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Zen Technologies

ZENTEC NSE
₹1,729.10 No trade today
P/E
86.63
View as Markdown
MCP
Close 4 Nov 2026 ₹1,729.10 +351.90 +25.6% 1Y
Start ₹1,377.20

Key Fundamentals

SmallcapAerospace & DefenseCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
16.20%
Debt to Equity
0.01
EPS (TTM)
₹19.96
Book Value
₹220.20
Market Cap
—
P/E (TTM)
86.63
P/B
7.85
ROE
10.70%
Dividend Yield
0.06%
EBITDA
₹333 Cr
52W High
₹2,043.70
52W Low
₹1,223.00
Volume
0

Peer Comparison

Industrials › Aerospace & Defense › Engineering › Aerospace & Defense

Zen Technologies peer comparison
Hindustan Aeronautics
₹5,079.1036.44₹3,35,230 Cr8.280.91%24.00%32.00%₹33,785 Cr₹9,322 Cr
Bharat Electronics
₹398.0045.49₹2,84,935 Cr11.080.66%27.40%36.40%₹30,253 Cr₹6,401 Cr
Bharat Dynamics
₹1,075.0075.65₹37,987 Cr9.290.48%10.20%13.90%₹2,766 Cr₹521 Cr
Garden Reach Shipbuilders
₹2,143.4030.66₹24,395 Cr9.350.92%31.60%42.80%₹7,507 Cr₹801 Cr
Data Patterns
₹4,078.0085.21₹22,179 Cr13.150.25%15.20%21.90%₹941 Cr₹267 Cr
Sigma Advanced System
₹938.70103.38₹17,375 Cr18.900.00%−4.03%11.70%₹861 Cr₹166 Cr
Zen Technologies (this company)
₹1,729.1086.63₹15,711 Cr7.850.06%10.70%16.20%₹671 Cr₹197 Cr
Aequs
₹219.59—₹14,236 Cr10.570.00%−9.96%1.69%₹1,370 Cr−₹171 Cr
Median 8 companies₹1,402.0575.65₹23,287 Cr9.960.37%12.95%19.05%₹2,068 Cr₹394 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

51 Average

Data confidence 100/100

Category scores

Quality
81
Strong
Returns, margins, earnings quality 22% weight
Valuation
26
Poor
Cheap vs sector & own history 24% weight
Growth
4
Poor
Sales & profit trajectory 9% weight
Financial Health
86
Strong
Solvency, leverage, coverage 9% weight
Momentum
45
Weak
Trend strength, vol-adjusted 12% weight
Ownership
57
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 7.70 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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish2611
OscillatorsBullish162
Moving AveragesStrong Bullish109

Key readings

RSI (14)
59.37
Neutral
MACD (12,26,9)
3.21
Bullish
SMA (50)
1,681.48
Bullish
SMA (200)
1,609.92
Bullish

As of

Analyst Rating

Based on 6 analysts
BUY83%

5 of 6 analysts rate Buy, 1 Hold, 0 Sell.

As of

BUY
5
83%
HOLD
1
17%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+29.22%
5Y+65.75%
3Y+46.46%
1Y−29.36%
TTM−23.38%

Net profit

Net profit growth by window
10Y+59.86%
5Y+135.65%
3Y+63.37%
1Y−27.09%
TTM−27.84%

Operating cash flow

Operating cash flow growth by window
10YZero base
5Y+109.99%
3Y+28.30%
1Y+690.32%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+28.06 pp
5Y+22.88 pp
3Y+2.28 pp
1Y−3.61 pp
TTM−4.43 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2016₹53.00 Cr
Mar 2017₹62.00 Cr
Mar 2019₹92.00 Cr
Mar 2020₹149 Cr
Mar 2021₹55.00 Cr
Mar 2022₹70.00 Cr
Mar 2023₹219 Cr
Mar 2024₹440 Cr
Mar 2025₹974 Cr
Mar 2026₹688 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2016₹2.00 Cr
Mar 2017₹7.00 Cr
Mar 2019₹13.00 Cr
Mar 2020₹59.00 Cr
Mar 2021₹3.00 Cr
Mar 2022₹3.00 Cr
Mar 2023₹50.00 Cr
Mar 2024₹130 Cr
Mar 2025₹299 Cr
Mar 2026₹218 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹93.00 Cr −37.0% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

Zen Technologies Ltd trades at ₹1,720.6 as of 2026-11-02 with a market cap of ₹15,403.53 Cr. The company is virtually debt-free with a debt-to-equity ratio of 0.01 and has delivered a 5-year profit CAGR of 128%, but TTM revenue and profit have contracted by 24% and 28% respectively, while the stock trades at a PE of 86.2x and 8.22x book value.

