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drops 33% YoYZaggle Prepaid hits lower circuit after Q1 PAT drops 33% YoY Last Updated : Aug 17 2026 | 12:31 PM
ISTZaggle Prepaid Ocean Services hit the lower circuit of 20% at Rs 160.45 after the company reported a 32.86%
year-on-year decline in consolidated net profit to Rs 17.53 crore for Q1 FY27 from Rs 26.11 crore in the corresponding
quarter last year.Revenue from operations rose 27.50% year on year to Rs 423.27 crore during the quarter. Profit before
tax declined 26.65% to Rs 25.49 crore from the year-ago period. Adjusted EBITDA increased 4% year on year to Rs 34.74
crore. However, adjusted EBITDA margin narrowed to 8.2% in Q1 FY27 from 10.1% in Q1 FY26. The company said the margin
contraction was primarily due to expenses associated with the acquisition of Dice, including transaction costs, one-time
vendor payments and relocation expenses for more than 100 professionals. Revenue from Dice contracts was not recognised
in Q1 FY27 and is expected to start contributing from Q2 FY27. Margin performance was also impacted by a moderated
push of expenses into the profit and loss account that were earlier capitalised, employee increments, and additional
employee and other expenses following the acquisition of Zagg.Money. Raj P Narayanam, founder and executive chairman,
Zaggle Prepaid Ocean Services, said, Q1 FY27 marks an important inflection point for Zaggle as we move from a decade of
profitable growth into a phase of transformation through consolidation. Our focus is now firmly on optimizing core
operations, scaling AI across our platforms, and integrating our recent acquisitions - all while calibrating our
capitalization and instilling greater cash flow discipline to position the company for higher-margin growth in the years
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2026: August 17 schedule, timings, live streaming today We have completed the investment of Rs 8 crore in Unobanc, a
subsidiary of Hop Financial Solutions Limited, which holds an Authorised Dealer Category II licence from RBI. This
investment strengthens our capabilities in cross-border payments, forex cards and remittances, enabling us to expand our
financial solutions for both corporate and retail customers. From Dice, we have already brought marquee enterprise
clients including Hindalco, Bajel, Trident Group, IDFC First Bank, Lenskart, Nephroplus and XpressBees into our fold.
Beyond the client base, Dice's technical expertise is accelerating our AI roadmap across Save and Zoyer,
strengthening automated spend analytics, approval workflows and predictive expense management thereby creating a very
strong launchpad for our growth overseas. Looking ahead, our various acquisitions along side our card initiatives and
international foray all strengthen our platform for the next phase of scale. Zaggle Prepaid Ocean Services is a leading
spend management company with a differentiated value proposition and diversified user base. The company operates in the
business-to-business-to-customer (B2B2C) segment and is one of the largest issuers of prepaid cards in India through
partnerships with leading banks. It also offers a diversified portfolio of software-as-a-service (SaaS) products,
including tax and payroll software.Powered by Capital Market - Live NewsDisclaimer: No Business Standard Journalist was
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