Kedia Securities buys 2m Zaggle shares after sell-off as Q1 revenue rises 28%

Kedia Securities acquired 2 million Zaggle Prepaid Ocean Services shares in an NSE bulk deal on 18 August. Zaggle’s Q1FY27 revenue rose about 28% year-on-year to ₹4.23 billion, while net profit fell 33% to ₹175 million as DICE integration, technology and employee costs pressured margins.

— Source published Sat, 22 Aug, 2026, 07:00 IST · First seen Sat, 22 Aug, 2026, 07:08 IST · Source Mint · Markets

What happened

Zaggle Prepaid Ocean Services · Kedia Securities acquired 2 million Zaggle shares after a steep sell-off. Zaggle reported 28% Q1FY27 revenue growth but a 33%

Key facts

  • Kedia Securities bought 2 million Zaggle shares via an NSE bulk deal on 18 August
  • Stock rose more than 7% the following day
  • Q1FY27 revenue: ₹4,232 million, up about 28% year-on-year
  • Q1FY27 net profit: ₹175 million, down about 33% year-on-year
  • Adjusted EBITDA margin fell to 8.2% from 10.1%
  • 52-week high: ₹417.40; 52-week low: ₹154.40
  • Over 50 million cards issued and more than 3,900 corporate customers

Why this matters

Zaggle’s DICE integration highlights an expansion-driven strategy, but the margin pressure underscores the need to prove that acquired capabilities can scale profitably.

What to watch

  • Quarterly revenue growth staying above 25% year-on-year alongside sequential EBITDA-margin improvement.
  • Net profit recovering faster than revenue growth, indicating DICE-related costs are becoming scalable.
  • Disclosure of DICE integration milestones, customer-retention metrics, cross-sell revenue or realized cost synergies.
  • Large client additions, higher transaction volumes and improved corporate-spend penetration.
  • Further bulk deals, analyst target-price changes, or management commentary explaining the profit decline and margin outlook.
  • Track whether management reiterates or revises FY27 revenue, EBITDA-margin and integration-synergy guidance.
  • Watch for new enterprise-client wins and evidence that DICE products are being cross-sold into Zaggle's existing corporate base.
  • Monitor block and bulk-deal activity for follow-on institutional accumulation or promoter/early-investor supply.
  • Assess whether the company moderates hiring, technology spending or acquisition-related costs to protect operating leverage.