New Risk • May 14
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (28% accrual ratio). Reported Earnings • May 14
Full year 2026 earnings: EPS and revenues exceed analyst expectations Full year 2026 results: EPS: ₹10.28 (up from ₹6.99 in FY 2025). Revenue: ₹19.5b (up 49% from FY 2025). Net income: ₹1.38b (up 57% from FY 2025). Profit margin: 7.1% (up from 6.7% in FY 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 1.1%. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Software industry in India. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹279, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 26x in the Software industry in India. Total loss to shareholders of 27% over the past year. Annonce • May 11
Zaggle Prepaid Ocean Services Limited to Report Q4, 2026 Results on May 13, 2026 Zaggle Prepaid Ocean Services Limited announced that they will report Q4, 2026 results on May 13, 2026 Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹235, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 22x in the Software industry in India. Total loss to shareholders of 31% over the past year. New Risk • Apr 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 9.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₹242, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 21x in the Software industry in India. Total loss to shareholders of 32% over the past year. Reported Earnings • Feb 14
Third quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2026 results: EPS: ₹2.76 (up from ₹1.61 in 3Q 2025). Revenue: ₹5.34b (up 59% from 3Q 2025). Net income: ₹363.9m (up 84% from 3Q 2025). Profit margin: 6.8% (up from 5.9% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.0%. Earnings per share (EPS) missed analyst estimates by 1.8%. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Software industry in India. Price Target Changed • Feb 14
Price target decreased by 10% to ₹480 Down from ₹535, the current price target is an average from 2 analysts. New target price is 68% above last closing price of ₹286. Stock is down 18% over the past year. The company is forecast to post earnings per share of ₹10.15 for next year compared to ₹6.99 last year. Annonce • Feb 05
Zaggle Prepaid Ocean Services Limited to Report Q3, 2026 Results on Feb 12, 2026 Zaggle Prepaid Ocean Services Limited announced that they will report Q3, 2026 results on Feb 12, 2026 Annonce • Jan 09
Zaggle Prepaid Ocean Services Limited Announces Leadership changes Zaggle Prepaid Ocean Services Limited has appointed Nilesh Dadpe as Executive Vice President - Cross Sell and Rajesh Tummalaganti as Deputy Chief Financial Officer (Deputy CFO). In his role as Executive Vice President - Cross Sell, Nilesh Dadpe will focus on enhancing value creation across Zaggle's existing corporate client base by driving wider adoption of the company's solutions and strengthening long-term client partnerships. With his extensive experience in enterprise sales, customer engagement and solution-led growth, he will play a key role in improving customer lifetime value and supporting predictable, profitable growth. Rajesh Tummalaganti, appointed as Deputy Chief Financial Officer (Deputy CFO), will play a key role in strengthening financial controls, compliance, reporting and strategic capital planning. His experience across financial governance, operational finance and scaling finance functions will reinforce Zaggle's focus on transparency, fiscal discipline and long-term value creation as a listed fintech company. Reported Earnings • Nov 12
Second quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2026 results: EPS: ₹2.61 (up from ₹1.66 in 2Q 2025). Revenue: ₹4.41b (up 46% from 2Q 2025). Net income: ₹349.9m (up 72% from 2Q 2025). Profit margin: 7.9% (up from 6.7% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.5%. Earnings per share (EPS) missed analyst estimates by 70%. Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Software industry in India. Annonce • Nov 04
Zaggle Prepaid Ocean Services Limited to Report Q2, 2026 Results on Nov 11, 2025 Zaggle Prepaid Ocean Services Limited announced that they will report Q2, 2026 results on Nov 11, 2025 Board Change • Oct 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Non-Executive & Non-Independent Director Virat Diwanji was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 15
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: ₹1.94 (up from ₹1.37 in 1Q 2025). Revenue: ₹3.32b (up 32% from 1Q 2025). Net income: ₹261.1m (up 56% from 1Q 2025). Profit margin: 7.9% (up from 6.6% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Software industry in India. Annonce • Aug 14
