Zaggle shares jumped 12.15% today after Vijay Kedia-led Kedia Securities acquired a 1.48% stake in the fintech SaaS company for ₹32.94 Cr.
The rise came after Zaggle shares faced heavy selling earlier this week following a sharp decline in its Q1 profit and the dismissal of its appeal against a ₹4.09 Cr I-T demand.
Kedia Securities acquired 20 Lakh shares at ₹164.72 apiece through a bulk deal.
Shares of Zaggle Prepaid Ocean Services surged 12.15% on the BSE today after veteran investor Vijay Kedia’s broking company Kedia Securities acquired a 1.48% stake in the fintech SaaS company.
Kedia Securities bought 20 Lakh shares for around ₹32.94 Cr through a bulk deal yesterday. The shares were purchased at ₹164.72 apiece.
Following this, Zaggle shares zoomed nearly 18% to touch an intraday high at ₹195.70 today.
The bulk deal came after Zaggle shares faced heavy selling earlier this week following the disclosure of its financial results for the June quarter of the financial year 2026-27 (Q1 FY27) after market hours on August 14 (Friday). The stock slumped 20% on August 17 (Monday).
The company also informed the exchanges on August 15 (Saturday) that the Commissioner of Income Tax (Appeals) had dismissed its appeal against a ₹4.09 Cr income-tax demand for assessment year 2022-23.
The I-T department had disallowed certain items, including carry-forward losses, bad debts, and Ind AS adjustments.
Zaggle reported a 33% YoY and 57% QoQ decline in its consolidated net profit to ₹17.5 Cr in Q1 FY27. Operating revenue rose 28% YoY but declined 32% sequentially to ₹423.3 Cr.
The company said its EBITDA margin declined due to elevated expenses related to its acquisition of enterprise spend management startup Dice Enterprises in May.
Zaggle acquired the Pune-based startup’s assets and intellectual property for ₹68 Cr. It said revenue from Dice’s contracts would begin reflecting in its financials from Q2 FY27.
The company also incurred employee and other expenses related to the integration of credit card fintech Rio.Money, which it acquired last year and subsequently rebranded as Zagg.Money.
Zaggle further attributed the decline in profitability to the transfer of previously capitalised expenses to its profit and loss statement and salary increments for existing employees.