Zaggle Prepaid Ocean Services Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Zaggle Prepaid Ocean Services Ltd filed with BSE on 20 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Zaggle reported Q4 FY26 standalone revenue of about INR593 crores, up around 44% year-on-year, with adjusted EBITDA of INR55 crores and PAT of around INR38 crores. For FY26, consolidated revenue reached INR1,908 crores, up around 46%, with consolidated PAT of around INR139 crores. Management discussed the DICE asset purchase, the GreenEdge and Rio.Money (Zagg.money) acquisitions, and gave FY27 revenue guidance while deferring EBITDA guidance pending integration.
Numbers mentioned
Standalone Revenue: INR593 crores (Q4 FY26)
p. 3
“the company reported a healthy growth in revenues at about INR593 crores, growing at around 44%”
Raj Narayanam, page 3 of the filed PDF · View the filing
Standalone Adjusted EBITDA: INR55 crores (Q4 FY26)
p. 3
“Our adjusted EBITDA increased to INR55 crores, growing at about 45%”
Raj Narayanam, page 3 of the filed PDF · View the filing
Standalone PAT: INR38 crores (Q4 FY26)
p. 3
“The PAT surged to around INR38 crores, growing at 18%”
Raj Narayanam, page 3 of the filed PDF · View the filing
Consolidated Revenue: INR618 crores (Q4 FY26)
p. 3
“the company reported a healthy growth in revenues at about INR618 crores, growing at around 50%”
Raj Narayanam, page 3 of the filed PDF · View the filing
Consolidated Adjusted EBITDA: INR60 crores (Q4 FY26)
p. 3
“Our adjusted EBITDA increased to around INR60 crores, growing at around 62%”
Raj Narayanam, page 3 of the filed PDF · View the filing
Consolidated PAT: INR41 crores (Q4 FY26)
p. 3
“the PAT surged to around INR41 crores, growing at about 30%”
Raj Narayanam, page 3 of the filed PDF · View the filing
Standalone Revenue: INR1,853 crores (FY26)
p. 3
“the company reported a very healthy growth in revenues at INR1,853 crores, growing at around 42%”
Raj Narayanam, page 3 of the filed PDF · View the filing
Standalone Adjusted EBITDA: INR183 crores (FY26)
p. 3
“Our adjusted EBITDA increased to INR183 crores, growing at around 47%”
Raj Narayanam, page 3 of the filed PDF · View the filing
Standalone PAT: INR133 crores (FY26)
p. 3
“The PAT surged to INR133 crores, growing at about 52%”
Raj Narayanam, page 3 of the filed PDF · View the filing
Consolidated Revenue: INR1,908 crores (FY26)
p. 3
“the company reported a healthy growth in revenues at INR1,908 crores, growing at around 46%”
Raj Narayanam, page 3 of the filed PDF · View the filing
Consolidated Adjusted EBITDA: INR192 crores (FY26)
p. 3
“Our adjusted EBITDA increasing to INR192 crores, growing at around 51%”
Raj Narayanam, page 3 of the filed PDF · View the filing
Consolidated PAT: INR139 crores (FY26)
p. 3
“the PAT surged at around INR139 crores, growing significantly at around 52%”
Raj Narayanam, page 3 of the filed PDF · View the filing
86400 Revenue: INR74 crores (FY26)
p. 4
“revenues grew from about INR34 crores in 2025 to INR74 crores in FY26, represented a remarkable year-on-year growth of 118%”
Raj Narayanam, page 4 of the filed PDF · View the filing
GreenEdge Revenue: INR103.7 crores (FY26)
p. 4
“revenues grew significantly from around INR36.54 crores in FY25 to around INR103.7 crores in FY26”
Raj Narayanam, page 4 of the filed PDF · View the filing
DICE acquisition consideration: approximately INR68 crores, excluding GST
p. 5
“we have secured the complete spend management product suite and intellectual property, along with their entire enterprise contract portfolio for approximately INR68 crores, excluding GST”
Raj Narayanam, page 5 of the filed PDF · View the filing
Active users: 3.9 million
p. 7
“we have around 3.9 million active users who use Zaggle powered cards and software”
Avinash Godkhindi, page 7 of the filed PDF · View the filing
Corporate customers: more than 3,900
p. 7
“We now serve more than 3,900 corporate customers across a wide spectrum of industries and sectors”
Avinash Godkhindi, page 7 of the filed PDF · View the filing
Standalone SaaS platform fees: INR13.1 crores (Q4 FY26)
p. 7
“SaaS platform fees contributed to around INR13.1 crores, program fees contributed to about INR222 crores, and Propel Points contributed to around INR358 crores”
