Zaggle Prepaid Ocean Services Limited , a leading fintech company specializing in spend management solutions, has reported its best-ever quarterly performance for Q2 FY26. The company achieved significant growth across key financial metrics and announced strategic expansions in its business operations.

Financial Highlights

Zaggle delivered impressive financial results for the quarter ended September 30, 2025:

The company's strong performance was driven by growth across all revenue streams, including program fees, Propel points, and SaaS platform fees.

Strategic Developments

Retail Co-Branded Credit Card Partnership

Zaggle has entered into a retail co-branded partnership with AU Bank, marking its entry into the retail credit card segment. This move is expected to generate significant revenue in the coming years:

• Projected revenue of INR 500-600 crores from this new business line over the next 4-5 years
• Estimated EBITDA of INR 50-60 crores annually from this segment by the end of the fifth year

The company is actively seeking partnerships with 2-3 more banks to expand its retail co-branded credit card offerings.

Fleet Management Solutions

Zaggle has made significant inroads into the fleet management sector:

• Signed agreements with Adani Total Gas and Megha Gas for fleet management solutions
• Expanding into partnerships with oil marketing companies (OMCs) like HPCL, BPCL, and IOCL

New Product Launches

At the Global Fintech Fest 2025, Zaggle introduced two innovative products:

1. Zaggle GlobalPay FOREX Card: A co-branded partnership with GlobalPay to streamline FOREX spending for businesses and global travelers
2. Prepaid card in partnership with Mastercard and NSDL: Designed to simplify channel partner payouts in tandem with Zaggle's Propel offering

Corporate Partnerships and Client Acquisitions

Zaggle continues to expand its client base and strengthen existing partnerships:

• Onboarded new clients including SMC Global, Pernod Ricard, Ultratech Cement, DTDC Express, and Suryoday Small Finance Bank
• Expanded cross-sell wins with existing clients such as Bharat Dynamics Limited, Apollo Health, and Siyaram Silk
• Entered into strategic partnerships with Standard Chartered Bank and IDFC Bank, bringing the total number of banking partners to 19

Future Outlook

Zaggle has raised its revenue growth guidance to 40-45% for the current fiscal year, while maintaining its EBITDA guidance in the range of 10-11%. The company has set a long-term target of reaching 14-15% adjusted EBITDA margin in the next 4-5 years.

Management Commentary

Dr. Raj Narayanam, Founder and Executive Chairman of Zaggle, stated, "This quarter marks our best-ever half-yearly and quarterly performance, marked by strong progress and continued innovation across our businesses."

Avinash Godkhindi, Managing Director and CEO, added, "Today, around 3.5 million users use Zaggle-powered cards and software, a strong testament to the scale and adoption of our platform. We now serve more than 3,600 customers across a wide spectrum of industries and sectors."

Investor Relations

For further information, investors are encouraged to contact SGA, Zaggle's Investor Relations Advisor.

Zaggle Prepaid Ocean Services Limited , a leading SaaS fintech player specializing in spend management solutions, has announced two significant developments: an equity share allotment under its employee stock option scheme and the release of its Q2 financial results.

ESOP Allotment

The company's Board of Directors has approved the allotment of 1,97,945 equity shares with a face value of INR 1 each to eligible employees under the Zaggle Employee Stock Option Scheme 2022. This allotment comes as a result of employees exercising their vested options. Following this issuance, Zaggle's paid-up equity share capital has increased from INR 13,42,54,022 to INR 13,44,51,967.

Key points of the allotment include:

• The newly allotted shares will rank equally with existing equity shares.
• The company has received in-principle approval from both BSE Limited and National Stock Exchange of India Limited for this employee stock option scheme.
• The share allotment date is set for November 14, 2025.

Q2 Financial Highlights

Zaggle has reported its highest-ever quarterly and half-yearly performance across all metrics for Q2. Here are the key financial highlights:

• The company achieved substantial half-yearly revenue of INR 7,625 million with an adjusted EBITDA margin of 10.0%.
• Q2 saw revenues of INR 4,310 million with an adjusted EBITDA margin of 10.1%.
• Zaggle has upgraded its revenue growth guidance to 40-45%, while maintaining its EBITDA guidance in the range of 10-11%.

Strategic Developments

Raj P Narayanam, Founder and Executive Chairman of Zaggle, highlighted several strategic initiatives:

1. Launch of new products: Zaggle GlobalPay Forex Card and Zaggle × Mastercard Prepaid Card.
2. Entry into the retail card segment in partnership with AU Small Finance Bank.
3. Expansion of banking partner network, adding Standard Chartered Bank, AU Small Finance Bank, and Suryoday Small Finance Bank.
4. Diversification across multiple payment methods, including Commercial credit cards, Prepaid cards, Retail cards, and UPI.

These developments are expected to create new synergies and drive further growth across Zaggle's business lines.

Company Overview

Zaggle, incorporated in 2011, has established itself as a leading player in spend management. The company boasts:

• Over 50 million prepaid cards issued in partnership with banking partners
• More than 3.5 million users served as of September 30, 2025
• A diverse portfolio of SaaS products, including tax and payroll software
• A wide-ranging network of corporate customers across various industries

As Zaggle continues to expand its product offerings and partnerships, it appears well-positioned to capitalize on the growing fintech market in India.

Conclusion

Zaggle's recent ESOP allotment and strong financial performance demonstrate the company's commitment to employee retention and its ability to deliver robust growth. With strategic expansions into new product segments and partnerships, Zaggle is poised for continued success in the competitive fintech landscape.