Login
Home
Charts
Search
Watchlist
Products

Zen Technologies Ltd

ZENTEC·NSE
1,672.30-0.09%Wed, 23 Sept '26

Zen Technologies Ltd

ZENTEC
NSE
1,672.30
-0.09%
|Wed, 23 Sept '26
SOICxStockScans Reports
6M
Price
Charts
Documents

Quick Ratios

Edit Ratios
Mkt Cap
Market Capitalization
15,099Cr
Close
Close Price
1,672.30
Industry
Industry
Aerospace & Defence - Equipments
PE
Price To Earnings
83.45
PS
Price To Sales
22.50
Revenue
Revenue
671Cr
Rev Gr TTM
Revenue Growth TTM
-23.50%
PAT Gr TTM
PAT Growth TTM
-27.93%

Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
RevenueCr
67100141255242152325158174178178142
Growth YoY
Revenue Growth YoY%
99.089.647.592.2263.752.9129.8-37.9-28.216.8-45.2-10.5
Expenses
ExpensesCr
48579114316210818794109111127103
Operating Profit
Operating ProfitCr
19425011180441386565675139
OPM
OPM%
28.542.735.743.733.129.042.540.937.337.628.627.3
Other Income
Other IncomeCr
5453822252126152115
Interest Expense
Interest ExpenseCr
111123432321
Depreciation
DepreciationCr
233344566668
PBT
PBTCr
22445211082591547683736445
Tax
TaxCr
81414311917402321171713
PAT
PATCr
1430387963431145362564732
Growth YoY
PAT Growth YoY%
78.6150.060.964.1365.443.0202.6-33.2-2.430.6-58.5-40.0
NPM
NPM%
20.530.026.631.226.228.035.033.535.731.326.522.5
EPS
EPS
1.83.74.29.27.34.411.25.36.66.13.53.8
QuarterSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
RevenueCr
67100141255242152325158174178178142
Growth YoY
Revenue Growth YoY%
99.089.647.592.2263.752.9129.8-37.9-28.216.8-45.2-10.5
Expenses
ExpensesCr
48579114316210818794109111127103
Operating Profit
Operating ProfitCr
19425011180441386565675139
OPM
OPM%
28.542.735.743.733.129.042.540.937.337.628.627.3
Other Income
Other IncomeCr
5453822252126152115
Interest Expense
Interest ExpenseCr
111123432321
Depreciation
DepreciationCr
233344566668
PBT
PBTCr
22445211082591547683736445
Tax
TaxCr
81414311917402321171713
PAT
PATCr
1430387963431145362564732
Growth YoY
PAT Growth YoY%
78.6150.060.964.1365.443.0202.6-33.2-2.430.6-58.5-40.0
NPM
NPM%
20.530.026.631.226.228.035.033.535.731.326.522.5
EPS
EPS
1.83.74.29.27.34.411.25.36.66.13.53.8

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
RevenueCr
795362921495570219440974688671
Growth
Revenue Growth%
69.5-33.017.261.9-63.427.7213.8101.0121.4-29.4-23.5
Expenses
ExpensesCr
58515076874765146259600440450
Operating Profit
Operating ProfitCr
2121117637573181374247221
OPM
OPM%
26.63.118.418.142.013.56.533.241.138.436.033.0
Other Income
Other IncomeCr
3543235917588478
Interest Expense
Interest ExpenseCr
22253124210108
Depreciation
DepreciationCr
2244555610152426
PBT
PBTCr
203911574372186406297266
Tax
TaxCr
412-2-22122571077969
PAT
PATCr
162713593350130299218197
Growth
PAT Growth%
22,838.4-85.3210.0340.3-95.3-5.91,814.8159.2131.1-27.2-27.9
NPM
NPM%
20.04.411.614.439.35.13.722.829.430.731.729.3
EPS
EPS
2.00.30.91.77.60.40.35.415.432.121.520.0
Financial YearMar 2015Mar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
RevenueCr
795362921495570219440974688671
Growth
Revenue Growth%
69.5-33.017.261.9-63.427.7213.8101.0121.4-29.4-23.5
Expenses
ExpensesCr
58515076874765146259600440450
Operating Profit
Operating ProfitCr
2121117637573181374247221
OPM
OPM%
26.63.118.418.142.013.56.533.241.138.436.033.0
Other Income
Other IncomeCr
3543235917588478
Interest Expense
Interest ExpenseCr
22253124210108
Depreciation
DepreciationCr
2244555610152426
PBT
PBTCr
203911574372186406297266
Tax
TaxCr
412-2-22122571077969
PAT
PATCr
162713593350130299218197
Growth
PAT Growth%
22,838.4-85.3210.0340.3-95.3-5.91,814.8159.2131.1-27.2-27.9
NPM
NPM%
20.04.411.614.439.35.13.722.829.430.731.729.3
EPS
EPS
2.00.30.91.77.60.40.35.415.432.121.520.0

