ZTECH
Z-Tech financials
- Market cap
- ₹742 Cr
- Sector
- Utilities
- Calls analysed
- 6
Z-Tech Q1 FY27
What went well
- Revenue from operations grew 42.29% YoY to INR29.14 crores.
- Profit after tax increased 33.22% YoY to INR4.05 crores.
- Total income rose 51.55% YoY to INR31.19 crores.
What to watch
- EBITDA margin compressed to 22.82% from 24.51% YoY.
- PAT margin compressed to 13.90% from 14.84% YoY.
What Z-Tech does
Z-Tech (India) Limited, incorporated in 1994 as a civil construction and retaining-structures firm, now runs three lines: Creative Parks (branded Zing Parks), which convert underused public land into ticketed experiential destinations offering F&B, events, retail and adventure sports; Industrial Wastewater Management (branded Agua), using proprietary GEIST technology for chemical recovery and effluent treatment; and Geo-Technical Solutions (branded Terra), covering retaining structures, slope protection and soil stabilisation for infrastructure projects such as highways executed under national programmes like Bharatmala. The company is shifting from one-time EPC contracting toward a 'hybrid' model that adds recurring annuity revenue from ticketing, F&B and events once parks become operational, working with municipal and government land-owning authorities across India.
Segments
- Creative Parks (Zing Parks)
- Industrial Wastewater Management (Agua)
- Geo-Technical Solutions (Terra)
- Operational Zing Parks
- 9 operational at FY26-end (up from 4 at FY26-start), 3 more nearing completion
- Upcoming parks pipeline
- 23+ across India
- Geographic presence
- 20+ states across India
- Team size
- 112+ professionals
- Creative Parks completed projects
- 51
- Clients served
- 75+
Guidance record · Q1 FY27
what the last two calls moved 21 tracked 1 delivered 7 missed 13 open- Strategic Demerger of Verticals went quiet said Q1 FY26 Promised: Plans in place before September 2025 Q1 FY27: No mention of demerger progress.
- FY27 Recurring Revenue (Parks) revised down said Q4 FY26 Promised: INR 42 crores Q1 FY27: Revised down to 'around INR 40 crores'.
- FY26 Total Revenue delivered said Q4 FY25 Promised: INR 150-175 crores Q4 FY26: Achieved. Reported FY26 revenue of INR 155.79 cr vs original guidance of INR 150-175 cr.
All 21 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY25: revenue up 58.0%, net profit up 236.3% against the same quarter last year.
| Line item | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11 | 19 | 16 | 22 | 16 +51% | 19 +2% | 24 +52% | 35 +58% |
| EBITDA | 1 | 5 | 2 | 3 | 3 +193% | 4 −20% | 8 +225% | 13 +275% |
| Net profit | 1 | 4 | 1 | 3 | 2 +130% | 3 −18% | 6 +442% | 9 +236% |
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 −27.3% 1Y
1Y: ₹598.55 on 10 Sept 2025 → ₹434.95. High ₹668.15 (30 Dec 2025), low ₹434.95 (11 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- +1.8%
- 14 Aug
- Q4 FY26
- +0.6%
- 21 May
- Q3 FY26
- −7.6%
- 13 Feb
- Q2 FY26
- −0.8%
- 11 Nov
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 40.2% a year over 1 year, FY24 to FY25. Operating margin widened to 29.4%.
| Year ending | FY24 | FY25 |
|---|---|---|
| Revenue | ₹67 Cr | ₹94 Cr |
| Operating profit | ₹12 Cr | ₹28 Cr |
| Operating margin | 17.4% | 29.4% |
| Interest | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹1 Cr | ₹1 Cr |
| Net profit | ₹8 Cr | ₹20 Cr |
| Net margin | 12.6% | 21.4% |
| Cash from operations | ₹0 Cr | ₹-91 Cr |
| Free cash flow | ₹-3 Cr | ₹-127 Cr |
| ROCE | 67.0% | 28.0% |
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 ending | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Equity capital | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹9 Cr | ₹14 Cr |
| Reserves | ₹7 Cr | ₹7 Cr | ₹9 Cr | ₹12 Cr | ₹157 Cr |
| Borrowings | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹2 Cr |
| Other liabilities | ₹11 Cr | ₹11 Cr | ₹13 Cr | ₹19 Cr | ₹34 Cr |
| Total liabilities | ₹20 Cr | ₹19 Cr | ₹23 Cr | ₹42 Cr | ₹207 Cr |
| Fixed assets | ₹1 Cr | ₹1 Cr | ₹2 Cr | ₹4 Cr | ₹10 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹29 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹19 Cr | ₹18 Cr | ₹22 Cr | ₹38 Cr | ₹168 Cr |
| Total assets | ₹20 Cr | ₹19 Cr | ₹23 Cr | ₹42 Cr | ₹207 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 added +3.59 pp while the public trimmed −1.58 pp. The shareholder count grew 14% to 2,263.
- Promoters
- 53.5%
- FIIs
- 4.5%
- DIIs
- 0.4%
- Public
- 41.6%
Since Jun 2025
- FIIs +3.59 pp
- Public −1.58 pp
- DIIs −1.30 pp
How it drifted, 9 quarters
Over this window the public went from 25.3% to 41.6% — +16.3 pp.
Ownership split by quarter, oldest first. Jun '24: Promoters 60.8%, FIIs 6.7%, DIIs 7.2%, Public 25.3%.Sep '24: Promoters 60.8%, FIIs 1.7%, DIIs 0.1%, Public 37.5%.Dec '24: Promoters 60.8%, FIIs 1.2%, DIIs 0.9%, Public 37.2%.Mar '25: Promoters 54.3%, FIIs 1.0%, DIIs 1.5%, Public 43.3%.Jun '25: Promoters 54.3%, FIIs 0.9%, DIIs 1.7%, Public 43.2%.Sep '25: Promoters 53.2%, FIIs 1.0%, DIIs 1.9%, Public 43.9%.Dec '25: Promoters 53.5%, FIIs 3.8%, DIIs 0.4%, Public 42.3%.Mar '26: Promoters 53.5%, FIIs 4.5%, DIIs 0.4%, Public 41.6%.Jun '26: Promoters 53.5%, FIIs 4.5%, DIIs 0.4%, Public 41.6%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Z-Tech above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Terramaya Enterprises Private Limited | 52.64% | unchanged |
| Ashish Kacholia | 3.71% | unchanged |
| Suresh Kumar Agarwal | 3.46% | unchanged |
| Nova Global Opportunities Fund Pcc - Touchstone FPI fund | 2.07% | unchanged |
| Rajat Goyal | 1.95% | −0.11 pp |
| Altitude Investment Fund Pcc- Cell 1 FPI fund | 1.38% | unchanged |
| Sandalwood Holding Trust | 0.83% | unchanged |
| Sanghamitra Borgohain | 0.07% | unchanged |
| Ea Water Private Limited | 0.00% | unchanged |
| Late Siddharth Borgohain | 0.00% | unchanged |
| Aamya Resources Llp | 0.00% | unchanged |
| Rumi Borgohain | 0.00% | 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.
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Z-Tech
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