Overview

Detailed Summary

Z-Tech (India) Limited is a diversified infrastructure and environmental engineering company focused on sustainable theme parks (Zing), geotechnical specialised solutions (Terra), and industrial wastewater management (Agua) with proprietary GEIST recovery technology, operating through an EPC and build-operate model across more than 20 states in India since 1994.
The company is executing a strategic shift from project-based EPC to a consumer-annuity model via its Zing parks, targeting 30–40% recurring revenue by FY27 and aiming for 100 parks in three years; this transition underpins a valuation re-rating narrative and drives the push for higher-margin, predictable cash flows.
Financial momentum is visible: FY25 revenue at ₹94.40 crore with EBITDA of ₹27.81 crore and PAT of ₹20.18 crore, while 9M FY26 revenue grew 63% year-on-year to ₹96.97 crore, supported by strong execution in parks and civil engineering, though recent quarter margins compressed slightly versus last year.
Z-Tech’s differentiated capital-light government partnership model and proprietary GEIST wastewater-recovery technology convert regulatory and environmental demands into revenue opportunities, enabling low depreciation, high ROCE projects and potential commercialization of recovered chemical streams across industrial clients and municipal customers.
The company is actively pursuing inorganic growth, repositioning Agua operations to Vadodara for market access, raising growth capital via private placement, and exploring international expansion into MENA and South Asia — all signaling deliberate scaling and value-unlocking initiatives.

Sector: Construction
Industry: Civil Construction
Market Cap: 700 Cr
Volatility: Low Risk
P/E Ratio: 32.1
Industry P/E: 23.1
PEG Ratio: 0.1
P/B Ratio: 4.6
52W High: 701.00
52W Low: 460.00

Sales CAGR

1Y: 40.23%
3Y: 45.51%
5Y: —
10Y: —

Profit CAGR

1Y: 131.80%
3Y: 491.57%
5Y: —
10Y: —

ROE

TTM: 11.81%
3Y: 15.16%
5Y: 14.45%
10Y: —

ROCE

TTM: 16.29%
3Y: 20.20%
5Y: 19.27%
10Y: —

Technicals

‌

Forecasts

Peers

Industrials Construction Construction Civil Construction

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SUPREMEINF	75.94	730 Cr	0.11	2.13	0.00	-376.73	-0.66	204.54
DUGARHOU	357.30	704 Cr	-1901.16	22.88	0.00	-3.71	-3.31	-3.48
ZTECH	484.05	700 Cr	32.11	4.55	0.00	11.81	16.29	25.80
JPASSOCIAT	2.65	650 Cr	-0.55	0.00	0.00	24.34	-1.57	-3.81
VIVIANA	623.40	631 Cr	19.46	8.29	0.00	37.55	28.60	11.14
LIKHITHA	149.50	592 Cr	11.29	1.49	1.00	15.07	20.63	11.49
VIESL	232.75	574 Cr	14.57	3.48	0.00	20.68	17.02	6.55
Median: 7 Co.	232.75	650 Cr	11.29	3.48	0.00	15.07	16.29	11.14

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Sales	11	19	16	22	16	19	24	35
Expenses	9.62	14	13	19	13	15	16	22
Operating Profit	1.14	4.79	2.39	3.43	3.36	3.83	7.74	13
OPM %	10.59	25.77	15.10	15.49	20.70	20.12	32.06	36.78
Other Income	0.00	0.39	-0.36	0.04	0.01	0.27	0.08	0.61
Interest	0.02	0.02	0.02	0.04	0.01	0.03	0.02	0.03
Depreciation	0.13	0.15	0.20	0.16	0.17	0.17	0.17	0.14
Profit Before Tax	1.00	5.00	1.80	3.26	3.19	3.91	7.62	13
Tax %	-2.00	26.40	41.11	17.48	26.33	23.27	24.54	31.78
Net Profit	1.02	3.68	1.06	2.70	2.35	3.00	5.75	9.08
EPS in Rs	—	—	—	—	2.00	2.07	3.97	7.03

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	23	31	26	67	94	94
Expenses	23	30	23	56	67	67
Operating Profit	0.70	0.31	3.02	11	28	28
OPM %	2.99	1.03	11.73	16.62	29.46	29.45
Other Income	0.48	0.20	0.16	0.05	0.39	0.97
Interest	0.06	0.05	0.06	0.09	0.09	0.09
Depreciation	0.17	0.30	0.43	0.64	0.66	0.65
Profit Before Tax	0.95	0.16	2.68	11	27	28
Tax %	27.02	54.00	27.01	25.81	28.60	28.01
Net Profit	0.70	0.07	1.96	7.79	20	20
EPS in Rs	—	—	—	38.65	15.07	15.07
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1.10	1.10	1.10	9.41	14
Reserves	6.84	6.92	8.89	13	157
Borrowings	0.94	0.72	0.71	1.31	1.80
Other Liabilities	11	11	13	19	34
Total Liabilities	20	19	23	42	207
Fixed Assets	0.68	1.02	1.50	4.31	9.98
CWIP	0.00	0.00	0.00	0.00	29
Investments	0.00	0.00	0.00	-0.39	0.00
Other Assets	19	18	22	38	168
Total Assets	20	19	23	42	207

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-0.83	1.68	0.08	-1.50	-91
Cash from Investing Activity	-0.17	-0.62	-0.96	-2.12	-35
Cash from Financing Activity	-0.36	-0.27	-0.07	4.21	129
Net Cash Flow	-1.35	0.78	-0.95	0.59	2.98

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Feb 2024	May 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	86.13%	82.65%	60.75%	60.75%	60.75%	54.25%	54.25%	53.18%	53.54%
FIIs	0.00%	0.00%	6.74%	1.73%	1.21%	0.96%	0.88%	1.04%	3.77%
DIIs	0.00%	0.00%	7.17%	0.06%	0.87%	1.47%	1.66%	1.89%	0.37%
Public	13.87%	17.35%	25.34%	37.46%	37.18%	43.32%	43.21%	43.90%	42.32%
Total Shareholders	50	52	1,444	1,126	1,417	1,517	1,979	2,095	2,008

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