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
88888888899
Reserves
ReservesCr
1031051121231791961982314401,6921,880
Current Liabilities
Current LiabilitiesCr
62462073131072140270244175
Non Current Liabilities
Non Current LiabilitiesCr
597103373146936
Total Liabilities
Total LiabilitiesCr
1771671462182142233694747512,0492,160
Current Assets
Current AssetsCr
125104801341161302753776181,8041,554
Non Current Assets
Non Current AssetsCr
5263668598939497132245606
Total Assets
Total AssetsCr
1771671462182142233694747512,0492,160
Financial YearMar 2015Mar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
88888888899
Reserves
ReservesCr
1031051121231791961982314401,6921,880
Current Liabilities
Current LiabilitiesCr
62462073131072140270244175
Non Current Liabilities
Non Current LiabilitiesCr
597103373146936
Total Liabilities
Total LiabilitiesCr
1771671462182142233694747512,0492,160
Current Assets
Current AssetsCr
125104801341161302753776181,8041,554
Non Current Assets
Non Current AssetsCr
5263668598939497132245606
Total Assets
Total AssetsCr
1771671462182142233694747512,0492,160

Cash Flow

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
-20542-49626-4411613-146245
Investing Cash Flow
Investing Cash FlowCr
-4-20-413-12-10-44-4-85-823-162
Financing Cash Flow
Financing Cash FlowCr
20-3-325-12988-22-31,007-78
Net Cash Flow
Net Cash FlowCr
-430-34-32385091-75375
Free Cash Flow
Free Cash FlowCr
-2352-2-54605-49103-16-179
CFO To PAT
CFO To PAT%
-127.62,319.430.2-368.9106.5212.7-1,696.0232.910.4-48.9112.2
CFO To EBITDA
CFO To EBITDA%
-96.23,290.819.1-294.799.579.9-968.8160.37.4-39.298.9
Financial YearMar 2015Mar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
-20542-49626-4411613-146245
Investing Cash Flow
Investing Cash FlowCr
-4-20-413-12-10-44-4-85-823-162
Financing Cash Flow
Financing Cash FlowCr
20-3-325-12988-22-31,007-78
Net Cash Flow
Net Cash FlowCr
-430-34-32385091-75375
Free Cash Flow
Free Cash FlowCr
-2352-2-54605-49103-16-179
CFO To PAT
CFO To PAT%
-127.62,319.430.2-368.9106.5212.7-1,696.0232.910.4-48.9112.2
CFO To EBITDA
CFO To EBITDA%
-96.23,290.819.1-294.799.579.9-968.8160.37.4-39.298.9

