Zeal Global Services Limited (ZEAL)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Zeal Global's revenue was ₹114 Cr (-42.1% year on year, -33.3% on the previous half-year), and net profit ₹7.0 Cr (+16.7% year on year); the operating margin was 9.6%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹114 | -42.1% | -33.3% |
| Operating profit | ₹11.0 | +22.2% | +37.5% |
| Net profit | ₹7.0 | +16.7% | +75.0% |
| EPS (₹) | 5.37 | +27.6% | +62.7% |
| Operating margin | 9.6% | — | — |
📢 Recent Corporate Announcements
Zeal Global Services Limited concluded its 13th Annual General Meeting on September 25, 2026, passing all four ordinary resolutions with overwhelming shareholder approval of 99.99%. Key resolutions included the adoption of FY26 financial statements, declaration of dividend for FY26, re-appointment of Director Vishal Sharma, and regularization of Deeksha Bajaj as Independent Director. Out of 13,309,750 total shares, 10,791,325 votes were polled (81.08% turnout), with 10,790,725 votes cast in favor and only 600 against. The company currently trades at a P/E of 4.3x with TTM revenue of Rs 652 Cr.
- Total voter turnout stood at 81.08% with 10,791,325 votes polled across all 4 resolutions
- All resolutions passed with 99.9944% votes in favor (10,790,725 votes) and 0.0056% against (600 votes)
- Approved adoption of FY26 audited standalone and consolidated financial statements and declared FY26 dividend
- Approved re-appointment of Director Vishal Sharma and regularization of Deeksha Bajaj as Independent Director
Zeal Global Services Limited held its 13th Annual General Meeting on September 25, 2026, through video conferencing. Key items transacted included the adoption of audited financial statements for FY26, declaration of equity dividend, and the retirement by rotation of Managing Director Vishal Sharma. Additionally, shareholders approved the regularization of Mrs. Deeksha Bajaj as an Independent Director for a five-year term ending December 16, 2030. The meeting saw participation from 18 members (14 public and 4 promoter shareholders).
- 13th Annual General Meeting concluded on September 25, 2026, with 18 members present (14 public, 4 promoters)
- Approved regularization of Mrs. Deeksha Bajaj as Independent Director for 5 years from December 17, 2025, to December 16, 2030
- Ordinary business included adoption of FY26 financial statements and declaration of dividend on equity shares
- Managing Director Vishal Sharma retired by rotation and was proposed for re-appointment
Zeal Global Services Limited has issued the notice convening its 13th Annual General Meeting (AGM) on September 25, 2026, via audio-visual mode. The company has recommended a dividend of ₹1.50 per equity share (face value ₹10) for FY 2025-26, translating to a ~2.4% yield on the current share price of ₹62.5. The Record Date for determining dividend eligibility is fixed for September 11, 2026, with remote e-voting scheduled between September 22 and September 24, 2026. Other agenda items include the adoption of FY26 financials and the regularization of Mrs. Deeksha Bajaj as an Independent Director.
- 13th AGM scheduled for Friday, September 25, 2026, at 4:00 PM IST via audio-visual means
- Proposed final dividend of ₹1.50 per equity share of face value ₹10 for FY 2025-26
- Record date for dividend entitlement established as Friday, September 11, 2026
- Remote e-voting window active from September 22, 2026 (9:00 AM) to September 24, 2026 (5:00 PM)
- Proposed regularization of Mrs. Deeksha Bajaj as Non-Executive Independent Director up to December 16, 2030
Zeal Global Services Limited has informed the exchange that Company Secretary cum Compliance Officer CS Pooja Garg has tendered her resignation on August 19, 2026. The resignation is effective immediately and has been cited as due to unavoidable reasons. The company has an equity market capitalization of Rs 86 Cr and TTM revenue of Rs 652 Cr. The company is expected to appoint a successor to manage corporate governance and compliance requirements.
- Resignation of CS Pooja Garg as Company Secretary cum Compliance Officer announced on August 19, 2026
- Resignation is effective immediately as per the submission dated August 19, 2026
- Reason stated by the official is unavoidable personal circumstances
- Zeal Global Services operates with a market capitalization of Rs 86 Cr and TTM revenue of Rs 652 Cr
Zeal Global Services Limited has informed the exchange of the resignation of Ms. Pooja Garg from the post of Company Secretary cum Compliance Officer, effective August 19, 2026. The resignation was tendered due to unavoidable reasons and accepted by the company with immediate effect. The company noted it is actively seeking a suitable candidate to fill the statutory vacancy in compliance with SEBI LODR Regulations and the Companies Act, 2013.
- Resignation of CS & Compliance Officer Ms. Pooja Garg effective August 19, 2026
- Membership number of the outgoing official is A23180
- Resignation tendered with immediate effect citing unavoidable reasons
- Company is in the process of appointing a replacement to maintain regulatory compliance
Financial Performance
Revenue Growth by Segment
The company operates in a single segment, Air Transportation Services, which grew 90.49% YoY to INR 36,781 Lacs in FY 2024-25. For H1 FY 2024-25, standalone revenue grew 80.80% YoY to INR 17,037.14 Lacs.
