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Ad revenue took a hit, falling 5% quarter-on-quarter and 4% year-on-year, mainly because of the West Asia crisis in March.
Subscription revenue was up 4% over last year but slipped 2% compared to the previous quarter.
Other sales and services nearly halved both sequentially and year-on-year.
Expenses climbed too: operational costs and ad spending were both up significantly.

Despite all these losses, ZEEL's board has recommended a final dividend of ₹2 per share for FY2026—pretty unexpected!
Interestingly, ZEEL shares closed almost 4% higher at ₹87.72 on NSE before the earnings news went public.