Zaggle Prepaid Ocean Services Limited (ZAGGLE) AI Stock Analysis

• Market Cap: ₹48.61B
• Dividend Yield: N/A
• Average Volume (3M): 71.37K
• Price to Earnings (P/E): 48.1
• Beta (1Y): 1.71
• Revenue Growth: 47.25%
• EPS Growth: 45.37%
• Country: IN
• Employees: 301
• Sector: Services
• Sector Strength: N/A
• Industry: Software - Infrastructure
• EPS (TTM): 2.60
• Shares Outstanding: 134,254,030
• 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: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 72 Outperform
• Price Target: ₹445.00 ▲(17.06% Upside)

Zaggle Prepaid Ocean Services Limited has a solid financial foundation with strong revenue growth and effective cost management. The technical analysis indicates positive momentum, although the high P/E ratio suggests the stock may be overvalued. The absence of a dividend yield could deter income-focused investors.

Positive Factors

Revenue Growth

Strong revenue growth indicates expanding market presence and effective product offerings, positioning the company well in the fintech sector.

Profit Margins

Healthy profit margins suggest efficient cost management and operational effectiveness, supporting long-term profitability and competitive advantage.

Financial Stability

A low debt-to-equity ratio reflects conservative leverage, reducing financial risk and enhancing the company's ability to invest in growth opportunities.

Negative Factors

Return on Equity

Suboptimal return on equity suggests the company may not be maximizing shareholder value, indicating potential inefficiencies in capital utilization.

Cash Flow Efficiency

The need for improved cash flow efficiency indicates potential challenges in converting net income into cash, which could impact liquidity and investment capacity.

EBITDA Margin

A need to improve EBITDA margin suggests potential for better operational efficiency, which is crucial for sustaining profitability in a competitive market.

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

Zaggle Prepaid Ocean Services Limited shows strong revenue growth and healthy profit margins, indicating efficient cost management. The balance sheet is robust with low leverage, but there is room for improvement in return on equity and cash flow efficiency.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 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: Positive
• Last Price: 380.15
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• 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 Positive. The current price of 380.15 is above the 20-day moving average (MA) of 380.14, above the 50-day MA of 364.98, and above the 200-day MA of 377.55, indicating a bullish trend. The MACD of 5.04 indicates Positive momentum. The RSI at 51.53 is Neutral, neither overbought nor oversold. The STOCH value of 61.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	₹47.42B	20.30	―	2.77%	4.74%	176.63%
ZAGGLE	72 Outperform	₹48.61B	48.05	―	―	47.25%	45.37%
TCI	70 Outperform	₹90.61B	20.83	―	0.92%	9.97%	16.28%
THOMASCOOK	63 Neutral	₹69.15B	27.09	―	0.32%	11.02%	-9.59%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
QUESS	55 Neutral	₹32.60B	37.20	―	4.70%	-16.43%	-75.38%
TVSSCS	47 Neutral	₹47.85B	84.52	―	―	5.13%	90.30%

Zaggle Prepaid Ocean Services Limited Corporate Events

Zaggle Prepaid Ocean Services Plans Convertible Warrant Issuance

Zaggle Prepaid Ocean Services Limited has announced an Extraordinary General Meeting (EGM) scheduled for October 31, 2025, to discuss the issuance of convertible warrants on a preferential basis. This strategic move aims to raise approximately Rs. 59.99 crore through the issuance of 1,058,201 warrants, each convertible into equity shares, potentially impacting the company’s capital structure and market positioning.

Zaggle Prepaid Ocean Services to Raise Rs. 59.99 Crore via Warrant Issuance

Zaggle Prepaid Ocean Services Limited announced the outcome of its Board Meeting held on October 3, 2025, where it approved the issuance of up to 10,58,201 warrants at a price of Rs. 567 each. This move is aimed at raising approximately Rs. 59.99 crore and involves converting each warrant into one fully paid-up equity share. The issuance is targeted at both the Promoter Group and Non-Promoter on a preferential basis, pending necessary approvals. The company has scheduled an Extra-Ordinary General Meeting on October 31, 2025, to seek member approval for this capital-raising initiative, which could significantly impact its financial strategy and market positioning.

Zaggle Prepaid Ocean Services to Raise Funds via Warrant Issuance

Zaggle Prepaid Ocean Services Limited announced the approval of raising funds through the issuance of up to 10,58,201 warrants at a price of Rs. 567 each, totaling nearly Rs. 60 crores. This strategic move aims to enhance the company’s capital structure and is subject to regulatory approvals and shareholder consent at an upcoming Extra-Ordinary General Meeting.

Zaggle Prepaid Ocean Services Limited Enters Loan Agreement with Dice Enterprises

Zaggle Prepaid Ocean Services Limited has entered into a loan agreement with Dice Enterprises Private Limited, providing a working capital loan of up to INR 15 Crores. The loan is set for a 12-month period at an interest rate of 12% per annum, repayable on demand, and is aimed at enhancing financial flexibility for Dice Enterprises.

Zaggle Partners with Mastercard for Co-Branded Prepaid Cards

Zaggle Prepaid Ocean Services Limited has announced a strategic agreement with Mastercard Asia/Pacific Pte. Ltd to launch and promote co-branded domestic prepaid cards on the Mastercard network. This partnership, effective from September 22, 2025, to September 30, 2030, is expected to strengthen Zaggle’s market position by leveraging Mastercard’s global network, potentially benefiting stakeholders through increased market reach and service offerings.