Zeal Global ServicesShare price, financial results, shareholding and management
- Market cap
- ₹92 cr
- Stock P/E
- 8.3peers 12.9
- Book value
- ₹69.4
- Price to book
- 1.00
- EV / operating profit
- 5.2
- Market cap to sales
- 0.32
- ROCE · FY26
- 16.6%
- ROE · FY26
- 12.9%
- ROE, 3-year average
- 19.9%
- Operating margin · FY26
- 6.5%peers 9.2%
- Sales growth, 3 years
- 36.6%
- Profit growth, 3 years
- 3.7%
- Debt to equity
- 0.22peers 0.68
- Borrowings
- ₹20.1 cr
- Interest cover
- 8.2×
- Cash from business / op. profit
- -67%
- Debtor days
- 37
- Pledged
- 0.00%
- Promoter holding
- 73.40%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,094
- 52-week high / low
- ₹121 / ₹56
- Dividend yield
- Paid
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Zeal Global Services share price chart
Close on 6 Nov 2026 · +4.99% on the day · Vol 2,400
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -1.8%
- 3 months
- +5.2%
- 6 months
- -0.8%
- 1 year
- -39.9%
- Traded a day, 20 days
- ₹0.02 cr
- Taken for delivery
- 94%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | -22% | -24% |
| 3 years, a year | +37% | +4% |
| Latest half, H2 FY26 | -42% | +21% |
About Zeal Global Services: business, products and customers
Zeal Global Services sells cargo space on foreign airlines to freight agents in India, acting as the airlines' sales agent here, and also sells passenger tickets for Azerbaijan Airlines. Its shares trade on NSE Emerge.
The company is a General Sales and Service Agent, or GSSA, for airlines that have no sales office of their own in India. It represents carriers such as Copa Airlines, Air Europa, MIAT Mongolian, Azerbaijan Airlines, South African Airways Cargo and RwandAir, and in 2025 became GSSA for Cathay Pacific Cargo. It sells their cargo space to IATA freight agents from offices in Delhi, Mumbai and Ahmedabad, handling bookings, paperwork and ground handling through hired vendors; it owns no aircraft, plant or machinery.
Cargo is sold on a mark up model: the company buys space from the airline at a rate and resells it to agents at a higher price set by the market each day. Revenue therefore includes the full freight paid to the airline, so it is large next to the profit kept, and it moves with air freight rates as well as with tonnage. In FY26 reported revenue fell even though cargo tonnage rose by about two thirds, because the passenger business began to be booked as commission instead of gross ticket sales.
Read more about the business
Customers are many freight agents with no long term written contracts, while the supply of space comes from a small number of airlines, so losing a mandate would cut deeply. The offer document says no listed company in India does the same business and names no listed peer. The company has a subsidiary in the UAE and holds a third of Teleport Commerce IN, a joint venture.
From the offer document (Prospectus, July 2023), the Annual Report 2025-26, the November 2024 investor presentation and the FY26 audited results.
Read the deeper study ↓In its favour
- Sales have grown fast: 37% a year over three years.
- It has little debt for its size: debt to equity 0.22.
- The promoters own a large part of the company: 73.40%.
- It paid a dividend in the past year.
To watch
- Revenue and profit from the Cathay Pacific Cargo and RwandAir mandates, which the company expects to add to results (Annual Report 2025-26, p.14 and p.17).
- Whether cargo tonnage keeps growing after the rise to 6,741 tonnes in FY26 (Annual Report 2025-26, p.11).
- Filling of the company secretary post after the resignation of 19 August 2026, the third change in the role since May 2025 (Exchange announcement, 19 August 2026; Annual Report 2025-26, p.17).
- Customers take longer to pay than before: 37 days in FY26, against 17 in FY20.
- The business used more cash than it brought in last year: ₹12.4 cr went out in FY26.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Zeal Global Services revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew roughly in step with sales.
SME companies report every six months. In the latest half, sales were lower than in the same half a year before. Profit grew faster than sales.
