Zaggle Prepaid Ocean Services Limited (ZAGGLE) AI Stock Analysis

• Market Cap: ₹28.97B
• Dividend Yield: N/A
• Average Volume (3M): 71.37K
• Price to Earnings (P/E): 32.1
• Beta (1Y): 1.96
• Revenue Growth: 47.25%
• EPS Growth: 45.37%
• Country: IN
• Employees: 301
• Sector: Services
• Sector Strength: N/A
• Industry: Software - Infrastructure
• EPS (TTM): 2.77
• Shares Outstanding: 134,458,450
• 10 Day Avg. Volume: 45,262
• 30 Day Avg. Volume: 71,366
• PEG Ratio: 0.70
• Price to Book (P/B): 3.58
• Price to Sales (P/S): 3.43
• P/FCF Ratio: -93.60
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 10.85
• Revenue Forecast (FY): ₹18.17B

• Rating: 65 Neutral
• Price Target: ₹240.00 ▼(-28.67% Downside)
• Action: Downgraded Date: 01/24/26
• Date: Action: Downgraded 01/24/26

Overall score is driven by solid financial performance (strong growth and profitability with improving cash flows), but is meaningfully weighed down by very weak technical momentum (below major moving averages, negative MACD, deeply oversold RSI/Stoch) and a relatively high P/E with no dividend yield.

Positive Factors

High revenue growth

Sustained ~46% revenue growth indicates strong product-market fit and accelerating enterprise adoption. Over months, this supports scale economics for SaaS licensing and card programs, enabling reinvestment in product, sales expansion, and improved fixed-cost absorption that bolster long-term margins.

Healthy operating and net margins

Consistently healthy gross and EBIT margins plus rising net margins reflect efficient cost structure and pricing power in SaaS and payments. Durable margin levels support reinvestment, cushion competitive pressure, and allow the company to sustain profitability through growth cycles.

Improving cash generation and conservative leverage

Transition to positive free cash flow and improving operating cash flow indicates strengthening cash conversion. Coupled with a strong equity position and low leverage, this enhances financial flexibility for product development, M&A, or working capital without heavy external funding.

Negative Factors

Return on equity could be higher

A stated shortfall in ROE suggests the company is not yet extracting maximal profit per unit of shareholder capital. Over months, persistently modest ROE can limit shareholder returns unless management improves asset efficiency, pricing, or capital allocation to lift long-term profitability.

Cash flow efficiency vs. net income needs work

Although free cash flow is positive, conversion relative to net income is suboptimal. This structural cash efficiency gap can constrain funding for growth initiatives, raise reliance on external capital, and reduce resilience to shocks unless operational cash conversion improves.

Revenue tied to transaction volumes and partners

Business economics rely materially on client transaction volumes and third‑party partners (issuers, networks, merchants). That structural dependency creates revenue cyclicality and partner-concentration risk, requiring sustained client retention and stable partner terms to preserve long-term revenue durability.

Zaggle Prepaid Ocean Services Limited Business Overview & Revenue Model

Company Description

Zaggle Prepaid Ocean Services Limited builds financial products and solutions to manage the business expenses of corporates, small and medium-sized enterprises, and startups through automated workflows. It operates Propel, a corporate software-as-a-service (SaaS) platform for channel rewards and incentives, employee rewards, and recognition; and Save, a SaaS-based platform and a mobile application to offer expense management solution for business spend management facilitating digitized employee reimbursements and tax benefits. The company also provides CEMS, a customer engagement management system that enables merchants to manage their customer experiences, including rewarding merchants through gift card and loyalty benefits; and Zaggle Payroll Card, a prepaid payroll card that enables customers to pay contractors, consultants, seasonal and temporary employees, and unbanked wage workers as an alternative to direct deposits to bank accounts or cash payments. In addition, it operates Zoyer, an integrated data driven SaaS based business spend management platform with embedded automated finance capabilities in core invoice to pay workflows. The company was incorporated in 2011 and is based in Mumbai, India.

How the Company Makes Money

ZAGGLE generates revenue through several key streams including transaction fees from prepaid card usage, subscription fees for businesses utilizing its payment processing services, and commissions on digital wallet transactions. Additionally, the company may partner with financial institutions and retailers to expand its service offerings, which can include revenue-sharing agreements. By leveraging technology to enhance user experience and streamline payment processes, ZAGGLE is positioned to capture a growing share of the digital payment market.

Zaggle Prepaid Ocean Services Limited Financial Statement Overview

Summary

Strong income statement performance (revenue growth, healthy gross and EBIT margins, improving net margin) supports a high score, tempered by only moderate balance sheet and cash flow scores (ROE could be higher and cash flow efficiency vs. net income needs improvement).

Income Statement

Zaggle Prepaid Ocean Services Limited exhibits strong revenue growth, with a significant increase in total revenue from the previous year. The gross profit margin and EBIT margin are healthy, indicating efficient cost management and operational performance. The net profit margin is also improving, showing enhanced profitability. However, there is room for improvement in EBITDA margin for even better performance.

