Zen Technologies Ltd

ZENTEC

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Market Cap

₹ 12,358 Cr

P/E

49.99

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Performance

MARKET LEADER

Valuation

REASONABLE

Growth

EXCEPTIONAL

Profitability

HIGH MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Zen Technologies Limited specializes in developing cutting-edge defense training simulators and counter-drone technologies. Its strategic acquisitions have expanded its defense capabilities across land, air, and sea domains.

Despite procedural delays in order finalizations, Zen maintains strong liquidity, bolstered by strategic investments in subsidiaries like ARIPL and UTS. Operational EBITDA margins demonstrate resilience amid revenue fluctuations.

Zen's anti-drone systems have gained traction post-Operation Sindoor, further supported by India's defense modernization initiatives. This demand highlights a substantial opportunity for growth in the defense sector.

The company holds a diversified order book worth ₹675 Crores, reinforced by strategic acquisitions and a strong order pipeline, indicating potential for significant revenue acceleration in subsequent years.

Sector

Aerospace & Defence

Industry

Electronics - Others

Market Cap

12,358 Cr

Volatility

Moderate Risk

P/E Ratio

50.0

Industry P/E

53.0

PEG Ratio

1.8

P/B Ratio

6.9

52W High

2,627.95

52W Low

946.65

Sales CAGR

121.36%

158.78%

44.65%

10Y

37.56%

Profit CAGR

131.14%

406.50%

34.16%

10Y

69.16%

ROE

TTM

13.80%

17.46%

14.70%

10Y

14.36%

ROCE

TTM

21.19%

23.96%

20.24%

10Y

19.03%

Technicals

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PGEL	565.35	16,130 Cr	63.38	5.56	0.04	8.77	12.23	5.48
DATAPATTNS	2605.50	14,587 Cr	62.48	9.49	0.30	15.18	20.88	13.32
SYRMA	734.50	14,152 Cr	61.57	5.04	0.19	8.12	11.73	4.62
ZENTEC	1366.50	12,358 Cr	49.99	6.88	0.15	13.80	21.19	13.24
GENUSPOWER	305.00	9,209 Cr	20.08	4.83	0.81	24.17	19.15	7.97
APOLLO	235.90	8,428 Cr	103.01	6.73	0.09	7.59	11.15	4.48
AVALON	865.65	5,773 Cr	65.99	8.88	0.00	13.45	16.55	7.92

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	132	67	100	141	255	242	152	325	158	174
Expenses	64	48	57	91	143	162	108	187	94	109
Operating Profit	69	19	42	50	111	80	44	138	65	65
OPM %	52.03	28.51	42.69	35.66	43.73	33.08	29.04	42.46	40.89	37.30
Other Income	2.68	5.34	4.24	5.07	3.11	8.47	22	25	21	26
Interest	0.42	0.53	0.53	0.80	1.20	2.26	2.96	3.95	3.46	2.04
Depreciation	1.91	2.20	2.64	2.92	3.01	3.84	3.81	4.75	6.34	5.71
Profit Before Tax	69	22	44	52	110	82	59	154	76	83
Tax %	30.06	36.81	31.50	27.38	27.90	22.98	28.25	26.13	30.36	25.54
Net Profit	48	14	30	38	79	63	43	114	53	62
EPS in Rs	5.26	1.70	3.42	3.90	8.55	7.26	4.42	11.24	5.31	6.61