Avinash Godkhindi, page 7 of the filed PDF · View the filing
Standalone Reported EBITDA margin: 9.3% (Q4 FY26)
p. 8
“reported EBITDA margin expanded to 9.3%”
Rajesh Tummalaganti, page 8 of the filed PDF · View the filing
Consolidated Reported EBITDA margin: 9.7% (Q4 FY26)
p. 8
“with reported EBITDA margin expanding to 9.7%”
Rajesh Tummalaganti, page 8 of the filed PDF · View the filing
Propel platform revenue: surpassed INR1,000 crores (FY26)
p. 8
“our Propel platform revenue surpassed the mark of INR1,000 crores for the first time”
Rajesh Tummalaganti, page 8 of the filed PDF · View the filing
Standalone operating cash flow: minus INR6 crores (Q4 FY26)
p. 6
“we are just about minus INR6 crores on negative cash flow”
Raj Narayanam, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Standalone revenue growth — 25% to 30% · FY27
stated firmly by Raj Narayanam
p. 6
“we are currently projecting our -- and this is on guidance. We are projecting our stand-alone FY27 growth to be around 25% to 30%”
Raj Narayanam, page 6 of the filed PDF · View the filing
Consolidated revenue growth — around 40% · FY27
stated firmly by Raj Narayanam
p. 6
“with our consolidated growth for FY27 to be around 40%”
Raj Narayanam, page 6 of the filed PDF · View the filing
EBITDA guidance — next few months
stated conditionally by Raj Narayanam
p. 6
“we would like to give guidance on EBITDA over the next few months once the entire integration effort completes”
Raj Narayanam, page 6 of the filed PDF · View the filing
GreenEdge standalone revenue growth — 40% to 50% · FY27
stated as an aspiration by Raj Narayanam
p. 4
“In '27, we project stand-alone revenue growth from GreenEdge to range anywhere between 40% to 50%”
Raj Narayanam, page 4 of the filed PDF · View the filing
5-year revenue and EBITDA milestone — INR500 crores revenue and INR65 crores EBITDA · 5-year
stated as an aspiration by Raj Narayanam
p. 5
“our 5-year goal, which we have also said multiple times of INR500 crores revenue and a INR65 crores EBITDA milestone”
Raj Narayanam, page 5 of the filed PDF · View the filing
U.S. operations launch — by financial year-end
stated firmly by Raj Narayanam
p. 6
“We are on track to kick start our U.S. operations by financial year-end”
Raj Narayanam, page 6 of the filed PDF · View the filing
Propel margin — around 5.5% · coming years
stated as an aspiration by Avinash Godkhindi
p. 9
“we believe we are going to be able to come back to around 5.5% margins in the coming years while we improve on the cash flow”
Avinash Godkhindi, page 9 of the filed PDF · View the filing
Medium-term margin guidance — 14% to 15% · next 5 years
stated as an aspiration by Avinash Godkhindi
p. 18
“Our overall guidance of 14% to 15% over the course of next 5 years remains”
Avinash Godkhindi, page 18 of the filed PDF · View the filing
Operating cash flow — positive · coming quarters
stated as an aspiration by Raj Narayanam
p. 6
“we will look forward to improving it to a positive cash flow in the coming quarters”
Raj Narayanam, page 6 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said capitalization is only for new product development, not maintenance, and that they are focused on improving cash flow metrics.
Answered by Avinash Godkhindi
Asked by Astha Jain: Whether capitalized development costs doubling H1 to H2 makes free cash flow a more meaningful metric to track earnings power.
p. 9
“we capitalize only those costs, which are related to new product development”
Avinash Godkhindi, page 9 of the filed PDF · View the filing
Management attributed the decline to moving away from redemption models that absorb cash, in favor of prioritizing cash flow.
Answered by Avinash Godkhindi
Asked by Astha Jain: Why Propel margins declined from 10% to 4% year-on-year in Q4.
p. 9
“some of the models like the redemption model on Propel Points do take a lot of our cash flows, absorb a lot of cash”
Avinash Godkhindi, page 9 of the filed PDF · View the filing
Management said the revenue base has grown significantly, reducing percentage growth, and that they are prioritizing cash flow even if it slows Propel Points growth.
