Zaggle Prepaid Ocean Services Limited (ZAGGLE)

Micro Cap

IT stocks · Micro cap · NSE

Zaggle is an Indian SaaS FinTech company providing spend management solutions for enterprises, including employee expense, benefits, rewards, and vendor payments. It integrates with ERPs, HRMS, and payment networks, offering co-branded cards and an AI-first product development approach to automate workflows and optimize spends.

₹159.56

-3.22 · -1.98%

Market cap ₹2,282 Cr

Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm IST

Details

Quote21 Oct, 03:31 pm IST

Base fundamentals17 Oct 2026 · screener

Latest result14 Aug, 05:13 pm IST

Score21 Oct, 04:30 am IST · v4.3-runtime-valuation

Tags02 May 2026

Coverage14/14 · 100%

Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)

Technical timing lens

Trend score and candlestick chart

51Neutral

full bear SMA stack · SMA20 -6.8% / mo · MACD − · near 52W low · sector +19.3pp vs Nifty 500 (3M)

Stock trend: 18

Sector RS: 100

Sector 3M: +13.7% vs Nifty 500 -5.6%

IT FPI tailwindBuilding

Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence

Compare peers →

Technical chart

ZAGGLED candles · FIT view-38.7%

Latest close ₹159.56 on 2026-10-21

Bar

-2.0%

RSI

MACD hist

-0.36

52W pos

2026-10-21O ₹162.78H ₹164.26L ₹158.12C ₹159.56Vol 7.3L sh

Up bar

Down bar

EMA 20

EMA 50

Volume + 20D avg

Result date

RSI(14)

MACD / signal

Market context

Relative performance and chart statistics

Adjusted completed-session prices, rebased to 100

ZAGGLENifty ITNifty 500

ZAGGLE: -22.6%
Nifty 500: -6.5%
Nifty IT: +12.0%
Vs Nifty 500: -16.1 pp

Chart stats

21 Oct 2026

From 52W high: -60.6%
52W range position: 2%
ATR (14): 3.6%
Volume vs 20D: 0.98x
Avg traded value: ₹12.3 Cr
20D price channel: ₹158.1 - ₹185

Quarter ended 30 Jun 2026

Bad · 0

PAT -31% YoY · margin compression · Rev +27% YoY

Revenue: ₹423 Cr; YoY +27.4%
PAT: ₹18 Cr; YoY -30.8%
Operating margin: 7.0%; QoQ -200 bps
PAT margin: 4.3%; QoQ -237 bps

Filed 14 Aug 2026Full result & history →

Current-quarter concall

Transcript not linked yet

No source-linked earnings-call transcript is available for this company in the active results quarter.

Search Concall Intelligence

Technical snapshot

Positioning and participation

Stage 4 Downtrend

Current trend context ranked against all active NSE stocks. It describes the chart; it is not a buy or sell signal.

RS percentile: 5; -3 ranks over 20D
Stage 2 entry: Not in Stage 2; Current classification: Stage 4 Downtrend
Sector rotation: #7; improving · 222 stocks
Industry rotation: #37; improving · 210 stocks

Trend structure

Below 20-DMABelow 50-DMABelow 200-DMA

RSI (14)

Weak momentum

MACD

Below signal

Histogram -0.36

Volume participation

1.0x average

Versus 20-session average

20-session position

5% of range

₹158.12 low · ₹185.02 high

Relative performance

vs Nifty 500

1M: -6.9 pp; stock -11.4%
3M: -16.1 pp; stock -22.6%
6M: -33.8 pp; stock -39.0%
1Y: -46.2 pp; stock -54.2%

From 52W high

-60.6%

High ₹405.4

52W range position

₹154.36 - ₹405.4

ATR (14)

3.6%

₹5.73

Avg traded value

₹12.3 Cr

20-session average

Current setup

No confirmed setup attached

Review the chart and detailed technical evidence before drawing a conclusion.

Open detailed technicals →

Research snapshot

What the evidence says now

Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.

Suggested next step

Research, do not rush

The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.

U-Score

Legacy · FAIR VALUE

Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.

Financials

Fundamentals, quarterly history, margins, returns and balance-sheet evidence

Quarter ended 30 Jun 2026

Bad · 0/100

PAT -31% YoY · margin compression · Rev +27% YoY

Filed 14 Aug 2026

Open results browser →

Metric	This quarter	YoY	QoQ
Revenue	₹423 Cr	+27.4%	-31.6%
EBITDA	₹31 Cr	+3.3%	-46.6%
Operating margin	7.0%	-200 bps	-200 bps
PAT	₹18 Cr	-30.8%	-56.1%
PAT margin	4.3%	-357 bps	-237 bps

NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.

