1. Opening Hook
While everyone else was busy shopping during Diwali, Zaggle decided to burn cash instead — but hey, in style! 🎇 The company just posted its best-ever quarterly and half-yearly performance, boasting triple-digit confidence and double-digit margins. Management spoke like they were auditioning for Shark Tank, throwing around words like “ecosystem,” “AI,” and “global scale” faster than UPI payments.As the Bhagavad Gita reminds us,“You have the right to perform your duty, but not to the fruits of your actions.”Zaggle clearly read that and decided: “Let’s spend now, profit later.”Keep reading — it gets juicier when acquisitions, cards, and cross-sells enter the chat.
2. At a Glance
- Revenue up 42%– CFO insists it’s “pure growth,” not fintech black magic.
- EBITDA up 48%– Margins flexed harder than your gym buddy on Monday.
- PAT up 79%– From fintech to “profittech.”
- Cash PAT up 70%– “We made money,” says CFO, “just not in cash flow form.”
- Operating cash flow (–₹19 cr)– Diwali discounts extended to liquidity.
- Guidance raised to 40–45%– Because confidence is free.
3. Management’s Key Commentary
“This quarter marks our best-ever half-yearly performance.”(Translation: The bar was low, but we pole-vaulted over it. 😎)
“We’ve completed the signing of Greenedge and are working on two more acquisitions.”(Translation: The M&A buffet is open; bring your wallet.)
“We’ll expand globally via GIFT City and MENA.”(Translation: If Dubai has Burj Khalifa, we have cross-border SaaS dreams.)
“Warrants to Bennett Coleman give us access to marquee media.”(Translation: Paid PR, but make it sound strategic.)
“3.5 million users and 3,600 customers now use Zaggle-powered cards.”(Translation: Everyone has one — they just don’t know it yet.)
“Adani Total Gas and Megha Gas onboarded for
fleet solutions.”(Translation: The gas is real, the profits… coming soon.)
“AU Bank co-branded cards to add ₹500–600 crore revenue in 5 years.”(Translation: Expect results by the next Lok Sabha elections.)
“Operating cash flow is negative due to festive spending.”(Translation: CFO’s polite way of saying ‘Diwali happened.’ 🪔)
4. Numbers Decoded
| Metric | Q2 FY26 | Q2 FY25 | YoY Change | Comment |
|---|---|---|---|---|
| Revenue | ₹431 cr | ₹303 cr | +42% | Spends exploding faster than cash inflow |
| EBITDA | ₹44 cr | ₹30 cr | +48% | Margins finding muscle |
| PAT | ₹33 cr | ₹19 cr | +79% | Profit got a protein shake |
| Cash PAT | ₹40 cr | ₹24 cr | +70% | “Adjusting” our happiness |
| Cash Balance | ₹573 cr | — | — | Still sitting on war chest for acquisitions |
| OCF | –₹19 cr | — | — | Fireworks before cashflow 💸 |
Acquisitions added sparkle, not strain (yet). Intangibles ballooned thanks to AI dreams and consultants billing by the hour.
5. Analyst Questions
Q:Why’s cash flow negative?A:“Festive season.” (Translation: Diwali sales before Diwali payments.)
Q:How big are new acquisitions?A:“Rio small, Dice medium, EffiaSoft profitable.” (Translation: Pokémon-sized fintechs.)
Q:What’s cross-sell progress?A:“From 16% at IPO to 21% now.” (Translation: Slow and steady, like Indian
