Zaggle FY26 results: Revenue crosses ₹19,076.5 Mn

Key FY26 takeaways

Zaggle Prepaid Ocean Services Limited reported its strongest annual performance for the year ended March 31, 2026, with consolidated revenue crossing the ₹19,000 Mn milestone. Revenue from operations rose to ₹19,076.5 Mn in FY26, up 46.3% year on year, according to the company’s FY26 financial performance data. Profitability expanded faster than revenue, with adjusted EBITDA rising 51.0% and profit after tax (PAT) rising 51.8%. The company also highlighted a “third consecutive quarter” of record revenue and profitability.

Management described FY26 as an inflection year, arguing that operating leverage is now visible at scale. It also pointed to stronger cash conversion, with Cash PAT rising to ₹1,778.6 Mn. The full-year adjusted EBITDA margin improved to 10.0% from 9.7% in FY25.

FY26 financial snapshot: revenue, margins, and profit

On consolidated numbers, adjusted EBITDA stood at ₹1,915.9 Mn in FY26, compared with ₹1,267.8 Mn in FY25. This translated into an adjusted EBITDA margin of 10.0% for the year, up 30 basis points from 9.7%. Reported EBITDA increased to ₹1,893.5 Mn, up 61.0% year on year.

PAT for FY26 rose to ₹1,387.5 Mn from ₹914.1 Mn in FY25. The company also reported Cash PAT of ₹1,778.6 Mn, up “54.0%+” year on year, positioning it as a measure of earnings quality and cash conversion. In its FY26 highlights, the company noted that PAT crossed ₹1,388 Mn as “a new record” alongside the revenue milestone.

FY25 vs FY26: consolidated performance table

Why Zaggle called FY26 a “structural shift”

In the company’s FY26 note, management framed the year as more than just strong growth. The key point was that profits grew faster than revenue, which it linked to improving unit economics and deeper monetisation. Revenue increased 46.3% year on year, while adjusted EBITDA rose 51.0% and PAT rose 51.8%.

The company also highlighted cash conversion, citing Cash PAT of ₹1,778.6 Mn at 54%+ growth. Alongside this, it flagged margin expansion, with full-year adjusted EBITDA margin improving to 10.0%. The company attributed efficiency gains in part to AI-led automation and scale benefits, and said it expects further margin expansion as automation and platform scale deepen.

Management commentary and FY27 growth guidance

Founder and Executive Chairman Dr. Raj P. Narayanam said FY26 demonstrates what the platform model looks like “at scale,” and reiterated the key growth rates across revenue, PAT, and Cash PAT. He also listed several FY26 actions: strategic acquisitions, the launch of a Retail RuPay Credit Card with UPI, establishing a GIFT City entity, and accelerating AI deployment.

For FY27, the company provided growth guidance on both standalone and consolidated bases. It guided for FY27 standalone revenue growth of 25% to 30%, and FY27 consolidated revenue growth of approximately 40%, inclusive of inorganic contributions. Management also stated that operating leverage is expected to continue, with profit growth ahead of revenue growth and margin expansion becoming more visible as AI-led efficiency gains compound.

Acquisitions and business expansion mentioned for FY26

Zaggle said it completed acquisitions of Greenedge Enterprises and Rivpe Technology, with Rivpe rebranded as Zagg.Money. In a business update, the company also referenced its existing portfolio, including “86400 and taxpayer,” and described performance for Green Edge and 86400.

For 86400, the company said revenues grew from about ₹340 Mn in 2025 to ₹740 Mn in FY26, with EBITDA rising from around ₹54 Mn in FY25 to around ₹180 Mn in FY26, and PAT moving from around ₹16 Mn to ₹110 Mn in FY26. For Green Edge, the company said revenue increased from around ₹365.4 Mn in FY25 to around ₹1,037 Mn in FY26, with EBITDA rising from around ₹34 Mn to about ₹110 Mn and PAT rising from around ₹21 Mn to around ₹81 Mn.

Q4 FY26 performance: multiple reported figures

In Q4 FY26, numbers were presented across different disclosures in the material provided. One section of the business update cited consolidated quarterly revenue of about ₹6,180 Mn (₹618 crore), adjusted EBITDA of around ₹600 Mn (₹60 crore), and PAT of around ₹410 Mn (₹41 crore). Another report stated consolidated revenue from operations rose to ₹6,719.1 Mn (₹671.91 crore), while consolidated net profit was ₹406.0 Mn (₹40.60 crore). Separately, a summary in the material also cited Q4 FY26 consolidated revenue of ₹6,179 Mn, adjusted EBITDA of ₹605 Mn, and PAT of ₹406 Mn.

Taken together, the consistent message across the Q4 disclosures is strong year-on-year growth in revenue and profitability, and that the company closed FY26 with its third consecutive quarter of record performance.

Business mix and platform metrics disclosed

In the FY26 update, the company said its Propel platform revenue surpassed ₹10,000 Mn for the first time. It also provided a revenue mix for FY26: Propel platform contributed 57% of annual revenue, program fees contributed 41%, and platform fees contributed 2%.

The company’s “about” section stated it was incorporated in 2011 and described itself as a B2B2C SaaS fintech and global spend management platform. As of March 31, 2026, it reported over 50 million prepaid cards issued and 3.9 million users served.

Market impact and what investors typically track next

From an investor lens, the FY26 data highlights three measurable trends: revenue scale crossing ₹19,000 Mn, profitability growth outpacing revenue, and a modest improvement in full-year EBITDA margin to 10.0%. The company’s guidance of ~40% consolidated revenue growth in FY27 also becomes a key reference point for tracking execution through quarterly updates.

In the material provided, one market update noted the stock rose 4.36% to ₹391 following a separate quarterly update (Q2 FY26), indicating that profitability and growth momentum have been closely watched by the market during FY26.

Conclusion

Zaggle’s FY26 numbers show rapid top-line growth alongside faster growth in adjusted EBITDA and PAT, with the adjusted EBITDA margin improving to 10.0%. The company has outlined FY27 revenue growth guidance of 25% to 30% (standalone) and ~40% (consolidated), supported by AI-led initiatives and inorganic contributions. The next checkpoints for investors are quarterly execution against this guidance and any further updates on margin progression and integration of recent acquisitions.