Zen Technologies Ltd logo

Zen Technologies Ltd

ZENTEC NSE

Key Fundamentals

SmallcapEngineeringAerospace & Defense
Market Cap
₹15,646 Cr
Volatility
Moderate
P/E Ratio
86.23
EBITDA
₹245 Cr
Return on Equity
17.24%
Debt to Equity
0.01
Book Value
₹209.22
EPS
₹18.54
52W High
₹2,024
52W Low
₹1,223

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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49 extracted metrics + investor summaries across FY14–FY26.

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Tapetide Score

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Technical Indicators

Key Insights

Strengths

4
  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 128% CAGR over last 5 years
  • Company's median sales growth is 44.8% of last 10 years

Weaknesses

4
  • Stock is trading at 8.23 times its book value
  • Earnings include an other income of Rs.80.4 Cr.
  • Promoter holding has decreased over last 3 years: -8.94%
  • Working capital days have increased from 379 days to 543 days

Growth Rate

Revenue Growth
-33.36% ↘
Net Income Growth
-27.41% ↗
Cash Flow Change
-1189.94% ↘
ROE
-37.92% ↘
ROCE
-41.16% ↘
EBITDA Margin (Avg.)
-24.40% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 15h ago
AI opinion · based on fundamentals
Risk high

Zen Technologies Ltd is a defense-sector company with a market cap of Rs.15,646 Cr trading at a PE of 79.7x. While it has delivered exceptional 5-year profit CAGR of 128% and is nearly debt-free, its TTM sales have declined 24% and working capital days have expanded significantly to 543 days.

Bull Case 8
  • Company has delivered outstanding 5-year compounded profit growth of 128% CAGR, reflecting strong earnings scalability
  • Nearly debt-free balance sheet provides financial flexibility and low interest burden in a capital-intensive defense sector
  • 5-year compounded sales CAGR of 66% demonstrates sustained revenue momentum over a medium-term horizon
  • 10-year median sales growth of 44.8% indicates consistent long-term demand for its defense training and simulation products
  • 3-year stock price CAGR of 32% and 10-year CAGR of 36% reflect sustained wealth creation over multiple cycles
  • 3-year compounded profit growth of 67% shows recent earnings trajectory remains well above broader market averages
  • Company has actively reduced debt, strengthening its balance sheet and reducing financial risk
  • 5-year stock CAGR of 80% significantly outperforms broader indices, indicating strong market confidence in the defense indigenization theme
Bear Case 8
  • TTM sales have declined 24%, signaling a sharp near-term revenue slowdown after years of strong growth
  • TTM profit has declined 28%, indicating earnings contraction that may challenge the current PE multiple of 79.7x
  • Working capital days have ballooned from 283 to 543 days, indicating significant cash conversion cycle deterioration and potential execution delays
  • Stock trades at 8.23x book value, leaving limited margin of safety if growth expectations are not met
  • PE ratio of 79.7x is elevated and prices in substantial future growth that is currently decelerating on a TTM basis
  • Earnings include other income of Rs.80.4 Cr, suggesting core operating profit may be lower than headline numbers indicate
  • Promoter holding has decreased by 8.94% over the last 3 years, which may signal reduced promoter confidence or dilution
  • Last year ROE declined to 11% from 3-year average of 18%, indicating weakening return efficiency on shareholder equity

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Headwinds 2
  • FY26 revenue drops 29% YoY Aug 6

    Consolidated revenue fell to ₹687.69 crore in FY26 from ₹973.64 crore in FY25, a significant 29% decline despite maintained profitability.

  • Q1FY27 profit drops 40% YoY Jul 25

    Net profit fell 40% YoY to ₹318.5 million in Q1FY27, further impacted by a ₹33.7 million fire loss.

Positives 5
  • ₹177.5 crore MoD order won Jul 22

    Zen Technologies received a ₹177.5 crore domestic order from Ministry of Defence for Tank and Crew Gunnery Simulator upgradation, to be executed within one year.

  • India's first high-altitude anti-drone system Jul 26

    Unveiled a Man-Portable Anti-Drone System with 5 km detection and 3 km jamming range for mountain warfare, a first-of-its-kind in India.

  • Strong order book at ₹1,336 crore Aug 6

    Despite revenue decline, the company maintains a robust order book of ₹1,336.04 crore and a debt-free balance sheet.

  • ₹1/share final dividend recommended Jul 28

    Board recommended ₹1 per share final dividend for FY26, payable to shareholders on record as of August 21, 2026. AGM set for August 29.

  • New independent director appointed Aug 4

    Ms. Uma Priyadarshini Kollareddy appointed as Non-Executive Independent Director for a three-year term, strengthening board governance.