Zaggle Prepaid Ocean Services Limited, Annual General Meeting, Sep 18, 2025 Zaggle Prepaid Ocean Services Limited, Annual General Meeting, Sep 18, 2025, at 15:30 Indian Standard Time. Annonce • Aug 09
Zaggle Prepaid Ocean Services Limited to Report Q1, 2026 Results on Aug 14, 2025 Zaggle Prepaid Ocean Services Limited announced that they will report Q1, 2026 results on Aug 14, 2025 Price Target Changed • Jul 22
Price target decreased by 13% to ₹550 Down from ₹635, the current price target is provided by 1 analyst. New target price is 33% above last closing price of ₹413. Stock is up 38% over the past year. The company is forecast to post earnings per share of ₹11.50 for next year compared to ₹6.99 last year. Annonce • Jun 05
Zaggle Prepaid Ocean Services Limited (NSEI:ZAGGLE) executed a non-binding term sheet to acquire Dice Enterprises Private Limited from its existing shareholders for INR 1.2 billion. Zaggle Prepaid Ocean Services Limited (NSEI:ZAGGLE) executed a non-binding term sheet to acquire Dice Enterprises Private Limited from its existing shareholders for INR 1.2 billion on June 5, 2025. The consideration consists of INR 1.23 billion common equity of Zaggle Prepaid Ocean Services Limited to be issued for common equity of Dice Enterprises Private Limited. As part of consideration, INR 1.23 billion is paid towards common equity of Dice Enterprises Private Limited. The mode of acquisition (cash consideration / shares swap) will be determined by the board of directors at a later stage.
The acquisition is subject to execution of definitive agreements and completion of certain identified conditions precedent. The transaction is expected to complete within the period of 90 days from the date of approval by the board of directors of the Zaggle Prepaid Ocean Services Limited. Reported Earnings • May 14
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: ₹6.99 (up from ₹4.06 in FY 2024). Revenue: ₹13.3b (up 72% from FY 2024). Net income: ₹879.2m (up 100% from FY 2024). Profit margin: 6.6% (up from 5.7% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.6%. Earnings per share (EPS) missed analyst estimates by 27%. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Software industry in India. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹383, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 28x in the Software industry in India. Total returns to shareholders of 34% over the past year. Annonce • May 05
Zaggle Prepaid Ocean Services Limited to Report Q4, 2025 Results on May 12, 2025 Zaggle Prepaid Ocean Services Limited announced that they will report Q4, 2025 results on May 12, 2025 Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹302, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 23x in the Software industry in India. Total returns to shareholders of 5.9% over the past year. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to ₹347, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 31x in the Software industry in India. Total returns to shareholders of 37% over the past year. Annonce • Feb 11
Zaggle Eyes Prepaid Card Market Expansion Through an Acquisition Zaggle Prepaid Ocean Services Limited (NSEI:ZAGGLE) plans to enter the prepaid card network space through an acquisition and is in talks with a potential target, managing director and chief executive Avinash Godkhindi said on 10 February 2025. The acquisition will help the company expand its reach and presence with its existing merchant partners. While the Hyderabad-based company has managed to secure a foothold on the corporate side, which has allowed it to build a strong employee, channel partner and vendor ecosystem, it's light on merchant partnerships. "We have over 300 merchant partners, but we don't have a software that sits in the system of these merchants," Godkhindi told Mint in an interview. Zaggle is still in the due diligence phase of the potential acquisition and declined to name the company it is currently in conversation with. Such a buyout, when it goes through, will allow the fintech company to issue prepaid cards and loyalty points to customers that are directly linked to billing systems of their merchant partners. "When we have billing system integrations, the stock-keeping unit level data begins flowing to us, which allows Zaggle to do more with that data and insight," he said. Annonce • Feb 10
Zaggle Prepaid Ocean Services Limited (NSEI:ZAGGLE) agreed to acquire 16.67% stake in Mobileware Technologies Private Limited. Zaggle Prepaid Ocean Services Limited (NSEI:ZAGGLE) agreed to acquire 16.67% stake in Mobileware Technologies Private Limited on February 7, 2025. A cash consideration will be paid by Zaggle Prepaid Ocean Services Limited. As part of consideration, an undisclosed value is paid towards common equity of Mobileware Technologies Private Limited.
