🔍

ZAGGLE - Zaggle Prepaid

📊 NSE: ZAGGLE 🏢 Computers - Software - Medium / Small 📅 Last Updated: 12/14/2025 15:21

📢 Recent Corporate Announcements

Zaggle Secures 3-Year Agreement with CNH Industrial for Propel Reward Platform

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 10 Mar 2026, 08:36 AM

Zaggle Prepaid Ocean Services has entered into a domestic agreement with CNH Industrial (India) Private Limited to provide its 'Zaggle Propel' reward platform. The contract is scheduled for a duration of 3 years, ensuring a steady service engagement with a major industrial entity. This partnership reinforces Zaggle's market position in the corporate rewards and incentives segment. While the specific financial value was not disclosed, the multi-year nature of the deal suggests recurring service usage.

Agreement signed with CNH Industrial (India) Private Limited for reward platform services.
The contract involves the deployment of the proprietary 'Zaggle Propel' reward platform.
The execution period for the contract is fixed at 3 years.
The deal is a domestic contract and involves no related party transactions or promoter interest.

💡 Investors should view this as a positive step in Zaggle's B2B expansion strategy. Monitor for further details on the financial scale of such contracts to assess the impact on the company's SaaS-based revenue growth.

Zaggle Signs 3-Year Agreement with Blue Star Limited for Expense Management Solutions

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 05 Mar 2026, 04:55 PM

Zaggle Prepaid Ocean Services Limited has entered into a significant domestic agreement with Blue Star Limited. The company will provide its 'Zaggle Save' platform, which focuses on employee expense management and benefits, to the client. The contract is established for a fixed duration of three years. This partnership signifies Zaggle's continued growth and adoption among major Indian corporate entities.

Agreement signed with Blue Star Limited for employee expense management services.
Zaggle will deploy its 'Zaggle Save' platform for benefits and expense tracking.
The contract duration is fixed for a period of 3 years.
The deal is a domestic contract with no promoter or related party interest involved.

💡 Investors should view this as a positive development in Zaggle's B2B SaaS growth strategy. Monitor for further disclosures regarding the financial scale of such corporate tie-ups to assess long-term revenue impact.

CARE Reaffirms 'CARE A-; Stable' Rating for Zaggle’s ₹100 Cr Bank Facilities

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 05 Mar 2026, 04:38 PM

CARE Ratings has reaffirmed Zaggle's long-term bank facilities rating at 'CARE A-; Stable' for ₹100 crore. The company demonstrated significant growth, with Total Operating Income rising to ₹1,302.65 crore in FY25 from ₹775.60 crore in FY24. Financial health remains robust, characterized by an improved interest coverage ratio of 15.09x and a very low gearing of 0.01x. The company maintains a strong liquidity position with over ₹508 crore in cash and liquid investments following a successful QIP of ~₹595 crore.

Total Operating Income grew to ₹1,302.65 crore in FY25, driven by a user base expansion to 3.5 million.
Overall gearing improved significantly to 0.01x from 0.15x, while interest coverage rose to 15.09x.
Successfully raised ~₹595 crore through a QIP in H2FY25 to fund strategic expansion and debt repayment.
Maintains a strong liquidity profile with cash and liquid balances exceeding ₹508 crore as of December 2025.
Corporate customer base reached ~3,700 with a healthy churn rate of less than 1.5%.

💡 Investors should take confidence in the reaffirmed credit rating and the company's significantly deleveraged balance sheet. Key monitorables include the margin impact of upcoming acquisitions and potential RBI regulatory changes regarding interchange fees.

Zaggle Seeks Approval to Extend ESOP 2022 Benefits to Subsidiary and Associate Employees

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 02 Mar 2026, 10:32 PM

Zaggle Prepaid Ocean Services Limited has initiated a postal ballot to seek shareholder approval for extending its Employee Stock Option Scheme 2022 (ESOP 2022) to employees of its subsidiary and associate companies. This move is designed to attract and retain talent across the entire group structure, both in India and internationally. The e-voting period for shareholders is set from March 3, 2026, to April 1, 2026, with final results expected by April 3, 2026. Importantly, the total number of options under the scheme will remain within the previously approved limits.

Proposal to extend Zaggle ESOP 2022 benefits to present and future employees of subsidiary and associate companies.
The maximum number of options granted will not exceed the stock options already identified and approved under the existing ESOP 2022 scheme.
Remote e-voting period is scheduled to commence on March 3, 2026, and conclude on April 1, 2026.
Results of the postal ballot and the scrutinizer's report will be declared on or before April 3, 2026.

💡 Investors should monitor the voting results as this move indicates a group-wide talent retention strategy, though it does not increase the overall dilution beyond previously approved ESOP limits.

Zaggle Secures 5-Year Contract with Saurashtra Cement for Expense Management Services

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 26 Feb 2026, 10:14 PM

Zaggle Prepaid Ocean Services Limited has entered into a domestic agreement with Saurashtra Cement Limited. Under this contract, Zaggle will provide its 'Zaggle Save' platform, which focuses on employee expense management and benefits. The agreement is structured for a long-term duration of 5 years. While the specific monetary value was not disclosed, this partnership reflects Zaggle's continued expansion in the corporate fintech and SaaS space.

Signed a 5-year agreement with Saurashtra Cement Limited for expense management services.
The contract involves the implementation of the 'Zaggle Save' (Employee Expense Management & Benefits) platform.
The agreement is with a domestic entity, reinforcing Zaggle's presence in the Indian corporate market.
The long-term nature of the 5-year contract provides multi-year revenue visibility for the company.

💡 Investors should view this as a positive step in Zaggle's client acquisition strategy, though the lack of specific financial details makes it difficult to quantify the immediate impact on the bottom line. Monitor for more such corporate tie-ups as a sign of scaling operations.

Zaggle Secures 5-Year Agreement with Saurashtra Cement for Expense Management Services

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 26 Feb 2026, 10:13 PM

Zaggle Prepaid Ocean Services Limited has signed a significant 5-year agreement with Saurashtra Cement Limited. Under this domestic contract, Zaggle will deploy its 'Zaggle Save' platform to manage employee expenses and benefits. This long-term engagement provides revenue visibility and demonstrates the company's ability to onboard industrial clients. While the specific contract value was not disclosed, the multi-year nature of the deal is a positive indicator of client retention and platform adoption.

Signed a 5-year long-term agreement with Saurashtra Cement Limited.
Contract involves the implementation of 'Zaggle Save' for employee expense management.
The deal is a domestic contract with no related party or promoter interest involved.
Strengthens Zaggle's position in the corporate fintech and SaaS-based expense management segment.

💡 Investors should monitor Zaggle's ability to scale such long-term contracts across different industries to drive recurring revenue. The 5-year tenure is a positive sign for business stability.

Zaggle Secures 5-Year Contract with Saurashtra Cement for Expense Management Solutions

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 26 Feb 2026, 10:12 PM

Zaggle Prepaid Ocean Services Limited has entered into a significant 5-year agreement with Saurashtra Cement Limited. Under this contract, Zaggle will provide its 'Zaggle Save' platform, which focuses on employee expense management and benefits. This domestic deal highlights Zaggle's continued expansion in the corporate fintech and SaaS space. While the specific monetary value was not disclosed, the long-term nature of the contract ensures steady revenue visibility from this client.

Signed a 5-year agreement with Saurashtra Cement Limited for expense management services.
The contract involves the implementation of 'Zaggle Save' for employee benefits.
The deal is purely domestic and involves no related party transactions or promoter interest.
Provides long-term revenue visibility and strengthens Zaggle's B2B SaaS portfolio.

💡 Investors should view this as a positive step in Zaggle's client acquisition strategy, reinforcing its market position in corporate expense management. Monitor for further high-volume client wins to assess the company's growth trajectory in the SaaS segment.

Zaggle Incorporates Wholly Owned Subsidiary Zaggle Payments IFSC in GIFT City

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 26 Feb 2026, 12:17 PM

Zaggle Prepaid Ocean Services Limited has officially incorporated its wholly owned subsidiary, Zaggle Payments IFSC Limited, in GIFT City, Gujarat. The Certificate of Incorporation was received from the Ministry of Corporate Affairs on February 25, 2026. This development follows the company's initial announcement regarding the subsidiary's formation on December 16, 2025. Establishing a presence in GIFT City is a strategic move that may allow Zaggle to expand its financial service offerings and leverage tax-efficient international operations.

Incorporation of Zaggle Payments IFSC Limited as a 100% wholly owned subsidiary.
Certificate of Incorporation received from the Ministry of Corporate Affairs on February 25, 2026.
Strategic location in GIFT City, Gujarat, to facilitate international financial services.
Follow-up to the initial board approval and intimation dated December 16, 2025.

💡 Investors should view this as a positive step toward international expansion and operational scaling. Monitor future disclosures regarding the specific business activities and revenue targets for this new GIFT City entity.

Zaggle Q3 FY26: PAT Surges 78% YoY to ₹36 Cr; Revenue Hits ₹498 Cr

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 19 Feb 2026, 09:31 PM

Zaggle reported a stellar Q3 FY26 with revenue growing 48% YoY to ₹498 crores and PAT increasing 78% to ₹36 crores. The company has already surpassed its previous full-year profitability within the first nine months of FY26, with 9M PAT reaching ₹95 crores. Strategic acquisitions like Greenedge and Mobileware are showing significant synergy, while the completion of the Rio.money acquisition opens a new monetization pillar targeting 3.7 million users. Management is also expanding internationally into GIFT City and the UAE to drive future growth.

Quarterly Adjusted EBITDA crossed the ₹50 crore mark for the first time, reaching ₹51 crores (up 63% YoY).
9M FY26 PAT surged 71% YoY to ₹95 crores, already exceeding the entire FY25 profitability levels.
Mobileware (86400) revenue grew to over ₹50 crores YTD FY26 from ₹17 crores in FY24, showing massive scaling.
Completed Rio.money acquisition with a ₹100+ crore capital infusion plan to target ₹500 crore revenue in 4-5 years.
AI integration has reduced product development cycles by over 50%, from 75+ days to under 30 days.

💡 Investors should maintain a positive outlook given the strong margin expansion and successful integration of acquisitions. The company's entry into the B2C space via ZAGG.money and international expansion into the MENA region provide significant long-term growth catalysts.

Zaggle Fully Utilizes Rs 362.16 Crore IPO Proceeds as of December 2025

🟡 NEUTRAL ⭐ 6/10

REGULATORY 📅 13 Feb 2026, 04:28 PM

Zaggle Prepaid Ocean Services has reported the full utilization of its Rs 362.16 crore net IPO proceeds as of the quarter ended December 31, 2025. The monitoring agency, CARE Ratings, confirmed that the funds were deployed across intended objects including customer acquisition (Rs 300 crore) and technology development (Rs 40 crore). While there were no deviations in the purpose of the funds, the report highlighted significant historical delays in implementation, with debt repayment and general corporate spending delayed by over 600 days compared to the original prospectus timeline. All proceeds are now fully spent, concluding the monitoring phase.

Total net proceeds of Rs 362.16 crore have been 100% utilized by the end of Q3 FY26.
Rs 300 crore was spent on customer acquisition and retention, representing the largest share of the IPO funds.
Rs 40 crore was deployed for technology and product development, including salary reimbursements for the tech team.
Significant delays were noted in fund deployment, specifically 611 days for debt repayment and 633 days for general corporate purposes.
Monitoring agency CARE Ratings reported zero deviation from the objects of the issue.

💡 Investors should track if the Rs 300 crore spent on customer acquisition leads to a proportional increase in transaction volumes and revenue in the coming quarters. No further monitoring reports are expected as the IPO funds are now fully exhausted.

Zaggle Releases Audio Recording of Q3 & 9M FY26 Earnings Call

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 12 Feb 2026, 09:55 PM

Zaggle Prepaid Ocean Services Limited has made the audio recording of its earnings conference call available to the public. The call, held on February 12, 2026, focused on the company's operational and financial performance for the quarter and nine months ending December 31, 2025. This disclosure is a routine regulatory requirement following the announcement of financial results. Investors can access the recording via the company's investor relations website to hear management's detailed commentary.

Audio recording of the earnings call held on February 12, 2026, at 5:30 PM IST is now available.
The call discussed financial performance for the quarter and nine-month period ended December 31, 2025.
Disclosure made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The recording is hosted on the company's official investor relations portal for public access.

💡 Investors should listen to the recording to understand management's perspective on growth drivers and future guidance. It is a valuable resource for qualitative insights that supplement the quantitative quarterly financial statements.

Zaggle Resubmits Q3 FY26 Results to Correct Revenue Classification Error

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 12 Feb 2026, 07:46 PM

Zaggle Prepaid Ocean Services has resubmitted its financial results for the quarter ended December 31, 2025, to correct a typographical error in its revenue breakdown. While the total consolidated revenue remains unchanged, the company revised the Propel platform/Gift card revenue upward to ₹3,027.91 million and the SaaS/Service fee revenue downward to ₹116.29 million. The company confirmed that there is no material change to the overall financial results or profitability. This update primarily affects the internal classification of revenue streams rather than the total top-line or bottom-line performance.

Propel platform/Gift card revenue for Q3 FY26 revised to ₹3,027.91 million from ₹2,348.55 million
Platform/SaaS/Service fee revenue for Q3 FY26 revised to ₹116.29 million from ₹795.65 million
Total consolidated revenue and net profit figures remain unchanged from the initial February 12 filing
Subsidiaries contributed ₹297.47 million in revenue and ₹10.58 million in PAT for the quarter ended Dec 31, 2025
The correction was attributed to an inadvertent typographical error in the original submission

💡 Investors should update their revenue mix models to reflect the higher contribution from the Propel platform. No change in investment thesis is required as the overall financial health and net profit remain unaffected.

Zaggle Allots 6,478 Equity Shares Under ESOP Scheme 2022

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Feb 2026, 05:52 PM

Zaggle Prepaid Ocean Services Limited has approved the allotment of 6,478 equity shares to eligible employees following the exercise of vested options under its 2022 ESOP scheme. The shares were issued at an exercise price of Rs. 164 per share, which includes a premium of Rs. 163. This allotment has marginally increased the company's total paid-up equity share capital to 13,44,58,445 shares. The new shares will rank equally with existing shares in all respects.

Allotment of 6,478 equity shares of face value INR 1 each under the Zaggle ESOP Scheme 2022.
Exercise price fixed at Rs. 164 per share, including a premium of Rs. 163.
Total paid-up equity capital increased from 13,44,51,967 to 13,44,58,445 shares.
The allotment was approved by the Board of Directors in a meeting held on February 12, 2026.

💡 This is a routine administrative action with negligible equity dilution of less than 0.01%. Investors should focus on the company's core business performance rather than this minor capital change.

Zaggle Q3 FY26 PAT Jumps 77.7% YoY to ₹360 Mn; Revenue Grows 48% to ₹4,976 Mn

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 04:49 PM

Zaggle reported its strongest-ever quarterly performance in Q3 FY26, with revenue growing 47.9% YoY to ₹4,976.3 million. Profitability saw a significant boost as PAT surged 77.7% YoY to ₹359.7 million, while Adjusted EBITDA crossed the ₹500 million milestone for the first time in the company's history. The company is aggressively expanding its footprint through the acquisition of Greenedge and Rio Money, targeting a new ₹5,000 million revenue stream from its 3.7 million user base. Geographically, Zaggle is scaling via GIFT City and a new entity in the UAE to capture the MENA market.

Q3 FY26 Revenue grew 47.9% YoY to ₹4,976.3 Mn, driven by record program fees exceeding ₹2,000 Mn.
Adjusted EBITDA (before ESOP) rose 62.9% YoY to ₹512.6 Mn, with margins improving to 10.3%.
9M FY26 PAT of ₹950.9 Mn has already surpassed the full-year PAT of FY25.
Acquisition of Rio Money (Zagg.Money) aims to monetize 3.7M+ salaried users with a ₹5,000 Mn revenue target.
Global expansion underway with new subsidiaries established in GIFT City and Abu Dhabi (UAE).

💡 Investors should note the strong margin expansion and the successful transition from AI vision to execution. The company's aggressive M&A strategy and entry into the UAE market provide significant long-term growth catalysts.

Zaggle Q3 FY26 PAT Surges 77.7% YoY to ₹360 Mn; 9M PAT Exceeds Full-Year FY25

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 12 Feb 2026, 04:42 PM

Zaggle reported a robust Q3 FY26 with revenue growing 47.9% YoY to ₹4,976.3 million and PAT jumping 77.7% to ₹359.7 million. The company's 9M FY26 PAT of ₹950.9 million has already surpassed the total PAT for the entire previous fiscal year (FY25). Operational efficiency improved as Adjusted EBITDA margins rose to 10.3% from 9.4% YoY. Strategic moves include the acquisition of Greenedge and expansion into the UAE and GIFT City to bolster global payments.

Q3 FY26 Revenue grew 47.9% YoY to ₹4,976.3 million, marking the highest-ever quarterly performance.
PAT for 9M FY26 reached ₹950.9 million, already surpassing the full-year FY25 profitability.
Adjusted EBITDA crossed the ₹500 million milestone in Q3, reaching ₹512.6 million with a 10.3% margin.
Program fees reached a historic high, surpassing ₹2,000 million for the first time in the company's history.
Strategic expansion is underway with a new GIFT City subsidiary and planned entry into the UAE/MENA region.

💡 Investors should view this as a strong growth signal, given the company's ability to scale revenue and expand margins simultaneously. Monitor the integration of Rio Money and the progress of international expansion as key future catalysts.

View All ZAGGLE Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total Operating Income grew 67.9% YoY to INR 1,302.65 Cr in FY25. Q2 FY26 revenue reached INR 431 Cr, up 42.4% YoY. Growth is driven by three segments: Program Fee Revenue (PFR) which saw 38% organic growth in recent quarters, Propel Platform Revenue (PPR) from reward redemptions, and SaaS Fee Revenue (SFR) from software subscriptions. H1 FY26 revenue surged 37.4% YoY to INR 762 Cr.

Geographic Revenue Split

Not disclosed in available documents, though the company is expanding into new geographies and investing in AI to scale products to a global level.

Profitability Margins

PAT margin improved to 6.72% in FY25 from 5.68% in FY24. Q2 FY26 PAT stood at INR 33 Cr compared to INR 19 Cr in the previous year. Cash PAT surged 70% YoY to INR 40 Cr in Q2 FY26. Profitability is constrained by the high contribution of reward point redemptions which are pass-through in nature.

EBITDA Margin

Adjusted EBITDA for Q2 FY26 was INR 44 Cr, up 48.1% YoY. FY25 PBILDT margin marginally declined to 8.85% from 9.11% in FY24 due to higher operational costs. The company maintains a guidance of 10-11% EBITDA for FY26, with a long-term target of 14-15% within 4-5 years.

Capital Expenditure

The company is investing heavily in AI and intangible assets to make products globally competitive, with these investments expected to continue through the end of FY26. Specific INR values for total planned CAPEX were not disclosed, but H1 FY26 saw negative Operating Cash Flow of INR 19 Cr due to business growth investments.

Credit Rating & Borrowing

Assigned a 'CARE A-; Stable' rating for INR 100 Cr long-term bank facilities. Interest coverage ratio improved markedly to 15.09x in FY25 from 5.27x in FY24. Total debt to gross cash accruals (TD/GCA) improved to 0.16x in FY25 from 1.67x in FY24.

⚙️ Operational Drivers

Raw Materials

Not applicable as Zaggle is an IT/SaaS company. Key 'inputs' are technology infrastructure, banking partnerships, and payment network access (Visa, Mastercard, RuPay).

Key Suppliers

Critical service providers include banking partners (e.g., AU Small Finance Bank, Suryoday Vega Pay) and third-party payment networks (Visa, Mastercard, RuPay) for transaction processing.

Capacity Expansion

User base expanded from 0.9 million in FY21 to over 3.2 million in FY25. Corporate customers grew from 1,092 in FY21 to over 3,400 by FY25. The company recently acquired 100% of Greenedge Enterprises and 81,429 shares in other entities to expand its service suite.

Raw Material Costs

Not applicable. Operational costs are driven by employee expenses, ESOP costs, and incentives/cashbacks which increase in line with business growth.

Manufacturing Efficiency

Platform efficiency is reflected in a low churn rate of less than 1.5% and the ability to handle over 50 million prepaid cards issued to date.

Logistics & Distribution

Distribution is primarily digital via a mobile application and unified dashboard for corporate administrators.

📈 Strategic Growth

Expected Growth Rate

40-50%

Growth Strategy

Growth will be achieved through organic expansion of the product suite, cross-selling to 3,400+ existing corporate clients, and aggressive M&A. Recent acquisitions include TaxSpanner, Mobileware (86400), Dice, and Greenedge. The company is also entering the retail segment via a tie-up with AU Small Finance Bank, targeting INR 500 Cr revenue from this segment by year 5.

Products & Services

SaaS-based spend management solutions, employee benefits platforms, expense management tools, accounts payable automation, and prepaid cards for rewards and incentives.

Brand Portfolio

Zaggle, Propel, ZUGS (Zaggle Unified Gig Worker Savings Platform), 86400 (formerly Mobileware), TaxSpanner, Dice, Rio.Money.

New Products/Services

Launched 'Credit Line on UPI' in partnership with Suryoday Vega Pay. New retail card segment expected to contribute INR 500 Cr revenue at the end of 5 years.

Market Expansion

Expanding into the B2C retail card space and gig worker tax filing segments. Targeting global markets through AI-enhanced product scaling.

Market Share & Ranking

Not disclosed, but established as a leading player in the digital expense management space with 50 million+ cards issued.

Strategic Alliances

Partnerships with AU Small Finance Bank for retail cards and a brand equity transaction with Bennett Coleman and Company Limited (Times of India) to access marquee media brands.

🌍 External Factors

Industry Trends

The industry is shifting toward unified spend management and SaaS-based fintech solutions. Current growth is driven by digital adoption and automated reconciliation. Zaggle is positioning itself by integrating AI and broadening use cases to include vendor and tax payments.

Competitive Landscape

Operates in a competitive fintech landscape with other spend management and SaaS providers; faces competition from traditional banks and emerging fintechs.

Competitive Moat

Moat is built on high switching costs (churn < 1.5%), a large network of 3,400+ corporates, and deep integration with banking partners. The 'omni-channel' offering combining hardware (cards) and software (SaaS) creates a sticky ecosystem.

Macro Economic Sensitivity

Sensitive to corporate OpEx spending and festive season cycles, which drive higher transaction volumes in H2.

Consumer Behavior

Increasing corporate preference for automated, transparent spend tracking and employee benefit digitization.

Geopolitical Risks

Not disclosed; primarily focused on the Indian regulatory environment (RBI).

⚖️ Regulatory & Governance

Industry Regulations

Strictly governed by RBI regulations regarding prepaid instruments and banking partnerships. Potential future caps on prepaid card interchange fees (similar to debit cards) represent a significant regulatory risk.

Taxation Policy Impact

The company operates TaxSpanner to assist clients with TDS and GST modules, indicating high sensitivity to Indian tax compliance frameworks.

⚠️ Risk Analysis

Key Uncertainties

Regulatory risk from RBI directives could impact cash flows by up to 30-40% if interchange fees are capped. Integration risk from multiple rapid acquisitions (Dice, Rio.Money, EffiaSoft) could impact margins if not accretive.