Zaggle Prepaid Ocean Services Ltd(ZAGGLE)

NSE: ZAGGLEBSE: 543985

₹ 152.25+1.36%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 2,047 crWebsite: www.zaggle.inUpdated: 27 Oct 2026

About

Zaggle Prepaid Ocean Services Ltd is a Software-as-a-Service (SaaS) fintech platform, incorporated in 2011, that digitises business spending through automated workflows. It describes itself as India's only modular SaaS+FinTech spend platform. In FY26 it reported revenue of ₹1,907.65 crore, and its core Propel platform crossed ₹1,000 crore in annual revenue for the first time. Through acquisitions, the group has also moved into UPI payment switching (86400/Mobileware), loyalty programme management (GreenEdge), retail co-branded credit cards (Zagg.Money) and tax-filing software (TaxSpanner).^[1][2]

Business segments

Propel platform and gift cards: 58.1% of FY26 revenue at ₹1,107.41 crore. The segment crossed ₹1,000 crore for the first time in FY26.^[3]
Program fee (cashback, incentives and reward payouts to end users): 39.4% of FY26 revenue at ₹752.34 crore.^[3]
Platform, SaaS and service fees: 2.5% of FY26 revenue at ₹47.9 crore.^[3]
As of FY25, the company runs three key business lines: Propel (channel rewards and incentives), Save (employee expense management) and Zoyer (invoice-to-pay platform).^[1]

Products and subsidiaries

Propel is the core corporate spend-management platform. It offers meal, gift, fuel and driver-salary wallets to 4,065 corporate clients as of Q1 FY27.^[4]
Other products as of FY25: TaxSpanner (tax filing), Zatix (spend analytics), Fleet Management, ZIP (international payments) and a USD-denominated Forex Card.^[1]
86400 (formerly Mobileware) is a UPI payment-switch subsidiary. Revenue was ₹74 crore in FY26 (+118% YoY, vs ₹34 crore in FY25) and ₹22 crore in Q1 FY27 (+29% YoY).^[5]
DICE was bought in Q4 FY26 as an asset purchase for ₹68 crore. It brought enterprise AI spend-management IP and 85+ enterprise client contracts, including Hindalco and IDFC First Bank. Revenue from DICE starts being recognised in Q2 FY27.^[4]
TaxSpanner is being rebranded as Z.tax from Q1 FY27. Its B2B side is growing 120% YoY and is targeted to break even in FY27.^[4]
Certifications as of FY25: ISO 27001:2022, ISO 9001:2015, PCI DSS v 4.0.1, SOC 1 Type 2 and SOC 2 Type 2.^[1]

Key operating numbers

Corporate customers: 4,065 in Q1 FY27 (+14.2% YoY), vs 3,915 at the end of FY26 (+13.3% YoY). The count was 1,753 as of March 31, 2022.^[4][1]
Platform users: 4.0 million in Q1 FY27 (+18.6% YoY), vs 3.90 million at the end of FY26 and 3.28 Mn in FY25.^[4][1]
Revenue per customer was ₹0.96 Mn in Q1 FY27 (+3% YoY). Revenue per employee was ₹9.4 Mn in Q1 FY27.^[4]
Cashback (incentive cost) was 66.3% of program fees in Q1 FY27 (+0.6 ppts YoY), down from ~68% in Q4 FY26. The long-term target is ~50% at steady state.^[4]
Fleet spend ran at ₹100 crore annualised in Q1 FY27. Transactions rose 43% YoY and transaction value rose 5.8% YoY.^[4]
Cross-sell penetration (customers using more than one product) was 21% in Q2 FY26, up from 16% at the IPO.^[6]
Customer churn rates stayed consistently under 2% in recent years, as stated in the FY25 annual report.^[1]

Customers and distribution

In Q1 FY27, 73% of new users came from upselling within existing corporate clients.^[4]
The company had 19 banking partners as of Q2 FY26, including AU Small Finance Bank, IDFC First Bank, Standard Chartered, HSBC and DBS. It had four bank alliances at its September 2023 listing.^[6][1]
The platform is sector-agnostic. As of FY25 it served BFSI, technology, healthcare, manufacturing, retail, FMCG, infrastructure, pharma, automotive, and oil and gas.^[1]
Fleet customers include Adani Total Gas (53 geographies, ~700 CNG stations) and Megha Gas (22 geographies, ~200 CNG stations).^[6]
In Q1 FY27, 86400 added Union Bank of India (Bharat Bill Payment), Maharashtra State Cooperative Bank (UPI) and LankaPay, its first international partner.^[4]
GreenEdge's partnership with American Express was extended by three years in Q3 FY26.^[7]

Expansion and new geographies

Zaggle Holding Limited is to be incorporated in Abu Dhabi Global Market with initial capital of USD 10,000. It targets UAE entry with Save, Zoyer and Propel.^[8]
In Q3 FY26 the board approved a GIFT City subsidiary, Zaggle Payments IFSC Limited, to handle international payment flows.^[7]
Integration of DICE with Zaggle's payment rails is targeted for 31 Aug - 10 Sep 2026. Payments revenue from DICE is expected from Q3 FY27.^[4]
Zagg.Money launched the Twin co-brand card (dual-network Visa and RuPay) with Punjab National Bank in Q1 FY27. AU Small Finance Bank is live on both networks.^[4]
A 5-year agreement with HPCL was signed in Q1 FY27 for a Driver Track Plus aggregator role. It is described as the first of three planned oil marketing company contracts.^[4]

Recent developments

In Q4 FY26 the DICE deal was restructured from a ₹123 crore share purchase to a ₹68 crore asset purchase. 100 AI professionals were relocated to Hyderabad by the end of Q1 FY27.^[5]
The EffiaSoft acquisition was cancelled in Q4 FY26. Management said AI disruption had made the rationale redundant.^[5]
The draft Income Tax Rules 2026 raise the per-meal allowance from ₹50 to ₹200 and the gift wallet limit from ₹5,000 to ₹15,000.^[4]
AI-driven changes cut tech headcount by more than 25% as of Q3 FY26. The product feature rollout cycle fell from 75+ days to under 30 days.^[5]

Guidance and targets

FY27 consolidated revenue growth guidance is ~40%, against a Q1 FY27 growth rate of 27.5%. Standalone guidance is 25 - 30%, against 18% YoY in Q1 FY27.^[4]
The long-term adjusted EBITDA margin target is 14 - 15% over 5 - 7 years.^[4]
Zagg.Money's 5-year targets are ₹500 crore revenue and ₹65 crore EBITDA, with ₹100+ crore of primary capital earmarked for it.^[5]

Market Cap

₹2,047 Cr

High / Low

₹405 / 149

Stock P/E

15.6

Price / Book

1.4

Book Value

₹104

EPS

₹10.3

No. of Shares

13.45 Cr

ROCE

14.0%

ROE

10.4%

OPM

9.6%

Debt / Equity

0.03

Sales

₹1,908 Cr

Net Profit

₹139 Cr

Promoter holding

44.3%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials