Active Users
3.9M
+42% YoY
Active users on Zaggle power cards and software, indicating strong platform adoption.
ZAGGLE
Fintech
15 May 2026
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).
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2-Min Summary
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.
Key Numbers
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.
Management Guidance
Standalone FY27 revenue growth 25-30%
Management guided standalone revenue growth of 25-30% for FY27, down from 42% in FY26 due to base effect and focus on cash flow.
revenueConsolidated FY27 revenue growth ~40%
Consolidated revenue growth for FY27 is guided at approximately 40%, driven by acquisitions and cross-selling.
revenueEBITDA margin guidance deferred
Due to DICE acquisition structure change (asset purchase vs share purchase), EBITDA margin guidance will be provided after integration completes in a few months.
marginsUS operations kickstart by FY27 year-end
US expansion is on track to begin by the end of FY27, leveraging DICE's AI capabilities and enterprise contracts.
expansionKey Risks
Cash flow remains negative
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.
high · management_commentaryDICE acquisition may dilute margins near-term
DICE was loss-making in FY25 and FY26; integration costs and employee onboarding could pressure standalone EBITDA margins in the near term.
medium · analyst_questionPropel business working capital drag
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.
medium · analyst_questionMiddle East expansion delayed due to geopolitical volatility
Management cited regional war and uncertainty as reasons for delaying on-ground presence, with no clear timeline for resumption.
low · management_commentaryNotable 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.