Zen Technologies Limited (ZENTEC)

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Zen Technologies Limited (ZENTEC) · mywealthgrid

About

Zen Technologies Limited operates in Aerospace & Defense within the Industrials sector. With a market cap of ₹16,770.52 Cr, the company has established scale, with recent quarterly standalone revenue ranging from ₹71.9 Cr to ₹178.08 Cr and operating margins spanning from 4.99% to 45.28%.

Face value: ₹1

Market cap

₹14,232 Cr

P/E

76.7×

P/B

7.5×

Dividend yield

0.1%

ROE

10.8%

ROCE

16.3%

Debt / equity

OPM

36%

EPS (TTM)

₹20.5

Book value

₹209.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE ratio of 90.39 is very elevated; verify whether earnings growth justifies this valuation and identify catalysts.
Operating margins vary sharply—from 4.99% (Mar 2026) to 45.28% (Dec 2025)—raising concerns about consistency and cost control across contracts.
Defense and aerospace revenues are lumpy and cyclical; verify Zen's order pipeline, contract backlog, and exposure to government spending trends.
Quarterly revenue swings from ₹71.9 Cr to ₹178.08 Cr suggest project-based revenue; understand predictability and growth trajectory.

Generated analysis · source review pending

Growth drivers

Operating margins improved from 4.99% (Mar 2026) to 27–45% in recent quarters (Sep 2025–Jun 2026), suggesting improved execution or favorable contract mix.
Zero debt (D/E = 0) provides financial capacity to invest in capex, R&D, or strategic acquisitions to support scale.
Aerospace & Defense sector typically grows with government defense spending and modernization; verify India's capex plans and Zen's position in key programs.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,576.1-2.7%1Y

Quick read

rule-based

Pros

+Strong return on equity of 23.4% (3-yr avg)
+High return on capital employed of 32.8%
+Healthy operating margin of 36%
+Profit CAGR of 133.8% over the last 5 years
+Revenue CAGR of 65.9% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 30×

Cons

−Expensive at 76.7× trailing earnings
−Low dividend payout of 4.9% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

44/100

Business quality: 72
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	52,76,551	61,99,219	92	149	55	70	219	440	974	688
COGS	6,67,931	23,320	26	37	9	13	59	118	369	165
Gross profit	46,08,620	—	67	112	46	57	160	322	605	522
	—	—	50	49	38	52	88	141	231	277
	—	—	17	63	7	5	73	181	373	245
OPM %	—	—	18.1%	42%	13.5%	6.5%	33.2%	41.1%	38.4%	35.6%
Depreciation	4,31,711	3,63,797	4	5	5	5	6	10	15	24
Interest	2,36,879	2,33,131	5	3	1	2	4	2	10	10
	5,46,621	3,61,748	3	2	3	5	9	17	58	86
Profit before tax	2,91,290	9,00,700	11	57	4	3	72	186	406	297
Tax	60,037	1,83,542	-2	-2	2	1	22	57	107	79
Tax %	20.6%	20.4%	-19.2%	-3.4%	36.5%	20.9%	30.3%	30.4%	26.3%	26.5%
	2,31,254	7,17,157	13	59	3	3	50	130	299	218
PAT margin %	4.4%	11.6%	14.4%	39.3%	5.1%	3.7%	22.8%	29.4%	30.7%	31.7%
EPS (₹)	0.3	0.9	1.7	7.6	0.4	0.3	5.4	15.5	32.1	21.5
EPS adjusted (₹)	—	—	—	7.6	0.4	0.3	5.4	15.2	30.8	21.4
	33.3%	16.1%	17.3%	5.2%	25.6%	40%	3.7%	6.5%	6.2%	4.6%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	8	8	8	8	8	9	9
Reserves	—	196	275	308	440	1,692	1,880
Minority interest	—	6	7	14	18	35	60
	—	2	14	6	6	54	3
	—	11	71	137	278	259	208
Total equity & liabilities	—	223	374	474	751	2,049	2,160
	71	70	67	74	93	184	222
CWIP	—	0	3	2	10	4	13
Investments	—	2	2	4	0	4	6
	—	152	302	394	647	1,858	1,918
Total assets	—	223	374	474	751	2,049	2,160

