Zaggle Prepaid Ocean Services Limited, a SaaS-based fintech player in spend management solutions, reported financial results for the quarter ended June 30, 2025 , marking significant year-on-year growth.
1. Consolidated Financial Highlights
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Revenue from Operations: ₹331.97 crore
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Up 31.4% YoY (₹252.21 crore in Q1 FY25)
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Down 19.4% QoQ (₹412.11 crore in Q4 FY25)
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Total Income: ₹343.67 crore
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Up 33.9% YoY (₹256.72 crore)
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Down 19.1% QoQ (₹424.82 crore)
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Reported EBITDA: ₹30.90 crore
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Margin at 9.3%, improved from 8.9% YoY but lower than 10.0% QoQ
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Up 37.7% YoY, down 25.1% QoQ
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Adjusted EBITDA: ₹32.72 crore
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Margin at 9.9%, versus 10.1% YoY
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Up 27.9% YoY, down 22.1% QoQ
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Profit After Tax (PAT): ₹26.11 crore
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Up 54.8% YoY (₹16.73 crore)
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Down 16.1% QoQ (₹31.14 crore)
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PAT Margin: 7.8% vs 6.6% YoY and 7.5% QoQ
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Cash PAT: ₹34.67 crore, up 57.6% YoY, down 13.5% QoQ
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EPS: ₹1.94 vs ₹1.37 YoY and ₹2.32 QoQ
Standalone Financial Highlights
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Revenue from Operations: ₹331.49 crore
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Up 31.4% YoY, down 19.4% QoQ
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Total Income: ₹343.20 crore
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Up 33.7% YoY, down 19.1% QoQ
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PAT: ₹25.88 crore
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Up 54.8% YoY, down 19.1% QoQ
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EPS: ₹1.93 vs ₹1.37 YoY and ₹2.38 QoQ
Segment-Wise Revenue (Consolidated)
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Program Fee: ₹145.48 crore
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Up 14.6% YoY (₹126.94 crore)
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Down 7.4% QoQ (₹157.08 crore)
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Propel Platform / Gift Cards: ₹175.90 crore
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Up 50.6% YoY (₹116.83 crore)
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Down 28.1% QoQ (₹245.03 crore)
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Platform / SaaS / Service Fee: ₹10.58 crore
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Up 25.4% YoY (₹8.44 crore)
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Up 5.8% QoQ (₹10.00 crore)
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Key Cost & Expense Movements
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Cost of Redemption / Gift Cards: ₹167.78 crore
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Up 51.9% YoY, down 24.3% QoQ
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Employee Benefits Expense: ₹17.46 crore
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Up 23.9% YoY, down 1.0% QoQ
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Incentives & Cashback: ₹95.56 crore
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Up 6.6% YoY, down 11.8% QoQ
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Other Expenses: ₹20.67 crore
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Up 32.7% YoY, down 27.7% QoQ
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Capital & Fund Utilisation
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Equity Share Capital: ₹134.24 crore
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Other Equity: ₹1,234.55 crore
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Unutilised IPO Proceeds: ₹88.79 crore (parked in deposits & monitoring accounts)
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Unutilised QIP Proceeds: ₹490.46 crore (₹467.20 crore in deposits, ₹36 crore for acquisition advance)
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ESOP Allotments: 30,277 shares issued at ₹233 per share in Q1 FY26
Operational Highlights
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Added high-profile clients: Hindustan Pencils, Apollo Health, MoEngage, Novozymes, DTDC, CK Birla Healthcare, Truecaller
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AI initiatives in sales automation, customer support, engagement, and bill processing progressing well
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Mobileware subsidiary performed strongly; TaxSpanner expected to gain momentum in Q2 FY26
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Guidance maintained: 35–40% revenue growth and 10–11% EBITDA margin for FY26
Raj P. Narayanam, Founder & Executive Chairman of Zaggle Prepaid Ocean Services Limited, highlighted that Q1 FY26 marked the company’s best first-quarter performance despite the typically slower seasonal period. He noted that revenue grew 31.4% year-on-year, supported by a healthy PAT margin of 7.8%. Customer acquisition momentum remained strong, with significant client additions such as Hindustan Pencils, Apollo Health, MoEngage, Novozymes, DTDC, CK Birla Healthcare, and Truecaller. Narayanam also pointed to progress in AI-driven initiatives across sales automation, customer engagement, and bill processing, which are at various stages of deployment. Reaffirming the company’s outlook, he maintained the FY26 guidance of 35–40% topline growth and EBITDA margins in the range of 10–11%.