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Zaggle Prepaid Ocean Services Results: Latest Quarterly Results & Analysis

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Zaggle Prepaid Ocean Services Ltd. 11 Nov 2025 16:32 PM
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Q2FY26 Quarterly Result Announced for Zaggle Prepaid Ocean Services Ltd.

IT Software Products company Zaggle Prepaid Ocean Services announced Q2FY26 results

  • Revenue from operations: Rs 4,309.8 million against Rs 3,025.6 million during Q2FY25, change 42.4%.
  • EBITDA: Rs 437.3 million against Rs 295.2 million during Q2FY25, change 48.1%.
  • EBITDA Margin: 10.1% for Q2FY26.
  • PAT: Rs 332.4 million against Rs 185.6 million during Q2FY25, change 79.1%.
  • PAT Margin: 7.7% for Q2FY26.

Raj P Narayanam, Founder & Executive Chairman, ZagglePrepaid Ocean Services, said: “Since our listing two years back, we continue to deliver upon our guidance, and our current resultsare no exception, where we delivered our best-ever half-yearly and quarterly performance acrossparameters. We achieved substantial half-yearly revenue of Rs 7,625 million and an adjusted EBITDAmargin of 10.0%. During Q2FY26, the company achieved revenues of Rs 4,310 million with adjusted EBITDA margin of 10.1%. In light of our strong performance and sustained momentum across all business segments, we have recently upgraded our revenue growth guidance to 40- 45% while our EBITDA guidance continues to remain in the range of 10-11%.

During the quarter, we continued to strengthen our product portfolio with the launch of two newproducts: Zaggle GlobalPay Forex Card & Zaggle × Mastercard Prepaid Card in our cards segment, each designed to enhance customer experience through smarter, safer, and more rewardingspending solutions.

We also took a significant step forward by entering the retail card segment in partnership with AUSmall Finance Bank. This expansion meaningfully broadens customer offering and strengthens our position in the retail payments space. Our management team has extensive experience running aretail card portfolio, and we will leverage this to ramp up this offering to the established user network successfully.

In addition, we have expanded our banking partner network by adding Standard Chartered Bank, AU Small Finance Bank, and Suryoday Small Finance Bank. With the addition of retail cards, we arenow present across multiple payment methods, including Commercial credit cards, Prepaid cards, Retail cards, and UPI. Further, with our expanded ecosystem of banking and network partners, weare looking to create new synergies and drive further growth across business lines.”

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IT Software Products company Zaggle Prepaid Ocean Services announced Q1FY26 results

  • Revenue from operations: Rs 3,314.9 million compared to Rs 2,522.1 million during Q1FY25, change 31.4%.
  • EBITDA: Rs 327.2 million compared to Rs 255.8 million during Q1FY25, change 27.9%.
  • EBITDA Margin: 9.9% for Q1FY26.
  • PAT: Rs 258.8 million compared to Rs 167.2 million during Q1FY25, change 54.8%.
  • PAT Margin: 7.8% for Q1FY26.

Raj P Narayanam, Founder & Executive Chairman, Zaggle Prepaid Ocean Services, said: “I am delighted to share that we have begun the year on a solid note, with Q1FY26 revenues reaching Rs 3,314.9 million, a 31.4% YoY growth, along with an adjusted EBITDA margin of 9.9% and a PAT margin of 7.8%. This is by far our best first-quarter performance, despite being a slower quarter in the year.

With strong fundamentals in terms of growth in the total number of customers and users, healthy growth was visible across our revenue streams. Our recent strategic customer wins, such as Hindustan Pencils, ApolloHealth, Mo Engage, Novozymes, DTDC, CK Birla Healthcare, Truecaller, etc., reinforce our value proposition.

We are unlocking new levels of scale and efficiency with AI at the core of our product strategy. Our AI initiatives in multiple areas, including sales automation, customer support & engagement, and bill processing, are at various stages of deployment.

Our inorganic growth plans are panning out the way we had envisioned, and we are already seeing encouraging results in existing investments. Mobilware delivered a stellar performance in Q1FY26. For TaxSpanner, we anticipate significant momentum to kick in in Q2FY26 on account of an extension in the tax-filing deadline. We remain disciplined in how we evaluate and execute M&A while we are constantly scanning the landscape for adjacencies to find the right strategic fits.

We would like to reiterate our guidance for the year, with topline growth expected in the range of 35% to 40%and EBITDA margins projected between 10% and 11%.”

