Zen Technologies Ltd.

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zentechnologies.comBSE: 533339NSE: ZENTEC

Market Cap₹ 15,556 Cr.

Current Price

High / Low₹ 2,044 / 1,223

Stock P/E86.3

Book Value₹ 212

Price to Book6.12

Dividend Yield0.06 %

ROCE16.8 %

ROE12.2 %

Face Value₹ 1

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company has delivered good profit growth of 139.4% CAGR over last 5 years
Company is almost debt free
Company has a healthy return on capital (ROCE) of 34.8%
Company has a good return on equity (ROE) track record: 3 Years ROE 24.7%
Company has delivered good sales growth of 65.9% CAGR over last 5 years
Company has consistently been profitable over the last 5 years

CONS

Recent results are weak - TTM profit is down 41.0% versus prior year
Promoter holding has decreased over last 2 years: -6.6pp
A large part of profit comes from other income (28.8% of PBT)
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.45x)
Equity base is being diluted - shares outstanding up 13.6%
Recurring exceptional / one-off items are inflating headline profit

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsAerospace & Defense

Part ofNIFTY TOTAL MKT NIFTY 500 NIFTY SMLCAP 250

S.No.	Name
1.	HAL	4898.75	35.15	327616.15	0.92	1589.66	14.88	5515.17	14.45	31.99	27.89
2.	BEL	405.50	48.23	296411.53	0.62	1054.53	8.82	5546.98	24.94	36.68	25.22
3.	BDL	1190.50	83.80	43639.27	0.41	118.79	547.36	572.24	147.63	13.91	14.52
4.	DATAPATTNS	4832.90	3517.81	27056.49	0.21	220.60	765.10	1160.30	1068.13	23.18	27.04
5.	ASTRAMICRO	1677.95	84.27	15931.30	0.14	12.35	-24.12	176.66	-11.55	20.29	20.40
6.	APOLLO	421.95	129.24	15679.64	0.06	252.16	1325.84	2512.93	1781.17	14.52	21.38
7.	ZENTEC	1722.85	86.35	15556.12	0.06	31.85	-39.99	141.64	-10.48	16.83	27.13
8.	AEQUS	226.05	304.43	15160.40	0.00	-532.28	-6067.26	3955.45	1486.69	1.50	4.47
9.	PARAS	1433.00	122.27	11548.16	0.07	20.74	45.34	127.91	37.26	18.68	24.95
10.	UNIMECH	1609.30	113.74	8191.66	0.00	27.86	45.70	107.62	70.85	12.10	36.35
11.	AXISCADES	1831.10	214.34	7788.31	0.00	-14.76	-170.76	183.35	-24.77	14.56	4.73
12.	CENTUM	4210.75	125.27	6215.92	0.12	10.55	135.70	204.15	-22.53	26.02	11.54

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	132	66	100	141	255	242	152	325	158	174	178	178	142
	64	48	57	91	143	162	108	187	94	109	111	127	112
Operating Profit	69	19	42	50	111	80	44	138	65	65	67	51	30
OPM %	52.03%	28.51%	42.69%	35.66%	43.73%	33.08%	29.04%	42.46%	40.89%	37.30%	37.57%	28.63%	21.02%
	3	5	4	5	3	8	22	25	22	26	16	23	23
Interest	0	1	1	1	1	2	3	4	3	2	3	2	1
Depreciation	2	2	3	3	3	4	4	5	6	6	6	6	8
Profit before Tax	69	22	44	52	110	82	59	154	77	83	73	66	45
Tax %	30.06%	36.81%	31.50%	27.38%	27.90%	22.98%	28.25%	26.13%	30.17%	25.50%	23.47%	26.08%	29.63%
Net Profit	0	0	0	0	79	63	43	114	53	62	56	47	32
	5.81	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

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	53	62	92	149	55	70	219	440	974	688	671
	49	50	76	87	47	65	146	259	591	440	459
Operating Profit	4	11	17	63	7	5	73	181	383	247	212
OPM %	7.74%	18.42%	18.08%	41.94%	13.51%	6.55%	33.18%	41.10%	39.29%	35.96%	31.63%
	6	4	3	2	3	5	9	17	58	86	87
Interest	2	2	5	3	1	2	4	2	19	10	8
Depreciation	4	4	4	5	5	5	6	10	15	24	26
Profit before Tax	3	9	11	57	4	3	72	186	406	297	268
Tax %	20.57%	20.38%	-19.16%	-3.37%	36.40%	21.00%	30.34%	30.43%	26.29%	26.54%	25.79%
Net Profit	2	7	13	59	3	3	50	130	299	218	199
EPS	0.30	0.93	1.73	7.62	0.39	0.25	5.20	15.22	31.04	21.43	—
Dividend Payout %	33.29%	16.14%	17.38%	5.25%	25.56%	40.05%	3.72%	6.57%	6.44%	4.67%	—

COMPOUNDED SALES GROWTH

10 Years:: 24%
5 Years:: 66%
3 Years:: 46%

COMPOUNDED PROFIT GROWTH

10 Years:: 29%
5 Years:: 128%
3 Years:: 65%

STOCK PRICE CAGR

10 Years:: 36%
5 Years:: 53%
3 Years:: 30%
1 Year:: 18%

RETURN ON EQUITY

10 Years:: 15%
5 Years:: 18%
3 Years:: 25%
Last Year:: 12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	8	8	8	8	8	8	8	8	9	9
Minority Interest	0	0	0	7	6	7	14	18	35	60
	105	112	123	179	196	273	305	437	1,689	1,876
	41	11	35	3	2	14	6	5	60	20
Trade Payables	2	3	8	5	3	4	7	32	25	49
	12	12	37	-7	-13	43	119	250	226	138
Total Liabilities	167	146	210	194	203	349	460	751	2,045	2,153
	44	45	63	73	70	67	75	93	208	239
Capital Work in Progress	15	17	0	0	0	3	2	10	4	13
	0	0	8	2	2	2	2	0	4	6
	10	8	35	14	15	25	49	169	119	188
	0	0	0	0	0	0	0	185	410	224
Cash & Bank	68	34	12	25	40	83	167	158	401	355
	30	42	92	80	76	169	164	135	898	1,128
Total Assets	167	146	210	194	203	349	460	751	2,045	2,153

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	44	3	-48	74	9	-42	131	13	31	245
Cash from Investing	-9	-4	13	-12	-10	-44	-4	-85	-1,000	-161
Cash from Financing	-3	-32	5	-12	9	88	-22	-3	1,007	-78
	30	-34	-32	38	5	0	91	-75	37	5

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	55.07	51.26	49.05	49.05	49.05	48.51	48.51	48.51	48.51
	3.09	5.72	8.27	5.93	6.04	5.94	5.54	5.99	6.47
	3.37	8.05	8.97	9.47	8.75	7.93	7.86	10.06	10.42
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	38.47	34.97	33.69	35.53	36.16	37.61	38.08	35.43	34.61

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-01

Shareholders meeting

2026-09-01 - Zen Technologies Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 29, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-29

Shareholders meeting

2026-08-29 - Zen Technologies Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 29, 2026

2026-08-27

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-27 - Zen Technologies Limited has informed the Exchange about Schedule of meet

2026-08-25

ESOP/ESOS/ESPS

2026-08-25 - Zen Technologies Limited has informed the Exchange regarding Exercise of 1900 Options.

2026-08-14

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-14 - Zen Technologies Limited has informed the Exchange about Schedule of meet

2026-08-14

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-14 - Zen Technologies Limited has informed the Exchange about Schedule of meet

2026-08-14

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-14 - Zen Technologies Limited has informed the Exchange about Schedule of meet

2026-08-11

ESOP/ESOS/ESPS

2026-08-11 - Zen Technologies Limited has informed the Exchange regarding Exercise of 4040 Options.

2026-08-10

Bagging/Receiving of orders/contracts

2026-08-10 - Zen Technologies Limited has informed the Exchange about Bagging/Receiving of orders/contracts

News

Recent coverage and analyst commentary for ZENTEC

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