ZENTEC

Zen Technologies share price & financials

Price
₹1,769.7
Market cap
₹14.7k Cr
Sector
Capital Goods
Calls analysed
8
Latest concall · Q1 FY27 · call held 28 Jul 2026

Zen Technologies Limited Q1 FY27

Revenue ₹141.6 cr −10%PAT ₹34.5 cr −28%PAT Margin 24.3% Gross Margin 72.9%

What went well

  • Debt-free status maintained with strong cash and bank balances of approximately ₹1217 Crores.
  • Secured a significant post-quarter order of ₹177.5 Crores for tank and crew gunnery simulator upgrades.
  • Gross margin remained strong at 72.9%, indicating no structural change in profitability.

What to watch

  • Q1 FY27 Revenue declined by 10.49% YoY to ₹141.6 Crores.
  • Operational EBITDA Margin compressed to 27.3% from 40.9% YoY, primarily due to negative operating leverage.
Read the full call →

What Zen Technologies Limited does

Zen Technologies designs, manufactures and sells indigenous defence training and security equipment across three verticals: Training Solutions (live ranges, live/virtual simulation, combat training centres), Drone & Counter-Drone Solutions, and Other Operational Equipment (automated weapon stations and robotics), plus naval simulation through subsidiaries. It earns from sale of equipment and from annual maintenance contracts (AMC) on installed systems, serving domestic defence forces and export markets. The company also holds stakes in group companies focused on electronic warfare, naval simulation, drones, drone components, automated weapon stations and robotics.

Segments

  • Training Solutions
  • Drones & Counter-Drone Solutions
  • Other Operational Equipment
  • Naval Simulation
Years of experience in defence technology
30+
Team members
390+
Patents granted (cumulative)
~85
Training systems shipped worldwide (cumulative)
1,000+
Dedicated facilities in Hyderabad
R&D Centre (Sanath Nagar), Demo Centre & Production Unit (near Shamshabad Airport, ~15,000 sq ft), Artificial Intelligence Centre (Kondapur), Maheshwaram manufacturing unit
Business verticals
Training Solutions, Drones & Counter-Drone Solutions, Other Operational Equipment, Naval Simulation
Founded 1993Headquarters Hyderabad, Telangana, IndiaEmployees 390 (2025-03-31) Company website

Guidance record · Q1 FY27

what the last two calls moved 23 tracked 2 delivered 4 missed 17 open
  • EBITDA Margin delivered said Q2 FY25 Promised: 35% Q1 FY27: Target was for FY26 and was achieved. Management reiterated a mid-30s EBITDA margin target for FY27.
  • FY25 Annual Revenue went quiet said Q2 FY25 Promised: ₹900+ crores Q1 FY27: Final FY25 revenue figure was not addressed, continuing a multi-quarter evasion.
  • 3-Year Average CAGR revised down said Q2 FY25 Promised: 50% Q1 FY27: Original CAGR target not discussed; focus remains on the revised cumulative revenue target for FY27-28.

All 23 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 10.1%, net profit down 39.6% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue242 152 325 158 174 −28%178 +17%178 −45%142 −10%
EBITDA80 44 138 64 65 −19%67 +52%50 −64%38 −41%
Net profit63 43 114 53 62 −2%56 +30%47 −59%32 −40%
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 +14.6% 1Y

₹1.2k₹1.4k₹1.6k₹1.8k₹2.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 27 Oct 2025Q3 FY26 — 2 Feb 2026Q4 FY26 — 8 May 2026Q1 FY27 — 28 Jul 2026

1Y: ₹1,502.6 on 10 Sept 2025 → ₹1,722.6. High ₹1,997 (19 Jun 2026), low ₹1,228.1 (14 Jan 2026).

How the price took the results

close before → close after

Q1 FY27
−2.8%
28 Jul
Q4 FY26
+0.2%
8 May
Q3 FY26
+0.7%
2 Feb
Q2 FY26
−4.1%
27 Oct

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 46.7% a year over 3 years, FY23 to FY26. Operating margin widened to 35.8%.

