Zaggle Prepaid Ocean Services Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Propel Platform Revenue / Gift Cards: 57.0% • Program Fee: 40.6% • Platform Fee / Saas Fee / Service Fee: 2.4%
AI Sector View
AI GENERATEDInformation Technology
IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.
PROS
- Company has delivered good profit growth of 47.0% CAGR over last 5 years
- Company is almost debt free
- Company has delivered good sales growth of 50.5% CAGR over last 5 years
- Stock looks reasonably valued - P/E of 20.2 is below its historical median
- Company comfortably covers its interest (32.4x coverage)
- Working capital cycle has improved - days down from 281 to 194
CONS
- Operating cash flow has been negative in recent years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.26x)
- Total debt has risen sharply - up 762.6% year on year
- Equity base is being diluted - shares outstanding up 45.8%
- Though reporting repeated profits, the company pays out little dividend (0.0%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TCS | 2202.00 | 16.00 | 796702.87 | 5.00 | 13420.00 | 4.69 | 72275.00 | 13.93 | 66.25 | 25.67 |
| INFY | 1038.20 | 13.91 | 421325.69 | 4.62 | 7775.00 | 12.29 | 48211.00 | 14.03 | 42.84 | 23.66 |
| HCLTECH | 1207.00 | 18.80 | 327539.38 | 4.47 | 4626.00 | 20.34 | 34579.00 | 13.94 | 31.20 | 19.87 |
| WIPRO | 167.50 | 12.55 | 165902.38 | 6.57 | 3356.30 | 0.59 | 24478.60 | 10.59 | 18.49 | 18.93 |
| TECHM | 1539.50 | 29.38 | 150891.59 | 3.31 | 1486.30 | 31.67 | 15711.90 | 17.68 | 23.04 | 17.43 |
| LTM | 4301.15 | 24.39 | 127581.28 | 1.74 | 1468.60 | 17.06 | 11608.00 | 17.96 | 30.25 | 17.75 |
| OFSS | 11760.00 | 30.01 | 102409.76 | 3.40 | 1415.50 | 120.52 | 3125.20 | 68.73 | 45.50 | 60.04 |
| PERSISTENT | 5537.45 | 45.42 | 87353.27 | 0.72 | 483.04 | 13.67 | 4303.23 | 29.09 | 35.09 | 16.19 |
| COFORGE | 1847.40 | 46.58 | 81835.77 | 0.86 | 531.70 | 49.19 | 5527.70 | 49.86 | 24.70 | 19.14 |
| MPHASIS | 2294.10 | 22.92 | 43790.98 | 2.70 | 489.51 | 10.82 | 4384.05 | 17.46 | 23.31 | 18.15 |
| LTTS | 3334.95 | 26.80 | 35379.24 | 1.74 | 357.10 | 12.97 | 2940.10 | 11.47 | 27.70 | 18.65 |
| ZAGGLE | 186.85 | 19.40 | 2512.36 | 0.00 | 17.53 | -32.86 | 423.26 | 27.50 | 14.10 | 7.85 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 118 | 184 | 200 | 273 | 252 | 303 | 336 | 411 | 331 | 431 | 498 | 593 | 390 | |
| 111 | 169 | 179 | 246 | 230 | 276 | 307 | 375 | 301 | 387 | 447 | 538 | 373 | |
| Operating Profit | 8 | 15 | 20 | 27 | 22 | 27 | 29 | 37 | 31 | 44 | 51 | 55 | 17 |
| OPM % | 6.72% | 8.16% | 10.22% | 9.96% | 8.90% | 8.83% | 8.75% | 8.91% | 9.32% | 10.20% | 10.23% | 9.25% | 4.28% |
| 1 | 1 | 4 | 5 | 5 | 4 | 4 | 13 | 12 | 9 | 8 | 8 | 7 | |
| Interest | 4 | 3 | 2 | 4 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 2 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 4 | 6 | 7 | 7 | 10 | 10 | 11 |
| Profit before Tax | 3 | 10 | 21 | 26 | 23 | 26 | 27 | 42 | 35 | 44 | 48 | 51 | 23 |
| Tax % | 31.44% | 23.59% | 27.18% | 26.19% | 26.54% | 28.03% | 24.40% | 24.10% | 25.12% | 25.24% | 25.40% | 25.49% | 25.62% |
| Net Profit | 2 | 8 | 15 | 19 | 17 | 19 | 20 | 32 | 26 | 33 | 36 | 38 | 17 |
| 0.24 | 0.78 | 1.47 | 1.57 | 1.37 | 1.51 | 1.65 | 2.38 | 1.93 | 2.48 | 2.68 | 2.81 | 1.30 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 68 | 240 | 371 | 553 | 776 | 1,303 | 1,853 | 1,911 | |
| 57 | 212 | 311 | 507 | 705 | 1,187 | 1,672 | 1,745 | |
| Operating Profit | 11 | 28 | 60 | 47 | 71 | 115 | 181 | 166 |
| OPM % | 16.47% | 11.51% | 16.14% | 8.41% | 9.11% | 8.85% | 9.76% | 8.70% |
| 0 | 0 | 0 | 3 | 11 | 25 | 37 | 32 | |
| Interest | 5 | 8 | 7 | 11 | 14 | 8 | 6 | 6 |
| Depreciation | 2 | 2 | 2 | 6 | 8 | 15 | 35 | 38 |
| Profit before Tax | 5 | 18 | 51 | 32 | 60 | 117 | 178 | 167 |
| Tax % | 22.05% | -6.22% | 18.09% | 27.61% | 26.36% | 25.50% | 25.33% | 25.42% |
| Net Profit | 4 | 19 | 42 | 23 | 44 | 87 | 133 | 124 |
| EPS | 0.41 | 4.57 | 4.57 | 2.46 | 3.59 | 6.52 | 9.88 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 50%
- 3 Years:
- 50%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 47%
- 3 Years:
- 80%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -49%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 37%
- 3 Years:
- 12%
- Last Year:
- 10%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0 | 0 | 0 | 9 | 12 | 13 | 13 |
| -65 | -46 | -4 | 25 | 547 | 1,221 | 1,363 | |
| 67 | 41 | 67 | 137 | 60 | 12 | 49 | |
| Trade Payables | 16 | 19 | 11 | 9 | 2 | 4 | 7 |
| 21 | 37 | 16 | 57 | 72 | 59 | 86 | |
| Total Liabilities | 39 | 51 | 90 | 237 | 693 | 1,308 | 1,518 |
| 8 | 7 | 12 | 29 | 23 | 104 | 134 | |
| 0 | 0 | 0 | 2 | 27 | 82 | 192 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 1 | |
| 0 | 0 | 0 | 0 | 175 | 215 | 334 | |
| Cash & Bank | 6 | 3 | 4 | 23 | 279 | 653 | 535 |
| 25 | 41 | 75 | 184 | 190 | 254 | 322 | |
| Total Assets | 39 | 51 | 90 | 237 | 693 | 1,308 | 1,518 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| -18 | 7 | 26 | -12 | -83 | 20 | -6 | |
| Cash from Investing | -4 | -1 | -10 | -18 | -332 | -486 | 18 |
| Cash from Financing | 27 | -6 | -12 | 53 | 403 | 496 | 47 |
| 3 | -3 | -2 | 19 | -12 | 30 | 59 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Zaggle Prepaid Ocean Services Limited has informed the Exchange regarding Update to the disclosure made on March 26, 2026
2026-09-08 - Zaggle Prepaid Ocean Services Limited has informed the Exchange regarding Newspaper Publication
2026-09-07 - Zaggle Prepaid Ocean Services Limited has informed the Exchange about Business Responsibility and Sustainability Report for the financial year 2025-26
2026-09-07 - Zaggle Prepaid Ocean Services Limited has informed the Exchange regarding Notice and Annual Report of the 15th Annual General Meeting to be held on September 29, 2026
2026-08-29 - Zaggle Prepaid Ocean Services Limited has informed the Exchange regarding newspaper publication
2026-08-21 - Zaggle Prepaid Ocean Services Limited has informed the Exchange about Transcript
2026-08-15 - Zaggle Prepaid Ocean Services Limited has informed the Exchange regarding Update to the disclosure made on May 24, 2024
2026-08-14 - Zaggle Prepaid Ocean Services Limited has informed the Exchange regarding Monitoring Agency Report for the quarter ended June 30, 2026
2026-08-14 - Zaggle Prepaid Ocean Services Limited has informed the Exchange about Link of Recording
News
Recent coverage and analyst commentary for ZAGGLE
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