For the period ending March 31, 2024, Mobileware Technologies Private Limited reported total revenue of INR 169.9 million. The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board. The transaction is expected to close within the period of 90 days from the date of approval by the Board of Directors of the Company Reported Earnings • Feb 08
Third quarter 2025 earnings released: EPS: ₹1.61 (vs ₹1.57 in 3Q 2024) Third quarter 2025 results: EPS: ₹1.61 (up from ₹1.57 in 3Q 2024). Revenue: ₹3.40b (up 25% from 3Q 2024). Net income: ₹197.4m (up 3.1% from 3Q 2024). Profit margin: 5.8% (down from 7.0% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Software industry in India. New Risk • Feb 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (46% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). Annonce • Jan 31
Zaggle Prepaid Ocean Services Limited to Report Q3, 2025 Results on Feb 07, 2025 Zaggle Prepaid Ocean Services Limited announced that they will report Q3, 2025 results on Feb 07, 2025 Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹443, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 35x in the Software industry in India. Total returns to shareholders of 98% over the past year. Annonce • Dec 20
Zaggle Prepaid Ocean Services Limited has filed a Follow-on Equity Offering. Zaggle Prepaid Ocean Services Limited has filed a Follow-on Equity Offering.
Security Name: Equity Shares
Security Type: Common Stock
Price(minimum): INR 550.73
Transaction Features: Regulation S; Subsequent Direct Listing Annonce • Dec 03
Zaggle Prepaid Ocean Services Limited Announces Re-Designation of Arun Vijaykumar Gupta as an Independent Director Zaggle Prepaid Ocean Services Limited through its postal ballot ended on December 2, 2024, approved the re-designation of Mr. Arun Vijaykumar Gupta as an Independent Director of the Company for the period of 2 (Two) years. Reported Earnings • Nov 14
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: ₹1.66 (up from ₹1.57 in 2Q 2024). Revenue: ₹3.09b (up 13% from 2Q 2024). Net income: ₹202.9m (up 5.9% from 2Q 2024). Profit margin: 6.6% (down from 7.0% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) missed analyst estimates by 71%. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Software industry in India. Annonce • Nov 05
Zaggle Prepaid Ocean Services Limited to Report Q2, 2025 Results on Nov 13, 2024 Zaggle Prepaid Ocean Services Limited announced that they will report Q2, 2025 results on Nov 13, 2024 Board Change • Nov 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non Executive Non Independent Director Virat Diwanji was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annonce • Oct 07
Zaggle Prepaid Ocean Services Limited Appoints Mr. Virat Sunil Diwanji as an Additional Director Zaggle Prepaid Ocean Services Limited announced appointment of Mr. Virat Sunil Diwanji as an Additional Director of the company. Mr. Virat Sunil Diwanji has been appointed as an Additional director (Non Executive Non Independent) on the Board of the Company effective from October 04, 2024, who shall hold office up to the date of upcoming Annual General Meeting of the Company. Mr. Virat Sunil Diwanji is a seasoned banker with over 30 years of experience in building, managing and growing Retail Consumer Businesses cutting across Liabilities and Assets. He has been involved with Kotak Group for almost 3 decades in various roles within retail segment. During this journey, he has successfully managed JVs with international partners (Ford Credit International) and executed the merger of mid-size bank ING Vysa. He also served as Non-Executive Director, for over 9 years, on Board of Kotak General Insurance Ltd. from its inception stage. He has been member of Group Management Committee at Kotak Group apart from being member of several operating committees like ALCO, OREC and Talent Council. Prior to joining Kotak Group, Mr. Virat has worked with management consultancy division of A. F. Ferguson & Co for 6 years handling assignments cutting across Private and Public sector enterprises in India and UAE. Reported Earnings • Jul 31