Year endingFY23FY24FY25FY26
Revenue₹218 Cr₹439 Cr₹974 Cr₹688 Cr
Operating profit₹73 Cr₹180 Cr₹373 Cr₹246 Cr
Operating margin33.5%41.0%38.3%35.8%
Interest₹5 Cr₹3 Cr₹10 Cr₹10 Cr
Depreciation₹7 Cr₹10 Cr₹16 Cr₹24 Cr
Net profit₹50 Cr₹130 Cr₹299 Cr₹218 Cr
Net margin22.9%29.6%30.7%31.7%
ROCE23.0%46.0%37.0%16.0%
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₹8 Cr₹8 Cr₹8 Cr₹8 Cr₹9 Cr₹9 Cr
Reserves₹196 Cr₹275 Cr₹308 Cr₹440 Cr₹1.8k Cr₹1.9k Cr
Borrowings₹2 Cr₹15 Cr₹7 Cr₹6 Cr₹18 Cr₹19 Cr
Other liabilities₹17 Cr₹71 Cr₹151 Cr₹296 Cr₹235 Cr₹248 Cr
Total liabilities₹223 Cr₹369 Cr₹474 Cr₹750 Cr₹2.0k Cr₹2.2k Cr
Fixed assets₹70 Cr₹67 Cr₹75 Cr₹93 Cr₹218 Cr₹239 Cr
Capital work in progress₹0 Cr₹3 Cr₹2 Cr₹11 Cr₹8 Cr₹15 Cr
Investments₹2 Cr₹2 Cr₹2 Cr₹0 Cr₹8 Cr₹6 Cr
Other assets₹152 Cr₹297 Cr₹394 Cr₹646 Cr₹1.8k Cr₹1.9k Cr
Total assets₹223 Cr₹369 Cr₹474 Cr₹750 Cr₹2.0k Cr₹2.2k 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, DIIs added +1.67 pp while the public trimmed −1.50 pp. The shareholder count shrank 7% to 2,90,771.

Promoters
48.5%
FIIs
6.5%
DIIs
10.4%
Public
34.2%
Others
0.4%

Since Jun 2025

  • DIIs +1.67 pp
  • Public −1.50 pp
  • Promoters −0.54 pp

How it drifted, 12 quarters

Over this window DIIs went from 0.1% to 10.4% — +10.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 57.5%, FIIs 4.8%, DIIs 0.1%, Public 36.8%, Others 0.8%.Dec '23: Promoters 55.1%, FIIs 4.7%, DIIs 3.1%, Public 36.4%, Others 0.8%.Mar '24: Promoters 55.1%, FIIs 3.8%, DIIs 3.3%, Public 37.1%, Others 0.6%.Jun '24: Promoters 55.1%, FIIs 3.1%, DIIs 3.4%, Public 37.9%, Others 0.5%.Sep '24: Promoters 51.3%, FIIs 5.7%, DIIs 8.1%, Public 34.5%, Others 0.5%.Dec '24: Promoters 49.0%, FIIs 8.3%, DIIs 9.0%, Public 33.2%, Others 0.5%.Mar '25: Promoters 49.0%, FIIs 6.0%, DIIs 9.5%, Public 35.1%, Others 0.4%.Jun '25: Promoters 49.0%, FIIs 6.0%, DIIs 8.8%, Public 35.7%, Others 0.4%.Sep '25: Promoters 48.5%, FIIs 5.9%, DIIs 7.9%, Public 37.2%, Others 0.4%.Dec '25: Promoters 48.5%, FIIs 5.5%, DIIs 7.9%, Public 37.7%, Others 0.4%.Mar '26: Promoters 48.5%, FIIs 6.0%, DIIs 10.1%, Public 35.0%, Others 0.4%.Jun '26: Promoters 48.5%, FIIs 6.5%, DIIs 10.4%, Public 34.2%, Others 0.4%.

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 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

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

HolderStakeChange
Ashok Atluri 21.65%unchanged
Kishore Dutt Atluri 16.33%unchanged
Motilal Oswal Nifty 500 ETF Mutual fund6.53%newly disclosed
Rama Devi Atluri 2.96%unchanged
Tara Dutt Atluri 2.09%unchanged
Satish Atluri 1.31%unchanged
Abhilasha Atluri 1.11%unchanged
Anisha Atluri 1.11%unchanged
Arjun Dutt Atluri 1.11%unchanged
Logical Solutions Limited 1.05%unchanged
Beena Atluri 0.50%unchanged
Nagarjunudu Kilaru 0.17%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 ZENTEC

Filings to Aug 2026

0 new, 4 added, 2 trimmed, 0 sold out — net +0.01 L shares (+1.1%).

Held by funds
₹21 Cr
6 schemes
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹13 Cr · 0.4% of that fund
SchemeHoldingLast month
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹13 Cr+0.01 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹7 Cr+0.00 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
Nippon India Nifty 500 Quality 50 Index Fund Nippon India Mutual Fund₹0 Cr−0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L

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, 2 trimmed — net +1,279 shares (+1.1%)

Funds are sitting on
+18%
vs est. average cost
Held by funds
₹21 Cr
6 schemes · ≈ 0.15% of the company
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹13 Cr · 0.4% of that fund

Shares held by these funds +34%

Mar '25 1.20 L shares Jul '26

What the price assumes

Expensive

To justify its price of ₹1723, this stock must grow earnings at 49% every year for 7 years. Our analysis caps realistic growth at ~41%. At that growth it is worth ₹1167 — downside of 32%.

Growth the price implies
49.3% a year
for 7 years, fading to 4%
It has actually compounded at
44.5% a year
net profit, FY23–FY26 · EPS 40.7%
The gap
0.1 pp
-32% downside if it only repeats history
Price today ₹1,722.6 Value at the reference growth ₹1,167.31

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Zen Technologies Limited

Guides on how to read this kind of business and the numbers that matter.