Zen Technologies Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹14,342 Cr
- P/E
- 78.93
- ROE
- 10.72%
- PEG
- 1.18
- Price to sales
- 21.36
- Debt to equity
- 0.01
- 52W high / low
- ₹1,997 / ₹1,228
- Sales growth (5Y)
- 65.95%
- EBITDA margin
- 32.65%
- Net profit margin
- 31.51%
- Promoter holding
- 48.51%
- Sales (last year)
- ₹671 Cr
Zen Technologies Limited was incorporated in 1996. The company designs develop and manufacture combat training solutions and Counter-drone solutions for defense and security forces. It is actively involved in the indigenization of technologies, which are beneficial to Indian armed forces, state police forces, and paramilitary forces. Zen Technologies is headquartered in Hyderabad, India with offices in India, UAE, and the USA. [1] [2] [3]
Guidance scorecard · Q2 FY27 call
What Zen Technologies's management guided
and where it ranks in Aerospace & Defense
Aerospace & Defense
RevenueQ1 FY27 call
20–40%- Zen Technologies expects significant growth in orders and revenue in FY2027 and beyond.
- Simulator orders worth Rs.700 to Rs.800 Crores are expected in the near term.
- Anti-drone systems represent a much larger market, potentially running into thousands of crores.
- The company anticipates ending FY2027 with an order book around Rs.2500 Crores.
- Revenue guidance is approximately Rs.4000 Crores over FY2027 and FY2028, with simulators contributing about Rs.2000 Crores.
- New large orders are expected both for simulators and anti-drone systems, including international inquiries.
- The simulator market is expanding, including entry into Air Force simulators.
2 more points from Zen Technologies's call on revenue
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MarginsQ1 FY27 call
FlatSee what Zen Technologies said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Zen Technologies has built up enough cash reserves to invest in very interesting companies.
- The company is actively looking to acquire more companies to add new dimensions and revenue potential, similar to previous acquisitions like ARI.
- Strategic investments focus on expanding capabilities beyond core simulation and anti-drone systems, including robotics, autonomous vehicles, and other cutting-edge technologies.
- Current investments in R&D include laser-based direct energy weapon systems and other advanced defense technologies, with announcements planned for the future.
2 more points from Zen Technologies's call on capex
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FundraisingQ1 FY27 call
See what Zen Technologies said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Flat- As of June 30, 2026, consolidated order book stood at Rs. 1,239 Crores (equipment: Rs. 920.6 Crores; AMC: Rs. 318.4 Crores).
- Executed Rs. 141.6 Crores orders and secured Rs. 44.6 Crores new orders during the quarter.
- Post quarter end, received Rs. 177.5 Crores order for upgradation and integration of tank and crew gunnery simulators.
- Simulator orders worth Rs. 700-800 Crores expected to come in next few months, including one order already received (Rs. 177 Crores) and a couple more expected soon.
- Anti-drone system orders expected to be much larger, running into thousands of Crores.
2 more points from Zen Technologies's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Aerospace & Defense
