Revenue from operations rose 27.5% year-on-year to Rs 423.27 crore from Rs 331.97 crore in the same quarter last year, according to a regulatory filing. Adjusted EBITDA rose 4% YoY to Rs 34.74 crore from Rs 33.42 crore in the June quarter of FY26.
However, the adjusted EBITDA margin declined to 8.2% in Q1FY27 from 10.1% in the corresponding quarter of FY26. The company attributed the decline 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 Q1FY27 and will start reflecting from Q2FY27 onwards.
Propel margins surged on the back of a strong performance from Greenedge as well as overriding commissions received during the quarter, according to the company.
Commenting on the Q1 performance, Raj P Narayanam, Founder and Executive Chairman of 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.”
“Looking ahead, our various acquisitions alongside our card initiatives and international foray all strengthen our platform for the next phase of scale,” the Founder and Executive Chairman said.
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