Zaggle Prepaid Ocean Services Limited (ZAGGLE)

About

Zaggle operates in IT-enabled services with a recent quarterly run-rate approaching ₹600 Cr. The company carries minimal debt (D/E 0.03) and operates at stable 9–10% operating margins with a net margin of 6.5%.

Face value: ₹1

Market cap

₹2,310 Cr

P/E

17.8×

P/B

1.6×

Dividend yield

0%

ROE

10.4%

ROCE

13.9%

Debt / equity

0.03

OPM

9.7%

EPS (TTM)

₹9.6

Book value

₹104.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Stock declined 47.8% YoY despite revenue growth from ₹331 Cr (Jun 2025) to ₹617 Cr (Mar 2026) — verify what's driving investor skepticism
Operating margin of 9.7% lags IT services sector norms (typically 15–20%) — verify if competitive positioning or service mix is constraining
Foreign institutional investors exited: FII stake fell from 4.06% (Mar 2026) to 2.31% (Jun 2026) — verify what triggered the exit
ROE of 10.41% falls below cost of capital — verify if capital deployment or sector returns are structurally constrained

Generated analysis · source review pending

Growth drivers

Revenue accelerated from ₹331 Cr (Jun 2025) to ₹617 Cr (Mar 2026) — verify if trajectory continues
Operating margins stable at 9–10% across quarters — verify if service-mix improvements or scale could enable expansion
Minimal debt (D/E 0.03) provides strategic capacity — verify deployment for growth capex or M&A
EPS grew from ₹1.93 to ₹3.02 tracking revenue — verify if unit economics sustain at larger scale

Generated analysis · source review pending

742 historical price candles were omitted because the exchange source has not been verified.

₹171.7-1.2%1Y

Quick read

rule-based

Pros

+Profit CAGR of 82% over the last 3 years
+Revenue CAGR of 51.1% over the last 3 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 34.9×

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

68/100

Business quality: 53
Growth: 75
Valuation: 75

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
L&T Technology Services LimitedLTTSLTTS	₹34,671 Cr	₹34,671 Cr	₹11,701 Cr	₹2,074 Cr	17.6%	₹1,320 Cr	11.7%	24.9%	20.4%	29
Inventurus Knowledge Solutions LimitedIKSIKS	₹30,483 Cr	₹31,124 Cr	₹3,347 Cr	₹1,149 Cr	34.2%	₹764 Cr	22.6%	33.8%	31.4%	39
Tata Technologies LimitedTATATECHTATATECH	₹28,378 Cr	₹29,044 Cr	₹5,926 Cr	₹920 Cr	15.5%	₹557 Cr	9.9%	19.3%	14.6%	33
Netweb Technologies India LimitedNETWEBNETWEB	₹25,721 Cr	—	₹724 Cr	₹103 Cr	14.2%	₹76 Cr	10.5%	—	—	—
Affle 3i LimitedAFFLEAFFLE	₹20,410 Cr	₹20,422 Cr	₹2,836 Cr	₹638 Cr	22.5%	₹478 Cr	16.8%	16.9%	13.8%	-51
Sagility LimitedSAGILITYSAGILITY	₹20,209 Cr	₹21,320 Cr	₹7,617 Cr	₹1,849 Cr	24.5%	₹993 Cr	12.9%	13.3%	10.3%	78
Esds Software Solution LimitedESDSESDS	₹16,809 Cr	—	₹208 Cr	₹47 Cr	22.9%	₹-22 Cr	-10.8%	0.8%	-10.9%	—
Black Box LimitedBBOXBBOX	₹14,134 Cr	₹14,961 Cr	₹6,654 Cr	₹614 Cr	9%	₹226 Cr	3.4%	21.7%	21.3%	-10
E2e Networks LimitedE2EE2E	₹13,323 Cr	₹13,482 Cr	₹366 Cr	₹234 Cr	51.4%	₹31 Cr	-6.3%	-0.5%	-1%	-45
Cyient LimitedCYIENTCYIENT	₹12,272 Cr	₹12,438 Cr	₹7,632 Cr	₹944 Cr	12.5%	₹378 Cr	6.4%	12.4%	7.8%	119
Amagi Media Labs LimitedAMAGIAMAGI	₹11,984 Cr	₹11,984 Cr	₹1,506 Cr	₹50 Cr	3.4%	₹72 Cr	4.8%	5.2%	4.1%	40
Emudhra LimitedEMUDHRAEMUDHRA	₹4,802 Cr	₹4,826 Cr	₹745 Cr	₹174 Cr	22.7%	₹115 Cr	15.7%	14.9%	13%	36