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	53	62	92	149	55	70	219	440	974	877
Expenses	48	50	76	87	47	65	146	259	600	550
Operating Profit	4.29	12	17	63	7.38	4.57	73	181	374	327
OPM %	8.13	18.86	18.08	42.02	13.51	6.55	33.18	41.10	38.36	37.26
Other Income	5.47	3.62	3.11	1.91	3.02	5.10	9.25	17	58	77
Interest	2.37	2.33	4.81	3.35	1.09	1.53	4.08	2.28	10	13
Depreciation	4.32	3.64	3.80	4.57	4.95	4.83	6.06	9.68	15	19
Profit Before Tax	2.92	9.01	11	57	4.36	3.30	72	186	406	372
Tax %	20.57	20.38	-19.16	-3.37	36.40	21.00	30.34	30.43	26.29	26.64
Net Profit	2.32	7.17	13	59	2.77	2.61	50	130	299	273
EPS in Rs	—	—	1.51	6.51	0.35	0.23	4.57	14.28	31.47	27.58
Dividend Payout %	33.33	16.13	17.34	5.25	25.64	40.00	3.85	6.52	6.24	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2015	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	7.72	7.72	7.72	7.72	7.72	7.95	7.95	7.95	8.40	9.03
Reserves	103	105	112	127	183	196	275	308	440	1,692
Borrowings	39	37	7.96	35	2.46	1.96	15	6.75	6.03	78
Other Liabilities	28	17	19	48	20	17	71	151	296	271
Total Liabilities	177	167	146	218	214	223	369	474	751	2,049
Fixed Assets	47	44	45	63	73	70	67	75	93	208
CWIP	0.31	15	17	0.40	0.00	0.00	2.52	1.92	11	7.26
Investments	0.00	0.00	0.34	7.75	2.24	2.24	2.24	2.24	0.00	4.03
Other Assets	130	108	84	147	139	152	297	394	646	1,830
Total Assets	177	167	146	218	214	223	369	474	751	2,049

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2015	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-20	54	2.16	-49	62	5.90	-44	116	13	-146
Cash from Investing Activity	-4.14	-20	-4.29	13	-12	-9.77	-44	-3.69	-85	-823
Cash from Financing Activity	20	-3.33	-32	4.51	-12	8.98	88	-22	-3.30	1,007
Net Cash Flow	-4.38	30	-34	-32	38	5.12	0.12	91	-75	37

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	May 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Aug 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	57.78%	57.89%	57.89%	55.50%	55.41%	55.36%	51.51%	51.50%	49.27%	49.26%	49.26%	48.72%
FIIs	4.11%	3.50%	4.87%	4.68%	3.86%	3.10%	5.89%	5.75%	8.33%	5.90%	6.06%	5.97%
DIIs	0.23%	0.21%	0.16%	3.12%	3.34%	3.39%	8.14%	8.08%	9.02%	9.58%	8.80%	7.97%
Public	37.88%	38.40%	37.08%	36.70%	37.39%	38.14%	34.46%	34.66%	33.38%	35.25%	35.88%	37.34%
Total Shareholders	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	2,80,312	3,11,948	3,25,978

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Feb 18, 2025	Mansi share and stock advisor...	Bulk	Buy	977.31	55.26 Cr	5,65,390	0.62
Feb 18, 2025	Mansi share and stock advisor...	Bulk	Sell	982.04	52.83 Cr	5,37,972	0.59
Dec 03, 2024	Kishore dutt atluri	Bulk	Sell	1,800.01	180.00 Cr	10,00,000	1.10
Dec 03, 2024	Ashok atluri	Bulk	Sell	1,801.16	180.12 Cr	10,00,000	1.10
Dec 03, 2024	Motilal oswal mutual fund	Bulk	Buy	1,800.00	200.00 Cr	11,11,111	1.23
Sep 14, 2024	Ashok atluri	Insider - Promoter & Director	Disposal	—	—	10,00,000	1.10
Sep 14, 2024	Abhilasha atluri	Insider - Promoter Group	Acquisition	—	—	10,00,000	—
May 21, 2024	M. vijaya rama rao	Insider - Designated Person	Acquisition	100.00	0.04 Cr	3,500	0.00
Mar 25, 2024	Sanjay vijay singh jesrani	Insider - Director	Acquisition	895.65	0.09 Cr	1,000	0.00
Mar 19, 2024	Arvind verma	Insider - Designated Person	Acquisition	100.00	0.03 Cr	2,500	—

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