Zen Technologies order book rises 11% to Rs 1,375.70 crore in Q2

Zen Technologies Limited ended the second quarter of financial year 2027 (Q2FY27) with a consolidated order book of Rs 1,375.70 crore, up Rs 136.68 crore from June 30, 2026. Zen Technologies added Rs 481.81 crore of new orders during the quarter, exceeding Rs 345.13 crore of orders executed and lifting the backlog by 11%.

How did Zen Technologies' order book change in Q2FY27?

Zen Technologies' order book increased to Rs 1,375.70 crore on September 30, 2026, from Rs 1,239.02 crore on June 30, 2026. The increase reflects Rs 481.81 crore of new orders bagged in Q2FY27 against Rs 345.13 crore of orders executed, leaving inflow Rs 136.68 crore higher than execution.

The reported order-book bridge shows that the increase came from new business intake exceeding fulfilment. Zen Technologies executed Rs 345.13 crore during Q2FY27, which was equal to its revenue from operations for the quarter. The presentation does not disclose contract-level values, customers, order counts or delivery dates behind the Rs 481.81 crore intake.

The closing balance was 11.0% above the June 30, 2026 opening balance, calculated from the reported figures. That comparison distinguishes the Rs 1,375.70 crore unexecuted balance from the Rs 481.81 crore of orders added in the quarter. Zen Technologies reports the gross inflow and execution separately, but gives no conversion schedule for the closing backlog.

What is in Zen Technologies' September 2026 order book?

Zen Technologies' September 30, 2026 order book comprised Rs 995.00 crore of equipment and Rs 380.70 crore of annual maintenance contracts (AMC). These two categories total Rs 1,375.70 crore, matching the company's reported consolidated order-book balance.

Equipment was Rs 614.30 crore larger than the AMC category. Based on the reported balances, equipment represented about 72.3% of the order book and AMC represented about 27.7%. Zen Technologies does not provide an equipment and AMC split for the Rs 1,239.02 crore balance at June 30, 2026, so the source does not show which category drove the quarterly increase.

Zen Technologies lists counter-drone solutions, training solutions, force multipliers and surveillance systems, and naval and air simulation in its product suite. Its product list includes combat training centres, air simulators, anti-drone systems and naval simulation, but the presentation does not allocate the Rs 995.00 crore equipment balance among those products.

How is Zen Technologies' order book split between domestic and export business?

Zen Technologies reported Rs 1,283.84 crore of domestic orders and Rs 91.86 crore of export orders within its Rs 1,375.70 crore consolidated order book. The two geographical balances add to the September 30, 2026 total, with domestic orders exceeding export orders by Rs 1,191.98 crore.

Domestic orders accounted for about 93.3% of the closing order book, based on the reported Rs 1,283.84 crore balance. Export orders accounted for about 6.7% of the Rs 1,375.70 crore total. The presentation gives no domestic or export comparison for June 30, 2026, so it does not identify the source of the Rs 481.81 crore Q2FY27 order intake.

The domestic-export view is separate from the equipment and AMC view. Zen Technologies does not cross-tabulate its Rs 1,283.84 crore domestic balance and Rs 91.86 crore export balance by equipment and AMC. As a result, the presentation does not establish how much equipment or AMC work is associated with either geography.

How does Zen Technologies' order book compare with Q2FY27 execution?

Zen Technologies' Rs 1,375.70 crore closing order book was nearly four times the Rs 345.13 crore of orders executed in Q2FY27. Revenue from operations was also Rs 345.13 crore in the quarter, compared with Rs 173.57 crore in Q2FY26, a reported year-on-year increase of 98.8%.

Total revenue in Q2FY27 was Rs 361.84 crore, including Rs 16.71 crore of other operating revenue, compared with Rs 198.88 crore in Q2FY26. Operational earnings before interest, tax, depreciation and amortisation (operational EBITDA) rose to Rs 131.99 crore from Rs 64.74 crore, while its margin increased to 38.2% from 37.3%.

Profit after tax adjusted for non-controlling interest was Rs 89.54 crore in Q2FY27, compared with Rs 59.40 crore a year earlier. For the first half of financial year 2027 (H1FY27), revenue from operations was Rs 486.77 crore versus Rs 331.79 crore in H1FY26, while operational EBITDA margin was 35.1%, down from 39.0%.

Conclusion

Zen Technologies increased its consolidated order book by Rs 136.68 crore in Q2FY27 because Rs 481.81 crore of new orders exceeded Rs 345.13 crore of execution. The September 30, 2026 balance was weighted toward Rs 995.00 crore of equipment and Rs 1,283.84 crore of domestic orders, with AMC at Rs 380.70 crore and exports at Rs 91.86 crore.

The next disclosure to watch is the pace of conversion of the Rs 1,375.70 crore backlog into revenue and execution. Zen Technologies has not disclosed a delivery timetable, an order-intake target, a product-level order-book allocation or a domestic-export split of Q2FY27 new orders, leaving those matters unresolved.