Neutral 3
  • FY26 BRSR report filed Aug 6

    Submitted Business Responsibility and Sustainability Report for FY26 to NSE and BSE covering ESG metrics and workforce data.

  • Investor meet on Aug 10 Aug 5

    Zen Technologies will participate in Semi-Annual Investor Conference organized by Nirmal Bang Institutional Equities in Mumbai on August 10, 2026.

  • Q4FY26 earnings call available online Jul 27

    Recording of earnings conference call for quarter ended June 30, 2026 made available on company website per SEBI regulations.

TL;DR: Zen Technologies faces near-term earnings pressure with FY26 revenue down 29% and Q1FY27 profit declining 40%, partly due to a fire loss. However, the company's fundamentals remain solid with a ₹1,336 crore order book, debt-free balance sheet, and continued defence order wins including a ₹177.5 crore MoD contract. Product innovation continues with India's first high-altitude anti-drone system. The trend suggests a revenue trough with order book visibility supporting recovery, though execution pace needs monitoring.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
132
66
100
141
255
242
152
325
158
174
178
178
142
Expenses
64
48
57
91
143
162
108
187
94
109
111
129
103
Operating Profit
69
19
42
50
111
80
44
138
64
65
67
50
38
OPM %
52%
29%
43%
36%
44%
33%
29%
42%
41%
37%
37%
28%
27%
Other Income
3
5
4
5
3
8
22
25
22
26
16
23
16
Interest
0
1
1
1
1
2
3
4
3
2
3
2
1
Depreciation
2
2
3
3
3
4
4
5
6
6
6
6
8
PBT
69
22
44
52
110
82
59
154
76
83
73
64
45
Tax %
30%
37%
32%
27%
28%
23%
28%
26%
30%
26%
24%
27%
30%
Net Profit
48
14
30
38
79
63
43
114
53
62
56
47
32
EPS in Rs
5.6
1.82
3.64
4.16
9.14
6.94
4.4
11.19
5.29
6.58
6.07
3.49
3.82
Figures in ₹ Crores

Profit & Loss

  Mar 2014Mar 2015Mar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
46
79
53
62
92
149
55
70
219
440
974
688
671
Expenses
46
58
48
50
76
87
47
65
146
259
591
443
452
Operating Profit
1
21
4
11
17
63
7
5
73
181
382
245
219
OPM %
1.3%
27%
8%
18%
18%
42%
14%
7%
33%
41%
39%
36%
33%
Other Income
4
3
5
4
3
2
3
5
9
17
58
86
80
Interest
2
2
2
2
5
3
1
2
4
2
19
10
8
Depreciation
2
2
4
4
4
5
5
5
6
10
15
24
26
PBT
0
20
3
9
11
57
4
3
72
186
406
297
266
Tax %
25%
21%
21%
20%
-19%
-3%
36%
21%
30%
30%
26%
27%
—
Net Profit
0
16
2
7
13
59
3
3
50
130
299
218
197
EPS in Rs
0.01
2.04
0.3
0.93
1.73
7.62
0.39
0.25
5.38
15.22
31.04
21.43
19.96
Div. Payout %
1103%
17%
33%
16%
17%
5%
26%
40%
4%
7%
6%
5%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2014Mar 2015Mar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
8
8
8
8
8
8
8
8
8
8
9
9
Reserves
91
103
105
112
127
183
196
275
308
440
1,692
1,880
Borrowings
18
40
41
11
42
3
2
15
7
6
78
19
Other Liabilities
12
27
14
15
42
20
17
71
151
296
271
248
Total Liabilities
128
177
167
146
218
214
223
369
474
750
2,049
2,155
Fixed Assets
49
47
44
45
63
73
70
67
75
93
208
239
CWIP
1
0
15
17
0
0
0
3
2
11
7
15
Investments
0
0
0
0
8
2
2
2
2
0
4
6
Other Assets
78
130
108
84
147
139
152
297
394
646
1,830
1,895
Total Assets
128
177
167
146
218
214
223
369
474
750
2,049
2,155
Figures in ₹ Crores

Cash Flow

  Mar 2014Mar 2015Mar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
10
-20
0
0
-49
62
6
-44
116
13
31
245
Investing
-8
-4
0
0
13
-12
-10
-44
-4
-85
-1,000
-162
Financing
-7
20
0
0
5
-12
9
88
-22
-3
1,007
-78
Net Cash Flow
-5
-4
0
0
-32
38
5
0
91
-75
37
5
Free Cash Flow
-13
-22
0
0
-54
52
5
-49
103
-16
-1
185
CFO/OP
1,269
-94
0
0
-286
118
118
-921
180
26
39
136
Figures in ₹ Crores