Balance Sheet

The company has a strong equity position with an improving equity ratio, reflecting financial stability. The debt-to-equity ratio is low, indicating conservative leverage usage, which reduces financial risk. However, the return on equity could be higher, suggesting potential for improved profitability relative to shareholders' equity.

Cash Flow

Cash flow positions are improving with positive operating cash flow. The company has managed to turn free cash flow positive, showing better cash generation from operations. However, the free cash flow to net income ratio indicates that further efforts are needed to enhance cash flow efficiency relative to net income.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	13.84B	13.04B	7.76B	5.53B	3.71B	2.40B
Gross Profit	5.76B	5.57B	3.35B	1.89B	2.01B	1.96B
EBITDA	1.57B	1.41B	815.51M	477.27M	566.45M	264.60M
Net Income	972.96M	879.19M	440.20M	229.01M	419.21M	193.30M
Balance Sheet
Total Assets	0.00	13.15B	6.96B	2.35B	926.53M	620.80M
Cash, Cash Equivalents and Short-Term Investments	6.53B	6.53B	2.83B	238.28M	36.11M	27.89M
Total Debt	0.00	198.78M	866.27M	1.41B	703.11M	730.58M
Total Liabilities	-12.49B	660.72M	1.21B	1.86B	962.11M	1.08B
Stockholders Equity	12.49B	12.48B	5.75B	487.51M	-35.58M	-455.51M
Cash Flow
Free Cash Flow	0.00	-477.83M	-1.29B	-317.89M	125.09M	24.30M
Operating Cash Flow	0.00	197.02M	-827.46M	-156.18M	200.81M	34.14M
Investing Cash Flow	0.00	-4.86B	-3.32B	-181.48M	-98.69M	-10.06M
Financing Cash Flow	0.00	4.96B	4.03B	526.44M	-122.90M	-56.83M

Zaggle Prepaid Ocean Services Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 336.45
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ZAGGLE, the sentiment is Negative. The current price of 336.45 is above the 20-day moving average (MA) of 263.40, above the 50-day MA of 297.47, and below the 200-day MA of 365.73, indicating a bearish trend. The MACD of -21.70 indicates Positive momentum. The RSI at 30.76 is Neutral, neither overbought nor oversold. The STOCH value of 20.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ZAGGLE.

Zaggle Prepaid Ocean Services Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VRLLOG	73 Outperform	₹47.29B	18.11	―	2.79%	4.74%	176.63%
TCI	70 Outperform	₹75.04B	18.01	―	0.94%	9.97%	16.28%
ZAGGLE	65 Neutral	₹28.97B	32.13	―	―	47.25%	45.37%
THOMASCOOK	57 Neutral	₹46.94B	41.31	―	0.32%	11.02%	-9.59%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
QUESS	55 Neutral	₹28.54B	13.93	―	4.70%	-16.43%	-75.38%
TVSSCS	47 Neutral	₹48.82B	116.38	―	―	5.13%	90.30%

Zaggle Prepaid Ocean Services Limited Corporate Events

Zaggle Launches Electronic Postal Ballot to Approve Special Business

Zaggle Prepaid Ocean Services Limited has initiated a postal ballot process to seek shareholder approval on special business matters exclusively through remote electronic voting. The company has fixed February 20, 2026 as the cut-off date for eligible shareholders, engaged KFin Technologies Limited to provide the e-voting platform, and scheduled the voting window from March 3 to April 1, 2026, with results to be declared on or before April 3, 2026.

The company has appointed an independent scrutinizer, S. Sarweswara Reddy of S. S. Reddy and Associates, to oversee the e-voting process and validate the results in a fair and transparent manner. By conducting the postal ballot entirely via electronic means and foregoing physical ballot materials, Zaggle is aligning with MCA and SEBI regulations while streamlining shareholder participation and disclosure compliance.

Zaggle Secures Five-Year Employee Expense Management Deal with Saurashtra Cement

Zaggle Prepaid Ocean Services Limited has executed a five-year agreement with Saurashtra Cement Limited to deploy its Zaggle Save platform for employee expense management and benefits. The domestic contract deepens Zaggle’s enterprise footprint in traditional industries, reinforcing its position as a fintech enabler of digital expense and benefits solutions for large Indian corporates while adding a long-term revenue stream from a non-related party client.

Under the agreement, Zaggle will provide end-to-end employee expense management and benefits services to Saurashtra Cement, with no related-party or promoter-group interests involved. The long-duration deal underscores growing demand for digitalized employee spend and benefits tools in the Indian corporate sector and may support Zaggle’s efforts to scale its platform across diversified industrial customers.

Zaggle Signs One-Year Corporate Expense Card Deal With Superking Ventures

Zaggle Prepaid Ocean Services Limited has entered into a client agreement with Superking Ventures Private Limited under which it will provide Zaggle Corporate Expense cards to Superking’s employees and associates. The one-year, domestically awarded contract underscores Zaggle’s ongoing expansion of its corporate client base in India and supports deeper penetration of its expense management solutions, with no related-party or promoter-group interests involved, signaling a standard arm’s-length commercial engagement.

The arrangement is expected to strengthen Zaggle’s presence in the domestic corporate payments segment by adding a new enterprise customer for its expense card platform. For stakeholders, the deal highlights the company’s ability to win new business relationships that can drive increased transaction volumes on its network and enhance its positioning amid intensifying competition in the corporate fintech and prepaid card ecosystem.

Zaggle Wins Chennai Super Kings Corporate Expense Card Mandate

Zaggle Prepaid Ocean Services Limited has entered into a one-year client contract with Chennai Super Kings Cricket Limited, under which it will provide its Zaggle Corporate Expense cards to the franchise’s employees and associates. The domestic agreement expands Zaggle’s corporate client base into the high-visibility professional sports segment, potentially strengthening its brand positioning in the corporate payments space and supporting wider adoption of its expense management solutions among large organizations.

The arrangement is structured as a standard client contract, with no related-party or promoter-group interests disclosed, underscoring it as an arm’s-length commercial deal. By aligning with a prominent Indian Premier League team, Zaggle may gain marketing and cross-selling advantages, reinforcing its presence in a competitive fintech market and signaling continued traction for its corporate card offering in India’s growing digital payments ecosystem.

Zaggle Forms GIFT City Wholly Owned Subsidiary to Expand Payments Footprint

Zaggle Prepaid Ocean Services Limited has incorporated a wholly owned subsidiary, Zaggle Payments IFSC Limited, in GIFT City, Gujarat, after receiving a certificate of incorporation from the Ministry of Corporate Affairs on February 25, 2026. The new entity positions Zaggle to tap into the International Financial Services Centre ecosystem at GIFT City, potentially expanding its payments business footprint and reinforcing its strategic presence in regulated fintech and cross-border financial service hubs.

The creation of Zaggle Payments IFSC Limited may enable the company to develop new products tailored to international and IFSC-related financial activities, supporting future growth in specialized digital payment services. This move could strengthen Zaggle’s industry positioning by aligning it with India’s broader push to build GIFT City as a global financial services destination, which may have long-term implications for its corporate and institutional customer base.

Zaggle Publishes Q3 FY26 Earnings Call Transcript for Investor Reference

Zaggle Prepaid Ocean Services Limited has released the transcript of its Q3 FY26 earnings conference call, held on February 12, 2026, covering the company’s operational and financial performance for the quarter and nine months ended December 31, 2025. The transcript, which features commentary from senior management including the executive chairman, managing director and CEO, and finance leadership, has been filed with the stock exchanges in compliance with SEBI listing regulations and made available on the company’s investor relations website for stakeholders’ reference and record-keeping.

Zaggle Signs Agreement to Provide Mobile Phone Leasing Facility for Cubastion Employees

Zaggle Prepaid Ocean Services Limited has entered into an agreement with Cubastion Consulting Private Limited under which Zaggle will facilitate the procurement and leasing of mobile phones to Cubastion’s employees through its Employee Purchase Programme. The domestic agreement, which remains in force until terminated under its own terms, underscores Zaggle’s efforts to deepen its corporate relationships and expand the adoption of its employee purchase solutions, reinforcing its position in the employee benefits and fintech services segment without involving any related-party transactions.

Zaggle Prepaid Ocean Services to Attend Investor Conference in Mumbai

Zaggle Prepaid Ocean Services Limited has announced its participation in an upcoming investor conference organized by Antique Stock Broking in Mumbai. The company will engage in both one-on-one and group meetings with analysts and institutional investors, ensuring that only publicly available information will be discussed, thereby maintaining compliance with regulatory requirements.

Zaggle Enters Warrant Subscription Agreement with Bennett Coleman

Zaggle Prepaid Ocean Services Limited has announced the execution of a Warrant Subscription Agreement with Bennett Coleman and Company Limited. This agreement allows Bennett Coleman to subscribe to over 700,000 warrants, each convertible into an equity share of Zaggle, at a significant premium, indicating a substantial capital infusion. This move is likely to strengthen Zaggle’s financial position and enhance its market presence, potentially impacting its growth trajectory and stakeholder interests positively.

Zaggle Partners with Bennett Coleman for Media Promotion and Warrant Subscription

Zaggle Prepaid Ocean Services Limited, a company listed on the National Stock Exchange of India and BSE Limited, has announced the execution of an advertisement agreement with Bennett Coleman and Company Limited. This agreement aims to promote Zaggle’s products, services, and brands through various media channels. Additionally, Bennett Coleman and Company Limited has entered into a Warrant Subscription Agreement with Zaggle, subscribing to 705,467 warrants, each convertible into one equity share, at a price of Rs. 567 per warrant. This strategic partnership is expected to enhance Zaggle’s market visibility and potentially increase its shareholder value.

Zaggle Partners with Mastercard to Expand Financial Solutions

Zaggle Prepaid Ocean Services Limited has entered into a significant agreement with Mastercard Asia/Pacific Pte Ltd. This partnership will enable Zaggle to offer Mastercard credit cards and other solutions to its customers, enhancing its service offerings and potentially increasing its market presence through additional spend-linked incentives over a five-year period.