Z-Tech (India) Ltd.

•

ztech-india.com/BSE: -NSE: ZTECH

Market Cap₹ 678 Cr.

Current Price

High / Low₹ 701 / 432

Stock P/E33.6

Book Value₹ 95

Price to Book5.78

Dividend Yield0.00 %

ROCE28.3 %

ROE23.2 %

Face Value₹ 10

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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 GENERATED

Construction

Buy

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.

Confidence

80%

View full sector analysis →

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

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	LT	3915.00	32.47	538651.57	0.97	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	205.00	47.52	42742.91	0.35	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1435.05	21.56	24506.71	0.77	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.64	24.86	23721.19	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1244.10	35.53	21372.09	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	269.20	19.30	15130.18	1.86	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	972.50	26.24	11310.13	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	782.75	35.45	10834.34	0.38	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	KEC	406.45	19.54	10819.70	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	IRCON	113.20	20.33	10646.64	1.68	92.03	-43.92	1955.83	9.49	10.15	9.81
11.	AFCONS	253.95	64.55	9339.89	0.79	303.00	120.52	26710.00	692.49	12.88	9.42
12.	ZTECH	434.95	33.59	677.87	0.00	9.08	—	34.99	58.04	28.32	36.75

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
	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:: -27%

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

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	60.75	60.75	54.25	54.25	53.18	53.54	53.54	53.54
	1.73	1.20	0.96	0.88	1.03	3.77	4.47	4.47
	0.06	0.87	1.47	1.67	1.89	0.37	0.37	0.37
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	37.46	37.18	43.32	43.21	43.90	42.32	41.62	41.63

Documents

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

No announcements filed.

News

Recent coverage and analyst commentary for ZTECH

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Z-Tech (India) Ltd.

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Free 5nance Account

Name

3915.00

32.47

538651.57

0.97

4988.03

15.51

67941.74

6.69

15.98

12.00

RVNL

205.00

47.52

42742.91

0.35

159.52

18.73

4321.23

10.55

10.81

4.41

KPIL

1435.05

21.56

24506.71

0.77

311.53

45.85

6407.97

3.84

18.95

8.77

IRB

19.64

24.86

23721.19

1.32

3062.70

1412.58

21372.72

918.25

7.72

53.93

CEMPRO

1244.10

35.53

21372.09

0.24

140.83

2.64

2720.92

7.02

33.53

10.09

ENGINERSIN

269.20

19.30

15130.18

1.86

157.94

141.49

819.84

-5.80

30.94

20.61

TECHNOE

972.50

26.24

11310.13

0.72

93.33

-31.44

630.34

19.84

14.86

15.79

WELENT

782.75

35.45

10834.34

0.38

56.36

-44.29

773.72

-8.44

16.44

19.49

KEC

406.45

19.54

10819.70

1.35

72.62

-41.72

5023.54

0.01

16.35

5.79

IRCON

113.20

20.33

10646.64

1.68

92.03

-43.92

1955.83

9.49

10.15

9.81

AFCONS

253.95

64.55

9339.89

0.79

303.00

120.52

26710.00

692.49

12.88

9.42

ZTECH

434.95

33.59

677.87

0.00

9.08

—

34.99

58.04

28.32

36.75

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Operating Profit

OPM %

10.69%

25.71%

15.10%

15.45%

20.76%

20.17%

32.06%

36.78%

-0

Interest

Depreciation

Profit before Tax

Tax %

-3.00%

26.40%

41.11%

17.48%

26.25%

23.27%

24.51%

33.23%

Net Profit

1.16

33.46

1.16

2.98

2.26

2.34

4.49

7.09

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

Operating Profit

OPM %

3.33%

1.06%

11.95%

17.46%

29.61%

29.47%

Interest

Depreciation

Profit before Tax

Tax %

27.03%

54.00%

27.01%

23.53%

28.60%

28.58%

Net Profit

EPS

5.87

0.77

17.88

9.00

14.08

—

Dividend Payout %

0.00%

—

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

Minority Interest

-0

-1

133

Trade Payables

Total Liabilities

207

Capital Work in Progress

Cash & Bank

113

Total Assets

207

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-1

-91

Cash from Investing

-0

-1

-4

-35

Cash from Financing

-0

129

-1

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

60.75

54.25

53.18

53.54

1.73

1.20

0.96

0.88

1.03

3.77

4.47

0.06

0.87

1.47

1.67

1.89

0.37

Government

0.00

37.46

37.18

43.32

43.21

43.90

42.32

41.62

41.63

Z-Tech (India) 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

Z-Tech (India) 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