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: ₹1.37 (up from ₹0.21 in 1Q 2024). Revenue: ₹2.57b (up 37% from 1Q 2024). Net income: ₹167.3m (up 121% from 1Q 2024). Profit margin: 6.5% (up from 4.0% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.8%. Earnings per share (EPS) missed analyst estimates by 66%. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Software industry in India. Annonce • Jul 30
Zaggle Prepaid Ocean Services Limited, Annual General Meeting, Sep 25, 2024 Zaggle Prepaid Ocean Services Limited, Annual General Meeting, Sep 25, 2024. Annonce • Jul 21
Zaggle Prepaid Ocean Services Limited to Report Q1, 2025 Results on Jul 30, 2024 Zaggle Prepaid Ocean Services Limited announced that they will report Q1, 2025 results on Jul 30, 2024 Annonce • May 12
Zaggle Prepaid Ocean Services Limited to Report Q4, 2024 Results on May 23, 2024 Zaggle Prepaid Ocean Services Limited announced that they will report Q4, 2024 results on May 23, 2024 Annonce • Mar 28
Zaggle Prepaid Ocean Services Limited (NSEI:ZAGGLE) agreed to acquire 45% stake in Span Across IT Solutions Private Limited for INR 247.5 million. Zaggle Prepaid Ocean Services Limited (NSEI:ZAGGLE) agreed to acquire 45% stake in Span Across IT Solutions Private Limited for INR 247.5 million on March 27, 2024. The consideration consists of INR 247.5 million in cash. As part of the consideration, INR 247.5 million was paid towards common equity of 0.9 million shares. The board of Zaggle Prepaid Ocean Services Limited approved the acquisition. The acquisition will be completed within the period of 45 days form the date of approval by the Board of Directors of Zaggle Prepaid Ocean Services Limited. Span Across IT Solutions Private Limited reported INR 39.1 million for FY 2022-23. New Risk • Mar 26
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (11% average weekly change). High level of non-cash earnings (53% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported March 2023 fiscal period end). Profit margins are more than 30% lower than last year (4.1% net profit margin). Significant insider selling over the past 3 months (₹38m sold). Recent Insider Transactions • Mar 12
Insider recently sold ₹3.8m worth of stock On the 4th of March, Saurabh Puri sold around 10k shares on-market at roughly ₹381 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₹17m. Insiders have been net sellers, collectively disposing of ₹28m more than they bought in the last 12 months. Recent Insider Transactions • Mar 07
Insider recently sold ₹17m worth of stock On the 29th of February, Saurabh Puri sold around 50k shares on-market at roughly ₹344 per share. This transaction amounted to 36% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹20m more than they bought in the last 12 months. New Risk • Feb 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (53% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Profit margins are more than 30% lower than last year (4.1% net profit margin). Annonce • Feb 01
Zaggle Prepaid Ocean Services Limited to Report Q3, 2024 Results on Feb 06, 2024 Zaggle Prepaid Ocean Services Limited announced that they will report Q3, 2024 results on Feb 06, 2024 Annonce • Oct 31
Zaggle Prepaid Ocean Services Limited to Report Q2, 2024 Results on Nov 07, 2023 Zaggle Prepaid Ocean Services Limited announced that they will report Q2, 2024 results on Nov 07, 2023 Annonce • Oct 06
Zaggle Prepaid Ocean Services Limited to Report Q1, 2024 Results on Oct 11, 2023 Zaggle Prepaid Ocean Services Limited announced that they will report Q1, 2024 results on Oct 11, 2023