Zaggle Prepaid Ocean Services Limited (ZAGGLE) AI Stock Analysis

• Market Cap: ₹41.87B
• Dividend Yield: N/A
• Average Volume (3M): 71.37K
• Price to Earnings (P/E): 36.7
• Beta (1Y): 1.93
• 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: 134,451,970
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 72 Outperform
• Price Target: ₹346.00 ▲(2.84% 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 Momentum

Nearly 47% revenue growth and ~45% EPS growth indicate sustained top-line expansion and improving unit economics. Durable revenue acceleration supports scale, funds product and sales investment, and increases the chance of lasting margin expansion over multiple quarters.

Diversified Revenue Model

A dual model of recurring SaaS fees plus payment/program economics diversifies cash flows and reduces single-channel risk. Integrated cards, wallets and rewards create customer stickiness and cross-sell opportunities, fostering durable revenue streams and network effects.

Balance Sheet Strength and Cash Generation

Conservative leverage, an improving equity ratio, and positive operating and free cash flow give financial flexibility. This lowers refinancing risk, enables self-funding of growth initiatives, and provides a cushion during cyclicality for sustainable operations.

Negative Factors

Cash Flow Efficiency

Despite positive free cash flow, the weak free-cash-flow-to-net-income ratio shows earnings aren't fully converting to cash. Persistent conversion gaps can constrain capital allocation, slow deleveraging or reinvestment, and limit durable shareholder return capacity.

ROE and EBITDA Margin Headroom

Room to improve ROE and EBITDA margin suggests capital and operational efficiency are not maximized. Without higher margins or better capital returns, long-term cash generation and investor returns may remain constrained versus peers unless structural improvements occur.

Dependence on Transaction Volumes and Client Retention

Revenue and program economics hinge on corporate client counts, spend volumes, contract renewals and issuer/processor partnerships. This structural exposure makes growth sensitive to client churn, spending cycles, and partner terms, adding medium-term operational risk.

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

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 335.78, below the 50-day MA of 356.60, and below the 200-day MA of 376.04, indicating a bearish trend. The MACD of -14.62 indicates Positive momentum. The RSI at 34.96 is Neutral, neither overbought nor oversold. The STOCH value of 13.26 is Positive, 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	₹42.70B	18.28	―	2.79%	4.74%	176.63%
ZAGGLE	72 Outperform	₹41.87B	36.70	―	―	47.25%	45.37%
TCI	70 Outperform	₹78.18B	17.97	―	0.94%	9.97%	16.28%
THOMASCOOK	63 Neutral	₹64.21B	25.16	―	0.32%	11.02%	-9.59%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
QUESS	55 Neutral	₹30.75B	35.08	―	4.70%	-16.43%	-75.38%
TVSSCS	47 Neutral	₹45.55B	80.46	―	―	5.13%	90.30%

Zaggle Prepaid Ocean Services Limited Corporate Events

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.