Zen Technologies Ltd logo

Zen Technologies Ltd

ZENTEC NSE

Key Fundamentals

SmallcapEngineeringAerospace & Defense
Market Cap
₹17,119 Cr
Volatility
Moderate
P/E Ratio
99.23
EBITDA
₹333 Cr
Return on Equity
11.18%
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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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 8.91 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
-25.09% ↘
Net Income Growth
-27.20% ↗
Cash Flow Change
688.27% ↗
ROE
-35.15% ↘
ROCE
-32.99% ↘
EBITDA Margin (Avg.)
2.82% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Zen Technologies Ltd is a debt-free defense electronics company with a market cap of Rs.16,734 Cr trading at a PE of 84x. While the company delivered 128% profit CAGR over 5 years and 66% sales CAGR over the same period, TTM sales have declined 24% and TTM profit has fallen 28%, indicating a sharp near-term slowdown.

Bull Case 8
  • Company is almost debt-free, having reduced debt significantly, providing financial flexibility for future growth
  • Exceptional 5-year compounded profit growth of 128% CAGR demonstrates strong earnings scalability
  • 5-year compounded sales growth of 66% CAGR reflects robust order execution and demand in the defense sector
  • Median sales growth of 44.8% over the last 10 years indicates consistent long-term revenue expansion
  • 3-year ROE of 18% and 5-year ROE of 17% show sustained ability to generate returns on equity
  • Stock has delivered 85% CAGR over 5 years and 38% CAGR over 10 years, reflecting sustained wealth creation
  • 3-year compounded sales growth of 46% and profit growth of 67% indicate strong medium-term trajectory despite recent softness
  • Operating in the Aerospace & Defense sector which benefits from India's increasing indigenous defense procurement and rising defense budgets
Bear Case 8
  • TTM sales declined 24% and TTM profit declined 28%, signaling a sharp near-term revenue and earnings slowdown
  • PE ratio of 84x is expensive, requiring substantial future growth to justify current valuation
  • Stock trades at 8.88x book value (PB of 8.75), leaving limited margin of safety
  • Working capital days have increased from 379 days to 543 days, indicating significant deterioration in cash conversion efficiency
  • Promoter holding has decreased by 8.94% over the last 3 years, which may signal reduced promoter confidence
  • Earnings include other income of Rs.80.4 Cr, raising questions about the quality and sustainability of core operating profits
  • Last year ROE dropped to 11% from 3-year average of 18%, indicating declining return efficiency
  • Dividend yield of just 0.05% offers negligible income return to shareholders at current price levels

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

AI News Digest

Anthropic anthropic claude-opus-4.6 17h 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 order book.

  • Q1FY27 profit plunges 40% YoY Jul 25

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

Positives 6
  • ₹295 crore MoD simulator order Aug 10

    Zen Technologies secured a ₹295 crore work order from Ministry of Defence for simulators, adding to Q2FY27 inflow of ₹355 crore.

  • ₹177.5 crore tank simulator order Jul 22

    Won ₹177.5 crore MoD order for upgradation and integration of Tank and Crew Gunnery Simulators, to be executed within a year.

  • First high-altitude anti-drone system Jul 26

    Unveiled India's first High-Altitude Man-Portable Anti-Drone System with 5 km detection and 3 km jamming range for mountain warfare.

  • Strong order book, debt-free Aug 6

    Order book stands at ₹1,336.04 crore (₹1,239 crore as of Q1FY27) with a debt-free balance sheet and high liquidity.

  • ₹1/share final dividend recommended Jul 28

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

  • New independent director appointed Aug 4

    Ms. Uma Priyadarshini Kollareddy appointed as Non-Executive Independent Director for a three-year term effective August 4, 2026.

Neutral 5
  • Multiple investor meets scheduled Aug 14

    Zen Technologies participating in conferences hosted by Motilal Oswal (Aug 19), Kotak Securities (Aug 20), and DAM Capital (Aug 21) in Mumbai.

  • 33rd AGM on Aug 29 Aug 7

    AGM scheduled for August 29, 2026 via video conferencing with remote e-voting opening August 26 and record date of August 21.

  • Independent director term ends Aug 8

    Ms. Sirisha Chintapalli ceased to be Independent Director on August 8, 2026, after completion of her second consecutive term.

  • FY26 BRSR report filed Aug 6

    Business Responsibility and Sustainability Report for FY26 submitted to NSE and BSE detailing ESG metrics and sustainability initiatives.

  • Q1FY27 earnings call held Jul 27

    Earnings conference call for Q4FY26/Q1FY27 (quarter ended June 30, 2026) held on July 27 with recording made available online.

TL;DR: Zen Technologies faces near-term revenue deceleration with FY26 revenue down 29% and Q1FY27 profit dropping 40%, but continues to build a robust order book (~₹1,336 crore) backed by fresh MoD orders totalling ₹472.5 crore in recent weeks. The company remains debt-free with strong liquidity and is expanding its product portfolio into anti-drone systems. Execution on the large order backlog in coming quarters will be key to reversing the revenue decline trend.

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 ₹17119.05 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 99.23. 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 0.05%. 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 11.18%. 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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