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	553	776	1,304	1,908
COGS	321	0	0	0
Gross profit	233	—	—	—
	185	705	1,190	1,718
	48	71	114	189
OPM %	8.7%	9.1%	8.8%	9.9%
Depreciation	6	8	15	37
Interest	11	14	8	5
	1	11	27	38
Profit before tax	32	60	118	185
Tax	9	16	31	46
Tax %	27.6%	26.4%	25.8%	25.1%
	23	44	88	139
PAT margin %	4.1%	5.7%	6.7%	7.3%
EPS (₹)	—	4.1	7	10.3
EPS adjusted (₹)	2.5	3.6	6.6	10.3
Annual report	—	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	0	9	12	13	13
Reserves	—	40	563	1,235	1,391
Minority interest	—	—	—	1	3
	—	121	74	9	45
	—	65	47	58	101
Total equity & liabilities	—	235	696	1,315	1,554
	12	29	11	132	211
CWIP	—	—	—	0	0
Investments	—	2	27	25	32
	—	204	659	1,159	1,310
Total assets	—	235	696	1,315	1,554

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-16	-83	20	-51
	-18	-332	-486	75
	53	403	496	44
Net cash flow	19	-12	30	68
Free cash flow	-32	-129	-48	-159
CFO / Operating profit %	-32.5%	-117.2%	17.3%	-27.8%

Compounded sales growth

7 years: —
5 years: —
3 years: 51%
1 year: 46%

Compounded profit growth

7 years: —
5 years: —
3 years: 82%
1 year: 58%

Return on equity

7 years: —
5 years: —
3 years: 8%
Last year: 10%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Propel platform revenue / Gift cards	1,107.41	0	0	0
Program fee	752.34	0	0	0
Platform fee / SaaS fee / Service fee	47.9

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	42.1%	—	—	—
EBITDA margin %	8.7%	9.1%	8.7%	9.7%
EBIT margin %	7.6%	8%	7.6%	7.8%
PAT margin %	4.1%	5.7%	6.7%	7.3%
Working capital
Receivable days	68	82	60	69
Inventory days	0	0	0	0
Payable days	10	1	1	4
NWC days	57	81	59	65
Leverage
Current ratio	1.49	6.18	20.06	8.72
Debt to EBITDA	2.52	1.04	0.07	0.25
Debt to equity	2.48	0.13	0.01	0.03
Interest coverage	3.8	5.4	16.4	34.9
Asset turnover	2.36	1.11	0.99	1.23
Return ratios
Return on assets %	9.8%	6.3%	6.7%	8.9%
Return on capital employed %	36.7%	20.5%	13.5%	13.9%
Return on equity %	47%	7.7%	7%	9.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	44.07%	44.07%	43.93%	43.93%	43.88%	40.09%	44.21%	44.2%	44.2%	44.13%	44.15%	44.3%
	15.6%	13.03%	11.7%	5.95%	6.15%	9.18%	8.44%	8.5%	8.64%	7.61%	4.06%	2.31%
	10.44%	8.46%	6.46%	7.34%	10.7%	14.57%	13.27%	10.65%	8.63%	7.76%	7.4%	5.43%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	29.89%	34.44%	37.91%	42.78%	39.27%	36.16%	34.08%	36.65%	38.53%	40.5%	44.39%	47.96%
No. of shareholders	—	—	—	—	—	—	—	—	1,12,493	1,15,806	1,15,656	1,18,274

Promoter holding up 0.23 percentage points since Sep 2023.

