Target: ₹456 CMP: ₹353.10 Zaggle Prepaid Ocean Services Ltd operates at the intersection of fintech and enterprise financial management, offering spend management solutions that enhance financial efficiency. The company has built a robust business model with diversified revenue streams, including Saas/Software fees, program fees and propel platform/gift card fees. A key differentiator for Zaggle is its strategic alliances with 16 banks, including major Indian and global institutions like DBS and HSBC. Zaggle is aggressively expanding through strategic acquisitions and new product verticals, including: Acquiring a 26 per cent stake in a UPI switch provider, with plans to increase ownership to 42 per cent; Expanding into fleet management (Zatix) and international payments; and Exploring mergers and acquisitions to enhance its product portfolio. Zaggle is well-positioned in India’s rapidly growing fintech sector, supported by strong banking partnerships, diversified revenue streams, and an aggressive expansion strategy. The company targets 58-63 per cent revenue growth, driven by increased corporate adoption, and aims to achieve a 15-16 per cent EBITDA margin within four years, reflecting its focus on profitability. Zaggle presents a compelling investment opportunity. Based on a FY27 PE multiple of 31x and an estimated FY27 EPS of ₹14.72, we initiate a Buy call on the stock with a target price of ₹456.