Z-Tech (India) Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Sustainable Theme Park Development: 77.7% • Geo Technical Solutions: 17.1% • Industrial Waste Water Management: 5.2%
AI Sector View
AI GENERATEDConstruction
Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 41.2%
- Company has a good return on equity (ROE) track record: 3 Years ROE 32.8%
- Operating margins have improved to 29.6% from 1.7%
- Company has consistently been profitable over the last 5 years
CONS
- Operating cash flow has been negative in recent years
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -3.03x)
- Equity base is being diluted - shares outstanding up 1202.7%
- Working capital days have increased from 88 to 485 days
- Total debt has risen sharply - up 37.5% year on year
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3965.00 | 32.88 | 545530.90 | 0.96 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 209.50 | 48.56 | 43681.17 | 0.34 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1417.50 | 21.30 | 24207.01 | 0.78 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.67 | 24.90 | 23757.43 | 1.32 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1296.30 | 37.02 | 22268.82 | 0.23 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 281.90 | 20.21 | 15843.97 | 1.77 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 975.45 | 26.32 | 11344.44 | 0.72 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| IRCON | 118.65 | 21.31 | 11159.22 | 1.60 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| AFCONS | 295.00 | 74.98 | 10849.65 | 0.68 | 303.00 | 120.52 | 26710.00 | 692.49 | 12.88 | 9.42 |
| KEC | 406.15 | 19.53 | 10811.71 | 1.35 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| WELENT | 765.35 | 34.66 | 10593.50 | 0.39 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| ZTECH | 498.00 | 37.48 | 756.45 | 0.00 | 9.08 | — | 34.99 | 58.04 | 28.32 | 36.75 |
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 | |
|---|---|---|---|---|---|---|---|---|
| 11 | 19 | 16 | 22 | 16 | 19 | 24 | 35 | |
| 10 | 14 | 13 | 19 | 13 | 15 | 16 | 22 | |
| Operating Profit | 1 | 5 | 2 | 3 | 3 | 4 | 8 | 13 |
| OPM % | 10.69% | 25.71% | 15.10% | 15.45% | 20.76% | 20.17% | 32.06% | 36.78% |
| 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 1 | 5 | 2 | 3 | 3 | 4 | 8 | 13 |
| Tax % | -3.00% | 26.40% | 41.11% | 17.48% | 26.25% | 23.27% | 24.51% | 33.23% |
| Net Profit | 0 | 0 | 0 | 0 | 2 | 3 | 6 | 9 |
| 1.16 | 33.46 | 1.16 | 2.98 | 2.26 | 2.34 | 4.49 | 7.09 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|
| 23 | 31 | 26 | 67 | 94 | 94 | |
| 23 | 30 | 23 | 56 | 66 | 67 | |
| Operating Profit | 1 | 0 | 3 | 12 | 28 | 28 |
| OPM % | 3.33% | 1.06% | 11.95% | 17.46% | 29.61% | 29.47% |
| 0 | 0 | 0 | 0 | 0 | 0 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 1 | 1 | 1 |
| Profit before Tax | 1 | 0 | 3 | 11 | 27 | 27 |
| Tax % | 27.03% | 54.00% | 27.01% | 23.53% | 28.60% | 28.58% |
| Net Profit | 1 | 0 | 2 | 8 | 20 | 20 |
| EPS | 5.87 | 0.77 | 17.88 | 9.00 | 14.08 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 46%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 521%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -13%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 22%
- 3 Years:
- 33%
- Last Year:
- 23%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 1 | 1 | 1 | 9 | 14 |
| Minority Interest | -0 | -1 | -1 | 0 | 0 |
| 7 | 7 | 9 | 12 | 133 | |
| 1 | 1 | 1 | 1 | 2 | |
| Trade Payables | 9 | 9 | 11 | 15 | 24 |
| 2 | 2 | 2 | 4 | 33 | |
| Total Liabilities | 19 | 19 | 23 | 42 | 207 |
| 1 | 1 | 1 | 4 | 10 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 29 |
| 1 | 0 | 1 | 1 | 2 | |
| 0 | 0 | 0 | 29 | 49 | |
| Cash & Bank | 0 | 1 | 0 | 1 | 4 |
| 17 | 16 | 20 | 7 | 113 | |
| Total Assets | 19 | 19 | 23 | 42 | 207 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| -1 | 2 | 1 | 0 | -91 | |
| Cash from Investing | -0 | -1 | -1 | -4 | -35 |
| Cash from Financing | -0 | -0 | -0 | 4 | 129 |
| -1 | 1 | -1 | 1 | 3 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| PER SHARE | |||||
| EPS (₹) | 5.87 | 0.77 | 17.88 | 9.00 | 14.08 |
| Book Value (₹) | 72.17 | 72.93 | 90.81 | 22.99 | 102.97 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 0.98 | 0.42 | 2.71 | 9.67 | 14.14 |
| PROFITABILITY | |||||
| Operating Margin % | 5.36% | 1.72% | 12.56% | 17.46% | 29.61% |
| Net Margin % | 2.96% | 0.24% | 7.60% | 12.57% | 20.77% |
| ROE % | 8.76% | 0.93% | 21.71% | 53.51% | 23.18% |
| ROCE % | 12.30% | 2.58% | 28.79% | 66.41% | 28.32% |
| 3.59% | 0.39% | 9.29% | 26.13% | 15.78% | |
| EFFICIENCY | |||||
| Debtor Days | 189 | 145 | 193 | 118 | 150 |
| Inventory Days | 17 | 9 | 11 | 6 | 6 |
| Payable Days | 170 | 141 | 200 | 237 | 1035 |
| 36 | 14 | 4 | -114 | -879 | |
| FINANCIAL HEALTH | |||||
| Debt to Equity (x) | 0.12x | 0.09x | 0.07x | 0.06x | 0.01x |
| Interest Coverage (x) | 7.86x | 3.43x | 23.30x | 105.18x | 118.56x |
| 1.60x | 1.55x | 1.56x | 1.84x | 4.67x | |
| GROWTH | |||||
| Revenue Growth % | 0.00% | 30.48% | -16.04% | 161.68% | 40.23% |
| Operating Profit Growth % | 0.00% | -58.18% | 514.51% | 265.32% | 140.08% |
| Net Profit Growth % | 0.00% | -89.33% | 2534.77% | 332.72% | 131.75% |
| 0.00% | 0.00% | 0.00% | -49.67% | 56.46% | |
| VALUATION | |||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 42.25x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 5.78x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.84x | 30.00x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
No announcements filed.
News
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