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IT Software Products company Zaggle Prepaid Ocean Services announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from Operations: Rs 4,114.5 million in Q4FY25; Rs 2,733.7 million in Q4FY24 up 50.5%
  • Adjusted EBITDA: Rs 379.3 million in Q4FY25; Rs 271.6 million in Q4FY24 up 39.6%
  • Reported EBITDA: Rs 366.5 million in Q4FY25; Rs 272.2 million in Q4FY24 up 34.6%
  • Reported EBITDA Margin: 8.9% in Q4FY25; 10.0% in Q4FY24 down 110 bps
  • Profit After Tax (PAT): Rs 319.6 million in Q4FY25; Rs 191.6 million in Q4FY24 up 66.8%
  • Cash PAT: Rs 394.1 million in Q4FY25; Rs 212.5 million in Q4FY24 up 85.5%

FY25 Financial Highlights:

  • Revenue from Operations: Rs 13,026.5 million in FY25; Rs 7,756.0 million in FY24 up 68.0%
  • Adjusted EBITDA: Rs 1,244.9 million in FY25; Rs 855.7 million in FY24 up 45.5%
  • Reported EBITDA: Rs 1,152.3 million in FY25; Rs 705.9 million in FY24 up 63.2%
  • Reported EBITDA Margin: 8.8% in FY25; 9.1% in FY24 down 30 bps
  • Profit After Tax (PAT): Rs 874.8 million in FY25; Rs 440.2 million in FY24 up 98.7%
  • Cash PAT: Rs 1,114.3 million in FY25; Rs 673.6 million in FY24 up 65.4%

Commenting on the performance Raj P Narayanam, Founder and Executive Chairman, Zaggle Prepaid Ocean Services said, “This year has been exceptional with our highest yearly performance ever. FY25 revenues have surpassed our guidance, crossing the Rs 13,000 million mark and achieving a 68.0%year-on-year growth. Also, our PAT at Rs 874.8 million was almost double that of last year. This combination of high growth and strong profitability is a clear sign of the longevity of our business model and discipline in execution.

We recorded our highest ever performance for the third time in a row, with a topline of Rs 4,114.5 million a 50.5% YoY growth and PAT of Rs 319.6 million a 66.8% YoY growth.

This year has been a year of strategic execution, with a few strategic investments and product innovations that align with our long-term goal of growing our umbrella of offerings to meet the expansive needs of our customers. This ever-evolving portfolio positions us well in this dynamic world.

Innovation remains a cornerstone of our success, and we are continuously focusing on deploying emerging AI technologies to fundamentally reshape the way we engage with our customers and users.

Building on our strong performance, we project our organic FY26 topline growth to range between 35-40%. As we continue to scale, we remain focused on driving margin expansion through increased operating leverage, operational efficiencies, and cross-sell opportunities."

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IT Software Products company Zaggle Prepaid Ocean Services announced Q3FY25 results

  • Revenue from operations: Rs 3,364.4 million compared to Rs 1,995.1 during Q3FY24, change 68.6%.
  • EBITDA: Rs 314.6 million compared to Rs 228.6 during Q3FY24, change 37.6%.
  • EBITDA margin: 9.4% for Q3FY25.
  • PAT: Rs 202.4 million compared to Rs 152.2 during Q3FY24, change 32.9%.
  • PAT margin: 6.0% for Q3FY25.

Raj P Narayanam, Founder & Executive Chairman, Zaggle Prepaid Ocean Services, said: “This has been a milestone quarter for us with our highest ever quarterly & nine monthly performance, in terms of Revenue, Adjusted EBITDA and PAT.

During Q3FY25, the company delivered a topline of Rs 3,364 million, growing by 69% YoY basis, adjusted EBITDA of Rs 315 million, increasing by 38% compared to Q3FY24. The Adjusted EBITDA margins stood at 9.4%. The PAT increased by 33% YoY to Rs 202 million.

We successfully completed of our QIP of Rs. 5,950 million in line with our growth strategy of inorganic expansion.

With respect to strategic collaborations, we signed a 3-year partnership with the largest private bank in India, HDFC Bank, to provide the credit card solution. Additionally, we stitched a long-term referral partnership program with Mastercard, which will extend our reach in the market.

Banking on our comprehensive product portfolio, we expanded our customer base to 3,300 and signed contracts with several major brands including Blinkit, CanFin homes, BigBasket, Mumbai Metro One, Mahindra First Choice Wheels, and Hitachi India.

For FY25, we are confident of achieving a 58-63% growth in our top line. We are also evaluating inorganic growth opportunities to expedite this growth and the discussions are at advanced stages.”

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IT Software Products company Zaggle Prepaid Ocean Services announced Q2FY25 results

  • Revenue from operations: Rs 3,025.6 million compared to Rs 1,842.4 million during Q2FY24, change 64.2%.
  • EBITDA: Rs 295.2 million compared to Rs 217.5 million during Q2FY24, change 35.8%.
  • EBITDA Margin: 9.8% for Q2FY25.
  • PAT: Rs 185.6 million compared to Rs 75.9 million during Q2FY24, change 144.7%.
  • PAT Margin: 6.1% for Q2FY25.

