Zen Tech share price targets 2026: Buy calls stay

Four-session slide puts focus on earnings

Zen Technologies Ltd (Zen Tech) extended its decline for a fourth straight session, with the stock down about 11% over the stretch. The drop followed a weak March quarter print, which triggered fresh scrutiny of execution pace and near-term profitability. From a close of ₹1,719.70 on April 27, the stock fell 11.15% to ₹1,527.80 on Monday. On May 5, 2026, the stock was quoted around ₹1,521, with a reported day range of ₹1,492.20 to ₹1,543.00.

The company operates in the defence space, known for simulators, drones and counter-drone systems. Market participants have been tracking order inflows closely, given the stock’s sharp run-up in prior years and the subsequent correction from the peak.

March quarter numbers: revenue and Ebitda fall sharply

Zen Tech reported a year-on-year decline in March quarter performance, with consolidated revenue down 45.2% and consolidated Ebitda down 63%. Consolidated March 2026 net sales were reported at ₹178.08 crore, down 45.2% year-on-year. Separately, Zen Tech’s standalone March 2026 net sales were reported at ₹71.90 crore, down 75.5% year-on-year.

Analysts tracking the quarter noted a sharp margin compression as well. Ebitda margin was cited at 28.6%, contracting 1,382 basis points year-on-year. Broker commentary attributed the margin pressure largely to lower output and additional expenses during the quarter.

Broker stance: Buy maintained despite near-term weakness

Despite the weaker quarter, a couple of analysts said they maintained a ‘Buy’ rating on the stock. The central argument was that the quarter reflected a soft patch, while the medium-term outlook hinges on order conversion and delivery.

Antique Stock Broking highlighted improving order inflows in the second half of FY26. Elara Securities, while cutting estimates and lowering its target valuation multiple, also retained its Buy view, pointing to demand catalysts linked to product demonstrations and sector tailwinds.

Antique: order book up 50% YoY, target revised

Antique Stock Broking said order inflows strengthened meaningfully in H2FY26. It reported that the consolidated order book rose 50% year-on-year to ₹1,330 crore. Based on this, Antique said it expects earnings to rebound in FY27E after a decline in FY26E, supported by execution of the expanded order book.

Antique also pointed to valuation positioning within the sector. It said defence electronics stocks had rallied over the past three months, widening Zen’s relative valuation discount. The brokerage maintained its Buy rating and revised its target price to ₹1,700 (earlier ₹1,679).

Elara: lower target, estimates cut, but rating unchanged

Elara Securities maintained a ‘Buy’ rating but reduced its target price to ₹1,870 from ₹2,025. The brokerage said it cut its FY27 earnings estimates by 16% and cited a lower-than-expected closing order book due to delayed inflows. Elara said its revised target was based on 32 times (from 35 times) March FY28E P/E, noting the multiple is lower than private companies’ P/E because of the delay in order inflows in FY26 and weaker performance for the year.

Elara added that successful demonstration of the product portfolio could drive demand both domestically and on exports. It also noted that India’s defence budget jumped 18% year-on-year, which it said augurs well for simulators, drones and counter-drone systems.

Broader context: order visibility has been a key debate

The stock’s recent trading narrative has frequently revolved around order momentum and execution visibility. A separate data point cited an order backlog of ₹754 crore in the June 2025 quarter, described as 0.7x FY25 sales. The same thread said the slowdown in inflows over the past 15 months raised concerns on visibility and growth momentum.

Zen Tech also reported a weak June quarter in another reference set, with revenue cited at ₹110 crore, down 56% year-on-year. The combination of softer quarterly numbers and questions on inflow timing has kept sentiment sensitive to incremental order updates.

Market snapshot: price levels, ownership, and trading metrics

On May 5, 2026, market depth data showed a bid-ask around ₹1,505.00 and ₹1,507.30, respectively. A “Stock Score” was cited at 61/100, and promoter holding was reported unchanged at 48.51% in the March 2026 quarter.

The stock has also been described as trading meaningfully below its 52-week high, with one metric stating it was 32.92% away from the 52-week high. Different references cited a record high of ₹2,627 (Dec 24, 2024), and separate 52-week high/low figures including ₹2,268.15/₹1,224 and a low of ₹945.65 on Feb 19, 2025, underscoring the sharp volatility the stock has seen across periods.

Key figures at a glance

What matters next for investors

Near-term attention is likely to remain on the pace of order finalisation and how quickly the larger order book converts into revenue. Broker notes in the provided data already flag delayed inflows and weaker FY26 performance as key constraints, while positioning FY27E as a potential rebound year supported by execution.

For tracking, investors will likely watch for updates that directly address the two issues highlighted in the commentary: output levels and cost control (given the March quarter margin contraction), and the timing of inflows (given estimate cuts tied to delayed orders). With multiple broker targets still above the prevailing price levels cited, the next set of order and execution disclosures will be central to validating those assumptions.

Conclusion

Zen Tech’s four-session slide has been driven by a sharp March quarter slowdown and a notable margin contraction, but key brokerages have kept Buy ratings on the back of a ₹1,330 crore order book and expectations of a FY27E rebound. The next meaningful trigger, based on the provided commentary, is clarity on order inflow timing and execution progress as the expanded backlog moves into deliveries.