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Zen Technologies Ltd

ZENTEC

NSE

₹1,627.40-1.70%19 Oct 2026

Reports

Aerospace and Defence Equipment

Zen Technologies Ltd

ZENTEC

NSE

₹1,627.40

-1.70%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Aerospace and Defence Equipment

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

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.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹14,679Cr

Close Price

₹1,625.70

Industry

Aerospace and Defence Equipment

Price To Earnings

81.12

Price To Sales

21.87

Revenue

₹671Cr

Rev Gr TTM

Revenue Growth TTM

-23.50%

PAT Gr TTM

PAT Growth TTM

-27.93%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	67	100	141	255	242	152	325	158	174	178	178	142
Growth YoY Revenue Growth YoY%	99.0	89.6	47.5	92.2	263.7	52.9	129.8	-37.9	-28.2	16.8	-45.2	-10.5
Expenses ExpensesCr	48	57	91	143	162	108	187	94	109	111	127	103
Operating Profit Operating ProfitCr	19	42	50	111	80	44	138	65	65	67	51	39
OPM OPM%	28.5	42.7	35.7	43.7	33.1	29.0	42.5	40.9	37.3	37.6	28.6	27.3
Other Income Other IncomeCr	5	4	5	3	8	22	25	21	26	15	21	15
Interest Expense Interest ExpenseCr	1	1	1	1	2	3	4	3	2	3	2	1
Depreciation DepreciationCr	2	3	3	3	4	4	5	6	6	6	6	8
PBT PBTCr	22	44	52	110	82	59	154	76	83	73	64	45
Tax TaxCr	8	14	14	31	19	17	40	23	21	17	17	13
PAT PATCr	14	30	38	79	63	43	114	53	62	56	47	32
Growth YoY PAT Growth YoY%	78.6	150.0	60.9	64.1	365.4	43.0	202.6	-33.2	-2.4	30.6	-58.5	-40.0
NPM NPM%	20.5	30.0	26.6	31.2	26.2	28.0	35.0	33.5	35.7	31.3	26.5	22.5
EPS EPS₹	1.8	3.7	4.2	9.2	7.3	4.4	11.2	5.3	6.6	6.1	3.5	3.8

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	67	100	141	255	242	152	325	158	174	178	178	142
Growth YoY Revenue Growth YoY%	99.0	89.6	47.5	92.2	263.7	52.9	129.8	-37.9	-28.2	16.8	-45.2	-10.5
Expenses ExpensesCr	48	57	91	143	162	108	187	94	109	111	127	103
Operating Profit Operating ProfitCr	19	42	50	111	80	44	138	65	65	67	51	39
OPM OPM%	28.5	42.7	35.7	43.7	33.1	29.0	42.5	40.9	37.3	37.6	28.6	27.3
Other Income Other IncomeCr	5	4	5	3	8	22	25	21	26	15	21	15
Interest Expense Interest ExpenseCr	1	1	1	1	2	3	4	3	2	3	2	1
Depreciation DepreciationCr	2	3	3	3	4	4	5	6	6	6	6	8
PBT PBTCr	22	44	52	110	82	59	154	76	83	73	64	45
Tax TaxCr	8	14	14	31	19	17	40	23	21	17	17	13
PAT PATCr	14	30	38	79	63	43	114	53	62	56	47	32
Growth YoY PAT Growth YoY%	78.6	150.0	60.9	64.1	365.4	43.0	202.6	-33.2	-2.4	30.6	-58.5	-40.0
NPM NPM%	20.5	30.0	26.6	31.2	26.2	28.0	35.0	33.5	35.7	31.3	26.5	22.5
EPS EPS₹	1.8	3.7	4.2	9.2	7.3	4.4	11.2	5.3	6.6	6.1	3.5	3.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2015	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	79	53	62	92	149	55	70	219	440	974	688	671
Growth Revenue Growth%	69.5	-33.0	17.2		61.9	-63.4	27.7	213.8	101.0	121.4	-29.4	-23.5
Expenses ExpensesCr	58	51	50	76	87	47	65	146	259	600	440	450
Operating Profit Operating ProfitCr	21	2	11	17	63	7	5	73	181	374	247	221
OPM OPM%	26.6	3.1	18.4	18.1	42.0	13.5	6.5	33.2	41.1	38.4	36.0	33.0
Other Income Other IncomeCr	3	5	4	3	2	3	5	9	17	58	84	78
Interest Expense Interest ExpenseCr	2	2	2	5	3	1	2	4	2	10	10	8
Depreciation DepreciationCr	2	2	4	4	5	5	5	6	10	15	24	26
PBT PBTCr	20	3	9	11	57	4	3	72	186	406	297	266
Tax TaxCr	4	1	2	-2	-2	2	1	22	57	107	79	69
PAT PATCr	16	2	7	13	59	3	3	50	130	299	218	197
Growth PAT Growth%	22,838.4	-85.3	210.0		340.3	-95.3	-5.9	1,814.8	159.2	131.1	-27.2	-27.9
NPM NPM%	20.0	4.4	11.6	14.4	39.3	5.1	3.7	22.8	29.4	30.7	31.7	29.3
EPS EPS₹	2.0	0.3	0.9	1.7	7.6	0.4	0.3	5.4	15.4	32.1	21.5	20.0

