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Zaggle Prepaid Ocean Services Limited
(ZAGGLE)
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Rating:61Neutral
Price Target:
₹196.00
▼(-2.10% Downside)
Action:Reiterated
Date:08/20/26
The score is primarily supported by strong growth and a significantly strengthened, low-leverage balance sheet, but is held back by weak cash conversion (negative operating and free cash flow) and clearly bearish technicals with the stock trading below all key moving averages. Valuation is reasonable at a mid-range P/E, but offers no dividend support.
Positive Factors
Strong Revenue Growth
Strong multi-year revenue scaling indicates expanding enterprise adoption across expense management, employee benefits and engagement solutions, supporting continued operating leverage and a broader customer base.
Negative Factors
Weak Cash Conversion
Persistent negative free cash flow despite positive accounting earnings signals weak cash conversion, increasing dependence on working-capital discipline and external funding to support growth and operations.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
Strong multi-year revenue scaling indicates expanding enterprise adoption across expense management, employee benefits and engagement solutions, supporting continued operating leverage and a broader customer base.
Read all positive factors
Zaggle Prepaid Ocean Services Limited (ZAGGLE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹24.32B
Dividend YieldN/A
Average Volume (3M)318.64K
Price to Earnings (P/E)18.8
Beta (1Y)1.80
Revenue Growth44.48%
EPS Growth27.93%
CountryIN
Employees301
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)9.64
Shares Outstanding134,458,450
10 Day Avg. Volume93,502
30 Day Avg. Volume318,639
Financial Highlights & Ratios
PEG Ratio0.39
Price to Book (P/B)1.79
Price to Sales (P/S)1.32
P/FCF Ratio-19.79
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)13.7
Revenue Forecast (FY)₹26.18B
Zaggle Prepaid Ocean Services Limited Business Overview & Revenue Model
Company Description
Zaggle Prepaid Ocean Services Limited, founded in 2011 and headquartered in Mumbai, India, develops cutting-edge financial products and solutions aimed at automating and optimizing business expense management for corporations, small and medium-siz...
How the Company Makes Money
Zaggle primarily makes money by providing enterprise-focused platforms and prepaid payment solutions that monetize through a mix of program fees, platform/subscription revenues, and transaction-linked income. Key revenue streams include: (1) Fees ...
Zaggle Prepaid Ocean Services Limited Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
84
Very Positive
Cash Flow
32
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 19.99B | 19.08B | 13.04B | 7.76B | 5.53B | 3.71B |
| Gross Profit | 7.66B | 7.48B | 5.57B | 3.35B | 1.89B | 2.01B |
| EBITDA | 2.05B | 2.27B | 1.41B | 815.51M | 477.27M | 566.45M |
| Net Income | 1.30B | 1.38B | 879.19M | 440.20M | 229.01M | 419.21M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 15.54B | 13.15B | 6.96B | 2.35B | 926.53M |
| Cash, Cash Equivalents and Short-Term Investments | 5.46B | 5.46B | 6.53B | 2.83B | 238.28M | 36.11M |
| Total Debt | 0.00 | 546.34M | 198.78M | 866.27M | 1.41B | 703.11M |
| Total Liabilities | -14.07B | 1.47B | 660.72M | 1.21B | 1.86B | 962.11M |
| Stockholders Equity | 14.07B | 14.04B | 12.48B | 5.75B | 487.51M | -35.58M |
Cash Flow | ||||||
| Free Cash Flow | -752.98M | -1.27B | -477.83M | -1.29B | -317.89M | 125.09M |
| Operating Cash Flow | -343.62M | -201.51M | 197.02M | -827.46M | -156.18M | 200.81M |
| Investing Cash Flow | 770.79M | 347.05M | -4.86B | -3.32B | -181.48M | -98.69M |
| Financing Cash Flow | -38.17M | 484.10M | 4.96B | 4.03B | 526.44M | -122.90M |
Zaggle Prepaid Ocean Services Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹43.41B | 37.23 | ― | 0.24% | 29.74% | 25.01% | |
66 Neutral | ₹54.53B | 22.25 | ― | 0.14% | 110.17% | 23.73% | |
61 Neutral | ₹24.32B | 18.79 | ― | ― | 44.48% | 27.93% | |
58 Neutral | ₹1.06T | 163.34 | ― | ― | 22.56% | 113.16% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:ZAGGLE
Zaggle Prepaid Ocean Services Limited
180.90
-194.25
-51.78%
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15.70
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1,657.00
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IN:CAPILLARY
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487.30
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-19.71%
Zaggle Prepaid Ocean Services Limited Corporate Events
Zaggle to Pursue Further Appeal After Tax Demand Challenge Dismissed
Aug 15, 2026
Zaggle Prepaid Ocean Services Limited, a fintech and payments company listed on NSE and BSE, provides prepaid and digital payment solutions along with expense management services to corporates and consumers in India.The company has reported that i...
Zaggle Named Among World’s Top Enterprise FinTech Firms for 2026
Jul 23, 2026
Zaggle Prepaid Ocean Services Limited has been recognized as one of the World’s Top FinTech Companies 2026 in the Enterprise Fintech category, an accolade jointly awarded by CNBC and Statista. The ranking is based on an in-depth analysis of ...
Zaggle CTO Srikanth Gaddam Resigns from Senior Management Role
May 23, 2026
Zaggle Prepaid Ocean Services Limited has announced the resignation of its Chief Technology Officer, Srikanth Gaddam, a member of the senior management team, citing personal reasons for his departure. His resignation was tendered on May 22, 2026, ...
Exchange Seeks Clarification from Zaggle on March 2026 Quarter Results
May 22, 2026
The stock exchange has requested clarification from Zaggle Prepaid Ocean Services Limited regarding its financial results for the quarter ended March 31, 2026, under Regulation 33 of the SEBI Listing Obligations and Disclosure Requirements. The co...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.