Zaggle Prepaid Ocean Services Limited — Investor Meet, 18-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Zaggle reported strong Q2 FY26 results: revenue surged 42% YoY to INR 431 Cr, adjusted EBITDA grew 48% to INR 44 Cr, and PAT jumped 79% to INR 33 Cr. Half-year figures also showed robust growth.

Management increased FY26 revenue guidance to 40-45%, with EBITDA margins targeted at 10-11%, aiming for 14-15% adjusted EBITDA in 4-5 years. Key initiatives include a retail co-branded credit card partnership with AU Bank, projected to add INR 500-600 Cr in annual revenue and INR 50-60 Cr EBITDA in 4-5 years (starting FY27).

New client wins include Adani Total Gas and Megha Gas for fleet management. Cross-sell rates are up to 21% as existing clients adopt more solutions. Greenedge acquisition documents are signed, and two other announced acquisitions are nearing completion. Operating cash flow was negative for H1 FY26 due to festive season demand but is expected to break even this fiscal year and turn positive in FY27. The company is also expanding globally with a focus on MENA and the U.S. markets.