Zaggle Prepaid Ocean Services Limited announced its best-ever quarterly and nine-month performance for the period ending December 31, 2025 (Q3 FY26). The company delivered a Q3 FY26 topline of INR 4,976 million, marking a 47.9% YoY growth. Adjusted EBITDA for the quarter crossed INR 500 million for the first time at INR 513 million. Profit After Tax (PAT) surged by 77.7% YoY to INR 360 million, reflecting strong margin expansion.
Q3 & 9MFY26 Performance Highlights
Zaggle recorded its strongest performance across all key metrics for the quarter ending December 31, 2025 (Q3 FY26). The company achieved a Revenue from Operations of ₹ 4,976.3 Million, representing a YoY growth of 47.9%. This strong performance propelled the Adjusted EBITDA to ₹ 512.6 Million (YoY +62.9%) and PAT to ₹ 359.7 Million (YoY +77.7%).
For the nine months ended FY26 (9MFY26), Revenue from Operations stood at ₹ 12,601.0 Million (YoY +41.4%). Profitability also improved substantially, with Adjusted EBITDA reaching ₹ 1,277.2 Million (YoY +47.5%) and PAT growing to ₹ 950.9 Million (YoY +71.3%).
Standalone Financial Deep Dive (Q3 FY26 vs Q3 FY25)
A detailed review of the standalone Profit and Loss statement highlights significant improvements:
- Gross Profit Margin: Increased from 44.8% to 47.6%.
- Adjusted EBITDA: Grew by 62.9% to ₹ 512.6 Million.
- Reported EBITDA: Increased by 72.8% to ₹ 508.8 Million, achieving a new milestone of exceeding ₹500 Mn quarterly.
- Profit After Tax (PAT): Increased by 77.7% to ₹ 359.7 Million.
Key Operational Indicators
Operational metrics reflect healthy customer growth and platform engagement:
- Total Customers Catered To: Increased by 13.7% QoQ, reaching 3,794 in Q3 FY26.
- Aggregate Users on Platform: Grew by 17.5% QoQ to 3.71 Million.
- Revenue Mix: Program Fees revenue for 9MFY26 reached ₹ 5,305 Million, surpassing ₹2,000 Million for the first time.
Strategic Growth & Innovation
The Founder and Executive Chairman noted significant strategic advancements:
- The company is expanding its global footprint by approving a subsidiary in GIFT City and is in the process of forming an entity in the UAE, targeting the MENA region.
- Strategic acquisitions include the completion of Greenedge Limited and the finalization of Rio Money (rebranded as Zagg.Money), which introduces a fourth monetization pillar aimed at generating INR 5,000 Million in revenue from over 3.7 million salaried users.
- Technological execution is underway with the rollout of Agentic AI workflows to enhance automation across vendor reconciliations and spend approvals.
Historical Context and Net Reporting
The company guided investors to view revenue on a Net basis (after deducting the cost of point redemption/gift cards on Propel). For 9M’ FY26, Net Revenue reached ₹ 5,963 Million, with the Net Adjusted EBITDA margin at 21.4%.
Historically, the company demonstrates strong compounding growth across metrics:
- Revenue from Operations (FY21 to FY25): CAGR of 52.6%, reaching ₹ 13,026 Million in FY25.
- Corporate Customers (FY21 to FY25): CAGR of 33.4%, reaching 3,455.
Product and Ecosystem Strength
Zaggle emphasizes its position as a leading Spend Management company built on an Omni-Channel offering, combining SaaS and Fintech capabilities across core product suites:
- Propel: Focuses on rewards, incentives, and channel partner performance.
- Save: Digitizes employee expense management, reimbursements, and benefits.
- Zoyer: Provides digitized Vendor Procure-to-Pay solutions with embedded finance.
Recent innovations include the launch of the ZaggleZatiX Intelligent Spend Analytics Platform and expansion into International Payments (ZIP). The note on inorganic initiatives confirms the strengthening of the portfolio through acquisitions like Greenedge (Loyalty/Rewards) and TaxSpanner (Digital tax/accounting solutions).
Source: BSE