Ratios

  Mar 2014Mar 2015Mar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
90
276
56
121
290
114
124
166
142
153
154
119
Inventory Days
295
225
242
237
496
137
609
693
305
523
118
415
Days Payable
63
47
52
92
114
44
132
109
42
99
25
109
Cash Conversion Cycle
322
455
246
265
672
206
601
750
406
577
247
425
Working Capital Days
45
119
-66
187
191
191
535
629
115
158
435
543
ROCE %
2%
16%
3%
8%
—
32%
3%
2%
23%
46%
37%
16%

Shareholding Pattern

As of Jun 2026
Promoters 48.51%
Public 28.65%
DIIs 10.41%
FIIs 6.46%
Others 5.96%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023May 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Aug 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
60.19%
60.19%
60.19%
60.19%
60.19%
60.19%
60.19%
60.19%
60.14%
57.45%
57.45%
57.45%
55.07%
55.07%
55.07%
51.26%
51.26%
49.05%
49.05%
49.05%
48.51%
48.51%
48.51%
48.51%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
4.83%
0.00%
3.84%
3.08%
5.86%
5.72%
8.29%
5.95%
6.03%
5.95%
5.55%
5.99%
6.46%
DIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.11%
0.11%
0.15%
0.00%
0.21%
0.16%
2.53%
3.32%
3.38%
8.10%
8.05%
8.98%
9.48%
8.76%
7.93%
7.86%
10.07%
10.41%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
31.72%
31.43%
32.92%
32.94%
32.82%
32.75%
31.82%
31.82%
30.71%
30.99%
32.14%
31.21%
30.69%
31.00%
31.42%
28.30%
28.64%
27.38%
29.41%
29.95%
31.59%
32.02%
29.80%
28.65%
Others
8.09%
8.38%
6.88%
6.87%
6.99%
7.06%
7.88%
7.89%
9.01%
11.56%
10.19%
6.35%
11.71%
6.77%
7.05%
6.48%
6.33%
6.31%
6.11%
6.21%
6.02%
6.06%
5.63%
5.96%
No. of Shareholders
34,233
37,320
1,00,477
96,275
1,14,705
1,18,806
1,16,610
1,22,339
1,08,420
1,12,582
1,27,208
1,59,766
1,61,995
1,70,421
2,01,211
2,19,797
2,29,479
2,37,733
2,83,289
3,11,948
3,25,978
3,30,378
3,14,092
2,90,771

Documents

1
Concall - Sep 2019 Sep 2019
2
Concall - Jun 2020 Jun 2020
3
Concall - Aug 2020 Aug 2020
4
Concall - Feb 2021 Feb 2021
5
Concall - May 2021 May 2021

Frequently Asked Questions about Zen Technologies Ltd

What does Zen Technologies Ltd do?
Zen Technologies Limited was incorporated in 1996. The company designs develop and manufacture combat training solutions and Counter-drone solutions for defense and security forces. It is actively involved in the indigenization of technologies, which are beneficial to Indian armed forces, state p...
Where is Zen Technologies Ltd (ZENTEC) listed?
Zen Technologies Ltd is listed on the Indian stock exchanges. It is listed on NSE: ZENTEC and BSE: 533339. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Zen Technologies Ltd belong to?
Zen Technologies Ltd operates in the Industrials sector within the Aerospace & Defense industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Zen Technologies Ltd?
Zen Technologies Ltd has a market capitalisation of approximately ₹15646.42 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Zen Technologies Ltd?
The Price-to-Earnings (PE) ratio of Zen Technologies Ltd is 86.23. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Zen Technologies Ltd?
Over the past 52 weeks, Zen Technologies Ltd has traded between a low of ₹1,223 and a high of ₹2,024. This range helps investors understand the stock's price volatility and recent trading levels.
Does Zen Technologies Ltd pay dividends?
Yes, Zen Technologies Ltd has a dividend yield of 0.06%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Zen Technologies Ltd?
Zen Technologies Ltd has a Return on Equity (ROE) of 17.24%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Zen Technologies Ltd on Tapetide?
On Tapetide, you can view Zen Technologies Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Zen Technologies Limited was incorporated in 1996. The company designs develop and manufacture combat training solutions and Counter-drone solutions for defense and security forces. It is actively involved in the indigenization of technologies, which are beneficial to Indian armed forces, state police forces, and paramilitary forces. Zen Technologies is headquartered in Hyderabad, India with offices in India, UAE, and the USA. [1] [2] [3]

Website zen.in
CEO Mr. Ashok Atluri B.Com, PGDACS
Employees 395
Listed 2015-03-30
Face Value ₹ 1
Issued Size 9,02,90,356

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