services | strategic transactions | medium | — | — |
| 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 |
| 19.6 |
| TATA TECHNOLOGIES LIMITED | 31,087 | 55.8 | 7.92 | 33.8 | 13.9 | 14.3 | — | 18.3 |
| INVENTURUS KNOWLEDGE SO L | 29,665 | 38.0 | 10.59 | 27.0 | 25.8 | 27.7 | — | 33.6 |
| NETWEB TECH INDIA LTD | 28,723 | 109.9 | 39.71 | — | 28.5 | 37.5 | — | 15.7 |
| AFFLE 3I LIMITED | 22,105 | 46.2 | 6.05 | 30.4 | 12.5 | 15.2 | 39.3 | 25.8 |
| SAGILITY LIMITED | 21,150 | 21.3 | 2.19 | 12.0 | 9.6 | 11.6 | — | 22.3 |
| BLACK BOX LIMITED | 14,299 | 61.3 | 11.11 | 28.4 | 16.9 | 9.5 | 6.2 | 8.4 |
| E2E NETWORKS LIMITED | 12,632 | 287.1 | — | — | — | — | — | 82.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.3 | 18.9 | 41 of 78 | 48% |
| P/B | 1.8 | 2.2 | 31 of 70 | 57% |
| ROCE | 12.8 | 9.7 | 34 of 87 | 62% |
| ROE | 9.9 | 9.4 | 34 of 72 | 54% |
| Debt / Equity | 0.0 | 0.0 | 37 of 72 | 49% |
| 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 | 2512 | 309 | 16 of 87 | 83% |
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| 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 |
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.
