Zaggle Prepaid Ocean Services Limited (ZAGGLE)
Micro CapIT 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.
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 30 Jun 2026
Bad · 0/100PAT -31% YoY · margin compression · Rev +27% YoY
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Revenue from operations by platform (FY26 Annual Standalone)
Latest issuer-disclosed distribution across 3 reported categories.
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).
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.
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
Management accountability
What management said, and what results must prove
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 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.
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.
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.
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.
Trend score and candlestick chart
34Bearishfull bear SMA stack · SMA20 -8.4% / mo · MACD − · near 52W low
Technical chart
ZAGGLEdaily · 1Y · AUTO-16.9%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 39.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~9.2% over last month) — short-term momentum negative.
- RSI(14) at 39 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 55% off 52W high · 17% 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
U-Score 50 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 50 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
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 44.6%.
- 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 0/10; verify the latest quarterly trend.
- Valuation is weaker at 13/30; 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: +4 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 63rd percentile of the scored universe and 58th 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: 58th pctile, median 69 · Micro: 43rd pctile, median 73
57 documents have extracted text, 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 0.8%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 18.80
- P/B
- 1.74
- EV/EBITDA
- 10.90
- Market Cap
- 2431.00Cr
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
- 0.78%
- FCF Positive Y
- 1/5
- OCF
- -51.00 Cr
- EPS TTM
- 9.64
Shareholding
- Promoter Hold
- 44.30%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 11%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.