Zeal Global Services half-yearly results
SME companies report every six months · ₹ crore
| H1FY23 | H2FY23 | H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 56 | 56 | 94 | 99 | 170 | 197.44 | 171.33 | 114.20 |
| Expenses | 50 | 48 | 87 | 88 | 158 | 188.66 | 163.80 | 103.31 |
| Operating profit | 6 | 8 | 8 | 11 | 13 | 8.78 | 7.52 | 10.90 |
| OPM | 11.0% | 15.0% | 8.0% | 11.0% | 7.0% | 4.5% | 4.4% | 9.5% |
| Interest | 0 | 1 | 1 | 1 | 0 | 0.82 | 0.97 | 1.12 |
| Depreciation | 0 | 1 | 1 | 2 | 3 | 2.59 | 2.72 | 2.88 |
| Profit before tax | 6 | 7 | 6 | 10 | 12 | 7.70 | 5.84 | 9.28 |
| Net profit | 4 | 6 | 5 | 7 | 9 | 5.39 | 4.62 | 6.53 |
Zeal Global Services profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 76 | 61 | 121 | 112 | 193 | 367.81 | 285.53 |
| Expenses | 75 | 58 | 114 | 97 | 175 | 346.52 | 267.11 |
| Operating profit | 2 | 2 | 7 | 15 | 19 | 21.29 | 18.42 |
| OPM | 2.5% | 4.0% | 6.0% | 13.0% | 10.0% | 5.8% | 6.5% |
| Other income | 0 | 0 | 0 | 0 | 2 | 4.42 | 4.38 |
| Interest | 0 | 0 | 0 | 1 | 2 | 1 | 2.09 |
| Depreciation | 0 | 0 | 0 | 1 | 3 | 5.24 | 5.59 |
| Profit before tax | 2 | 2 | 7 | 13 | 16 | 19.48 | 15.12 |
| Tax rate | 50.0% | 0.0% | 0.0% | 23.1% | 25.0% | 25.2% | 26.3% |
| Net profit | 1 | 2 | 7 | 10 | 12 | 14.58 | 11.15 |
| EPS ₹ | 21 | 31.33 | 36.95 | 10.08 | 9.03 | 10.96 | 8.38 |
| Dividend payout | 52.0% | 11.0% | 0.0% | 0.0% | 0.0% | 0.0% | 18.0% |
The years to FY24 come rounded to the nearest crore in the source.
Zeal Global Services profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 2.5% | 4.0% | 6.0% | 13.0% | 10.0% | 5.8% | 6.5% |
| Tax rate | 50.0% | 0.0% | 0.0% | 23.1% | 25.0% | 25.2% | 26.3% |
| ROCE | · | 26.3% | 61.9% | 50.9% | 31.0% | 23.9% | 16.6% |
| ROE | · | 39.2% | 75.3% | 55.6% | 27.0% | 19.8% | 12.9% |
| Dividend payout | 52.0% | 11.0% | 0.0% | 0.0% | 0.0% | 0.0% | 18.0% |
Zeal Global Services debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. Its loans are smaller than its own money. Last year the business used more cash than it brought in. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Zeal Global Services balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 0.60 | 0.60 | 2 | 10 | 13 | 13.31 | 13.31 |
| Reserves | 4 | 5 | 11 | 13 | 53 | 67.79 | 79.07 |
| Net worth | 4.60 | 5.60 | 13 | 23 | 66 | 81.10 | 92.38 |
| Borrowings | 3 | 2 | 2 | 17 | 10 | 14.22 | 20.06 |
| Other liabilities | 14.40 | 11.40 | 17 | 20 | 39 | 47.24 | 30.89 |
| Total liabilities | 22 | 19 | 32 | 60 | 115 | 142.56 | 143.33 |
| Fixed assets | 0 | 1 | 0 | 9 | 18 | 18.94 | 15.11 |
| Capital work in progress | 0 | 0 | 0 | 0 | 9 | 7 | 0 |
| Investments | 0 | 0 | 2 | 2 | 3 | 3 | 3.08 |
| Other assets | 22 | 18 | 30 | 49 | 85 | 113.62 | 125.14 |
