Risks
4 risks
Risk Intelligence
Cash flow remains negative
View Risks →Zaggle Prepaid Ocean Services Ltd — Q4 FY26
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).
bullish
high
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2-Minute Summary
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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.
Risks4 tracked
Research workspace
Focused Modules
Quarter Snapshot
Active Users
3.9M
+42% YoY
Active users on Zaggle power cards and software, indicating strong platform adoption.
Corporate Customers
3,900+
+30% YoY
Expanded corporate client base across industries, driving transaction volumes.
Credit Card Run-Rate
36-40k per 8 weeks
New metric
Annualized run-rate of new credit card acquisitions, signaling strong market fit.
Propel Platform Revenue
₹1,000Cr+
+50% YoY
Propel platform crossed ₹1,000 crore milestone for the first time in FY26.
Fast read
Guidance and risk preview
Management guided standalone revenue growth of 25-30% for FY27, down from 42% in FY26 due to base effect and focus on cash flow.
Operating cash flow was negative ₹6 crore in Q4 FY26, though improved from ₹34 crore negative in Q2.
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