ZENTEC

Zen Technologies Limited

Defence training simulators and anti-drone solutions provider

Industrials›Capital Goods›Aerospace & Defense›Aerospace & Defense

zentechnologies.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1655.60
Market cap
14,897 Cr
Stock P/E
82.7
P/B
7.91
Dividend yield
0.1%
ROE (FY26)
9.9%
ROCE (FY26)
15.7%
Operating margin (FY26)
32.4%
Debt / equity (FY26)
0.0018
OCF / EBITDA (FY26)
98.9%
OCF / EBITDA (3Y)
13.9%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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What you need to know

Zen Technologies builds defence training simulators and anti-drone systems for armed forces and security forces, with research and production based in Hyderabad.

Company snapshot

10thBy market cap

Ranked among 25 companies in Aerospace & Defense.

What we see

Positives
  • ✓Net margin of 31.7% — the business keeps a healthy share of every rupee it earns.
Concerns
  • ✗Only 14% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales67 Cr100 Cr141 Cr255 Cr242 Cr152 Cr325 Cr158 Cr174 Cr178 Cr178 Cr142 Cr
Operating expenses (approx.)48 Cr57 Cr91 Cr143 Cr162 Cr108 Cr187 Cr94 Cr109 Cr111 Cr127 Cr103 Cr
EBITDA19 Cr42 Cr50 Cr111 Cr80 Cr44 Cr138 Cr65 Cr65 Cr67 Cr51 Cr39 Cr
OPM %28.5%42.7%35.7%43.7%33.1%29.0%42.5%40.9%37.3%37.6%28.6%27.3%
Other income5 Cr4 Cr3 Cr3 Cr8 Cr22 Cr25 Cr22 Cr25 Cr16 Cr23 Cr19 Cr
Interest0.53 Cr0.53 Cr0.80 Cr1 Cr2 Cr3 Cr4 Cr3 Cr2 Cr3 Cr2 Cr1 Cr
Depreciation2 Cr3 Cr3 Cr3 Cr4 Cr4 Cr5 Cr6 Cr6 Cr6 Cr6 Cr8 Cr
Profit before tax22 Cr44 Cr52 Cr110 Cr82 Cr59 Cr154 Cr76 Cr83 Cr73 Cr64 Cr45 Cr
Tax %36.8%31.5%27.4%27.9%23.0%28.3%26.1%30.4%25.5%23.6%26.7%29.6%
Net profit14 Cr30 Cr38 Cr79 Cr63 Cr43 Cr114 Cr53 Cr62 Cr56 Cr47 Cr32 Cr
EPS (₹)₹1.83₹3.67₹4.19₹9.19₹7.26₹4.42₹11.24₹5.31₹6.61₹6.09₹3.51₹3.83

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales92 Cr149 Cr55 Cr70 Cr219 Cr440 Cr974 Cr688 CrSign in free for the trailing twelve months
Operating expenses (approx.)76 Cr87 Cr47 Cr65 Cr146 Cr259 Cr600 Cr440 CrSign in free for the trailing twelve months
EBITDA17 Cr63 Cr7 Cr5 Cr73 Cr181 Cr374 Cr247 CrSign in free for the trailing twelve months
OPM %18.1%42.0%13.5%6.5%33.2%41.1%38.4%36.0%Sign in free for the trailing twelve months
Other income3 Cr2 Cr3 Cr5 Cr7 Cr15 Cr58 Cr85 CrSign in free for the trailing twelve months
Interest5 Cr3 Cr1 Cr2 Cr4 Cr2 Cr10 Cr10 CrSign in free for the trailing twelve months
Depreciation4 Cr5 Cr5 Cr5 Cr6 Cr10 Cr15 Cr24 CrSign in free for the trailing twelve months
Profit before tax11 Cr57 Cr4 Cr3 Cr72 Cr186 Cr406 Cr297 CrSign in free for the trailing twelve months
Tax %-19.2%-3.4%36.4%21.0%30.3%30.4%26.3%26.5%Sign in free for the trailing twelve months
Net profit13 Cr59 Cr3 Cr3 Cr50 Cr130 Cr299 Cr218 CrSign in free for the trailing twelve months
EPS (₹)₹1.73₹7.62₹0.39₹0.25₹5.39₹15.45₹32.07₹21.52Sign in free for the trailing twelve months
Dividend payout %——114.7%30.5%1.6%1.3%3.0%8.3%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital8 Cr8 Cr8 Cr8 Cr8 Cr8 Cr9 Cr9 Cr
Reserves127 Cr183 Cr196 Cr275 Cr308 Cr440 Cr1,692 Cr1,880 Cr
Borrowings35 Cr2 Cr2 Cr14 Cr6 Cr6 Cr54 Cr3 Cr
Other liabilities48 Cr14 Cr11 Cr66 Cr137 Cr278 Cr259 Cr208 Cr
Total liabilities218 Cr214 Cr223 Cr369 Cr474 Cr751 Cr2,049 Cr2,160 Cr
Fixed assets (net)63 Cr65 Cr63 Cr59 Cr68 Cr87 Cr106 Cr137 Cr
CWIP0.40 Cr0 Cr0 Cr3 Cr2 Cr10 Cr4 Cr13 Cr
Investments8 Cr2 Cr2 Cr3 Cr4 Cr0 Cr4 Cr6 Cr
Loans & advances0 Cr0 Cr0 Cr0 Cr0 Cr0.80 Cr2 Cr0.07 Cr
Inventories35 Cr14 Cr15 Cr25 Cr49 Cr169 Cr119 Cr188 Cr
Trade receivables73 Cr47 Cr19 Cr32 Cr85 Cr185 Cr410 Cr224 Cr
Cash & bank4 Cr17 Cr22 Cr21 Cr110 Cr37 Cr74 Cr79 Cr
Other assets35 Cr69 Cr104 Cr226 Cr155 Cr263 Cr1,329 Cr1,513 Cr
Total assets218 Cr214 Cr223 Cr369 Cr474 Cr751 Cr2,049 Cr2,160 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-49 Cr62 Cr14 Cr-44 Cr116 Cr13 Cr-146 Cr245 Cr
Cash from investing13 Cr-12 Cr-18 Cr-44 Cr-4 Cr-85 Cr-823 Cr-161 Cr
Cash from financing5 Cr-12 Cr9 Cr88 Cr-22 Cr-3 Cr1,007 Cr-78 Cr
Net cash flow-32 Cr38 Cr5 Cr0.12 Cr91 Cr-75 Cr37 Cr5 Cr
Free cash flow (OCF − Capex)-54 Cr60 Cr12 Cr-49 Cr103 Cr-16 Cr-179 Cr186 Cr

Ratios

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %9.4%30.0%2.6%1.6%22.5%39.9%23.3%15.7%
ROE %9.9%29.7%1.3%0.7%12.9%27.4%16.0%9.9%
Debtor days290114124165142153153119
Inventory days345194523369227359126370
Days payable80631145831682797
Cash conversion cycle555245533477338444252391
OCF / EBITDA %-294.7%99.5%184.0%-968.8%160.3%7.4%-39.2%98.9%
OCF / EBITDA % (3 years)——31.0%42.5%101.3%33.2%-2.6%13.9%
Debt / equity0.260.010.00880.050.020.010.030.0018
Current ratio1.838.7613.353.842.692.296.578.86
Net debt / EBITDA1.87-0.23-2.67-1.65-1.43-0.17-0.05-0.31