Q3 Result: Zaggle Prepaid Ocean Services Limited, India’s leading Global Spend Management platform, has announced its unaudited financial results for the quarter and nine months ended December 31, 2025, marking a decisive profitability breakout.
In Q3FY26, Zaggle delivered a topline of Rs 497.6 crore, 47.9% YoY growth, with adjusted EBITDA of Rs 51.3 crore, crossing the Rs 50 crore-mark for the first time in its history. This took the PAT to Rs 36 crore, reflecting YoY growth of 77.7%.
Profit growth accelerated significantly ahead of topline growth, reflecting structural operating leverage embedded in the platform model.
In 9M FY26, revenue has nearly matched full-year FY25 levels, while profitability has already surpassed last year’s performance, with PAT exceeding full-year FY25 despite marginally lower revenues. This underscores meaningful margin expansion, improving operating leverage, and the compounding strength of the business model, marking a clear transition from pure growth-led expansion to growth with accelerating profitability.
Zaggle is delivering structural P&L expansion, with operating leverage driving disproportionate EBITDA and PAT growth. Margins are expanding, Cash PAT remains strong, and disciplined technology investments are reinforcing long-term margin resilience.
Zaggle is accelerating high-margin monetization engines across platforms and geographies. Zagg.Money targets 3.7+ million salaried users with a Rs 5,000 million revenue ambition, while the Greenedge acquisition deepens rewards and loyalty monetization. The GIFT City subsidiary and UAE expansion strengthen global and cross-border scale, and Agentic AI deployment is enhancing automation, efficiency, and operating leverage. Together, these drivers position Zaggle for sustained earnings compounding and progressive margin expansion.
Raj P Narayanam, Founder & Executive Chairman, said: “This has been our strongest quarterly and nine-month performance, with consistent execution across financial and operating metrics. We have moved from AI-led vision to execution, with Agentic AI workflows now enhancing automation across reconciliations, compliance, and spend approvals. The Board’s approval of our wholly owned subsidiary in GIFT City, ‘Zaggle Payments IFSC Ltd’, strengthens our global payments footprint, while our proposed UAE entity in Abu Dhabi will anchor our MENA expansion. We also completed the acquisition of Greenedge, deepening our rewards and loyalty capabilities, and are finalizing the acquisition of Rio Money, now rebranded as Zagg.Money, our fourth monetization pillar targeting over 3.7 million salaried users with a Rs 500 crore high-margin revenue ambition.”
Zaggle shares price closed 6.5 per cent lower at Rs 284.45 on Friday (Feb 13).
About Zaggle Prepaid Ocean Services Limited:
Founded in 2011, Zaggle is a category-leading spend management company with a strong technology-led value proposition and a diversified user base. Operating in the business-to-business-to-customer (B2B2C) segment, Zaggle is among a select group of players with a comprehensive suite of financial technology products and services.
Zaggle is one of India's top issuers of prepaid cards, collaborating with 19 banking partners to drive its card offerings. As of December 31, 2025, the company has issued more than 50 million prepaid cards, serving more than 3.7 million users across industries.
