ZENSARTECH

Zensar Technologies share price & financials

Price
₹447.95
Market cap
₹11.2k Cr
Sector
Information Technology
Calls analysed
5
Latest concall · Q1 FY27 · call held 30 Jul 2026

Zensar Technologies Limited Q1 FY27

Revenue 159.5 million EBITDA Margin — PAT Margin 12.2%

What went well

  • Revenue grew 1.1% QoQ in constant currency to $159.5 million, demonstrating continued momentum.
  • BFSI vertical showed strong growth of 8.3% sequentially in constant currency.
  • Operational metrics improved with utilization at 85.1% (+80 bps QoQ) and voluntary attrition at an industry-leading low of 9.6%.

What to watch

  • EBITDA contracted by 150 bps sequentially due to pre-staffing/transition costs for large deals (2%) and increased other costs (1.5%).
  • PAT margin contracted by 220 bps to 12.2%.
Read the full call →

What Zensar Technologies Limited does

Zensar Technologies is a Pune-headquartered IT services and digital engineering company, part of the RPG Group, that designs, builds and manages digital products, enterprise applications and cloud/data platforms for clients in banking & financial services, telecom/media/technology, manufacturing & consumer services, and healthcare & life sciences. It earns revenue through four broad service lines - Digital Application Services (including Application Services, Enterprise SaaS/ERP and Products & Platforms), Cloud Infrastructure and Security, Data Engineering and Analytics, and Experience (CX) design - delivered via an onsite-offshore model anchored by delivery teams in India. Client work is executed through proprietary AI-native platforms and accelerators such as Hawkeye and the ZenseAI suite, and the company reports revenue across US, Europe and Africa geographic segments.

Segments

  • Digital Application Services
  • Cloud Infrastructure and Security
  • Data Engineering and Analytics
  • Experience (CX)
Total employee headcount
10,779
Active global clients
170+
Delivery/office locations worldwide
30+
Reported geographic segments
US, Europe, Africa
Industry verticals served
Banking & Financial Services, Telecom/Media/Technology, Manufacturing & Consumer Services, Healthcare & Life Sciences
Technical delivery mix
8,126 offshore vs 1,706 onsite technical staff
Founded 1963Headquarters Zensar Knowledge Park, Pune, IndiaEmployees 10,779 (Q4 FY26 (31 Mar 2026)) Company website

Guidance record · Q1 FY27

what the last two calls moved 13 tracked 5 delivered 2 missed 6 open
  • EBITDA Margin delivered said Q1 FY26 Promised: Remain in the mid-teens margin range. Q1 FY27: Achieved. Q1 EBITDA margin was 14.6% (down 150 bps QoQ from 16.1%), which remains within the mid-teens range. Management guided for similar margins in Q2/Q3 due to investments.
  • Manufacturing & Consumer Services Revenue Growth went quiet said Q1 FY26 Promised: Predicting growth in this vertical in Q2. Q1 FY27: Target period (Q2 FY26) has long passed. The promise remains unaddressed. In Q1 FY27, the vertical declined 2.3% sequentially.
  • Healthcare/Life Sciences FY27 Revenue Growth at risk said Q4 FY26 Promised: Hoping that we can remain at least flat in Healthcare, Life Sciences for FY27. Q1 FY27: At risk. The HLS vertical declined 3.8% sequentially in Q1. While management expects growth in subsequent quarters, this initial decline puts the FY27 target of 'at least flat' performance at risk.

All 13 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 8.9%, net profit up 1.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,308 1,326 1,359 1,385 1,421 +9%1,431 +8%1,450 +7%1,508 +9%
EBITDA201 207 212 211 220 +9%250 +21%236 +11%221 +5%
Net profit156 160 176 182 182 +17%200 +25%211 +20%184 +1%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −48.5% 1Y

₹400₹500₹600₹700₹800Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q3 FY26 — 23 Jan 2026Q4 FY26 — 24 Apr 2026Q1 FY27 — 30 Jul 2026

1Y: ₹825.3 on 10 Sept 2025 → ₹425.25. High ₹857.75 (19 Sept 2025), low ₹425.25 (11 Sept 2026).

How the price took the results

close before → close after

Q1 FY27
−2.6%
30 Jul
Q4 FY26
−5.3%
24 Apr
Q3 FY26
−2.4%
23 Jan

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 5.5% a year over 3 years, FY23 to FY26. Operating margin widened to 16.1%.

Year endingFY23FY24FY25FY26
Revenue₹4.8k Cr₹4.9k Cr₹5.3k Cr₹5.7k Cr
Operating profit₹552 Cr₹872 Cr₹816 Cr₹917 Cr
Operating margin11.4%17.8%15.5%16.1%
Interest₹28 Cr₹21 Cr₹17 Cr₹12 Cr
Depreciation₹183 Cr₹134 Cr₹103 Cr₹91 Cr
Net profit₹327 Cr₹665 Cr₹650 Cr₹775 Cr
Net margin6.7%13.6%12.3%13.6%
ROCE15.0%25.0%21.0%23.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹45 Cr₹45 Cr₹45 Cr₹45 Cr₹46 Cr₹45 Cr
Reserves₹2.3k Cr₹2.6k Cr₹2.9k Cr₹3.5k Cr₹4.2k Cr₹4.7k Cr
Borrowings₹350 Cr₹335 Cr₹273 Cr₹186 Cr₹117 Cr₹79 Cr
Other liabilities₹742 Cr₹817 Cr₹872 Cr₹899 Cr₹1.0k Cr₹1.3k Cr
Total liabilities₹3.4k Cr₹3.8k Cr₹4.1k Cr₹4.6k Cr₹5.4k Cr₹6.1k Cr
Fixed assets₹1.1k Cr₹1.3k Cr₹1.2k Cr₹1.0k Cr₹1.2k Cr₹1.2k Cr
Capital work in progress₹0 Cr₹1 Cr₹0 Cr₹5 Cr₹6 Cr₹176 Cr
Investments₹517 Cr₹324 Cr₹899 Cr₹1.4k Cr₹1.6k Cr₹1.9k Cr
Other assets₹1.8k Cr₹2.3k Cr₹2.0k Cr₹2.2k Cr₹2.6k Cr₹2.8k Cr
Total assets₹3.4k Cr₹3.8k Cr₹4.1k Cr₹4.6k Cr₹5.4k Cr₹6.1k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −3.83 pp while the public added +2.09 pp. The shareholder count grew 5% to 2,19,808.