Financial Year	Mar 2015	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	79	53	62	92	149	55	70	219	440	974	688	671
Growth Revenue Growth%	69.5	-33.0	17.2		61.9	-63.4	27.7	213.8	101.0	121.4	-29.4	-23.5
Expenses ExpensesCr	58	51	50	76	87	47	65	146	259	600	440	450
Operating Profit Operating ProfitCr	21	2	11	17	63	7	5	73	181	374	247	221
OPM OPM%	26.6	3.1	18.4	18.1	42.0	13.5	6.5	33.2	41.1	38.4	36.0	33.0
Other Income Other IncomeCr	3	5	4	3	2	3	5	9	17	58	84	78
Interest Expense Interest ExpenseCr	2	2	2	5	3	1	2	4	2	10	10	8
Depreciation DepreciationCr	2	2	4	4	5	5	5	6	10	15	24	26
PBT PBTCr	20	3	9	11	57	4	3	72	186	406	297	266
Tax TaxCr	4	1	2	-2	-2	2	1	22	57	107	79	69
PAT PATCr	16	2	7	13	59	3	3	50	130	299	218	197
Growth PAT Growth%	22,838.4	-85.3	210.0		340.3	-95.3	-5.9	1,814.8	159.2	131.1	-27.2	-27.9
NPM NPM%	20.0	4.4	11.6	14.4	39.3	5.1	3.7	22.8	29.4	30.7	31.7	29.3
EPS EPS₹	2.0	0.3	0.9	1.7	7.6	0.4	0.3	5.4	15.4	32.1	21.5	20.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2015	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	8	8	8	8	8	8	8	8	8	9	9
Reserves ReservesCr	103	105	112	123	179	196	198	231	440	1,692	1,880
Current Liabilities Current LiabilitiesCr	62	46	20	73	13	10	72	140	270	244	175
Non Current Liabilities Non Current LiabilitiesCr	5	9	7	10	3	3	7	3	14	69	36
Total Liabilities Total LiabilitiesCr	177	167	146	218	214	223	369	474	751	2,049	2,160
Current Assets Current AssetsCr	125	104	80	134	116	130	275	377	618	1,804	1,554
Non Current Assets Non Current AssetsCr	52	63	66	85	98	93	94	97	132	245	606
Total Assets Total AssetsCr	177	167	146	218	214	223	369	474	751	2,049	2,160

