Stock Crash: Zaggle shares fall most since listing after 17% drop on Q4 margin contraction

Shares of Zaggle Prepaid Ocean Services Ltd. are trading more than 17% lower on Thursday, May 14, after the company reported a sequential decline in margins despite posting strong growth in revenue and profit for the March quarter. With today's decline, the stock fell the most since its listing.

For Q4FY26, the company reported revenue of ₹618 crore, marking a 17.6% increase from ₹526 crore in the previous quarter.

Profit after tax rose 11.8% sequentially to ₹41 crore from ₹36 crore, while EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) increased 12.1% to ₹58 crore compared to ₹52 crore in Q3FY26.

However, EBITDA margin contracted by 46 basis points on a quarter-on-quarter basis to 9.4% from 9.9%, which appears to have weighed on investor sentiment.

During the quarter, the company also incorporated Zaggle Payments IFSC Ltd in GIFT City as part of its strategy to expand global cross-border payment capabilities.

The move is aimed at strengthening the company’s international payments infrastructure and supporting overseas transaction solutions.

Zaggle also completed the acquisition of Rivpe in March 2026.

Through the acquisition, the company has entered the UPI and consumer credit card segments, expanding its presence in the digital payments ecosystem and broadening its fintech offerings.