84 deals · 22 Sept 2023 – 21 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
21 Aug 2026	QE SECURITIES LLP	Bulk	NSE	Buy	7,79,444	₹200.12	₹15.60 Cr
21 Aug 2026	QE SECURITIES LLP	Bulk	NSE	Sell	7,43,310	₹200.09	₹14.87 Cr
19 Aug 2026	QE SECURITIES LLP	Bulk	NSE	Buy	17,61,002	₹185.02	₹32.58 Cr
19 Aug 2026	QE SECURITIES LLP	Bulk	NSE	Sell	16,93,497	₹184.66	₹31.27 Cr
19 Aug 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	15,06,996	₹185.34	₹27.93 Cr
19 Aug 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	15,01,664	₹185.13	₹27.80 Cr
19 Aug 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	13,40,186	₹184.81	₹24.77 Cr
19 Aug 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	13,40,017	₹184.30	₹24.70 Cr
19 Aug 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	12,64,536	₹184.84	₹23.37 Cr
19 Aug 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	12,64,536	₹184.87	₹23.38 Cr

1–10 of 84

1 / 9

Mr. Raj P NarayanamExecutive Director-Chairperson
Mr. Avinash Ramesh GodkhindiExecutive Director-CEO-MD
Mr. Arun Vijaykumar GuptaNon-Executive - Independent Director
Mr. Abhay Raosaheb DeshpandeNon-Executive - Independent Director
Mr. Aravamudan Krishna KumarNon-Executive - Independent Director
Mrs. Prerna TandonNon-Executive - Independent Director
Mr. Venkatesh RamachandranChief Financial Officer
Hari PriyaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

9

across 3 fund houses

Held by these funds

2.31%

of the company's equity

All mutual funds

2.8%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

9 schemes · 3 fund houses

		Shares
Flexi Cap Fund	Bank of India Mutual Fund	9.17 L	16.91	0.57%	0.682%	-0
SMALL CAP FUND	Bank of India Mutual Fund	7.02 L	12.95	0.39%	0.522%	-0
ELSS Tax Saver FundNEW	Bank of India Mutual Fund	5.6 L	10.33	0.73%	0.416%	—
Aggressive Hybrid FundNEW	Bank of India Mutual Fund	4.95 L	9.13	0.45%	0.368%	—
Business Cycle Fund	Bank of India Mutual Fund	2.44 L	4.51	0.97%	0.182%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	1.82 L	3.36	0.13%	0.135%	-3,982
Conservative Hybrid Fund	Bank of India Mutual Fund	4,634	0.09	0.13%	0.003%	-0
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	1,245	0.02	0.01%	0.001%	+6

1–8 of 9

1 / 2

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

30

Annual reports

2

Credit ratings

2

Investor Presentation and earnings call

5

Aug 2026Transcript AI Summary PPT REC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results14 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

32 announcementsExport CSV

30 Sept 2026, 10:24 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

29 Sept 2026, 10:31 pmCompany Update

Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015

General PDF

29 Sept 2026, 10:18 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

29 Sept 2026, 10:00 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

28 Sept 2026, 11:47 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

18 Sept 2026, 2:57 pmCompany Update

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

Award of Order / Receipt of Order PDF

9 Sept 2026, 7:16 pmCompany Update

Update To The Disclosure Made On March 26, 2026

General PDF

8 Sept 2026, 5:09 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

Date	Category	Subject	Filing
30 Sept 2026, 10:24 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
29 Sept 2026, 10:31 pm	Company Update General	Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015

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Zaggle Prepaid Ocean Services Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Board meetings1

Announcements

Ratio timeline

Not in the F&O segment

Board meetings1

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Platform fee / SaaS fee / Service fee · revenue

1

1