Financial Year	Mar 2015	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	8	8	8	8	8	8	8	8	8	9	9
Reserves ReservesCr	103	105	112	123	179	196	198	231	440	1,692	1,880
Current Liabilities Current LiabilitiesCr	62	46	20	73	13	10	72	140	270	244	175
Non Current Liabilities Non Current LiabilitiesCr	5	9	7	10	3	3	7	3	14	69	36
Total Liabilities Total LiabilitiesCr	177	167	146	218	214	223	369	474	751	2,049	2,160
Current Assets Current AssetsCr	125	104	80	134	116	130	275	377	618	1,804	1,554
Non Current Assets Non Current AssetsCr	52	63	66	85	98	93	94	97	132	245	606
Total Assets Total AssetsCr	177	167	146	218	214	223	369	474	751	2,049	2,160

Consolidated

Standalone

Financial Year	Mar 2015	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-20	54	2	-49	62	6	-44	116	13	-146	245
Investing Cash Flow Investing Cash FlowCr	-4	-20	-4	13	-12	-10	-44	-4	-85	-823	-162
Financing Cash Flow Financing Cash FlowCr	20	-3	-32	5	-12	9	88	-22	-3	1,007	-78
Net Cash Flow Net Cash FlowCr	-4	30	-34	-32	38	5	0	91	-75	37	5
Free Cash Flow Free Cash FlowCr	-23	52	-2	-54	60	5	-49	103	-16	-179
CFO To PAT CFO To PAT%	-127.6	2,319.4	30.2	-368.9	106.5	212.7	-1,696.0	232.9	10.4	-48.9	112.2
CFO To EBITDA CFO To EBITDA%	-96.2	3,290.8	19.1	-294.7	99.5	79.9	-968.8	160.3	7.4	-39.2	98.9

Financial Year	Mar 2015	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-20	54	2	-49	62	6	-44	116	13	-146	245
Investing Cash Flow Investing Cash FlowCr	-4	-20	-4	13	-12	-10	-44	-4	-85	-823	-162
Financing Cash Flow Financing Cash FlowCr	20	-3	-32	5	-12	9	88	-22	-3	1,007	-78
Net Cash Flow Net Cash FlowCr	-4	30	-34	-32	38	5	0	91	-75	37	5
Free Cash Flow Free Cash FlowCr	-23	52	-2	-54	60	5	-49	103	-16	-179
CFO To PAT CFO To PAT%	-127.6	2,319.4	30.2	-368.9	106.5	212.7	-1,696.0	232.9	10.4	-48.9	112.2
CFO To EBITDA CFO To EBITDA%	-96.2	3,290.8	19.1	-294.7	99.5	79.9	-968.8	160.3	7.4	-39.2	98.9