Ratios

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
4365685135691766191,6282,6058,02713,33911,53815,099
Price To Earnings
Price To Earnings
28.6262.971.542.73.0199.5819.060.962.847.659.683.5
Price To Sales
Price To Sales
5.510.88.36.21.211.323.311.918.313.716.822.5
Price To Book
Price To Book
3.95.04.34.40.93.07.910.917.97.86.18.0
EV To EBITDA
EV To EBITDA
20.9329.542.935.52.478.6341.433.743.634.945.366.8
Profitability Ratios
Profitability Ratios
GPM
GPM%
66.768.972.563.467.167.867.565.968.558.467.967.9
OPM
OPM%
26.63.118.418.142.013.56.533.241.138.436.033.0
NPM
NPM%
20.04.411.614.439.35.13.722.829.430.731.729.3
ROCE
ROCE%
14.73.48.99.731.82.62.230.941.523.416.116.1
ROE
ROE%
14.22.16.010.231.41.41.320.928.917.611.511.5
ROA
ROA%
8.91.44.96.127.41.20.710.617.314.610.110.1
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
Financial YearMar 2015Mar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
4365685135691766191,6282,6058,02713,33911,53815,099
Price To Earnings
Price To Earnings
28.6262.971.542.73.0199.5819.060.962.847.659.683.5
Price To Sales
Price To Sales
5.510.88.36.21.211.323.311.918.313.716.822.5
Price To Book
Price To Book
3.95.04.34.40.93.07.910.917.97.86.18.0
EV To EBITDA
EV To EBITDA
20.9329.542.935.52.478.6341.433.743.634.945.366.8
Profitability Ratios
Profitability Ratios
GPM
GPM%
66.768.972.563.467.167.867.565.968.558.467.967.9
OPM
OPM%
26.63.118.418.142.013.56.533.241.138.436.033.0
NPM
NPM%
20.04.411.614.439.35.13.722.829.430.731.729.3
ROCE
ROCE%
14.73.48.99.731.82.62.230.941.523.416.116.1
ROE
ROE%
14.22.16.010.231.41.41.320.928.917.611.511.5
ROA
ROA%
8.91.44.96.127.41.20.710.617.314.610.110.1
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
Zen Technologies is a defence technology company that designs and builds its own combat training simulators, counter-drone systems, and robotic weapons - owning 100% of the intellectual property rather than licensing it from a government lab. Founded in Hyderabad in 1993, it spent its first quarter-century focused exclusively on simulators before a 2016 “Buy Indian” procurement rule flipped the market toward indigenous developers, allowing the company to expand into a broader suite of anti-drone and autonomous systems. The recurring approach is to self-fund decades of research into products it chooses, shoulder the risk of failure, and then sell to armed forces whose training and security needs have been reshaped by modern drone warfare and shorter soldier tenures. # Business segments A single defence-technology engine built on three decades of self-funded R&D - combat training simulators that generate a growing annuity stream, now flanked by counter-drone systems and autonomous weapons that address the same military customer’s newest threats. ## 1. Combat training simulators: the annuity engine that funds everything else **Zen holds over 95% of India’s tank simulator market and earns recurring maintenance fees that can eventually exceed the original sale price of the equipment.** - **Replaces live ammunition with software** - the company makes over 40 types of land-based simulators, from indoor small-arms ranges (Zen AWeSim®) to full Tank Crew Gunnery Simulators for T-90 tanks, so soldiers train without burning fuel, wearing out real vehicles, or expending live rounds. - **A single flagship sale can reach $25 million** - the Combat Training Centre is a secure, tailor-made facility combining live-fire, instrumented and virtual training for coordinated team exercises, and few companies globally offer an equivalent. - **Maintenance contracts create a compounding annuity** - annual maintenance contracts (AMCs) kick in three years after installation and can generate roughly 120% of the equipment’s sale price over its 10-15 year lifespan, with the strategic goal of covering all fixed operating expenses from AMC fees alone. - **The IP moat is self-built and self-owned** - unlike most Indian defence firms whose IP belongs to DRDO or a foreign partner, Zen owns 100% of its technology, has applied for over 200 patents, and spends enough on R&D that it often emerges as the only qualified bidder in tenders. - **Acquisitions added naval simulation and global reach** - the purchase of Applied Research International in 2025 brought a top-3 global naval simulator business with more than 1,000 installations across 50-plus countries, adding a new maritime annuity stream. ## 2. Counter-drone systems: the answer to a $30,000 threat **Zen’s anti-drone platform detects and neutralises hostile drones of any size within a 4-kilometre radius, using jamming and lower-cost hard-kill options instead of million-dollar missiles.** - **Band-independent detection** - the system works across all frequency bands, unlike most competitors that are restricted to narrow commercial bands, and was developed entirely in-house, proving itself during Operation Sindoor. - **Hard kill at a fraction of the threat’s cost** - rather than firing a $3 million interceptor at a $30,000 Shahed-type drone, Zen’s hard-kill options aim to neutralise the target for $10,000-$20,000, partnering with laser and micro-missile specialists for the physical intercept. - **Upgrades every two to three years** - the underlying system lasts about a decade, but the threat evolves fast, so customers return for software upgrades from basic jamming to GPS spoofing to AI vision-based countermeasures, creating a recurring revenue cycle. - **One of only two indigenous suppliers** - Zen is one of just two IDDM (Indigenously Designed, Developed and Manufactured) vendors for anti-drone systems in India, and its counter-drone order book stood at over ₹611 crore as of March 2024. ## 3. Autonomous weapons and robotics: keeping soldiers out of harm’s way **The company builds remotely operated weapon stations, quadrupedal robots, and loitering munitions - all designed to put distance between a soldier and the fight.** - **The world’s lightest remote-controlled weapon station** - the Barbarik-URCWS can be mounted on any vehicle and is claimed as the lightest in its class, while associate AiTuring Technologies produces RCWS for calibers from 5.56 mm to 12.7 mm. - **A robotic dog for threat assessment** - the Prahasta quadruped is an automated robot for mission planning and reconnaissance, complemented by Bhairav Robotics’ AI-powered warfare platforms acquired in early 2025. - **Entry into loitering munitions and UAVs** - the acquisition of TISA Aerospace in mid-2025 added advanced loitering munitions and a range of unmanned aerial vehicles, while a separate logistics drone already carries 20 kg over 10 km in high-altitude areas. # Group structure and partners **Zen operates through a parent company in Hyderabad and a cluster of majority- and minority-owned subsidiaries, each focused on a narrow defence-technology niche - electronic warfare, naval simulation, robotics, UAV propulsion, and electro-optics - with a growing international sales footprint in the US and UAE.** - The parent company houses the core simulator and counter-drone businesses, with its R&D centre in Sanath Nagar, an AI centre in Hyderabad’s Hi-tech City developed with the University of Hyderabad, and a 15,000-square-foot demo and production unit near Shamshabad Airport. - International entities comprise a wholly owned US subsidiary in Delaware focused on counter-drone technology and a wholly owned UAE subsidiary in Abu Dhabi for global trading and maintenance of defence systems. - Strategic partnerships target aviation simulation and the American market: a pact with Italy’s TXT Group for pilot training simulators, and an MoU with Florida-based AVT Simulation to develop next-generation training solutions for the US defence market.