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	72.2%	74.9%	83.9%	81.2%	73.2%	73.2%	62.1%	75.9%
EBITDA margin %	18.1%	42%	13.5%	6.5%	33.2%	41.1%	38.4%	36%
EBIT margin %	14%	39%	4.4%	-0.4%	30.4%	38.9%	36.8%	32.4%
PAT margin %	14.4%	39.3%	5.1%	3.7%	22.8%	29.4%	30.7%	31.7%
Working capital
Receivable days	—	—	124	166	142	153	154	119
Inventory days	—	—	609	693	305	523	118	415
Payable days	—	—	133	109	42	99	25	109
NWC days	—	—	600	750	406	577	247	425
Leverage
Current ratio	—	—	13.39	3.82	2.69	2.29	6.57	8.86
Debt to EBITDA	—	—	0.25	2.96	0.09	0.03	0.14	0.01
Debt to equity	—	—	0.01	0.05	0.02	0.01	0.03	0
Interest coverage	3.3	17.9	5	3.3	18.1	81.6	40.1	30
Asset turnover	—	—	0.24	0.19	0.46	0.59	0.48	0.32
Return ratios
Return on assets %	—	—	1.2%	0.7%	10.5%	17.3%	14.6%	10.1%
Return on capital employed %	—	—	2.6%	2%	23.2%	45.7%	36.4%	16.3%
Return on equity %	—	—	1.4%	0.9%	15.8%	28.9%	17.6%	11.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	57.45%	55.07%	55.07%	55.07%	51.26%	49.05%	49.05%	49.05%	48.51%	48.51%	48.51%	48.51%
	4.83%	4.65%	3.84%	3.08%	5.72%	8.29%	5.88%	6.03%	5.95%	5.55%	5.99%	6.46%
	0.16%	3.09%	3.32%	3.38%	8.05%	8.98%	9.54%	8.76%	7.93%	7.86%	10.07%	10.41%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	36.79%	36.42%	37.15%	37.94%	34.5%	33.22%	35.09%	35.73%	37.19%	37.66%	35.03%	34.23%
No. of shareholders	—	—	—	—	—	—	—	—	3,25,978	3,30,378	3,14,092	2,90,771

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 9 fund houses

Held by these funds

7.11%

of the company's equity

All mutual funds

7.55%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

38 schemes · 9 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	37.57 L	668.46	3.32%	4.161%	-25,447
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	11.9 L	211.71	4.12%	1.318%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	6.33 L	112.63	2.04%	0.701%	+16,032
TRUSTMF Small Cap Fund	Trust Mutual Fund	2.23 L	39.65	1.15%	0.247%	+84,493
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	1.55 L	27.62	2.03%	0.172%	-838
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	73,498	13.08	0.37%	0.081%	+898
TRUSTMF Flexi Cap Fund	Trust Mutual Fund	64,485	11.47	1.1%	0.071%	-0
TRUSTMF Multi Cap Fund	Trust Mutual Fund	59,405	10.57	1.31%	0.066%	+21,956

1–8 of 38

1 / 5

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

35 announcementsExport CSV

16 Sept 2026, 6:12 pmCompany Update

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS

Allotment of ESOP / ESPS PDF

1 Sept 2026, 7:02 pmAGM/EGM

E-Voting Results Along With Scrutinizer''''s Report

AGM PDF

29 Aug 2026, 12:54 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

27 Aug 2026, 12:48 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

25 Aug 2026, 6:00 pmCompany Update

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS

Allotment of ESOP / ESPS PDF

14 Aug 2026, 1:06 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

14 Aug 2026, 12:59 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

14 Aug 2026, 12:52 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

Date	Category	Subject	Filing
16 Sept 2026, 6:12 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
1 Sept 2026, 7:02 pm	AGM/EGM AGM	E-Voting Results Along With Scrutinizer''''s Report