Raj P Narayanam, Founder and Executive Chairman, Zaggle Prepaid Ocean Services, said: “I am delighted to share that we continue to deliver exceptional results, achieving another remarkable quarter with a topline of Rs. Rs 3,025.6 million, an Adjusted EBITDA of Rs. 295.2 million, and a PAT of Rs. 185.6 million. This outstanding performance highlights the strength of our scale and ongoing reinvention, underpinned by the resilience and agility of our business model.

In the rapidly expanding Indian spend management industry, we have unlocked significant growth and successfully expanded both our customer and user base. Our noteworthy recent client additions include Baroda BNP Paribas Asset Management, Blue Star, HDFC Ergo General Insurance, amongst others. Our focus remains on developing innovative, future-ready solutions and diversifying our revenue streams to drive sustained growth.

As part of our growth strategy, we are actively seeking strategic alliances and inorganic growth opportunities. We are strongly focusing on M&A’s with a combined strategy of small tuck-ins and larger investment opportunities, in the SaaS Fintech sector, including areas like NBFC, Payments etc.

In line with our growth plans, we have taken approval from the board of directors for a fund raise of up to Rs 9,500 million. subject to shareholders approval.

Looking ahead, we are upping our guidance to 50-55% growth in our topline for FY25. We are very confident of doubling our FY24 revenues in the next two years.”

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IT Software Products company Zaggle Prepaid Ocean Services announced Q1FY25 results:

  • Revenue from Operations: Rs 2,522.1 million, a remarkable YoY increase of 112.9% compared to Q1FY24 (Rs 1,184.8 million).
  • Adjusted EBITDA: Rs 255.8 million, reflecting a growth of 85.4% from Q1FY24 (Rs 138.0 million).
  • Adjusted EBITDA Margin: 10.1%, down from 11.6% in Q1FY24.
  • ESOP Cost: Rs 31.4 million, reduced from Rs 58.4 million in Q1FY24.
  • Reported EBITDA: Rs 224.3 million, up 181.8% YoY from Q1FY24 (Rs 79.6 million).
  • Reported EBITDA Margin: 8.9%, an increase from 6.7% in Q1FY24.
  • Profit After Tax (PAT): Rs 167.2 million, a substantial rise of 713.6% compared to Q1FY24 (Rs 20.6 million).
  • PAT Margin: 6.6%, up from 1.7% in Q1FY24.
  • Cash PAT: Rs 220.0 million, showing a 122.2% increase from Q1FY24 (Rs 99.0 million).

Commenting on the performance Raj P Narayanam, Founder and Executive Chairman, Zaggle Prepaid Ocean Services said, “We began the year on a strong footing, achieving a revenue of Rs 2,522.1 million, a significant increase of 112.9% on a YoY basis in Q1FY25. Our Adjusted EBITDA (before ESOP expense) for the said quarter was Rs 255.8 million, a growth of 85.3% on a YoY basis. The growth is largely led by strong demand for Zoyer and Credit card bundled solution.

We are committed to innovate and adapt our product portfolio to meet the everevolving customer's needs. Harnessing the power of AI and Machine Learning we have created our own AI enabled bot, RazBot and advanced our Optical Character Recognition (OCR) capabilities. We continue to work on multiple use cases to provide industry leading solutions to our customers.

Recently, we have added customers with large user base including a leading two-wheeler OEM, a well-known insurance player, amongst others. Further, with our recent partnership with Skydo, we will integrate Skydo’s international inward remittance platform with our Zoyer solution to provide an integrated value proposition to corporate clients.

In line with our growth strategy, we are focused on inorganic growth opportunities in Spend Management space to enhance our leadership position. We are actively exploring complementary inorganic expansion opportunities and will provide updates as positive developments occur. These potential acquisitions would help Zaggle to scale faster.

With that being stated, we expect to continue a similar performance for upcoming quarters driven by increased customer base, newer use cases, deeper penetration into the existing customers and cross selling of our solutions. For this fiscal year, we project a revenue growth of 45% to 55% over the previous fiscal year. Additionally, we reaffirm our goal of doubling our revenue within the next two years. We expect our Adjusted EBITDA to hold steady around current levels.”