Fundamentals

Valuation

P/E: 17.60
P/B: 1.63
EV/EBITDA: 10.25
Market Cap: 2282.00Cr

Profitability

ROE: 10.40%
ROCE: 14.00%
ROA: 8.37%
Dividend Y: —

Growth (CAGR)

Revenue 5Y: 53.56%
EPS 5Y: 54.19%
Revenue 3Y: 51.00%
EPS 3Y: 82.00%

Balance Sheet

Debt/Equity: 0.04
Interest Coverage: 30.83×
Altman Z: 8.81
Book Value: 104.00

Cash Flow

FCF Yield: 1.05%
FCF Positive Y: 1/5
OCF: -51.00 Cr
EPS TTM: 9.64

Shareholding

Promoter Hold: 44.30%
Promoter Pledge: 0.00%
Momentum 52W: 6%

Financial History

Updated 21/10/2026

Revenue

₹ Cr

Latest: 423-31.6% vs prev

Net Profit

₹ Cr

Latest: 18.0-56.1% vs prev

ROE is shown only in the Annual view — quarterly equity data isn't published.

Technicals

Trend interpretation, Stage 2, relative strength, volume and indicator evidence

Daily technical trend read

Bearish setup

Trend is weak — long-term trend down. RSI 30.

Price < SMA20 < SMA50 < SMA200 — full bearish stack.
SMA20 falling (~7.3% over last month) — short-term momentum negative.
RSI(14) at 30 — falling, no extreme reading.
MACD below signal, histogram expanding negatively — bearish momentum building.
Within 5% of 52-week low — testing support.

Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.

Nifty 500 leadership

Relative Strength & Trend Stage

RS percentile

Stage 4 Downtrend

1M return

-11.4%

3M return

-22.6%

6M return

-39.0%

1Y return

-56.0%

RS 1D

RS 20D

-3

Sector rank

Industry rank

#37

Stage evidence

Price is 23.1% below the 30-week proxy.
The 50-DMA is below the 30-week proxy and its slope is falling -3.1%.
Both 3-month and 6-month returns are negative.

50-DMA

price below

200-DMA

price below

Sector

improving

Industry

improving

Relative-strength line vs Nifty 500 (base 100)

262 observations

21 Oct 2026Value 47.46-1.06%

RS vs Nifty 50047

Valuation & peers

U-Score 54 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies

Growth at Value

Fundamental score breakdown

U band · FAIR VALUE

Valuation16/30

Growth23/25

Quality0/20

Balance Sheet10/15

Cash Flow1/10

Piotroski

6/9 (+3)

Penalties

Raw sum

Why this score?

Top U-Score contributors and drags from the latest stored fundamentals.

54/100 · legacy band FAIR VALUE

Positive drivers

Fair-value margin of safety is positive at 48.4%.
Growth contributes 23/25 to the score.
Balance sheet contributes 10/15 to the score.

Main drags

Quality is weaker at 0/20; verify the latest quarterly trend.
Cash flow is weaker at 1/10; verify the latest quarterly trend.
Valuation is weaker at 16/30; verify the latest quarterly trend.

Sector valuation model

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.

Blended relative

Primary lens

PE, EV/EBITDA, margin of safety, and FCF yield together.

Secondary checks

ROE/ROCE, growth, cash conversion, leverage, promoter risk.

Main risk check

One cheap metric is not enough if quality or cash flow is weak.

17.6

1.6

EV/EBITDA

10.3

ROE

10.4%

ROCE

14.0%

FCF Yield

1.1%

Debt/Equity

0.0

MoS

+48.4%

Score movement

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.

Stored run: 21 Oct 2026

v4.3-runtime-valuation

Final score

Previous: 54

Legacy U-Score band

FAIR VALUE

Previous: FAIR VALUE

Margin of safety

+48.4%

Previous: +47.4%

Score history

12 stored score snapshots. Latest stored move: +0 points.

21 Oct 2026

v4.3-runtime-valuation

Factor attribution

No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.

Modelled fair value

Graham Number

₹150.19

-6.2% MoS

Growth-justified P/E

32.1

Growth-justified Value

₹309.44

+48.4% MoS

PEG

0.27

Comparable companies

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.