Consolidated

Standalone

Financial Year	Mar 2015	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	436	568	513	569	176	619	1,628	2,605	8,027	13,339	11,538	14,679
Price To Earnings Price To Earnings	28.6	262.9	71.5	42.7	3.0	199.5	819.0	60.9	62.8	47.6	59.6	81.1
Price To Sales Price To Sales	5.5	10.8	8.3	6.2	1.2	11.3	23.3	11.9	18.3	13.7	16.8	21.9
Price To Book Price To Book	3.9	5.0	4.3	4.4	0.9	3.0	7.9	10.9	17.9	7.8	6.1	7.8
EV To EBITDA EV To EBITDA	20.9	329.5	42.9	35.5	2.4	78.6	341.4	33.7	43.6	34.9	45.3	66.0
Profitability Ratios Profitability Ratios
GPM GPM%	66.7	68.9	72.5	63.4	67.1	67.8	67.5	65.9	68.5	58.4	67.9	67.9
OPM OPM%	26.6	3.1	18.4	18.1	42.0	13.5	6.5	33.2	41.1	38.4	36.0	33.0
NPM NPM%	20.0	4.4	11.6	14.4	39.3	5.1	3.7	22.8	29.4	30.7	31.7	29.3
ROCE ROCE%	14.7	3.4	8.9	9.7	31.8	2.6	2.2	30.9	41.5	23.4	16.1	16.1
ROE ROE%	14.2	2.1	6.0	10.2	31.4	1.4	1.3	20.9	28.9	17.6	11.5	11.5
ROA ROA%	8.9	1.4	4.9	6.1	27.4	1.2	0.7	10.6	17.3	14.6	10.1	10.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2015	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	436	568	513	569	176	619	1,628	2,605	8,027	13,339	11,538	14,679
Price To Earnings Price To Earnings	28.6	262.9	71.5	42.7	3.0	199.5	819.0	60.9	62.8	47.6	59.6	81.1
Price To Sales Price To Sales	5.5	10.8	8.3	6.2	1.2	11.3	23.3	11.9	18.3	13.7	16.8	21.9
Price To Book Price To Book	3.9	5.0	4.3	4.4	0.9	3.0	7.9	10.9	17.9	7.8	6.1	7.8
EV To EBITDA EV To EBITDA	20.9	329.5	42.9	35.5	2.4	78.6	341.4	33.7	43.6	34.9	45.3	66.0
Profitability Ratios Profitability Ratios
GPM GPM%	66.7	68.9	72.5	63.4	67.1	67.8	67.5	65.9	68.5	58.4	67.9	67.9
OPM OPM%	26.6	3.1	18.4	18.1	42.0	13.5	6.5	33.2	41.1	38.4	36.0	33.0
NPM NPM%	20.0	4.4	11.6	14.4	39.3	5.1	3.7	22.8	29.4	30.7	31.7	29.3
ROCE ROCE%	14.7	3.4	8.9	9.7	31.8	2.6	2.2	30.9	41.5	23.4	16.1	16.1
ROE ROE%	14.2	2.1	6.0	10.2	31.4	1.4	1.3	20.9	28.9	17.6	11.5	11.5
ROA ROA%	8.9	1.4	4.9	6.1	27.4	1.2	0.7	10.6	17.3	14.6	10.1	10.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	BEML	APOLLO	ASTRAMICRO	ZENTEC	PARAS	DYNAMATECH	AXISCADES
Market CapitalizationMkt CapCr	16,155	15,683	15,372	14,679	10,210	9,236	8,932
Close PriceClose₹	1,939.60	422.05	1,619.00	1,625.70	1,267.00	13,600.00	2,100.00
IndustryIndustry	Aerospace and Defence Equipment	Aerospace and Defence Equipment	Aerospace and Defence Equipment	Aerospace and Defence Equipment	Aerospace and Defence Equipment	Aerospace and Defence Equipment	Aerospace and Defence Equipment
Price To EarningsPE	104.56	121.98	81.32	81.12	108.11	217.63	245.61
Price To SalesPS	3.56	15.35	13.49	21.87	19.97	5.51	9.56
RevenueRevenueCr	4,536	1,022	1,140	671	511	1,675	934
Revenue Growth TTMRev Gr TTM%	12.8%	69.1%	4.0%	-23.5%	36.6%	17.3%	3.6%
PAT Growth TTMPAT Gr TTM%	-40.3%	75.2%	16.3%	-27.9%	55.6%	0.0%	-54.1%

	BEML	APOLLO	ASTRAMICRO	ZENTEC	PARAS	DYNAMATECH	AXISCADES
Market CapitalizationMkt CapCr	16,155	15,683	15,372	14,679	10,210	9,236	8,932
Close PriceClose₹	1,939.60	422.05	1,619.00	1,625.70	1,267.00	13,600.00	2,100.00
IndustryIndustry	Aerospace and Defence Equipment	Aerospace and Defence Equipment	Aerospace and Defence Equipment	Aerospace and Defence Equipment	Aerospace and Defence Equipment	Aerospace and Defence Equipment	Aerospace and Defence Equipment
Price To EarningsPE	104.56	121.98	81.32	81.12	108.11	217.63	245.61
Price To SalesPS	3.56	15.35	13.49	21.87	19.97	5.51	9.56
RevenueRevenueCr	4,536	1,022	1,140	671	511	1,675	934
Revenue Growth TTMRev Gr TTM%	12.8%	69.1%	4.0%	-23.5%	36.6%	17.3%	3.6%
PAT Growth TTMPAT Gr TTM%	-40.3%	75.2%	16.3%	-27.9%	55.6%	0.0%	-54.1%

FY2026

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FY2026

Jun 26