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IT Software Products company Zaggle Prepaid Ocean Services announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Highest-ever quarterly revenue, marking the highest quarterly revenue from SaaS, Program Fees and Propel Revenue
  • Highest ever quarterly EBITDA and PAT
  • The increase in Incentive and cash back is attributed to the increase in revenue and market push for Zoyer
  • The revenue contribution from Zoyer has experienced significant growth
  • During the year the debt reduced from Rs 1,210 million to Rs 736 million. This led to a reduction in Finance costs on YoY basis. However, on a sequential basis the increase is due to fees paid on the prepayment of debt
  • The increase in other income stems from higher interest income on increased cash/ bank balances post IPO

FY24 Financial Highlights:

  • Highest ever annual performance in terms of revenue and profitability metrics
  • Customer base expansion with ~620 new corporates including marquee names such as Wipro, Bennett Coleman, Emcure Pharmaceuticals etc.
  • Onboarded high quality bank partners – SBI, ICICI Bank, Kotak Mahindra bank, Axis Bank, etc. This assists in enhancing the reach and maximise opportunities for growth.

Commenting on the performance Raj P Narayanam, Founder and Executive Chairman, Zaggle Prepaid Ocean Services Limited said, “In FY24 and Q4FY24 we set new record in terms of revenue from SaaS fees, Program Fees and Propel Points. This led to our highest ever performance across key profitability metrics during these periods.

In FY24, our revenue growth was 40.1% with an Adjusted EBITDA Margin (before ESOP expense) of 36.9%, successfully fulfilling our guidance.

During the quarter, we had a 46.0% YoY growth in revenues and a 12.7% YoY growth in Adjusted EBITDA (before ESOP expenses). Our track record of consistent financial performance over the years continues to be strong.

At Zaggle, we are pleased about our recent strategic alliance with Span Across IT Solutions as now we will be able to offer Taxation and Financial wellness solutions to our customers. Further, some of our recent noteworthy developments include onboarding Axis Bank to our bouquet of bank partners and our contract with EaseMyTrip & Riya Travels to offer bundled Expense and travel solutions to our customers.

We doubled our revenue over the last 3 years and are poised to double our revenue over the next 2 years through organic growth. Our expectation of revenue growth for this fiscal year is to the tune of 45%-55%. We are focused on garnering more market share and making significant investments in technology, specifically building deeper AI capabilities to cater to the massive demand for Spend management solutions.

We intend to pursue inorganic growth opportunities through mergers and acquisitions. Additionally, we plan to expand geographically into the US markets as part of our growth strategy.

The opportunity for Zaggle to shape the future of spend management in India is enormous. With a broad array of solutions, we are well-positioned to truly digitize Corporate India’s spends. We see abundant opportunities ahead and remain optimistic about the upcoming quarters.”

Result PDF

IT Software Products company Zaggle Prepaid Ocean Services announced Q1FY24 results:

Financial Performance:

1. Revenues: Zaggle Prepaid Ocean Services Limited reported a solid financial performance in Q1FY24, with a 34% year-on-year increase in revenues to Rs 1,185 million.

2. Adjusted EBITDA: The company also witnessed a 27% YoY growth in Adjusted EBITDA, reaching Rs 138 million in Q1FY24.

3. Profitability: Zaggle Prepaid Ocean Services Limited maintained a strong Adjusted EBITDA margin of 11.7% during the quarter, showcasing its ability to effectively manage expenses and generate profits.

4. Net Profit: The company reported a profit after tax (PAT) of Rs 58.44 million in Q1FY24, with a PAT margin of 6.72%.

Business Highlights:

1. Corporate Customers: Zaggle Prepaid Ocean Services Limited experienced a 36% YoY increase in corporate customers, reaching a total of 2,596 in Q1FY24.

2. User Base: The company serves a vast user base, with over 2.42 million aggregate users as of Q1FY24.

3. Product Launch: The launch of Zoyer, Zaggle's vendor management platform, contributed to the company's revenue growth in Q1FY24.

4. Corporate Credit Cards: Zaggle experienced growth in its corporate credit cards business, driving the overall revenue increase.

Management Commentary:

Raj P Narayanam, Founder and Executive Chairman of Zaggle Prepaid Ocean Services, expressed his satisfaction with the company's IPO performance and thanked shareholders for their trust. He attributed the company's revenue growth to recent initiatives, such as the introduction of corporate credit cards and the launch of Zoyer. Narayanam also highlighted the positive impact of customer expansion and cross-selling efforts on the company's financial results.

Narayanam stated that Zaggle Prepaid Ocean Services Limited expects to see an improvement in margins in the second half of the fiscal year, leveraging historical trends. The company aims to reduce finance costs significantly after reducing borrowings post-IPO.

Narayanam emphasized strong tailwinds in India's fintech and digital payments industry, which, combined with Zaggle's unique positioning in the spend management space, provides a competitive advantage. The company is optimistic about its revenue growth for the fiscal year, projecting a range of 40% to 50%, with an Adjusted EBITDA margin between 11% and 13%. Zaggle projects its total ESOP expense to be close to Rs 200 million for the fiscal year.
 

 

 

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