News Earnings Zaggle Prepaid Ocean Services Reports Record Q3 FY26 Performance with 48% Revenue GrowthZaggle Prepaid Ocean Services Reports Record Q3 FY26 Performance with 48% Revenue Growth
Zaggle Prepaid Ocean Services reported record Q3 FY26 results with revenue of INR 498 crores (48% YoY growth), adjusted EBITDA of INR 51 crores (63% YoY growth), and PAT of INR 36 crores (78% YoY growth). Nine-month performance showed revenues of INR 1,260 crores with 41% growth and PAT of INR 95 crores with 71% growth. The company completed acquisition of Rio.money (rebranded as ZAG.money) and demonstrated significant AI integration progress, reducing development cycles from 75+ days to under 30 days. Management confirmed working capital breakeven expectations for FY26 and positive operating cash flow for FY27.
*this image is generated using AI for illustrative purposes only.
Zaggle Prepaid Ocean Services Limited delivered its strongest quarterly performance to date in Q3 FY26, demonstrating robust growth across all key financial metrics during its earnings call held on February 12, 2026.
Record Quarterly Performance
The company reported exceptional financial results for Q3 FY26, showcasing significant year-on-year improvements across revenue, profitability, and operational metrics.
| Metric | Q3 FY26 | Q3 FY25 | YoY Growth |
|---|---|---|---|
| Revenue | INR 498 crores | - | 48% |
| Adjusted EBITDA | INR 51 crores | INR 31 crores | 63% |
| PAT | INR 36 crores | - | 78% |
| Cash PAT | INR 46 crores | - | 76% |
The revenue of INR 498 crores fell just INR 2 crores short of the INR 500 crores milestone, while the company achieved its first-ever quarterly adjusted EBITDA exceeding INR 50 crores. PAT margins improved to 7.2%, reflecting enhanced operational efficiency and cost management.
Nine-Month FY26 Achievements
For the nine-month period ending December 31, 2025, Zaggle demonstrated sustained momentum with revenues reaching INR 1,260 crores, representing 41% year-on-year growth. The company's adjusted EBITDA stood at INR 128 crores, marking a 48% increase, while PAT surged to INR 95 crores with remarkable 71% growth.
| Performance Metric | 9M FY26 | YoY Growth |
|---|---|---|
| Revenue from Operations | INR 1,260 crores | 41.4% |
| Adjusted EBITDA | INR 128 crores | 47.5% |
| PAT | INR 95 crores | 71% |
| Cash PAT | INR 121 crores | 68.3% |
Notably, the nine-month cash PAT has already surpassed the full-year FY25 performance, highlighting the company's accelerated profitability trajectory.
Strategic Acquisitions and Expansion
Zaggle completed its acquisition of Rio.money, now rebranded as ZAG.money, establishing a fourth monetization pillar targeting its captive base of 3.7 million active users. The company has earmarked a primary capital infusion of over INR 100 crores to accelerate revenue growth in this segment, with a target of INR 500 crores within the next 4-5 years.
Existing acquisitions continued delivering strong performance:
| Acquisition | Performance Highlights |
|---|---|
| Greenedge | Q3 FY26 revenue of INR 29 crores; 9M FY26 revenue of INR 65 crores vs FY25 full-year revenue of INR 36 crores |
| Mobileware (86400) | Revenue surge from INR 17 crores in FY24 to over INR 50 crores YTD FY26 |
| TaxSpanner | Strong enterprise pipeline with clients including Accenture, Novo Nordisk, Bosch, HCL |
AI Integration and Operational Excellence
The company highlighted significant progress in AI implementation, transitioning from discussing potential to validating real-world applications. Zaggle has launched Agentic AI workflows designed to independently execute complex tasks including vendor reconciliation, tax compliance monitoring, and spend approval automation.
The AI integration has dramatically improved operational efficiency, reducing product development cycles from 75+ days to under 30 days. This acceleration enables faster response to customer needs and enhanced competitive positioning in the market.
Business Development and Partnerships
During Q3 FY26, Zaggle secured several marquee clients including Senco Gold, BIBA Fashion, Capital Small Finance Bank, Sesa Care, Mahindra Holidays, and Rashi Chemicals and Fertilizers. The company strengthened its partnership ecosystem by signing a 7-year agreement with Visa for co-branded domestic prepaid cards and a 5-year contract with Mastercard for credit cards with spend-linked incentives.
International Expansion Plans
The Board approved incorporation of a wholly-owned subsidiary in GIFT City, Zaggle Payments IFSC Limited, to expand global cross-border payments capabilities. The company is finalizing establishment of operations in Abu Dhabi as a base for MENA region expansion, supported by engagement with UAE government stakeholders including the Minister of State for Artificial Intelligence.
Financial Outlook and Guidance
Management confirmed expectations for working capital breakeven in FY26 and positive operating cash flow generation in FY27. The company maintains its long-term guidance of achieving $1 billion revenue with 14-15% adjusted EBITDA margins within 5-7 years. ESOP costs are expected to rationalize to INR 3-4 crores annually from the next fiscal year.
Historical Stock Returns for Zaggle Prepaid Ocean Services
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -5.70% | -18.67% | -22.47% | -40.94% | -26.33% | +52.54% |
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