Compare all ↗

Ticker

Name

Why peer

Score

ROE

MoS

Verdict

VERANDA

Small

Veranda Learning Solutions Limited

IT Services / Digital

Ramco Systems Limited

IT Services / Digital

Algoquant Fintech Limited

IT Services / Digital

IT Services / Digital

Silver Touch Technologies Limited

IT Services / Digital

Business, management & trust

Growth engines, risks, management commitments and evidence-backed delivery

Business and thesis

Where growth can come from, and what can break the case

Thesis intactReviewed 2026-06-11T08:09:33.766Z

Management commentary snapshot

Zaggle reported record Q4 FY26 and FY26 annual consolidated performance. Annual revenue grew 46.3% YoY to INR 19,076 Mn, Adjusted EBITDA rose 51.0% YoY to INR 1,916 Mn, and PAT increased 51.8% YoY to INR 1,388 Mn.

The company delivered its strongest-ever quarterly and annual results, driven by robust revenue growth and sustained margin improvement. Strategic acquisitions and entry into new markets like consumer retail credit cards and global cross-border payments, alongside an AI-first approach, strengthen its long-term growth platform. Management's FY27 guidance is positive.

Current business mix

Revenue from operations by platform (FY26 Annual Standalone)

Latest issuer-disclosed distribution across 3 reported categories.

Propel platform57.0%

Program fees41.0%

Platform fees2.0%

Growth engines

AI-first Product Development

Dual AI engines drive internal efficiency and power customer-facing capabilities, accelerating build cycles and optimizing spends autonomously.

International Market Expansion

Plans to expand into MENA and US markets, leveraging Zaggle Payments IFSC Ltd in GIFT City for global cross-border payments.

Inorganic Growth via Acquisitions

Completed acquisitions of Greenedge Enterprises (loyalty/rewards) and Rivpe Technology (UPI, co-branded credit cards), enhancing capabilities and product ecosystem.

Deeper Monetization

Focus on deeper monetization across four strategic pillars: Corporates (SaaS fees), Partners (Program fees), Merchants (Merchant Commission), and Users (VAS Fees from BFSI products).

Capacity and execution

Acquisition of Greenedge Enterprises

Completed in December 2025, strengthening loyalty and rewards offerings, boosting the Propel platform.

Acquisition of Rivpe Technology (Zagg.Money)

Completed in March 2026, expanding product offerings with UPI payments and entry into the consumer credit card market.

Establishment of Zaggle Payments IFSC Ltd

Established in GIFT City to serve as a key platform for global cross-border payments and financial services ambitions.

Entry into Consumer Retail Credit Card Market

Marked an important milestone by entering the consumer retail credit card market.

Tailwinds

Digital Payments & Spend Management Ecosystem Growth

Management remains optimistic about opportunities across the digital payments and enterprise spend management ecosystem.

Large Addressable Market in India

Overall estimated market revenue for Payments in India is ₹1750+ Bn by 2027, as per Frost & Sullivan Report.

Management accountability

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.

Analyst reading lens

Compare BOTH

The company provides both quarterly and annual comparisons, with Q4 historically being a higher revenue quarter. Annual figures reflect full-year growth, while quarterly shows recent momentum and execution.

Sector KPIs management disclosed

Total Customers Catered (Standalone)

FY26: 3,915, a 13.3% YoY increase from 3,455 in FY25.

Aggregate Users on Platform (Standalone)

FY26: 3.90 million, an 18.2% YoY increase from 3.30 million in FY25.

Adjusted EBITDA Margin (Standalone)

FY26: 9.9%, up from 9.6% in FY25, indicating sustained margin improvement.

Customer Churn Rate

Less than 1.5%, demonstrating consistent customer retention.

Management forward view

FY27 Revenue Growth Projections

Management projects standalone revenue growth of 25–30% and consolidated revenue growth of around 40% for FY27.

Strategic Vision Drivers

The FY27 vision will be driven by AI-first product development, expansion into MENA and US markets, and deeper monetization across four strategic pillars.

Thesis monitor

Numbers and claims to verify in the next filings

Checkpoint	Current evidence	What to verify next
Consolidated Revenue Growth	46.3% YoY (FY26)	FY27 consolidated revenue growth of around 40%.
Standalone Revenue Growth	42.2% YoY (FY26)	FY27 standalone revenue growth of 25–30%.
Adjusted EBITDA Margin	9.9% (FY26 standalone)	Sustained margin improvement, as indicated by management.
Customer Acquisition & Retention	Churn <1.5%, CAC <5% of revenue	Maintenance of low churn and CAC while scaling operations and user base.

Verification checkpoints are IndiaPulse research interpretation, not investment advice.

Trust Score

70Limited evidence · low confidenceTrust Lite

Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.

Limited evidence: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 58th percentile within IT. Main check: cash conversion is weak at 38/100.

This is a financial-behaviour screen, not a claim-tested management reliability verdict.