Documents — Zen Technologies Ltd

  • Q1 FY2027 Earnings Call Transcript (Jun 2026, PDF): https://www.stockscans.in/document/nkjaaymglphfxdr4w14frgdq.pdf
  • Q4 FY2026 Earnings Call Transcript (Mar 2026, PDF): https://www.stockscans.in/document/9nu4sesr6ons5m3r6tcwx9z5.pdf
  • Q3 FY2026 Earnings Call Transcript (Dec 2025, PDF): https://www.stockscans.in/document/yfvttqdumuyq2mc1ciu9zw37.pdf
  • Q2 FY2026 Earnings Call Transcript (Sep 2025, PDF): https://www.stockscans.in/document/aqrc9q8jfcl5kg2urpv5i78c.pdf
  • Q1 FY2026 Earnings Call Transcript (Jun 2025, PDF): https://www.stockscans.in/document/s6e2cfwkv9osb30n4pijj0d4.pdf
  • Q4 FY2025 Earnings Call Transcript (Mar 2025, PDF): https://www.stockscans.in/document/bhc3mjrx23hibjiayqn7va1g.pdf
  • Q3 FY2025 Earnings Call Transcript (Dec 2024, PDF): https://www.stockscans.in/document/ml1yyul864iafjx9dlxppd3d.pdf
  • Q2 FY2025 Earnings Call Transcript (Sep 2024, PDF): https://www.stockscans.in/document/gtpw0rktu2uzhc1vq8679rng.pdf
  • Q1 FY2027 Quarterly Result (Jun 2026, PDF): https://www.stockscans.in/document/anlntzhl5myt4t4if2psuta5.pdf
  • Q4 FY2026 Quarterly Result (Mar 2026, PDF): https://www.stockscans.in/document/978bb5pvhn9zi3bcsxww7zvu.pdf
  • Q3 FY2026 Quarterly Result (Dec 2025, PDF): https://www.stockscans.in/document/pqrbtm74kdzrxq9669d46j8a.pdf
  • Q2 FY2026 Quarterly Result (Sep 2025, PDF): https://www.stockscans.in/document/4tc79mlskzq8sxvph6vdwzk4.pdf
  • Q1 FY2026 Quarterly Result (Jun 2025, PDF): https://www.stockscans.in/document/h3ophqbrlc1z6i13buu68p5d.pdf
  • Q4 FY2025 Quarterly Result (Mar 2025, PDF): https://www.stockscans.in/document/1og0rak3i34l7eph7drsun4g.pdf
  • Q3 FY2025 Quarterly Result (Dec 2024, PDF): https://www.stockscans.in/document/otcsiq8v470nuth3q1xkgbee.pdf
  • Q2 FY2025 Quarterly Result (Sep 2024, PDF): https://www.stockscans.in/document/ntsblwjp84y6hk9utgszwvg1.pdf
  • Q1 FY2027 Investor Presentation (Jun 2026, PDF): https://www.stockscans.in/document/mab89cf9c0n1lwdjc5ikbkwn.pdf
  • Q4 FY2026 Investor Presentation (Mar 2026, PDF): https://www.stockscans.in/document/py0ouzvzeg4mw6vib1nidsdt.pdf
  • Q3 FY2026 Investor Presentation (Dec 2025, PDF): https://www.stockscans.in/document/kvowh5yxby52b4dpcq1yx70g.pdf
  • Q2 FY2026 Investor Presentation (Sep 2025, PDF): https://www.stockscans.in/document/a1k38eo9p5xr0yqgixa36sad.pdf
  • Q1 FY2026 Investor Presentation (Jun 2025, PDF): https://www.stockscans.in/document/iqfm7d5bawnegbci0vkeq6zo.pdf
  • Q4 FY2025 Investor Presentation (Mar 2025, PDF): https://www.stockscans.in/document/kgcohn3v1bmdovmic1qem3tb.pdf
  • Q3 FY2025 Investor Presentation (Dec 2024, PDF): https://www.stockscans.in/document/aqronkugf0oxzeg1kq0x7bnv.pdf
  • Q2 FY2025 Investor Presentation (Sep 2024, PDF): https://www.stockscans.in/document/3itzo0p4ld2x9bzvzowr3hbh.pdf
  • FY2026 Annual Report (PDF): https://www.stockscans.in/document/z44eun5xhxktge53yp53c154.pdf
  • FY2025 Annual Report (PDF): https://www.stockscans.in/document/we4c2af15ej53za6p0c4msky.pdf
  • FY2024 Annual Report (PDF): https://www.stockscans.in/document/1jh73eyicx8pc3c2ehehxizn.pdf
  • FY2023 Annual Report (PDF): https://www.stockscans.in/document/7oge4f886aufd8pr78sxdm0g.pdf
  • FY2022 Annual Report (PDF): https://www.stockscans.in/document/0h6r37l7iumnzjz42t1oswqe.pdf
  • FY2021 Annual Report (PDF): https://www.stockscans.in/document/s3xh04fopfohohgxo6ncxo2t.pdf
  • FY2020 Annual Report (PDF): https://www.stockscans.in/document/tv3gzd5z5fwesmtsjmazpfly.pdf

Concall Transcript Summaries — Zen Technologies Ltd

  • Q1 FY2027 Concall Transcript Summary (Jun 2026): https://www.stockscans.in/company/NSE%3AZENTEC/transcript-notes/202606/nkjaaymglphfxdr4w14frgdq.pdf
  • Q4 FY2026 Concall Transcript Summary (Mar 2026): https://www.stockscans.in/company/NSE%3AZENTEC/transcript-notes/202603/9nu4sesr6ons5m3r6tcwx9z5.pdf
  • Q3 FY2026 Concall Transcript Summary (Dec 2025): https://www.stockscans.in/company/NSE%3AZENTEC/transcript-notes/202512/yfvttqdumuyq2mc1ciu9zw37.pdf
  • Q2 FY2026 Concall Transcript Summary (Sep 2025): https://www.stockscans.in/company/NSE%3AZENTEC/transcript-notes/202509/aqrc9q8jfcl5kg2urpv5i78c.pdf
  • Q1 FY2026 Concall Transcript Summary (Jun 2025): https://www.stockscans.in/company/NSE%3AZENTEC/transcript-notes/202506/s6e2cfwkv9osb30n4pijj0d4.pdf
  • Q4 FY2025 Concall Transcript Summary (Mar 2025): https://www.stockscans.in/company/NSE%3AZENTEC/transcript-notes/202503/bhc3mjrx23hibjiayqn7va1g.pdf
  • Q3 FY2025 Concall Transcript Summary (Dec 2024): https://www.stockscans.in/company/NSE%3AZENTEC/transcript-notes/202412/ml1yyul864iafjx9dlxppd3d.pdf
  • Q2 FY2025 Concall Transcript Summary (Sep 2024): https://www.stockscans.in/company/NSE%3AZENTEC/transcript-notes/202409/gtpw0rktu2uzhc1vq8679rng.pdf