Zaggle Prepaid Ocean Services Ltd.

•

₹ 200.121.3%

2026-08-21

zaggle.inBSE: 543985NSE: ZAGGLE

Market Cap₹ 2,501 Cr.

Current Price₹ 198

High / Low₹ 414 / 154

Stock P/E19.3

Book Value₹ 106

Price to Book3.91

Dividend Yield0.00 %

ROCE13.2 %

ROE9.8 %

Face Value₹ 1

Add ratio to table

ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Propel Platform Revenue / Gift Cards: 55.4% • Program Fee: 41.9% • Platform Fee / Saas Fee / Service Fee: 2.8%

PROS

Company is almost debt free
Company has a good return on equity (ROE) track record: 3 Years ROE 30.4%
Company comfortably covers its interest (16.4x coverage)

CONS

Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.51x)
Operating cash flow has been negative in recent years
Free cash flow has been persistently negative
Though reporting repeated profits, the company pays out little dividend (0.0%)
Rich enterprise valuation - EV/EBITDA of 29.7x

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

EDIT COLUMNS

Information TechnologyITIT - Software

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	TCS	2287.00	16.62	827456.62	4.81	13420.00	4.69	72275.00	13.93	66.25	25.67
2.	INFY	1117.05	14.97	453305.21	4.30	7775.00	12.29	48211.00	14.03	42.84	23.66
3.	HCLTECH	1322.50	20.60	358882.21	4.08	4626.00	20.34	34579.00	13.94	31.20	19.87
4.	WIPRO	179.50	13.45	177780.78	6.13	3356.30	0.59	24478.60	10.59	18.49	18.93
5.	TECHM	1582.20	30.20	155076.76	3.22	1486.30	31.67	15711.90	17.68	23.04	17.43
6.	LTM	4535.00	25.72	134517.77	1.65	1468.60	17.06	11608.00	17.96	30.25	17.75
7.	OFSS	11720.00	29.90	102061.42	3.41	1415.50	120.52	3125.20	68.73	45.50	60.04
8.	PERSISTENT	5510.00	45.20	86920.25	0.73	483.04	13.67	4303.23	29.09	35.09	16.19
9.	COFORGE	1815.00	45.76	80390.07	0.87	531.70	49.19	5527.70	49.86	24.70	19.14
10.	MPHASIS	2420.00	24.18	46192.17	2.56	489.51	10.82	4384.05	17.46	23.31	18.15
11.	LTTS	3538.70	28.44	37537.66	1.64	357.10	12.97	2940.10	11.47	27.70	18.65
12.	ZAGGLE	186.00	19.31	2500.93	0.00	17.53	-32.86	423.26	27.50	13.24	7.85

Detailed Comparison with:

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	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	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
	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	1	1	2	1	2	2	2	2	3	3	3	0
Equity Capital	9	12	12	12	12	12	13	13	13	13	13	13	13
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	9	12	12	12	12	12	13	13	13	13	13	13	13
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Jun 2023

: 118
: 111
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 4
Depreciation: 2
: 3
Tax %: 31.44%
Net Profit: 0
: 0
Equity Capital: 9
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 9
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 184
: 169
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 3
Depreciation: 2
: 10
Tax %: 23.59%
Net Profit: 0
: 1
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 200
: 179
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 2
Depreciation: 2
: 21
Tax %: 27.18%
Net Profit: 0
: 1
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 273
: 246
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 4
Depreciation: 2
: 26
Tax %: 26.19%
Net Profit: 0
: 2
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 252
: 230
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 2
Depreciation: 2
: 23
Tax %: 26.54%
Net Profit: 17
: 1
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 303
: 276
Operating Profit: —
OPM %: —
Other Income: 6
Interest: 2
Depreciation: 2
: 28
Tax %: 27.82%
Net Profit: 20
: 2
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 12
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 337
: 308
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 2
Depreciation: 4
: 26
Tax %: 24.82%
Net Profit: 20
: 2
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 412
: 376
Operating Profit: —
OPM %: —
Other Income: 13
Interest: 1
Depreciation: 6
: 41
Tax %: 24.61%
Net Profit: 31
: 2
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 332
: 301
Operating Profit: —
OPM %: —
Other Income: 12
Interest: 1
Depreciation: 7
: 34
Tax %: 25.34%
Net Profit: 26
: 2
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 432
: 388
Operating Profit: —
OPM %: —
Other Income: 9
Interest: 1
Depreciation: 7
: 44
Tax %: 25.30%
Net Profit: 35
: 3
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 526
: 473
Operating Profit: —
OPM %: —
Other Income: 9
Interest: 1
Depreciation: 10
: 50
Tax %: 25.51%
Net Profit: 37
: 3
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 618
: 560
Operating Profit: —
OPM %: —
Other Income: 8
Interest: 2
Depreciation: 13
: 53
Tax %: 26.35%
Net Profit: 41
: 3
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 423
: 407
Operating Profit: —
OPM %: —
Other Income: 7
Interest: 2
Depreciation: 13
: 25
Tax %: 31.22%
Net Profit: 18
: 0
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	TTM
	553	776	1,304	1,999
	507	705	1,190	1,828
Operating Profit	49	82	141	—
OPM %	9	11	11	—
Other Income	3	11	27	33
Interest	11	14	8	6
Depreciation	6	8	15	43
	32	60	118	172
Tax %	28	26	26	27
Net Profit	23	44	88	126
EPS	2	4	7	—
Dividend Payout %	0	0	0	—
Minority Interest	0	0	0	0
Share of Associates	0	0	0	6
Adjusted EPS	2	4	7	—
Minority Interest	0	0	0	0
Share of Associates	0	0	0	6
Adjusted EPS	2	4	7	—

Mar 2023

: 553
: 507
Operating Profit: 49
OPM %: 9
Other Income: 3
Interest: 11
Depreciation: 6
: 32
Tax %: 28
Net Profit: 23
EPS: 2
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2

Mar 2024

: 776
: 705
Operating Profit: 82
OPM %: 11
Other Income: 11
Interest: 14
Depreciation: 8
: 60
Tax %: 26
Net Profit: 44
EPS: 4
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4

Mar 2025

: 1,304
: 1,190
Operating Profit: 141
OPM %: 11
Other Income: 27
Interest: 8
Depreciation: 15
: 118
Tax %: 26
Net Profit: 88
EPS: 7
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 7
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 7

TTM

: 1,999
: 1,828
Operating Profit: —
OPM %: —
Other Income: 33
Interest: 6
Depreciation: 43
: 172
Tax %: 27
Net Profit: 126
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 6
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 6
Adjusted EPS: —

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -51%

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: 30%
Last Year:: 10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-
Equity Capital	9	12	13
	25	547	1,221
	70	35	4
Trade Payables	9	2	5
	124	97	71
Total Liabilities	237	693	1,314
ASSETS	-	-	-
	29	23	142
	2	27	25
	0	175	215
Cash & Bank	23	279	653
	184	190	279
Total Assets	237	693	1,314
Total Debt	121	74	9
Net Working Capital	58	492	1,001
Contingent Liabilities	2	7	8
Book Value per Share	3.72	45.67	91.98
Face Value	1.00	1.00	1.00
Total Debt	121	74	9
Net Working Capital	58	492	1,001
Contingent Liabilities	2	7	8
Book Value per Share	3.72	45.67	91.98
Face Value	1.00	1.00	1.00

Mar 2023

Equity Capital: 9
: 25
: 70
Trade Payables: 9
: 124
Total Liabilities: 237
: 29
: 2
: 0
Cash & Bank: 23
: 184
Total Assets: 237
Total Debt: 121
Net Working Capital: 58
Contingent Liabilities: 2
Book Value per Share: 3.72
Face Value: 1.00
Total Debt: 121
Net Working Capital: 58
Contingent Liabilities: 2
Book Value per Share: 3.72
Face Value: 1.00

Mar 2024

Equity Capital: 12
: 547
: 35
Trade Payables: 2
: 97
Total Liabilities: 693
: 23
: 27
: 175
Cash & Bank: 279
: 190
Total Assets: 693
Total Debt: 74
Net Working Capital: 492
Contingent Liabilities: 7
Book Value per Share: 45.67
Face Value: 1.00
Total Debt: 74
Net Working Capital: 492
Contingent Liabilities: 7
Book Value per Share: 45.67
Face Value: 1.00

Mar 2025

Equity Capital: 13
: 1,221
: 4
Trade Payables: 5
: 71
Total Liabilities: 1,314
: 142
: 25
: 215
Cash & Bank: 653
: 279
Total Assets: 1,314
Total Debt: 9
Net Working Capital: 1,001
Contingent Liabilities: 8
Book Value per Share: 91.98
Face Value: 1.00
Total Debt: 9
Net Working Capital: 1,001
Contingent Liabilities: 8
Book Value per Share: 91.98
Face Value: 1.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025
	-16	-83	20
Cash from Investing	-18	-332	-486
Cash from Financing	53	403	496
	19	-12	30
Free Cash Flow	-16	-84	-118
OCF / Net Profit	-0.68	-1.88	0.22
Cumulative 5-Year FCF	0	0	0
OCF / Net Profit	-0.68	-1.88	0.22
Cumulative 5-Year FCF	0	0	0

Mar 2023

: -16
Cash from Investing: -18
Cash from Financing: 53
: 19
Free Cash Flow: -16
OCF / Net Profit: -0.68
Cumulative 5-Year FCF: 0
OCF / Net Profit: -0.68
Cumulative 5-Year FCF: 0

Mar 2024

: -83
Cash from Investing: -332
Cash from Financing: 403
: -12
Free Cash Flow: -84
OCF / Net Profit: -1.88
Cumulative 5-Year FCF: 0
OCF / Net Profit: -1.88
Cumulative 5-Year FCF: 0

Mar 2025

: 20
Cash from Investing: -486
Cash from Financing: 496
: 30
Free Cash Flow: -118
OCF / Net Profit: 0.22
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.22
Cumulative 5-Year FCF: 0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025
PER SHARE	-	-	-
EPS (₹)	2.48	3.59	6.55
Book Value (₹)	3.72	45.67	91.98
Dividend per Share (₹)	0.00	0.00	0.00
Cash EPS (₹)	3.16	4.28	7.65
PROFITABILITY	-	-	-
Operating Margin %	8.90%	9.11%	8.75%
Net Margin %	4.14%	5.68%	6.74%
ROE %	66.69%	14.83%	9.80%
ROCE %	25.36%	17.97%	13.24%
	9.65%	9.46%	8.76%
EFFICIENCY	-	-	-
Debtor Days	68	65	55
Inventory Days	0	0	0
Payable Days	1920	1662	718
	-1852	-1596	-663
FINANCIAL HEALTH	-	-	-
Debt to Equity (x)	3.53x	0.13x	0.01x
Interest Coverage (x)	3.77x	5.34x	16.36x
	1.48x	6.18x	20.06x
GROWTH	-	-	-
Revenue Growth %	0.00%	40.14%	68.10%
Operating Profit Growth %	0.00%	66.31%	71.92%
Net Profit Growth %	0.00%	92.22%	99.68%
	0.00%	44.72%	82.28%
VALUATION	-	-	-
P/E (x)	0.00x	79.98x	54.96x
P/B (x)	0.00x	6.29x	3.91x
Dividend Yield %	0.00%	0.00%	0.00%
	0.00x	40.47x	29.73x

Mar 2023

EPS (₹): 2.48
Book Value (₹): 3.72
Dividend per Share (₹): 0.00
Cash EPS (₹): 3.16
Operating Margin %: 8.90%
Net Margin %: 4.14%
ROE %: 66.69%
ROCE %: 25.36%
: 9.65%
Debtor Days: 68
Inventory Days: 0
Payable Days: 1920
: -1852
Debt to Equity (x): 3.53x
Interest Coverage (x): 3.77x
: 1.48x
Revenue Growth %: 0.00%
Operating Profit Growth %: 0.00%
Net Profit Growth %: 0.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 3.59
Book Value (₹): 45.67
Dividend per Share (₹): 0.00
Cash EPS (₹): 4.28
Operating Margin %: 9.11%
Net Margin %: 5.68%
ROE %: 14.83%
ROCE %: 17.97%
: 9.46%
Debtor Days: 65
Inventory Days: 0
Payable Days: 1662
: -1596
Debt to Equity (x): 0.13x
Interest Coverage (x): 5.34x
: 6.18x
Revenue Growth %: 40.14%
Operating Profit Growth %: 66.31%
Net Profit Growth %: 92.22%
: 44.72%
P/E (x): 79.98x
P/B (x): 6.29x
Dividend Yield %: 0.00%
: 40.47x

Mar 2025

EPS (₹): 6.55
Book Value (₹): 91.98
Dividend per Share (₹): 0.00
Cash EPS (₹): 7.65
Operating Margin %: 8.75%
Net Margin %: 6.74%
ROE %: 9.80%
ROCE %: 13.24%
: 8.76%
Debtor Days: 55
Inventory Days: 0
Payable Days: 718
: -663
Debt to Equity (x): 0.01x
Interest Coverage (x): 16.36x
: 20.06x
Revenue Growth %: 68.10%
Operating Profit Growth %: 71.92%
Net Profit Growth %: 99.68%
: 82.28%
P/E (x): 54.96x
P/B (x): 3.91x
Dividend Yield %: 0.00%
: 29.73x

Shareholding Pattern

Numbers in percentages

TRADES

	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

Jun 2024

: 43.93
: 5.95
: 5.44
Government: 0.00
: 44.68

Sep 2024

: 43.88
: 6.14
: 8.80
Government: 0.00
: 41.16

Dec 2024

: 40.09
: 9.41
: 12.98
Government: 0.00
: 37.52

Mar 2025

: 44.21
: 8.44
: 11.53
Government: 0.00
: 35.81

Jun 2025

: 44.20
: 8.50
: 8.91
Government: 0.00
: 38.38

Sep 2025

: 44.20
: 8.64
: 6.88
Government: 0.00
: 40.28

Dec 2025

: 44.13
: 7.61
: 6.00
Government: 0.00
: 42.25

Mar 2026

: 44.15
: 4.06
: 5.65
Government: 0.00
: 46.13

Jun 2026

: 44.30
: 2.31
: 3.71
Government: 0.00
: 49.69

Documents

Announcements

General Updates
2026-08-15 - Zaggle Prepaid Ocean Services Limited has informed the Exchange regarding Update to the disclosure made on May 24, 2024
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

Annual Reports

Annual Report FY2025
2025
Annual Report FY2024
2024

Credit Ratings

Nothing filed yet.

Concalls

Aug 2026
TranscriptPPTREC
May 2026
Transcript PPTREC
Feb 2026
Transcript PPTREC