Geographic Revenue Split
While not explicitly split by percentage, the company reported foreign exchange earnings of INR 848.01 Lacs in FY 2024-25 (approx. 2.3% of total revenue) and has expanded operations into the UAE via a new subsidiary.
Profitability Margins
Operating Profit Margin decreased from 14.62% in FY 2023-24 to 10.00% in FY 2024-25 due to increased operating costs. Net Profit Ratio also declined from 6% to 4% in the same period.
EBITDA Margin
Standalone EBITDA for H1 FY 2024-25 increased by approximately 79.46% YoY, reflecting strong core operational growth despite margin compression in the full prior fiscal year.
Capital Expenditure
The company invested INR 353.85 Lacs to incorporate a 100% subsidiary, Zeal Global Services LLC-FZ, in the UAE on September 4, 2024.
Credit Rating & Borrowing
Non-current borrowings were reduced to INR 45.80 Lacs as of September 30, 2025, from INR 51.93 Lacs in March 2025. Interest Coverage Ratio improved significantly from 11.12 to 25.77 due to lower interest costs.
Operational Drivers
Raw Materials
As a service provider, the primary 'raw material' is air freight capacity and cargo space, representing the bulk of operating costs which rose significantly in FY 2024-25.
Import Sources
International markets, as evidenced by a total foreign exchange outgo of INR 9,647.61 Lacs in FY 2024-25 for service procurement.
Key Suppliers
Key airline partners including South African Airways, for whom the company acts as a General Sales and Service Agent (GSSA).
Capacity Expansion
The company delivered approximately 15% volume growth in cargo business tonnage during H1 FY 2024-25.
Raw Material Costs
Operating costs increased in FY 2024-25, leading to a 31.59% decrease in the Operating Profit Margin Ratio to 10.00%.
Manufacturing Efficiency
Not applicable for service-based air transportation; efficiency is measured by cargo tonnage growth (15% in H1 FY25).
Logistics & Distribution
Distribution is split into 'Online' (direct India operations) and 'Offline' (connecting through other airlines out of India).
Strategic Growth
Expected Growth Rate
80.80%
Growth Strategy
Growth is driven by network expansion, specifically the incorporation of a UAE subsidiary (Zeal Global Services LLC-FZ) and new GSSA appointments such as South African Airways to capture international cargo volumes.
Products & Services
Air transportation services, Cargo tonnage management, and General Sales and Service Agent (GSSA) services for airlines.
Brand Portfolio
Zeal Global
New Products/Services
Expansion of GSSA services for South African Airways and the launch of operations in the UAE market.
Market Expansion
Targeting the Middle East market through the newly incorporated UAE subsidiary as of September 2024.
Strategic Alliances
Partnership with South African Airways as their appointed GSSA for cargo distribution.
External Factors
Industry Trends
The air cargo industry is seeing a shift toward faster delivery demand, supporting the company's 15% volume growth in tonnage.
Competitive Landscape
The company competes with other global and domestic GSSAs and logistics providers in the air transportation segment.
Competitive Moat
Moat is built on GSSA network effects and established relationships with international airlines, though sustainability is challenged by rising operating costs.
Macro Economic Sensitivity
Highly sensitive to global trade volumes and international air cargo demand trends.
Consumer Behavior
Increased demand for rapid international shipping is driving higher cargo volumes.
Geopolitical Risks
Trade barriers or disruptions in the India-UAE or India-Africa corridors could impact GSSA volumes.
Regulatory & Governance
Industry Regulations
Subject to international air transportation norms and civil aviation regulations in India and the UAE.
Environmental Compliance
Not applicable for the service industry per Rule 8 of the Companies (Accounts) Rules 2014.
Taxation Policy Impact
Effective tax rate for FY 2024-25 was approximately 26.28%, with a tax provision of INR 512.06 Lacs on a PBT of INR 1,948.37 Lacs.
Legal Contingencies
The company reported non-compliance regarding audit trail requirements, as its accounting software lacks an edit log facility. No material court orders impacting going concern were reported.
Risk Analysis
Key Uncertainties
Operating cost volatility and foreign exchange fluctuations pose risks to the net profit margin, which stood at 4% in FY 2024-25.
Geographic Concentration Risk
Primary revenue is from India, with emerging concentration in the UAE following the 2024 subsidiary launch.
Third Party Dependencies
Heavy reliance on airline partners like South African Airways for GSSA revenue and cargo space.
Technology Obsolescence Risk
The lack of an audit trail feature in accounting software represents a regulatory and digital transformation risk.
Credit & Counterparty Risk
Receivables quality is stable, with the Trade Receivables Turnover Ratio improving 47.22% YoY.
