Zaggle Prepaid Ocean Services Ltd.

•

zaggle.inBSE: 543985NSE: ZAGGLE

Market Cap₹ 2,380 Cr.

Current Price

High / Low₹ 405 / 154

Stock P/E19.1

Book Value₹ 104

Price to Book1.83

Dividend Yield0.00 %

ROCE13.6 %

ROE10.2 %

Face Value₹ 1

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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 GENERATED

Information Technology

Buy

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.

Confidence

68%

View full sector analysis →

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 19.1 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

Information TechnologyITIT - Software

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	TCS	2209.00	16.05	799235.53	4.98	13420.00	4.69	72275.00	13.93	66.25	25.67
2.	INFY	1035.00	13.87	420027.06	4.64	7775.00	12.29	48211.00	14.03	42.84	23.66
3.	HCLTECH	1226.55	19.10	332844.59	4.40	4626.00	20.34	34579.00	13.94	31.20	19.87
4.	WIPRO	167.50	12.55	165902.38	6.57	3356.30	0.59	24478.60	10.59	18.49	18.93
5.	TECHM	1502.25	28.67	147240.59	3.39	1486.30	31.67	15711.90	17.68	23.04	17.43
6.	LTM	4403.10	24.97	130605.33	1.70	1468.60	17.06	11608.00	17.96	30.25	17.75
7.	OFSS	11623.00	29.66	101216.72	3.44	1415.50	120.52	3125.20	68.73	45.50	60.04
8.	PERSISTENT	5390.00	44.21	85027.25	0.74	483.04	13.67	4303.23	29.09	35.09	16.19
9.	COFORGE	1846.90	46.57	81813.62	0.86	531.70	49.19	5527.70	49.86	24.70	19.14
10.	MPHASIS	2311.65	23.10	44125.99	2.68	489.51	10.82	4384.05	17.46	23.31	18.15
11.	LTTS	3360.55	27.01	35647.89	1.73	357.10	12.97	2940.10	11.47	27.70	18.65
12.	ZAGGLE	177.00	18.38	2379.91	0.00	17.53	-32.86	423.26	27.50	14.10	7.85

Detailed Comparison with:

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:: -51%

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	43.93	43.88	40.09	44.21	44.20	44.20	44.13	44.15	44.30
	5.95	6.14	9.41	8.44	8.50	8.64	7.61	4.06	2.31
	5.44	8.80	12.98	11.53	8.91	6.88	6.00	5.65	3.71
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	44.68	41.16	37.52	35.81	38.38	40.28	42.25	46.13	49.69

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09

Updates

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

General Updates

2026-09-08 - Zaggle Prepaid Ocean Services Limited has informed the Exchange regarding Newspaper Publication

2026-09-07

General Updates

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

Shareholders meeting

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

General Updates

2026-08-29 - Zaggle Prepaid Ocean Services Limited has informed the Exchange regarding newspaper publication

2026-08-21

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-21 - Zaggle Prepaid Ocean Services Limited has informed the Exchange about Transcript

2026-08-15

General Updates

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

General Updates

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

Analysts/Institutional Investor Meet/Con. Call Updates

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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Zaggle Prepaid Ocean Services Ltd.

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Free 5nance Account

Name

TCS

2209.00

16.05

799235.53

4.98

13420.00

4.69

72275.00

13.93

66.25

25.67

INFY

1035.00

13.87

420027.06

4.64

7775.00

12.29

48211.00

14.03

42.84

23.66

HCLTECH

1226.55

19.10

332844.59

4.40

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

1502.25

28.67

147240.59

3.39

1486.30

31.67

15711.90

17.68

23.04

17.43

LTM

4403.10

24.97

130605.33

1.70

1468.60

17.06

11608.00

17.96

30.25

17.75

OFSS

11623.00

29.66

101216.72

3.44

1415.50

120.52

3125.20

68.73

45.50

60.04

PERSISTENT

5390.00

44.21

85027.25

0.74

483.04

13.67

4303.23

29.09

35.09

16.19

COFORGE

1846.90

46.57

81813.62

0.86

531.70

49.19

5527.70

49.86

24.70

19.14

MPHASIS

2311.65

23.10

44125.99

2.68

489.51

10.82

4384.05

17.46

23.31

18.15

LTTS

3360.55

27.01

35647.89

1.73

357.10

12.97

2940.10

11.47

27.70

18.65

ZAGGLE

177.00

18.38

2379.91

0.00

17.53

-32.86

423.26

27.50

14.10

7.85

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

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%

Interest

Depreciation

Profit before Tax

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

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

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

240

371

553

776

1,303

1,853

1,911

212

311

507

705

1,187

1,672

1,745

Operating Profit

115

181

166

OPM %

16.47%

11.51%

16.14%

8.41%

9.11%

8.85%

9.76%

8.70%

Interest

Depreciation

Profit before Tax

117

178

167

Tax %

22.05%

-6.22%

18.09%

27.61%

26.36%

25.50%

25.33%

25.42%

Net Profit

133

124

EPS

0.41

4.57

2.46

3.59

6.52

9.88

—

Dividend Payout %

0.00%

—

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

-65

-46

-4

547

1,221

1,363

137

Trade Payables

Total Liabilities

237

693

1,308

1,518

104

134

192

175

215

334

Cash & Bank

279

653

535

184

190

254

322

Total Assets

237

693

1,308

1,518

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-18

-12

-83

-6

Cash from Investing

-4

-1

-10

-18

-332

-486

Cash from Financing

-6

-12

403

496

-3

-2

-12

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

43.93

43.88

40.09

44.21

44.20

44.13

44.15

44.30

5.95

6.14

9.41

8.44

8.50

8.64

7.61

4.06

2.31

5.44

8.80

12.98

11.53

8.91

6.88

6.00

5.65

3.71

Government

0.00

44.68

41.16

37.52

35.81

38.38

40.28

42.25

46.13

49.69

Zaggle Prepaid Ocean Services Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Zaggle Prepaid Ocean Services Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI