Zaggle Q2 FY27 Revenue Up 34.2% to ₹10,031 Crore; Becomes OCF Positive
Zaggle reported its Q2 FY27 results, with revenue from operations up 34.2% YoY to ₹5,799 crore. The company achieved its highest-ever quarterly SaaS revenue, driven by the Dice acquisition. Operating Cash Flow (OCF) turned positive in Q2 FY27. Employee expenses and other expenses increased due to acquisitions and marketing costs.
The announcement includes significant financial performance metrics for the quarter and half-year, including revenue growth and a key operational milestone (OCF positive). The details about the Dice acquisition's contribution and expansion into new markets (ADGM) are also material to investors.
The company reported strong revenue growth driven by its SaaS segment and the successful integration of an acquisition. Achieving positive operating cash flow is a significant positive development, indicating improved financial health and sustainability. While profits saw a decline, the revenue growth and OCF positivity outweigh this.
Zaggle Prepaid Ocean Services Limited has announced its unaudited Financial Results for the quarter and half-year ended September 30, 2026. The company reported a strong performance with SaaS revenue reaching its highest-ever quarterly mark, significantly boosted by revenue recognition from novated contracts following the Dice acquisition. Propel points also saw a substantial revenue jump attributed to the festive period.
Overall, revenue from operations for H1FY27 increased by 31.3% year-on-year to ₹10,031 crore, compared to ₹7,642 crore in H1FY26. For the second quarter of FY27 (Q2FY27), revenue from operations grew by 34.2% to ₹5,799 crore from ₹4,322 crore in Q2FY26.
Adjusted EBITDA saw a marginal decrease of 0.8% to ₹793 crore in H1FY27 from ₹799 crore in H1FY26. For Q2FY27, Adjusted EBITDA decreased by 4.2% to ₹446 crore from ₹465 crore in Q2FY26. The Adjusted EBITDA margin for H1FY27 stood at 7.9%, a slight improvement from 7.7% in H1FY26. For Q2FY27, the margin was 7.7%, down from 8.1% in Q2FY26.
Profit Before Tax (PBT) decreased by 28.5% to ₹585 crore in H1FY27 from ₹819 crore in H1FY26. For Q2FY27, PBT decreased by 31.1% to ₹324 crore from ₹470 crore in Q2FY26. Profit After Tax (PAT) also saw a decline, decreasing by 31.3% to ₹420 crore in H1FY27 from ₹611 crore in H1FY26. For Q2FY27, PAT decreased by 30.1% to ₹245 crore from ₹350 crore in Q2FY26.
Raj P Narayanam, Founder and Executive Chairman, expressed satisfaction with the company turning Operating Cash Flow (OCF) positive during Q2FY27 at both standalone and consolidated levels, marking a step towards a sustainable operating model. The loyalty and rewards segment showed strong traction, and the Dice acquisition contributed positively to SaaS revenues. Integration of Dice is progressing with approximately 70% of customer contracts novated, adding marquee clients like Hindalco and IDFC First Bank. The company is also focusing on co-branded credit cards and UPI offerings.
Internationally, Zaggle has established Zaggle Holdings Limited in Abu Dhabi Global Market (ADGM) to expand its regional presence. The company's focus remains on strengthening its core business, improving cash flow generation, integrating acquisitions, and scaling AI across its platforms.
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Zaggle Prepaid Ocean Services Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Zaggle Prepaid Ocean Services Limited. Read the original for the full detail.