Promoters
49.0%
FIIs
10.7%
DIIs
22.0%
Public
17.9%
Others
0.3%

Since Jun 2025

  • FIIs −3.83 pp
  • Public +2.09 pp
  • DIIs +1.46 pp

How it drifted, 12 quarters

Over this window FIIs fell from 16.7% to 10.7% — −5.9 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 49.2%, FIIs 16.7%, DIIs 16.6%, Public 17.6%.Dec '23: Promoters 49.2%, FIIs 17.1%, DIIs 16.4%, Public 17.2%.Mar '24: Promoters 49.2%, FIIs 16.5%, DIIs 17.5%, Public 16.8%.Jun '24: Promoters 49.2%, FIIs 15.7%, DIIs 19.0%, Public 16.1%.Sep '24: Promoters 49.1%, FIIs 14.8%, DIIs 19.1%, Public 17.0%.Dec '24: Promoters 49.1%, FIIs 15.1%, DIIs 19.8%, Public 16.0%.Mar '25: Promoters 49.1%, FIIs 15.0%, DIIs 19.9%, Public 16.1%.Jun '25: Promoters 49.1%, FIIs 14.6%, DIIs 20.5%, Public 15.8%.Sep '25: Promoters 49.0%, FIIs 13.3%, DIIs 22.2%, Public 15.4%.Dec '25: Promoters 49.0%, FIIs 11.8%, DIIs 23.1%, Public 15.7%, Others 0.3%.Mar '26: Promoters 49.0%, FIIs 10.5%, DIIs 23.7%, Public 16.5%, Others 0.3%.Jun '26: Promoters 49.0%, FIIs 10.7%, DIIs 22.0%, Public 17.9%, Others 0.3%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 4 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Zensar Technologies Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Swallow Associates LLP 26.63%unchanged
Summit Securities Limited 11.00%unchanged
HDFC Mutual Fund - HDFC Nifty India Digital Index Mutual fund8.81%newly disclosed
Instant Holdings Limited 8.43%unchanged
Franklin India Opportunites Fund Mutual fund2.85%newly disclosed
Sofreal Mercantrade Pvt Ltd 2.64%unchanged
ICICI Prudential Conglomerate Fund Mutual fund2.07%newly disclosed
Nippon Life India Trustee Ltd-A/C Nippon India Nif Mutual fund1.62%unchanged
Invesco India Aggressive Hybrid Fund Mutual fund1.39%unchanged
Chattarpati Apartments LLP 0.10%unchanged
RPG Ventures Limited 0.07%unchanged
Harshvardhan Goenka 0.07%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in ZENSARTECH

Filings to Aug 2026

0 new, 4 added, 3 trimmed, 0 sold out — net −9.47 L shares (−4.0%).

Held by funds
₹1.1k Cr
15 schemes
Biggest holder
HDFC Small Cap Fund
₹426 Cr · 1.0% of that fund
SchemeHoldingLast month
HDFC Small Cap Fund HDFC Mutual Fund₹426 Crheld
HDFC Hybrid Equity Fund HDFC Mutual Fund₹246 Cr−7.29 L
Nippon India Small Cap Fund Nippon India Mutual Fund₹115 Crheld
HDFC Multi Cap Fund HDFC Mutual Fund₹75 Crheld
HDFC Children's Fund HDFC Mutual Fund₹66 Cr−2.21 L
HDFC Technology Fund HDFC Mutual Fund₹51 Crheld
HDFC Value Fund HDFC Mutual Fund₹46 Crheld
Nippon India Flexi Cap Fund Nippon India Mutual Fund₹46 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 3 trimmed — net −9.47 L shares (−4.0%)

Funds are sitting on
-13%
vs est. average cost
Held by funds
₹1.1k Cr
15 schemes · ≈ 9.1% of the company
Biggest holder
HDFC Small Cap Fund
₹426 Cr · 1.0% of that fund
Longest holder
Nippon India Nifty Smallcap 250 Index Fund
5y 11m · since Oct '20

Shares held by these funds +60%

Aug '23 2.27 cr shares Jul '26

What the price assumes

Attractive

To justify its price of ₹425, this stock must grow earnings at 6% every year for 7 years. Our analysis caps realistic growth at ~33%. At that growth it is worth ₹1734 — upside of 308%.

Growth the price implies
5.7% a year
for 7 years, fading to 4%
It has actually compounded at
33.3% a year
net profit, FY23–FY26 · EPS 33.0%
The gap
-0.3 pp
308% downside if it only repeats history
Price today ₹425.25 Value at the reference growth ₹1,734.04

Change the assumptions yourself →

All earnings calls (4)

Read the Q1 FY27 call →

Learn to analyse Zensar Technologies Limited

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