Zaggle Prepaid Ocean Services: Vijay Kedia 'buys the dip' in Rs 33-crore bulk deal 

A day after 20% crash, shares of Zaggle Prepaid Ocean Services Ltd saw a Rs 32.94 crore bulk deal on Tuesday. Kedia Securities owned by ace investor Vijay Kedia bought 20 lakh shares (1.48 percent stake) in the company at Rs 164.72 per share. Zaggle Prepaid Ocean Services ended 3.37% higher at Rs 165.85 on Tuesday against the previous close of Rs 160.45 Market cap of the firm rose to Rs 2229.99 crore.

Turnover was high at Rs 29.58 crore with 18 lakh shares changing hands in the previous session.

In the previous session, the stock further slipped to a fresh 52-week low of Rs 154.40. However, it recovered later to end higher.

Commenting on Kedia's firm buying stake, Zaggle said, "The investment comes as Zaggle continues to expand its AI-led enterprise spend management platform across corporate spend management, payments, employee benefits, rewards and embedded financial solutions. Zaggle has also been expanding its platform and addressable market through strategic initiatives across technology, AI, payments and financial services. Recent developments include its investments and acquisitions aimed at strengthening its capabilities across AI-enabled spend management, retail credit cards, cross-border payments and adjacent financial products. The investment by Kedia Securities adds to the institutional and sophisticated investor interest in Zaggle and comes against the backdrop of the Company's continued focus on building a scalable, technology-led enterprise financial platform."

On Monday, the stock ended 20% lower at Rs 160.45 (a 52-week low) on soft Q1 earnings. Another factor, which led to the crash was the company's appeal against an I-T demand for AY23 has been dismissed.

The firm reported a 33% year-on-year decline in net profit to Rs 17.5 crore in Q1 compared with rS 26.1 crore in the year-ago period. Revenue rose 27.5% year-on-year to Rs 423.3 crore from Rs 332 crore in Q1 FY26.

EBITDA was flat year-on-year at Rs 31 crore, while the EBITDA margin contracted to 7.3% from 9.2% in the corresponding quarter last year.

Zaggle attributed the margin pressure to costs associated with the acquisition of Dice, including transaction-related expenses, one-time payments to vendors and relocation costs for over 100 employees. The company said revenue from Dice contracts was not included in Q1 FY27 and is expected to be recognised from Q2 FY27 onwards.

Separately, Zaggle informed stock exchanges that its appeal against an I-T demand for AY23 has been dismissed.

"We would like to inform you that the appeal filed by the Company before the Honourable Commissioner of Income Tax (Appeal), against the demand notice received under Section 156 of the Income Tax Act, 1961, for the assessment year 2022-23, has been dismissed by its order dated August 14, 2026."

Zaggle said it plans to pursue the matter before the appropriate appellate authority. "The Company believes that it has strong grounds to defend these positions and will take the necessary steps to pursue an appeal before the appropriate appellate authority."