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	72.2%	74.9%	83.9%	81.2%	73.2%	73.2%	62.1%	75.9%
EBITDA margin %	18.1%	42%	13.5%	6.5%	33.2%	41.1%	38.4%	36%
EBIT margin %	14%	39%	4.4%	-0.4%	30.4%	38.9%	36.8%	32.4%
PAT margin %	14.4%	39.3%	5.1%	3.7%	22.8%	29.4%	30.7%	31.7%
Working capital
Receivable days	—	—	124	166	142	153	154	119
Inventory days	—	—	609	693	305	523	118	415
Payable days	—	—	133	109	42	99	25	109
NWC days	—	—	600	750	406	577	247	425
Leverage
Current ratio	—	—	13.39	3.82	2.69	2.29	6.57	8.86
Debt to EBITDA	—	—	0.25	2.96	0.09	0.03	0.14	0.01
Debt to equity	—	—	0.01	0.05	0.02	0.01	0.03	0
Interest coverage	3.3	17.9	5	3.3	18.1	81.6	40.1	30
Asset turnover	—	—	0.24	0.19	0.46	0.59	0.48	0.32
Return ratios
Return on assets %	—	—	1.2%	0.7%	10.5%	17.3%	14.6%	10.1%
Return on capital employed %	—	—	2.6%	2%	23.2%	45.7%	36.4%	16.3%
Return on equity %	—	—	1.4%	0.9%	15.8%	28.9%	17.6%	11.5%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Bharat Dynamics LimitedBDLBDL	₹39,882 Cr	₹39,882 Cr	₹2,766 Cr	₹352 Cr	9.2%	₹521 Cr	17.2%	7.5%	10.2%	598
Garden Reach Shipbuilders & Engineers LimitedGRSEGRSE	₹24,193 Cr	₹24,193 Cr	₹7,507 Cr	₹833 Cr	11.4%	₹801 Cr	10.7%	41%	31.8%	205
Data Patterns (India) LimitedDATAPATTNSDATAPATTNS	₹23,807 Cr	₹23,807 Cr	₹941 Cr	₹373 Cr	40.4%	₹268 Cr	29.3%	22.6%	16.7%	499
Sigma Advanced Systems LimitedSIGMAADVSIGMAADV	₹18,975 Cr	₹19,275 Cr	₹843 Cr	₹121 Cr	9.7%	₹163 Cr	54.5%	73.1%	87.6%	271
Aequs LimitedAEQUSAEQUS	₹18,448 Cr	₹18,851 Cr	₹1,230 Cr	₹89 Cr	7.2%	₹-113 Cr	-9.2%	1.1%	-10.3%	259
Astra Microwave Products LimitedASTRAMICROASTRAMICRO	₹15,417 Cr	₹15,704 Cr	₹1,140 Cr	₹326 Cr	28.7%	₹189 Cr	16.6%	23.1%	16%	537
Apollo Micro Systems LimitedAPOLLOAPOLLO	₹14,558 Cr	₹15,091 Cr	₹1,022 Cr	₹231 Cr	24.1%	₹122 Cr	11.9%	18.2%	11.8%	443
Zen Technologies LimitedZENTECZENTEC	₹14,232 Cr	₹14,236 Cr	₹671 Cr	₹221 Cr	36%	₹186 Cr	31.7%	16.3%	10.8%	425
Paras Defence And Space Technologies LimitedPARASPARAS	₹10,285 Cr	₹10,311 Cr	₹511 Cr	₹130 Cr	25.3%	₹94 Cr	18.8%	16.9%	12.9%	435
Axiscades Technologies LimitedAXISCADESAXISCADES	₹9,806 Cr	₹10,082 Cr	₹1,099 Cr	₹152 Cr	15.3%	₹36 Cr	6.2%	17.7%	10.4%	31
Unimech Aerospace And Manufacturing LimitedUNIMECHUNIMECH	₹9,025 Cr	₹9,137 Cr	₹285 Cr	₹95 Cr	31.2%	₹72 Cr	26.3%	12.8%	9%	137
Mishra Dhatu Nigam LimitedMIDHANIMIDHANI	₹8,121 Cr	₹8,405 Cr	₹1,278 Cr	₹240 Cr	19.7%	₹135 Cr	10.9%	9.1%	8.9%	1,022

65 deals · 27 Aug 2021 – 18 Feb 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
18 Feb 2025	MANSI SHARE AND STOCK ADVISORS PVT LTD	Bulk	NSE	Buy	5,65,390	₹977.31	₹55.26 Cr
18 Feb 2025	MANSI SHARE AND STOCK ADVISORS PVT LTD	Bulk	NSE	Sell	5,37,972	₹982.04	₹52.83 Cr
3 Dec 2024	MOTILAL OSWAL MUTUAL FUND	Bulk	BSE	Buy	11,11,111	₹1,800.00	₹200.00 Cr
3 Dec 2024	KISHORE DUTT ATLURI	Bulk	BSE	Sell	10,00,000	₹1,800.01	₹180.00 Cr
3 Dec 2024	ASHOK ATLURI	Bulk	BSE	Sell	10,00,000	₹1,801.16	₹180.12 Cr
14 Dec 2023	TATA AIA LIFE INSURANCE COMPANY LIMITED	Block	NSE	Buy	20,00,000	₹725.00	₹145.00 Cr
14 Dec 2023	TATA AIA LIFE INSURANCE COMPANY LIMITED	Bulk	NSE	Buy	20,00,000	₹725.00	₹145.00 Cr
14 Dec 2023	TARA DUTT ATLURI	Block	NSE	Sell	15,00,000	₹725.00	₹108.75 Cr
14 Dec 2023	TARA DUTT ATLURI	Bulk	NSE	Sell	15,00,000	₹725.00	₹108.75 Cr
14 Dec 2023	RAVI KUMAR MIDATHALA	Block	NSE	Sell	2,50,000	₹725.00	₹18.13 Cr

1–10 of 65

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

₹ Cr	Mar 2016	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	43	2	62	14	-44	116	13	-146	245
	-9	-4	-12	-18	-44	-4	-85	-823	-162
	-3	-32	-12	9	88	-22	-3	1,007	-78
Net cash flow	30	-34	38	5	0	91	-75	37	5
Free cash flow	—	—	57	12	-49	103	-16	-179	186
CFO / Operating profit %	—	—	99.5%	184.2%	-970.6%	160.2%	7.4%	-39.2%	98.9%

Zen Technologies Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

16

1

1

Compounded sales growth

Compounded profit growth

Return on equity

Zen Technologies Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Announcements

Quarterly record

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends16

Board meetings1

Stock splits1

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

16

1

1