Zaggle Prepaid Ocean Services Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Propel Platform Revenue / Gift Cards: 58.1% • Program Fee: 39.4% • Platform Fee / Saas Fee / Service Fee: 2.5%
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 is almost debt free
- Stock looks reasonably valued - P/E of 18.4 is below its historical median
- Company comfortably covers its interest (33.7x coverage)
- Working capital cycle has improved - days down from 280 to 204
- Attractively priced for its growth - PEG of 0.2
CONS
- Operating cash flow has been negative in recent years
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.42x)
- Total debt has risen sharply - up 431.8% year on year
- Equity base is being diluted - shares outstanding up 45.8%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| 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 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 337 | 412 | 332 | 432 | 526 | 618 | 423 | |
| 111 | 169 | 179 | 246 | 230 | 276 | 308 | 376 | 301 | 388 | 473 | 560 | 407 | |
| Operating Profit | 8 | 15 | 20 | 27 | 22 | 27 | 29 | 36 | 30 | 44 | 52 | 58 | 17 |
| OPM % | 6.72% | 8.16% | 10.22% | 9.96% | 8.90% | 8.83% | 8.60% | 8.72% | 9.19% | 10.17% | 9.92% | 9.44% | 3.91% |
| 1 | 1 | 4 | 5 | 5 | 6 | 4 | 13 | 12 | 9 | 9 | 8 | 7 | |
| Interest | 4 | 3 | 2 | 4 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 2 | 2 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 4 | 6 | 7 | 7 | 10 | 13 | 13 |
| Profit before Tax | 3 | 10 | 21 | 26 | 23 | 28 | 26 | 41 | 34 | 44 | 50 | 53 | 25 |
| Tax % | 31.44% | 23.59% | 27.18% | 26.19% | 26.54% | 27.82% | 24.82% | 24.61% | 25.34% | 25.30% | 25.51% | 26.35% | 31.22% |
| Net Profit | 0 | 0 | 0 | 0 | 17 | 20 | 20 | 31 | 26 | 35 | 37 | 41 | 18 |
| 0.24 | 0.78 | 1.47 | 1.57 | 1.37 | 1.66 | 1.61 | 2.32 | 1.94 | 2.61 | 2.76 | 3.02 | 1.30 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|
| 553 | 776 | 1,304 | 1,908 | 1,999 | |
| 507 | 705 | 1,190 | 1,722 | 1,828 | |
| Operating Profit | 47 | 71 | 114 | 185 | 171 |
| OPM % | 8.41% | 9.11% | 8.75% | 9.71% | 8.56% |
| 3 | 11 | 27 | 38 | 33 | |
| Interest | 11 | 14 | 8 | 6 | 6 |
| Depreciation | 6 | 8 | 15 | 37 | 43 |
| Profit before Tax | 32 | 60 | 118 | 185 | 172 |
| Tax % | 27.61% | 26.36% | 25.77% | 25.06% | 26.56% |
| Net Profit | 23 | 44 | 88 | 139 | 126 |
| EPS | 2.46 | 3.59 | 6.55 | 10.27 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 51%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 82%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -51%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 12%
- Last Year:
- 11%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Equity Capital | 9 | 12 | 13 | 13 |
| Minority Interest | 0 | 0 | 1 | 3 |
| 25 | 547 | 1,221 | 1,368 | |
| 137 | 60 | 15 | 49 | |
| Trade Payables | 9 | 2 | 5 | 21 |
| 57 | 72 | 59 | 101 | |
| Total Liabilities | 237 | 693 | 1,314 | 1,553 |
| 29 | 23 | 142 | 219 | |
| 2 | 27 | 25 | 32 | |
| 0 | 0 | 0 | 1 | |
| 0 | 175 | 215 | 361 | |
| Cash & Bank | 23 | 279 | 653 | 546 |
| 184 | 190 | 279 | 395 | |
| Total Assets | 237 | 693 | 1,314 | 1,553 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| -12 | -83 | 20 | -51 | |
| Cash from Investing | -18 | -332 | -486 | 70 |
| Cash from Financing | 53 | 403 | 496 | 44 |
| 19 | -12 | 30 | 63 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| 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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