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Aerospace & Defense companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹5,744 Cr | 216.9 | |
| 2 | 40%+ | Up 0–2% | ₹1,197 Cr | 55.6 | |
| 3 | 40%+ | Flat | ₹17,585 Cr | — | |
| 4 | 40%+ | Flat | ₹15,942 Cr | 131.4 | |
| 5 | 40%+ | Flat | ₹9,001 Cr | 274.4 | |
| 6 | 40%+ | Flat | ₹8,041 Cr | 111.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Aerospace & Defense rankingFinancials of Zen Technologies
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Zen Technologies
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 55.07% | 55.07% | 55.07% | 51.26% | 49.05% | 49.05% | 49.05% | 48.51% | 48.51% | 48.51% | 48.51% | 48.51% |
| FIIs + | 4.65% | 3.84% | 3.09% | 5.72% | 8.29% | 5.95% | 6.04% | 5.94% | 5.54% | 5.99% | 6.47% | 6.60% |
| DIIs + | 3.09% | 3.31% | 3.37% | 8.05% | 8.97% | 9.47% | 8.75% | 7.93% | 7.86% | 10.06% | 10.42% | 10.76% |
| Public + | 36.42% | 37.15% | 37.94% | 34.49% | 33.24% | 35.10% | 35.72% | 37.20% | 37.67% | 35.04% | 34.22% | 33.62% |
| Others + | 0.76% | 0.62% | 0.53% | 0.47% | 0.46% | 0.44% | 0.43% | 0.42% | 0.41% | 0.40% | 0.39% | 0.52% |
| No. of Shareholders | 1,61,995 | 1,70,421 | 2,01,211 | 2,29,479 | 2,37,733 | 2,83,289 | 3,11,948 | 3,25,978 | 3,30,378 | 3,14,092 | 2,90,771 | 2,80,036 |
Financials of Zen Technologies
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 66 | 100 | 141 | 255 | 242 | 152 | 325 | 158 | 174 | 178 | 178 | 142 | 345 |
| Expenses + | 48 | 57 | 91 | 143 | 162 | 108 | 187 | 94 | 109 | 111 | 129 | 103 | 214 |
| Operating Profit | 19 | 42 | 50 | 111 | 80 | 44 | 138 | 64 | 65 | 67 | 50 | 38 | 131 |
| OPM % | 29% | 43% | 36% | 44% | 33% | 29% | 42% | 41% | 37% | 37% | 28% | 27% | 38% |
| Other Income + | 5 | 4 | 5 | 3 | 8 | 22 | 25 | 22 | 26 | 16 | 23 | 16 | 17 |
| Interest | 1 | 1 | 1 | 1 | 2 | 3 | 4 | 3 | 2 | 3 | 2 | 1 | 1 |
| Depreciation | 2 | 3 | 3 | 3 | 4 | 4 | 5 | 6 | 6 | 6 | 6 | 8 | 9 |
| Profit before tax | 22 | 44 | 52 | 110 | 82 | 59 | 154 | 76 | 83 | 73 | 64 | 45 | 138 |
| Tax % | 37% | 32% | 27% | 28% | 23% | 28% | 26% | 30% | 26% | 24% | 27% | 30% | 26% |
| Net Profit + | 14 | 30 | 38 | 79 | 63 | 43 | 114 | 53 | 62 | 56 | 47 | 32 | 102 |
| EPS in Rs | 1.82 | 3.64 | 4.16 | 9.14 | 6.94 | 4.40 | 11.19 | 5.29 | 6.58 | 6.07 | 3.49 | 3.82 | 9.92 |
Financials of Zen Technologies
Profit & Loss
Annual income statement trend
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 46 | 79 | 53 | 62 | 92 | 149 | 55 | 70 | 219 | 440 | 974 | 688 | 843 |
| Expenses + | 46 | 58 | 48 | 50 | 76 | 87 | 47 | 65 | 146 | 259 | 591 | 443 | 557 |
| Operating Profit | 1 | 21 | 4 | 11 | 17 | 63 | 7 | 5 | 73 | 181 | 382 | 245 | 285 |
| OPM % | 1.3% | 27% | 8% | 18% | 18% | 42% | 14% | 7% | 33% | 41% | 39% | 36% | 34% |
| Other Income + | 4 | 3 | 5 | 4 | 3 | 2 | 3 | 5 | 9 | 17 | 58 | 86 | 71 |
| Interest | 2 | 2 | 2 | 2 | 5 | 3 | 1 | 2 | 4 | 2 | 19 | 10 | 7 |
| Depreciation | 2 | 2 | 4 | 4 | 4 | 5 | 5 | 5 | 6 | 10 | 15 | 24 | 29 |
| Profit before tax | 0 | 20 | 3 | 9 | 11 | 57 | 4 | 3 | 72 | 186 | 406 | 297 | 320 |
| Tax % | 25% | 21% | 21% | 20% | -19% | -3% | 36% | 21% | 30% | 30% | 26% | 27% | |
| Net Profit + | 0 | 16 | 2 | 7 | 13 | 59 | 3 | 3 | 50 | 130 | 299 | 218 | 237 |
| EPS in Rs | 0.01 | 2.04 | 0.30 | 0.93 | 1.73 | 7.62 | 0.39 | 0.25 | 5.38 | 15.22 | 31.04 | 21.43 | 23.30 |
| Dividend Payout % | 1,103% | 17% | 33% | 16% | 17% | 5% | 26% | 40% | 4% | 7% | 6% | 5% |
Financials of Zen Technologies
Balance Sheet
Capital structure and asset base
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 9 | 9 | 9 |
| Reserves | 91 | 103 | 105 | 112 | 127 | 183 | 196 | 275 | 308 | 440 | 1,692 | 1,880 | 1,979 |
| Borrowings + | 18 | 40 | 41 | 11 | 42 | 3 | 2 | 15 | 7 | 6 | 78 | 19 | 29 |
| Other Liabilities + | 12 | 27 | 14 | 15 | 42 | 20 | 17 | 71 | 151 | 296 | 271 | 248 | 302 |
| Total Liabilities | 128 | 177 | 167 | 146 | 218 | 214 | 223 | 369 | 474 | 750 | 2,049 | 2,155 | 2,319 |
| Fixed Assets + | 49 | 47 | 44 | 45 | 63 | 73 | 70 | 67 | 75 | 93 | 208 | 239 | 272 |
| CWIP | 1 | 0 | 15 | 17 | 0 | 0 | 0 | 3 | 2 | 11 | 7 | 15 | 19 |
| Investments | 0 | 0 | 0 | 0 | 8 | 2 | 2 | 2 | 2 | 0 | 4 | 6 | 5 |
| Other Assets + | 78 | 130 | 108 | 84 | 147 | 139 | 152 | 297 | 394 | 646 | 1,830 | 1,895 | 2,023 |
| Total Assets | 128 | 177 | 167 | 146 | 218 | 214 | 223 | 369 | 474 | 750 | 2,049 | 2,155 | 2,319 |
Financials of Zen Technologies
Cash Flows
Operating, investing and financing cash movement
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 10 | -20 | 0 | 0 | -49 | 62 | 6 | -44 | 116 | 13 | 31 | 245 |
| Cash from Investing Activity + | -8 | -4 | 0 | 0 | 13 | -12 | -10 | -44 | -4 | -85 | -1,000 | -162 |
| Cash from Financing Activity + | -7 | 20 | 0 | 0 | 5 | -12 | 9 | 88 | -22 | -3 | 1,007 | -78 |
| Net Cash Flow | -5 | -4 | 0 | 0 | -32 | 38 | 5 | 0 | 91 | -75 | 37 | 5 |
| Free Cash Flow | -13 | -22 | 0 | 0 | -54 | 52 | 5 | -49 | 103 | -16 | -1 | 185 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 1,269% | -94% | 0% | 0% | -286% | 118% | 118% | -921% | 180% | 26% | 39% | 136% |
Financials of Zen Technologies
Ratios
Working capital efficiency and return ratios
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 90 | 276 | 56 | 121 | 290 | 114 | 124 | 166 | 142 | 153 | 154 | 119 |
| Inventory Days | 295 | 225 | 242 | 237 | 496 | 137 | 609 | 693 | 305 | 523 | 118 | 415 |
| Days Payable | 63 | 47 | 52 | 92 | 114 | 44 | 132 | 109 | 42 | 99 | 25 | 109 |
| Cash Conversion Cycle | 322 | 455 | 246 | 265 | 672 | 206 | 601 | 750 | 406 | 577 | 247 | 425 |
| Working Capital Days | 45 | 119 | -66 | 187 | 191 | 191 | 535 | 629 | 115 | 158 | 435 | 543 |
| ROCE % | 2% | 16% | 3% | 8% | 32% | 3% | 2% | 23% | 46% | 37% | 16% |
Guidance history
How Zen Technologies's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | Flat |
| Q4 FY26 call → | 40%+ | Flat | Planned | — | Rising |
| Q3 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q2 FY26 call → | 20–40% | Flat | Planned | — | Flat |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
30 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +15.4% | 72% |
| Last 6 months | −4.9% | 48% |
| Last 3 months | −2.2% | 64% |
The price is 37.3% below its all-time high of ₹2,532.9 (3 Jan 2025). Stocks more than 20% below their peak have their score halved, so 61 became 30.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Zen Technologies: 0.4 × 72 + 0.4 × 48 + 0.2 × 64 = 61, halved to 30 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Zen Technologies's management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
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