| Receivables | · | · | · | · | · | 25.21 | 28.84 |
| Inventory | · | · | · | · | · | 0 | 0 |
| Cash | · | · | · | · | · | 51.40 | 16.39 |
| Trade payables | · | · | · | · | · | 26.22 | 24.52 |
Zeal Global Services cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | 9 | -5 | 7 | -9 | 23 | 14.47 | -12.37 |
| Cash from investing | -1 | 0 | -5 | -9 | -43 | -17.22 | 4.98 |
| Cash from financing | 1 | -1 | 0 | 14 | 23 | 3.42 | 3.78 |
| Net cash flow | 9 | -6 | 2 | -4 | 3 | 0.67 | -3.61 |
| Capital spending | · | · | · | · | · | 4.57 | 2.41 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 17 | 56 | 39 | 51 | 31 | 25 | 37 |
| Cash conversion cycle | 17 | 56 | 39 | 51 | 31 | 25 | 37 |
| Working capital days | -64 | -14 | -9 | -35 | -24 | -15 | 5 |
Zeal Global Services peers and competitors
Listed SME companies in the same industryBy sales, Zeal Global Services is number 12 of the 50 listed SME companies in transport services.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Timescan Logistics (India) | 31 | 5.0 | 341 | 6.2 | 3.0% | 0.24 |
| Premier Roadlines | 94 | 6.8 | 332 | 13.8 | 7.6% | 0.54 |
| FlySBS Aviation | 1,058 | 17.3 | 319 | 61 | 22.0% | 0.12 |
| ABS Marine Services | 776 | 9.6 | 319 | 81 | 47.0% | 1.21 |
| Ashapura Logistics | 87 | 9.6 | 319 | 9 | 9.3% | 0.57 |
| Zeal Global Services | 92 | 8.3 | 286 | 11.2 | 6.5% | 0.22 |
| Acme India Industries | 562 | 23.4 | 264 | 24 | 16.0% | 0.83 |
| Iware Supplychain Services | 395 | 26.2 | 258 | 15.1 | 11.3% | 1.26 |
| Committed Cargo Care | 373 | 28.7 | 239 | 13 | 7.0% | 0.06 |
| Neptune Logitek | 45 | 7.5 | 232 | 6 | 7.0% | 0.78 |
| Sampark India Logistics | 178 | 16.2 | 223 | 11 | 9.0% | 0.79 |
| Median of the 10 others | 276 | 12.9 | 291 | 13.4 | 9.2% | 0.68 |
Zeal Global Services shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Zeal Global Services shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Aug 23 | Sep 23 | Mar 24 | Sep 24 | Mar 25 | Sep 25 | Mar 26 | Sep 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 73.40% | 73.40% | 73.40% | 73.40% | 73.40% | 73.40% | 73.40% | 73.40% |
| Foreign investors (FIIs) | 0.00% | 0.00% | 0.06% | 0.00% | 0.00% | - | - | - |
| Indian institutions (DIIs) | 0.00% | 0.00% | 0.00% | 0.00% | 0.39% | 2.19% | 2.44% | 2.45% |
| HNIs (over ₹2 lakh each) | 3.43% | 7.54% | 9.26% | 7.73% | 7.33% | 6.84% | 7.19% | 7.57% |
| Small holders (up to ₹2 lakh) | 15.07% | 10.73% | 9.37% | 11.98% | 12.41% | 11.29% | 10.94% | 10.56% |
| Companies and others | 8.10% | 8.33% | 7.91% | 6.89% | 6.47% | 6.28% | 6.03% | 6.02% |
| Number of shareholders | 1,673 | 811 | 879 | 1,409 | 1,410 | 1,301 | 1,183 | 1,094 |
The named holders are at 30 Sept 2026, beside 31 March 2026, each under the group the pattern files them in.
