Remember when “corporate spends” meant a dusty ledger and a very bored accountant? Zaggle has turned that into a SaaS-powered fintech carnival. In Q1 FY26, the company clocked ₹3,314.9 million in revenue, up 31.4% YoY (standalone), and pulled off a 54.8% jump in PAT — despite it being a “slower quarter.” Management credits AI, strategic client wins (think Truecaller, Apollo Health, Hindustan Pencils), and acquisitions like Mobileware & TaxSpanner for the party. Margins stayed stable-ish at 9.9% EBITDA, proving you can spend to make money… if you’re selling spend management.
Why it matters? Because in India’s B2B fintech, scale and stickiness are the holy grail — and Zaggle is serving both, with a cashback on the side.
Stick around—things get spicier two scrolls down.
AT A GLANCE• Revenue up 31.4% – CFO swears AI, not Excel hacks, did it• PAT up 54.8% – tax deadline extensions: the gift that keeps giving• Gross margin slipped to 49.4% – cashback costs eating into cream• Stock sentiment steady – traders still Googling “spend management TAM”
MANAGEMENT’S KEY COMMENTARY
Raj P Narayanam (Founder & Executive Chairman):“Best first-quarter performance ever… despite it being a slower quarter.”Translation:If this is slow, Q3 is going to need seatbelts.
“AI at the core of our product strategy… sales automation, customer support, bill processing.”Translation:Bots are now doing your expense reports — and won’t complain about HR.
“Our inorganic growth plans… Moblieware stellar, TaxSpanner momentum in Q2.”Translation:Acquisitions paying off faster than your gym membership ROI.
“Topline growth guidance 35–40%, EBITDA 10–11%.”Translation:Yes, we’re confident — and no, we
won’t give you ‘adjusted-adjusted’ margins.
Aditya Kumar (CFO):“Increase in depreciation due to new tech capitalization.”Translation:We bought toys, now we expense them slowly.
NUMBERS DECODED
| Metric | The Hero | The Sidekick | The Drama Queen |
|---|---|---|---|
| Revenue (₹ Mn) | 3,314.9 | +31.4% YoY | “Slow quarter” excuse not required |
| EBITDA (₹ Mn) | 327.2 adj / 309.0 rep | +27.9% / +37.7% YoY | Margin 9.9% vs 10.1% – blink and you’ll miss it |
| PAT (₹ Mn) | 258.8 | +54.8% YoY | Tax deadline fairy helped |
Revenue growth came from all streams — software fees +14.6%, program fees +50.6%, Propel platform +19.8%. Gross margin dipped due to cashback/incentives. Other income nearly tripled to ₹117.1 Mn.
ANALYST QUESTIONS
Q: “What’s driving client stickiness?”A: Low churn (<1.5%) and integration into clients’ daily ops.Read: Once you’re in, you’re glued like WhatsApp on your phone.
Q: “Why the gross margin dip?”A: Cashback/incentives up with scale.Yes, freebies cost money.
Q: “Any big pipeline deals?”A: Always scanning for strategic fits.M&A radar is permanently switched on.
GUIDANCE & OUTLOOK
Management’s holding its 35–40% topline growth and 10–11%
