Zaggle stock rally: Vijay Kedia earns notional profit of Rs 6 crore in a day 

Ace investor Vijay Kedia whose firm Kedia Securities bought shares in Zaggle Prepaid Ocean Services Ltd in a Rs 33-crore bulk deal was sitting on a notional profit of Rs 6.19 crore during early deals today. Kedia bought 20 lakh shares or 1.48 percent stake in the company at Rs 164.72 per share on Tuesday. The bulk deal was worth Rs 32.94 crore.

In the current session, the stock rose over 19% to Rs 195.70 against the previous close of Rs 165.85. Market cap of the firm rose to Rs 2,475 crore. Turnover was high at Rs 22.57 crore with 12 lakh shares changing hands in the current session.

Considering today's rally and yesterday's gain, the stock rose by Rs 30.98 from the bulk deal price amounting to a profit of over Rs 6 crore.  On Tuesday,  Zaggle stock ended 3.32% higher at Rs 165.85 on Tuesday against the previous close of Rs 160.45.

Why Zaggle shares crashed 

On Monday, shares of Zaggle Prepaid Ocean Services plunged 20% to Rs 160.45, hitting a fresh 52-week low, after the company reported a weak performance for the June quarter and disclosed that its appeal against an income-tax demand for Assessment Year 2022-23 had been dismissed.

The company’s consolidated net profit fell 33% year-on-year to Rs 17.5 crore in Q1 FY27, compared with Rs 26.1 crore in the corresponding quarter last year. Despite the decline in profitability, revenue from operations increased 27.5% YoY to Rs 423.3 crore from Rs 332 crore in Q1 FY26.

Operating performance remained under pressure, with EBITDA largely unchanged at ?31 crore against the year-ago period. As a result, EBITDA margin narrowed to 7.3% from 9.2% a year earlier.

Zaggle attributed the margin contraction primarily to expenses related to its acquisition of Dice. These included transaction costs, one-time vendor payments and relocation expenses incurred for more than 100 employees. The company also said that revenue from Dice contracts was not recognised in Q1 FY27 and is expected to start contributing from the second quarter of FY27.

Adding to the negative sentiment, Zaggle informed the stock exchanges that its appeal against an income-tax demand for AY 2022-23 had been rejected.

The company said the appeal, filed before the Commissioner of Income Tax (Appeals) against a demand notice issued under Section 156 of the Income Tax Act, 1961, was dismissed through an order dated August 14, 2026.

Zaggle, however, said it intends to challenge the order before the appropriate appellate authority. The company maintained that it has strong grounds to defend its position and will take the necessary steps to pursue the matter further.