Its revenue rose 27.5% year-on-year to ₹423.3 crore from ₹332 crore in Q1 FY26.
Revenue in the June quarter included ₹160 crore from programme fees, ₹250.7 crore from Propel platform revenue/gift cards and ₹12.5 crore from platform, SaaS and service fees.
EBITDA remained unchanged at ₹31 crore year-on-year, while EBITDA margin declined to 7.3% from 9.2% in the year-ago quarter.
Zaggle said the lower EBITDA margin was due to expenses related to the Dice acquisition, including transaction costs, one-time vendor payments and relocation expenses for more than 100 professionals. Revenue from Dice contracts was not captured in Q1 FY27 and will start reflecting from Q2 FY27.
The company also cited moderated push of expenses into the profit and loss account that were earlier capitalised, increments for existing employees, and additional employee costs and other expenses from the acquisition of Zagg.Money as factors affecting margins.
The company said Propel margins surged on the back of a strong performance from Greenedge as well as overriding commissions received during the quarter. Incentive and cashback as a percentage of revenue stood at around 66.3%, improving from 69% in Q4 FY26.
Raj P Narayanam, Founder and Executive Chairman of Zaggle Prepaid Ocean Services, said Q1 FY27 marked an “important inflection point” as the company moves from a decade of profitable growth into a phase of transformation through consolidation.The company said it has completed an investment of ₹8 crore in Unobanc Private Limited, a subsidiary of Hop Financial Solutions Limited, which holds an Authorised Dealer Category II licence from the RBI.
The investment is aimed at strengthening its capabilities in cross-border payments, forex cards and remittances.
Zaggle also said Dice has brought enterprise clients including Hindalco, Bajel, Trident Group, IDFC First Bank, Lenskart, Nephroplus and XpressBees into its fold.
Shares of Zaggle Prepaid Ocean Services closed at ₹201.50 on the NSE on August 14, up 0.23% from the previous close.
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