Zaggle rebounds 26% from Tuesday's low on heavy volumes; here's why

Vijay Kedia-led Kedia Securities purchased 2 million equity shares representing 1.5% equity of Zaggle at an average price of ₹164.72 per share on Tuesday, August 18 via open market deals on the NSE.

Zaggle Prepaid Ocean Services share price movement

 

Zaggle Prepaid Ocean Services’ (Zaggle) share price surged 17 per cent to ₹194.70 on the National Stock Exchange (NSE) in Wednesday’s intra-day deals amid heavy volume. 

 

The fintech company's stock price bounced back 26 per cent from its Tuesday’s low after Kedia Securities bought 2 million Zaggle shares via open market deals. It hit a record low of ₹154.40 on August 18, 2026, falling below its issue price of ₹164 per share. The stock hit a record high of ₹417.40 on August 18, 2025.

 

At 09:27 AM on Wednesday, Zaggle quoted 10.5 per cent higher at ₹183.28 on the NSE, compared to a 0.22 per cent decline in the Nifty 50. A combined 10.61 million equity shares changed hands in the first 12 minutes of trade on the NSE and BSE.

 

 

However, thus far in the calendar year 2026, Zaggle underperformed the market by falling 47 per cent, against a 7.8 per cent fall in the Nifty 50.

 

Kedia Securities buys 2 million shares of Zaggle

 

Kedia Securities Private Limited purchased 2 million equity shares, representing a 1.5 per cent holding of Zaggle's total equity, for ₹32.94 crore on Tuesday, August 18, 2026 via open market deals on the NSE, the exchange data shows. Kedia Securities bought shares at an average price of ₹164.72 per share via bulk deals, data shows.

 

Kedia Securities is headed by Vijay Kedia. Primary activities of the firm include investing in the ‘listed’ and ‘unlisted’ space. ‘Listed space’ means investing in companies listed on India's stock exchanges, and ‘unlisted’ space means investing in startups.

 

Meanwhile, ace investor Ashish Kacholia holds 2.9 million equity shares, or a 2.16 per cent stake in Zaggle, as of the end of the June 2026 quarter, the shareholding pattern data shows. 

 

Zaggle – overview, Q1 results

 

Zaggle operates in the business-to-business-to-customer segment and is amongst a small number of uniquely positioned players with a diversified offering of financial technology products and services. Zaggle is one of the largest issuers of prepaid cards in India in partnership with its banking partners and is also one of the largest commercial credit card players in India based on spends generated on cards issued by its partner banks. Additionally, Zaggle has a diversified portfolio of SaaS products, including tax and payroll software, and a wide touchpoint reach.

 

Zaggle reported a 32.9 per cent decline in consolidated net profit to ₹17.53 crore for the first quarter ended June 30, 2026 (Q1FY27). The company posted a net profit of ₹26.11 crore in the year-ago period.

 

Revenue from operations for the quarter under review rose 27.5 per cent to ₹423.26 crore, compared to ₹331.96 crore in the April-June period of the previous fiscal.

 

Notably, on a sequential basis, the profit saw a sharper decline of 56.8 per cent from ₹40.60 crore reported in the preceding March quarter (Q4FY26). Revenue fell by 31.5 per cent from ₹617.91 crore in the previous quarter.

 

Reported earnings before interest, taxes, depreciation, and amortization (EBITDA) for Q1FY27 came in at ₹34.74 crore with corresponding EBITDA margins at 8.2 per cent against 10.1 per cent in Q1FY26. 

 

Zaggle said the EBITDA margin reduced due to expenses related to the Dice acquisition including but not limited to transaction costs, one-time vendor payments and relocation expenses for over 100 professionals. The company said revenue from Dice contracts was not captured in Q1 FY27 and will start reflecting from Q2FY27 onwards.