| Management target | Revenue 40.0% FY27 |
|---|
| Revenue growth | 28% YoY consolidated growth; 18% standalone growth amid seasonality. |
|---|---|
| Margins | Down 190bps YoY due to acquisition integration and expensing R&D. |
| Order book | 85+ markee clients from DICE being novated; pipeline looks robust. |
| Demand visibility | Strong corporate demand for tax-saving and spend management SaaS. |
| Management confidence | Over-optimistic; masking margin pressure with 'transformational' AI narrative. |
Growth
Revenue hit ₹423 Cr; organic growth slowed to 18% as management prioritized cash flows over aggressive volume.
Outlook
Management reiterated 40% consolidated revenue growth guidance for FY27, banking on DICE revenue from Q2 onwards.
Risks
EBITDA margin dropped to 8.2% from 10.1%; significant reliance on credit card spend mix for incentives.
Last quarter's promises, checked
Delivered
- Guided FY26 stand-alone revenue growth ~42% → delivered 42% (= BEAT)
- Guided FY26 consolidated revenue growth ~46% → delivered 46% (= BEAT)
- Guided FY26 consolidated PAT ~INR139 Cr → delivered INR139 Cr (= BEAT)
Partly delivered
- Guided U.S. launch by FY26-end → delayed to future quarters (= PARTIAL)
- Guided 14-15% margin over 5 years → current margin dropped to 8.2% (= PARTIAL)
Missed
- Guided FY26 standalone revenue INR1,853 Cr → delivered INR423 Cr in current quarter context (= MISS)
- Guided 100 bps annual margin expansion → delivered 190bps compression (= MISS)
Earnings Call Transcript filed with NSE, NSE: ZAGGLE. Summary written with AI assistance from the document.
Zaggle Prepaid Ocean Services Ltd: key numbers
- Share price
- ₹178.84
- Market cap
- ₹2,405 Cr
- Revenue (annual)
- ₹1,908 Cr
- Net profit (annual)
- ₹138.1 Cr
- P/E (TTM)
- 18.6×Sector 22.1×
- Promoter holding
- 44.30%+0.15% QoQ
- FII holding
- 2.31%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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