Answered by Avinash Godkhindi
Asked by Rohan Mandora: Why FY27 standalone growth guidance of 25-30% is lower than FY26's 42% growth.
p. 10
“the base itself has grown almost 5x, 6x, right? And consequently, obviously, the percentage growth would come down”
Avinash Godkhindi, page 10 of the filed PDF · View the filing
Management declined to give a business-wise split, citing cross-sell complexity, and said receivables as a percentage of revenue have remained stable since Q2.
Answered by Avinash Godkhindi
Asked by Rohan Mandora: Why trade receivables rose from INR40 crores to INR129 crores year-on-year.
p. 10
“we don't generally give the split because there's a lot of cross-sell that happens”
Avinash Godkhindi, page 10 of the filed PDF · View the filing
Management confirmed the DICE structure changed to an asset purchase bringing costs onto the standalone P&L, and said EBITDA guidance would be updated after integration.
Answered by Avinash Godkhindi
Asked by Ankush Agrawal: Whether DICE's asset purchase structure changes the earlier 100bps annual margin expansion guidance.
p. 11
“we'll come back with the EBITDA guidance in the next few months once we are able to complete the integration process”
Avinash Godkhindi, page 11 of the filed PDF · View the filing
Management said cash backs will naturally decline as spend management becomes an established category with corporates over time.
Answered by Avinash Godkhindi
Asked by Siva: How the company plans to reduce cash back and incentives to around 50% without hurting customer usage.
p. 12
“we believe spend management is a growing category”
Avinash Godkhindi, page 12 of the filed PDF · View the filing
Management said Propel is a feeder business that drives cross-sell and stickiness, and that most Propel spend actually sits under program fees rather than Propel Points revenue.
Answered by Avinash Godkhindi
Asked by Akhil Gulecha: Why the Propel business, which generates modest net revenue relative to working capital tied up, continues to exist.
p. 16
“90% of the spends that happen on Propel happen on a prepaid card, and that revenue sits under program fees”
Avinash Godkhindi, page 16 of the filed PDF · View the filing
Management confirmed DICE was loss-making in FY25 and likely FY26, and said they would try to extract profits from it over time.
Answered by Avinash Godkhindi
Asked by Jayesh Shah: Whether DICE being loss-making will meaningfully reduce the quarterly EBITDA run rate in coming quarters.
p. 17
“DICE was a loss-making company in FY25, sir, and likely to be losing a loss-making company for FY26 as well”
Avinash Godkhindi, page 17 of the filed PDF · View the filing
Management reaffirmed the 14-15% five-year margin guidance while acknowledging temporary variation in the annual ramp-up pace.
Answered by Avinash Godkhindi
Asked by Jayesh Shah: Whether the 11-14% medium-term margin guidance is now at risk due to DICE and moderating growth.
p. 18
“in the interim, of course, the ramp-up, which we would have otherwise seen probably close to 1 percentage point every year, that might go through some temporary variation”
Avinash Godkhindi, page 18 of the filed PDF · View the filing
Risks flagged
Regional volatility and ongoing war affecting UAE expansion plans.
p. 6
“We are just -- we remain mindful of the regional volatility which is there and this war, which is taking a little bit more time to subside.”
Raj Narayanam, page 6 of the filed PDF · View the filing
War-related uncertainty delaying U.S. operations launch from the original June 2026 target.
p. 6
“looking at the war and a lot of uncertainty around, we have just pushed it by a couple of quarters”
Raj Narayanam, page 6 of the filed PDF · View the filing
No on-ground presence in the Middle East, and the region requiring in-person relationship building that is currently not possible.
p. 15
“Currently, we don't have any on-ground there.”
Avinash Godkhindi, page 15 of the filed PDF · View the filing
DICE being a loss-making company that could weigh on consolidated profitability.
p. 17
“DICE was a loss-making company in FY25, sir, and likely to be losing a loss-making company for FY26 as well.”
Avinash Godkhindi, page 17 of the filed PDF · View the filing
Consolidated negative operating cash flow remains significantly larger than standalone due to nascent acquired businesses.
p. 10
“So many of these other businesses are nascent businesses, right, Rohan, which are -- we've just taken over those businesses.”
Avinash Godkhindi, page 10 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.