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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹618 Cr
verified against source
Revenue YoY
50%
reported change
EBITDA
₹60 Cr
latest reported figure
Source
nse announcements
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Zaggle delivered a strong Q4 FY26 with consolidated revenue of ₹618 crore (+50% YoY) and EBITDA of ₹60 crore (+62% YoY), driven by robust growth in Propel, program fees, and strategic acquisitions (Greenet, Zag.money). The DICE acquisition (₹68 crore asset purchase) adds high-margin SaaS revenue and AI capabilities. Management guided standalone FY27 growth of 25-30% and consolidated growth of ~40%, but deferred EBITDA margin guidance due to DICE integration. Key operational metrics: active users reached 3.9 million, corporate customers 3,900+, and credit card run-rate accelerated to 36-40k cards per 8-week window. Risks include cash flow improvement trajectory (still negative ₹6 crore operating cash flow) and potential margin dilution from DICE's loss-making status.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided standalone revenue growth of 25-30% for FY27, down from 42% in FY26 due to base effect and focus on cash flow.
- Consolidated revenue growth for FY27 is guided at approximately 40%, driven by acquisitions and cross-selling.
- Due to DICE acquisition structure change (asset purchase vs share purchase), EBITDA margin guidance will be provided after integration completes in a few months.
- US expansion is on track to begin by the end of FY27, leveraging DICE's AI capabilities and enterprise contracts.
Risks flagged
- Operating cash flow was negative ₹6 crore in Q4 FY26, though improved from ₹34 crore negative in Q2. Management aims for positive cash flow in coming quarters.
- DICE was loss-making in FY25 and FY26; integration costs and employee onboarding could pressure standalone EBITDA margins in the near term.
- Analyst highlighted that Propel generates only ₹45 crore net revenue on ₹1,000+ crore gross revenue, tying up significant working capital. Management acknowledged need to optimize.
- Management cited regional war and uncertainty as reasons for delaying on-ground presence, with no clear timeline for resumption.
Key quotes
- We have accelerated to an annualized run rate of new acquisition of about 36,000 to 40,000 cards with just a 8 week window.
- We are prioritizing these early wins as supplement to rather than a distraction from our five-year goal of 500 cr revenue and a 65 cr EBITDA milestone.
- We have decided not to proceed ahead with the transaction (Ephiaoft) in this entire world when AI is taking over.
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