Computed 05 Sept 2026

management-trust-v1

57 docs text-extracted · 25 concalls text-extracted

Score band

Limited evidence

Financial behaviour is scored, but management claims do not yet have enough outcome checks.

Relative rank

63rd percentile

overall median 67 · IT: 58th pctile, median 69 · Micro: 43rd pctile, median 73

Evidence depth

Financial-only

57 documents have extracted text, but claim history is not strong enough yet.

Claim delivery

Outcome history still building

0 claims extracted · No contradicted claim yet

How to read this Trust Score

Limited evidence · low confidence

What it measures

Reliability of management and financial delivery, using financial behaviour only.

Confidence

Treat this as an early read until more concalls and outcomes are matched.

Investor use

Acceptable, but check the weakest sub-score before increasing exposure.

Read 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.

Promoter

strong · holding, pledge, alignment

Cash flow

weak · profit to cash conversion

Balance sheet

strong · leverage and solvency

Discipline

acceptable · capital discipline

Results

strong · quarterly consistency

Trust positives

▸Promoter pledge is zero.
▸FCF yield is positive at 0.8%.
▸Debt/equity is 0.04.
▸4/4 latest quarters had positive YoY revenue growth.

Trust risks

▸Operating cash flow is negative at ₹-51 Cr.
▸Only 1 years of positive FCF.
▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.

Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.

Compare IT stocks Browse Indian stocks starting with Z Explore fundamental stock screeners Browse Indian investment themes

Related companies

Veranda Learning Solutions Limited (VERANDA)Ramco Systems Limited (RAMCOSYS)Algoquant Fintech Limited (ALGOQUANT)Kody Technolab Ltd. (KODYTECH)Silver Touch Technologies Limited (SILVERTUC)

Important announcements & filings

Latest exchange and company disclosures found within the past two years.

Source: Bse

Open source ↗

Verify on:NSE India ↗

All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.

Zaggle Prepaid Ocean Services Limited (ZAGGLE)

Trend score and candlestick chart

Technical chart

Relative performance and chart statistics

What the evidence says now

Financials

Quarter ended 30 Jun 2026

Fundamentals

Valuation

Profitability

Growth (CAGR)

Balance Sheet

Cash Flow

Shareholding

Revenue

Net Profit

Technicals

Daily technical trend read

Relative Strength & Trend Stage

Valuation & peers

Fundamental score breakdown

Why this score?

Positive drivers

Main drags

Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks

Stored run vs live recompute

Score history

Factor attribution

Modelled fair value

Comparable companies

Business, management & trust

Where growth can come from, and what can break the case

Revenue from operations by platform (FY26 Annual Standalone)

AI-first Product Development

International Market Expansion

Inorganic Growth via Acquisitions

Deeper Monetization

Acquisition of Greenedge Enterprises

Acquisition of Rivpe Technology (Zagg.Money)

Establishment of Zaggle Payments IFSC Ltd

Entry into Consumer Retail Credit Card Market

Digital Payments & Spend Management Ecosystem Growth

Large Addressable Market in India

What management said, and what results must prove

Total Customers Catered (Standalone)

Aggregate Users on Platform (Standalone)

Adjusted EBITDA Margin (Standalone)

Customer Churn Rate

FY27 Revenue Growth Projections

Strategic Vision Drivers

Numbers and claims to verify in the next filings

How to read this Trust Score

Forensic breakdown

Trust positives

Trust risks

Continue researching Zaggle Prepaid Ocean Services Limited

Important announcements & filings

Announcement Under Regulation 30 (LODR)- General Updates 6 Oct - Board approves ADGM subsidiary ZAGGLE HOLDING LIMITED; initial capital USD 10,000.

Sep 2026 · Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015 29 Sep - AGM approved re-designation of Arun Vijaykumar Gupta as non-independent director on September 29, 2026.

Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 29 Sep - Members re-appointed M S K A & Associates LLP as statutory auditor for five years from September 29, 2026.

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 18 Sep - Zaggle signed agreement with Bandhan AMC to provide the Zaggle Zoyer platform.

Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Sep

Aug 2026 · PPT

Aug 2026 · Transcript

Announcement under Regulation 30 (LODR)-Monitoring Agency Report 14 Aug - CARE report notes Rs.11.05 excess GCP use in IPO proceeds; QIP report shows nil deviation.

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 1 Jul - Zaggle signed a 5-year agreement with HPCL for Drive Track Plus loyalty rewards.

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 30 Jun - Zaggle signed 5-year agreement with APAC Financial Services for Zoyer platform and Zaggle Save services.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Jun

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 19 Jun - Zaggle entered a 5-year co-branding agreement with Punjab National Bank for a retail credit card product.