Zen Technologies Ltd.

•

zentechnologies.comBSE: 533339NSE: ZENTEC

Market Cap₹ 15,913 Cr.

Current Price

High / Low₹ 2,044 / 1,223

Stock P/E115.4

Book Value₹ 205

Price to Book6.35

Dividend Yield0.06 %

ROCE11.2 %

ROE8.3 %

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 104.3% CAGR over last 5 years
Company is almost debt free
Company has a healthy return on capital (ROCE) of 30.7%
Company has a good return on equity (ROE) track record: 3 Years ROE 22.2%
Company has delivered good sales growth of 53.6% CAGR over last 5 years

CONS

Recent results are weak - TTM profit is down 49.5% versus prior year
A large part of profit comes from other income (39.4% of PBT)
Promoter holding has decreased over last 2 years: -6.6pp
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.52x)
Working capital days have increased from 550 to 951 days
Valuation is stretched - P/E of 115.4 is well above its own 5-year median (62.1)

* 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	5007.00	35.92	334855.64	0.90	1589.66	14.88	5515.17	14.45	31.99	27.89
2.	BEL	406.20	48.31	296923.22	0.62	1054.53	8.82	5546.98	24.94	36.68	25.22
3.	BDL	1217.10	85.67	44614.32	0.40	118.79	547.36	572.24	147.63	13.91	14.52
4.	DATAPATTNS	4881.25	3553.00	27327.17	0.20	220.60	765.10	1160.30	1068.13	23.18	27.04
5.	ASTRAMICRO	1704.95	85.63	16187.65	0.14	12.35	-24.12	176.66	-11.55	20.29	20.40
6.	ZENTEC	1762.35	88.33	15912.78	0.06	31.85	-39.99	141.64	-10.48	16.83	27.13
7.	APOLLO	422.20	129.32	15688.93	0.06	252.16	1325.84	2512.93	1781.17	14.52	21.38
8.	AEQUS	230.35	310.22	15448.78	0.00	-532.28	-6067.26	3955.45	1486.69	1.50	4.47
9.	PARAS	1471.25	125.53	11856.41	0.07	20.74	45.34	127.91	37.26	18.68	24.95
10.	UNIMECH	1585.90	112.08	8072.55	0.00	27.86	45.70	107.62	70.85	12.10	36.35
11.	AXISCADES	1878.15	219.84	7988.43	0.00	-14.76	-170.76	183.35	-24.77	14.56	4.73
12.	CENTUM	4249.80	126.43	6273.56	0.12	10.55	135.70	204.15	-22.53	26.02	11.54

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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	64	98	136	254	242	142	294	111	125	116	72	103
	66	42	54	91	151	162	105	199	73	83	64	68	80
Operating Profit	66	22	44	45	103	79	37	94	38	42	53	4	23
OPM %	49.96%	33.98%	45.10%	33.21%	40.64%	32.86%	25.95%	32.16%	34.26%	33.53%	45.28%	4.99%	22.33%
	3	5	4	5	3	8	22	24	20	23	14	20	18
Interest	0	0	0	1	1	2	3	4	1	0	1	1	1
Depreciation	1	2	2	2	2	2	3	3	3	3	4	4	5
Profit before Tax	67	24	46	47	103	83	53	112	53	61	62	19	41
Tax %	29.63%	28.76%	31.24%	29.75%	27.98%	21.83%	27.64%	24.31%	30.59%	24.38%	23.30%	23.18%	27.89%
Net Profit	47	17	32	33	74	65	39	85	37	46	48	15	29
	5.81	2.08	3.80	3.96	8.88	7.56	4.30	9.45	4.13	5.13	5.32	1.64	3.25

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	62	39	92	147	50	54	161	430	931	424	416
	50	41	70	84	42	52	110	253	617	288	295
Operating Profit	12	-2	23	63	8	2	51	177	314	136	121
OPM %	18.85%	-4.79%	24.45%	43.19%	15.64%	3.72%	31.76%	41.19%	33.71%	32.10%	29.10%
	4	4	3	2	3	5	9	16	58	77	75
Interest	3	2	5	3	1	1	2	2	9	3	3
Depreciation	4	3	4	4	4	4	4	7	10	14	15
Profit before Tax	9	-3	17	59	6	2	54	184	352	196	183
Tax %	19.80%	85.53%	-12.52%	-3.32%	27.90%	-8.57%	30.21%	29.92%	25.30%	25.61%	24.66%
Net Profit	7	-0	19	61	4	2	38	129	263	146	138
EPS	0.93	0.03	2.49	7.84	0.52	0.25	4.58	15.38	29.12	16.15	—
Dividend Payout %	15.57%	-198.35%	12.03%	5.10%	19.41%	39.29%	4.23%	6.50%	6.87%	6.19%	—