Zeal Global Services study: the business from its own documents
Read from 5 of the company's own documentsZeal Global Services so far
From the company's own record
- 9 Aug 2023Listed on NSE Emerge
- 8 Sept 2026An order announced
- 30 Sept 2026Promoters at 73.40%
- 19 Feb 2024Highest close since listing, ₹213.76
Zeal Global Services key facts from the filings
Each figure with the document it comes from
- Cargo handled
- 6,741 tonnes
- Cargo volume in FY26, up from 4,094 tonnes in FY25 and 3,446 tonnes in FY24.Annual Report 2025-26, p.11
- Shipments
- 10,769
- Shipments handled in FY26, against 6,716 in FY25.Annual Report 2025-26, p.11
- Customers served
- 368
- Customer count in FY26, up from 282 in FY25.Annual Report 2025-26, p.11
- Revenue reported
- ₹285.3 cr
- FY26 revenue, down from ₹367.8 cr, mainly because passenger sales are now booked as commission instead of gross ticket value.Annual Report 2025-26, p.17
- Airline partners
- 14+
- Airlines the company works with, across a network the company puts at 164 countries.Annual Report 2025-26, p.5 and p.8
Show 5 more facts
- New mandates
- RwandAir, Cathay Pacific
- Appointed GSSA for RwandAir in FY26 and for Cathay Pacific Cargo in 2025, after South African Airways Cargo in 2024.Annual Report 2025-26, p.9, p.14 and p.17
- Top supplier at listing
- 40.18%
- Share of purchases from Copa Airlines in the ten months to January 2023; the top ten airlines gave 91.45%.Offer document, p.97 to 98
- Top ten customers at listing
- 41.59%
- Share of revenue from the ten largest freight agents in the ten months to January 2023, the largest at 9.36%.Offer document, p.97
- GST demand paid
- ₹0.83 cr
- GST demand with penalty for FY19 to FY24, paid and charged to FY26 expenses.Audited results FY26, 30 May 2026, p.11
- Dividend
- ₹1.50 a share
- Final dividend the board recommended for FY26.Annual Report 2025-26, p.17
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Zeal Global Services earns a margin on airline cargo space it buys and resells to freight agents, with no aircraft or plants of its own.
Its weak spots are a few airlines that supply most of the space, thin margins on large revenue, and freight rates it does not control.
WatchCan it set its own prices?Its selling price follows daily market freight rates and competition, so the margin it adds is set by the market more than by the company.
AverageHow strong is it against rivals?It has built a long list of airline mandates and freight agents, but the industry is fragmented and agents compare on price and reliability.
AverageWho are its customers?Many freight agents book space through it, none very large, but there are no written long term contracts.
StrongDoes it need a lot of money?The business owns no aircraft or plant, so growth comes from new mandates rather than new spending on assets.
StrongCan it keep finding new work?It keeps adding airlines and customers, and volumes have grown each year.
WatchDo good and bad years swing a lot?Revenue and margin move with air freight rates, trade flows and the loss or gain of a single airline mandate.
Who runs Zeal Global Services?
Promoters, directors and officers; tap a name for the background
NANipun AnandPromoter, Chairman, Whole-time Director and Chief Financial Officer · holds 55.78%
Holds a BA from Delhi University and a BBA from the University of Bradford; started with a freight forwarder before founding the company in 2014, and also founded Pradhaan Air. Responsible for sales and business development strategy. The offer document states Urmil Anand is the mother of Nipun Anand.
Offer document, p.113 to 115; Annual Report 2025-26, p.10 and p.12VSVishal SharmaPromoter and Managing Director · holds 17.62%
Holds a B.Com from Chaudhary Charan Singh University and has more than 25 years of experience, earlier with Dabur, Heinz, Omni Mark, Group Concorde, British Airways and Global Aviation. A director since the company was formed in 2014 and Managing Director from March 2023; expertise in operations, sales and marketing.
Offer document, p.113 to 114; Annual Report 2025-26, p.77UAUrmil AnandExecutive Director
Passed the Higher Secondary Examination from Government Girls Higher Secondary School, Mehrauli; more than ten years in human resources and administration in commercial and residential construction. On the board since January 2023.
Offer document, p.113 to 114RHRajesh HaddaIndependent Director
A member of the Institute of Company Secretaries of India with degrees in commerce and law; ten years as a practising company secretary and more than six years as an advocate. On the board since March 2023.
Offer document, p.113 and p.115RSRavi SharmaIndependent Director
A company secretary with degrees in commerce and law. On the board since March 2023.
Offer document, p.114 to 115DBDeeksha BajajIndependent Director
A qualified company secretary with experience in corporate compliance, listing and SEBI regulations. Appointed in December 2025, for a term to December 2030.
Annual Report 2025-26, p.17 and p.76 to 77Zeal Global Services latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹114 cr (-42%), net profit ₹6.5 cr (+21%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 73.40%.
- 8 Sept 2026: an order announced.
Zeal Global Services announcements
49 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 25, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 25, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Price movementSignificant movement in price has been observed in Zeal Global Services Limited. The Exchange, in order to ensure that investors have latest relevant informatioPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 25, 2026PDF ↗
- Record Datethat Record date for the purpose of Dividend is 11-Sep-2026PDF ↗
- Outcome of Board MeetingHeld on August 25, 2026PDF ↗
- Resignation of Director/KMP/SMPResignation of Director/KMP/SMPPDF ↗
- CessationOf Ms Pooja Garg as Company Secretary & Compliance Officer of the company w.e.f. August 19, 2026PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Disclosure under SEBI Takeover Regulationsof Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011PDF ↗
Zeal Global Services annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 Nov 2024 ↗read
Zeal Global Services share split, bonus and dividends
From the corporate actions the company announces on the exchange
- DividendDIVIDEND - RS 1.50 PER SHAREex-date 11 Sept 2026
- DividendINTERIM DIVIDEND - RE 1 PER SHAREex-date 22 Dec 2023
Checks we ran on Zeal Global Services' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,33,09,750 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY21 (₹31.33) and FY22 (₹36.95) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY20 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Zeal Global Services
What does Zeal Global Services do?
Zeal Global Services sells cargo space on foreign airlines to freight agents in India, acting as the airlines' sales agent here, and also sells passenger tickets for Azerbaijan Airlines. Its shares trade on NSE Emerge.
What is the share price of Zeal Global Services?
₹69.5 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Zeal Global Services?
₹92 cr at the close on 6 Nov 2026, on 1,33,09,750 shares.
What is the P/E of Zeal Global Services?
8.3 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Zeal Global Services' revenue and profit?
Revenue ₹286 cr and profit after tax ₹11 cr in FY26.
Who are the promoters of Zeal Global Services?
Nipun Anand, Vishal Sharma; promoters held 73.40% at 30 Sept 2026.
What is Zeal Global Services' website?
www.zeal-global.com
More SME companies like Zeal Global Services
Other listed SME companies in transport services, the closest in size first, each read from its own documents.
- Premier RoadlinesPRLIND · NSE Emerge · Transport Services · listed 2024Market cap ₹92 cr
- Ashapura LogisticsASHALOG · NSE Emerge · Transport Services · listed 2024Market cap ₹81 cr
- Brace Port LogisticsBRACEPORT · NSE Emerge · Transport Services · listed 2024Market cap ₹80 cr
- Jayesh LogisticsJAYESH · NSE Emerge · Transport Services · listed 2025Market cap ₹109 cr
- Shree OSFM E-MobilitySHREEOSFM · NSE Emerge · Transport Services · listed 2023Market cap ₹76 cr
- Rapid Multimodal logisticsRAPID · BSE SME · Transport ServicesMarket cap ₹71 cr
Every listed SME company in Transport Services → · SME companies listed in 2023 →
Built from 2 annual reports, 1 offer document, 1 result filing, 1 investor presentation, 49 exchange announcements, 8 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.