Bull Case 8
  • The company is almost debt-free with a debt-to-equity ratio of just 0.01, providing significant financial flexibility and resilience against interest rate cycles.
  • Five-year compounded profit growth stands at 128% CAGR, reflecting a period of exceptional earnings expansion in the defence training and simulation segment.
  • Five-year compounded sales growth of 66% CAGR demonstrates sustained revenue scale-up over a meaningful period.
  • Median sales growth over the last 10 years is 44.8%, indicating a consistent long-term revenue trajectory in India's growing defence indigenisation theme.
  • Ten-year compounded profit growth of 56% CAGR shows the business has delivered well above typical industrial growth rates over a full market cycle.
  • The stock has delivered a 5-year price CAGR of 49%, rewarding long-term shareholders handsomely despite recent volatility.
  • ROCE of 15.46% as of 2026-11-02 suggests the company generates reasonable returns on total capital employed even after a softer recent period.
  • The company has been actively reducing debt, strengthening its balance sheet for potential future order inflows and capacity expansion.
Bear Case 7
  • TTM profit has contracted by 28%, signalling a sharp near-term earnings slowdown that may persist if order inflows do not recover.
  • TTM revenue has declined by 24%, raising questions about order execution pace and near-term demand visibility.
  • The stock trades at 8.22x book value (price-to-book), which is elevated for a company whose last-year ROE has dropped to 11%.
  • Working capital days have expanded sharply from 379 days to 543 days, indicating deteriorating cash conversion and potential strain on operating cash flows.
  • Promoter holding has decreased by 8.94% over the last three years, which may signal reduced insider confidence or dilution-driven funding.
  • Earnings include other income of ₹80.4 Cr, meaning core operating profit may be weaker than headline numbers suggest.
  • Dividend yield of just 0.06% as of 2026-11-02 offers virtually no income cushion, making returns entirely dependent on capital appreciation.

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

AI News Digest

9h ago

TL;DR: Zen Technologies delivered a standout Q2FY27 with revenue nearly doubling and a healthy ₹1,375.70 crore order book, signaling strong execution in the defence sector. The Cogknit Semantics acquisition strategically extends capabilities into AI-based battlefield management. The subsidiary fire is a minor setback, fully insured with limited operational disruption. The growth trend is firmly positive, with the key watch item being successful integration of Cogknit and continued order book conversion.

Headwinds 1
  • Subsidiary fire causes ₹4Cr loss Oct 19

    A fire at Unistring Tech Solutions' Hyderabad production centre on October 18 damaged two testing chambers, with estimated loss of up to ₹4 crore. Assets are fully covered by insurance and operational impact is expected to be minimal.

Positives 2
  • Revenue doubles, strong order book Nov 2

    Q2FY27 revenue surged 98.8% YoY to ₹345.13 crore with adjusted PAT up 50.7% YoY to ₹89.54 crore and EBITDA margins at 38.2%. Order book stood at ₹1,375.70 crore as of September 30, 2026.

  • Cogknit AI defence acquisition approved Oct 18

    Board approved ₹135.15 crore investment for a 51.98% stake in Cogknit Semantics, a Bengaluru-based firm specializing in AI battlefield management systems that has completed field trials with the Indian Army. Deal expected to close by December 13, 2026.

Neutral 1
  • QIP utilization update for Q3FY26 Nov 4

    Zen Technologies utilized ₹2,521.41 lakh from QIP proceeds in Q3FY26 with ₹24,166.04 lakh unutilized. Only ₹17,141.99 lakh of the ₹35,000 lakh allocated for acquisitions has been deployed so far.

Quarterly Results

₹ Cr
ZENTEC quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
132
66
100
141
255
242
152
325
158
174
178
178
142
345
Expenses
64
48
57
91
143
162
108
187
94
109
111
129
103
213
Operating Profit
69
19
42
50
111
80
44
138
64
65
67
50
38
132
OPM %
52%
29%
43%
36%
44%
33%
29%
42%
41%
37%
37%
28%
27%
38%
Other Income
3
5
4
5
3
8
22
25
22
25.31
16
23
16
—
Interest
0
1
1
1
1
2
3
4
3
2
3
2
1
1
Depreciation
2
2
3
3
3
4
4
5
6
6
6
6
8
9
PBT
69
22
44
52
110
82
59
154
76.69
83
73
64
45.56
138
Tax %
30%
37%
32%
27%
28%
23%
28%
26%
30%
26%
24%
27%
30%
26%
Net Profit
48
14
30
38
79
63
43
114
53
62
56
47
32
102
EPS (₹)
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
—

Sep 2026: from the results filed on 31 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
ZENTEC profit and loss, annual, ₹ crore
Particulars 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 (₹)
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 %
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
17%
33%
16%
17%
5%
26%
40%
4%
7%
6%
5%
—

Balance Sheet

₹ Cr
ZENTEC balance sheet, annual, ₹ crore
Particulars 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

Cash Flow

₹ Cr
ZENTEC cash flow, annual, ₹ crore
Particulars 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

Ratios

ZENTEC financial ratios, annual
Particulars 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%

Insights

Beta

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

Log in to view Zen Technologies insights

63 extracted metrics across FY07–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 48.51%
  • Public 33.60%
  • DIIs 10.76%
  • FIIs 6.60%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Zen Technologies

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.
Where is Zen Technologies Ltd (ZENTEC) listed?
Zen Technologies Ltd trades as ZENTEC on the NSE and under code 533339 on the BSE.
Which sector does Zen Technologies Ltd belong to?
Zen Technologies Ltd is classified under the Aerospace & Defense sector, in the Engineering industry.
What is the PE ratio of Zen Technologies Ltd?
Zen Technologies Ltd trades at a PE ratio of 86.63 as of 4 Nov 2026, on earnings per share of ₹19.96, against a book value of ₹220.2 per share.
What is the 52-week high and low of Zen Technologies Ltd?
Over the last 52 weeks Zen Technologies Ltd has traded between ₹1,223 and ₹2,043.7 as of 4 Nov 2026.
Does Zen Technologies Ltd pay dividends?
Zen Technologies Ltd has a dividend yield of 0.06%.
What is the Return on Equity (ROE) of Zen Technologies Ltd?
Zen Technologies Ltd reported a return on equity of 10.70%. Its debt-to-equity ratio is 0.01.

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.

Website zen.in
CEO Mr. Ashok Atluri B.Com, PGDACS
Employees 395
Listed 30 Mar 2015
Face Value ₹1

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