COMPOUNDED SALES GROWTH

10 Years:: 23%
5 Years:: 54%
3 Years:: 38%

COMPOUNDED PROFIT GROWTH

10 Years:: 51%
5 Years:: 104%
3 Years:: 57%

STOCK PRICE CAGR

10 Years:: 36%
5 Years:: 54%
3 Years:: 29%
1 Year:: 16%

RETURN ON EQUITY

10 Years:: 14%
5 Years:: 16%
3 Years:: 22%
Last Year:: 8%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	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
	112	111	129	187	205	281	308	442	1,678	1,809
	8	6	35	1	1	12	6	1	42	2
Trade Payables	3	3	8	5	2	3	4	26	12	22
	14	35	36	-7	-13	33	107	241	135	93
Total Liabilities	144	162	215	193	203	338	433	718	1,875	1,934
	45	65	63	64	62	59	67	79	105	128
Capital Work in Progress	17	0	0	0	0	3	2	10	4	13
	0	2	13	16	24	24	24	26	218	284
	8	12	35	10	9	14	41	133	51	84
	0	0	0	0	0	0	0	169	378	132
Cash & Bank	34	43	13	19	33	76	147	142	274	223
	40	41	91	84	75	161	151	159	845	1,071
Total Assets	144	162	215	193	203	338	433	718	1,875	1,934

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	6	20	-42	76	16	-43	108	21	31	229
Cash from Investing	30	-12	7	-11	-18	-43	-3	-82	-1,040	-164
Cash from Financing	-8	-5	5	-21	10	87	-18	-6	1,017	-70
	26	3	-32	32	5	0	78	-67	8	-5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	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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Zen Technologies Ltd.

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Free 5nance Account

Name

HAL

5007.00

35.92

334855.64

0.90

1589.66

14.88

5515.17

14.45

31.99

27.89

BEL

406.20

48.31

296923.22

0.62

1054.53

8.82

5546.98

24.94

36.68

25.22

BDL

1217.10

85.67

44614.32

0.40

118.79

547.36

572.24

147.63

13.91

14.52

DATAPATTNS

4881.25

3553.00

27327.17

0.20

220.60

765.10

1160.30

1068.13

23.18

27.04

ASTRAMICRO

1704.95

85.63

16187.65

0.14

12.35

-24.12

176.66

-11.55

20.29

20.40

ZENTEC

1762.35

88.33

15912.78

0.06

31.85

-39.99

141.64

-10.48

16.83

27.13

APOLLO

422.20

129.32

15688.93

0.06

252.16

1325.84

2512.93

1781.17

14.52

21.38

AEQUS

230.35

310.22

15448.78

0.00

-532.28

-6067.26

3955.45

1486.69

1.50

4.47

PARAS

1471.25

125.53

11856.41

0.07

20.74

45.34

127.91

37.26

18.68

24.95

UNIMECH

1585.90

112.08

8072.55

0.00

27.86

45.70

107.62

70.85

12.10

36.35

AXISCADES

1878.15

219.84

7988.43

0.00

-14.76

-170.76

183.35

-24.77

14.56

4.73

CENTUM

4249.80

126.43

6273.56

0.12

10.55

135.70

204.15

-22.53

26.02

11.54

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

136

254

242

142

294

111

125

116

103

151

162

105

199

Operating Profit

103

OPM %

49.96%

33.98%

45.10%

33.21%

40.64%

32.86%

25.95%

32.16%

34.26%

33.53%

45.28%

4.99%

22.33%

Interest

Depreciation

Profit before Tax

103

112

Tax %

29.63%

28.76%

31.24%

29.75%

27.98%

21.83%

27.64%

24.31%

30.59%

24.38%

23.30%

23.18%

27.89%

Net Profit

5.81

2.08

3.80

3.96

8.88

7.56

4.30

9.45

4.13

5.13

5.32

1.64

3.25

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

147

161

430

931

424

416

110

253

617

288

295

Operating Profit

-2

177

314

136

121

OPM %

18.85%

-4.79%

24.45%

43.19%

15.64%

3.72%

31.76%

41.19%

33.71%

32.10%

29.10%

Interest

Depreciation

Profit before Tax

-3

184

352

196

183

Tax %

19.80%

85.53%

-12.52%

-3.32%

27.90%

-8.57%

30.21%

29.92%

25.30%

25.61%

24.66%

Net Profit

-0

129

263

146

138

EPS

0.93

0.03

2.49

7.84

0.52

0.25

4.58

15.38

29.12

16.15

—

Dividend Payout %

15.57%

-198.35%

12.03%

5.10%

19.41%

39.29%

4.23%

6.50%

6.87%

6.19%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

112

111

129

187

205

281

308

442

1,678

1,809

Trade Payables

-7

-13

107

241

135

Total Liabilities

144

162

215

193

203

338

433

718

1,875

1,934

105

128

Capital Work in Progress

218

284

133

169

378

132

Cash & Bank

147

142

274

223

161

151

159

845

1,071

Total Assets

144

162

215

193

203

338

433

718

1,875

1,934

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-42

-43

108

229

Cash from Investing

-12

-11

-18

-43

-3

-82

-1,040

-164

Cash from Financing

-8

-5

-21

-18

-6

1,017

-70

-32

-67

-5

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

55.07

51.26

49.05

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

38.47

34.97

33.69

35.53

36.16

37.61

38.08

35.43

34.61

Zen Technologies Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Zen Technologies Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI