Z-Tech (India) Ltd.

•

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

Market Cap₹ 756 Cr.

Current Price

High / Low₹ 701 / 460

Stock P/E20.5

Book Value₹ 152

Price to Book5.78

Dividend Yield0.00 %

ROCE28.2 %

ROE23.0 %

Face Value₹ 10

Add ratio to table

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 38.0%
Company has a good return on equity (ROE) track record: 3 Years ROE 30.7%
Operating margins have improved to 29.6% from 1.7%
Latest quarter profit grew 33.2% YoY, showing strong momentum

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	3965.00	32.88	545530.90	0.96	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	209.50	48.56	43681.17	0.34	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1417.50	21.30	24207.01	0.78	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.67	24.90	23757.43	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1296.30	37.02	22268.82	0.23	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	281.90	20.21	15843.97	1.77	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	975.45	26.32	11344.44	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	IRCON	118.65	21.31	11159.22	1.60	92.03	-43.92	1955.83	9.49	10.15	9.81
9.	AFCONS	295.00	74.98	10849.65	0.68	303.00	120.52	26710.00	692.49	12.88	9.42
10.	KEC	406.15	19.53	10811.71	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
11.	WELENT	765.35	34.66	10593.50	0.39	56.36	-44.29	773.72	-8.44	16.44	19.49
12.	ZTECH	498.00	37.48	756.45	0.00	9.08	—	34.99	58.04	28.32	36.75

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
	11	19	16	22	16	19	24	35	20	34	42	59	29
	10	14	13	19	13	15	16	22	15	27	30	39	25
Operating Profit	1	5	2	3	3	4	8	13	5	7	12	19	4
OPM %	10.69%	25.71%	15.10%	15.45%	20.76%	20.17%	32.06%	36.78%	24.46%	20.32%	27.72%	32.89%	13.73%
	0	0	-0	0	0	0	0	0	0	1	0	4	2
Interest	0	0	0	0	0	0	0	0	0	0	0	1	1
Depreciation	0	0	0	0	0	0	0	0	0	0	0	1	1
Profit before Tax	1	5	2	3	3	4	8	13	5	8	11	21	6
Tax %	-3.00%	26.40%	41.11%	17.18%	26.25%	23.27%	24.51%	33.23%	36.13%	23.32%	33.27%	7.22%	33.06%
Net Profit	1	4	1	3	2	3	6	8	3	6	8	19	4
	1.16	33.46	1.16	2.97	2.26	2.34	4.50	6.63	2.12	4.23	2.73	13.23	2.79

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	23	31	26	67	94	164
	22	30	23	56	66	122
Operating Profit	1	0	3	12	28	42
OPM %	3.42%	1.09%	11.98%	17.46%	29.61%	25.54%
	0	0	0	0	0	8
Interest	0	0	0	0	0	3
Depreciation	0	0	0	1	1	3
Profit before Tax	1	0	3	11	27	46
Tax %	27.20%	46.86%	26.79%	23.52%	28.60%	19.85%
Net Profit	1	0	2	8	20	37
EPS	5.41	0.86	18.00	9.00	13.68	—
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:: 492%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -13%

RETURN ON EQUITY

10 Years:: —
5 Years:: 20%
3 Years:: 31%
Last Year:: 23%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1	1	1	9	14
	8	8	10	13	133
	1	1	1	1	2
Trade Payables	7	8	9	15	24
	2	1	2	4	33
Total Liabilities	20	19	24	43	207
	1	1	1	4	10
Capital Work in Progress	0	0	0	0	29
	1	1	1	1	0
	1	0	1	1	2
	0	0	0	29	49
Cash & Bank	0	1	0	1	4
	17	16	20	7	113
Total Assets	20	19	24	43	207

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-1	2	1	0	-91
Cash from Investing	-0	-1	-1	-3	-35
Cash from Financing	0	-0	-0	4	129
	-1	1	-1	1	3

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	5.41	0.86	18.00	9.00	13.68
Book Value (₹)	84.31	85.17	103.16	23.99	102.97
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	0.85	0.44	2.72	9.67	14.14
PROFITABILITY
Operating Margin %	4.88%	1.74%	12.58%	17.46%	29.61%
Net Margin %	2.63%	0.31%	7.70%	12.57%	20.77%
ROE %	6.42%	1.02%	19.11%	49.89%	23.05%
ROCE %	9.04%	2.32%	24.50%	61.39%	28.18%
	3.03%	0.48%	9.16%	25.52%	15.72%
EFFICIENCY
Debtor Days	196	145	193	118	150
Inventory Days	18	9	11	6	6
Payable Days	149	119	172	224	1035
	64	35	32	-100	-879
FINANCIAL HEALTH
Debt to Equity (x)	0.13x	0.13x	0.10x	0.06x	0.01x
Interest Coverage (x)	7.11x	3.69x	23.51x	105.18x	118.56x
	1.87x	1.83x	1.78x	1.84x	4.67x
GROWTH
Revenue Growth %	0.00%	35.18%	-16.04%	161.68%	40.23%
Operating Profit Growth %	0.00%	-51.66%	505.33%	264.89%	140.08%
Net Profit Growth %	0.00%	-84.08%	1990.39%	327.40%	131.72%
	0.00%	0.00%	0.00%	-50.02%	52.10%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	43.49x
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

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

Loading news…

🤖

AI Stock Analyst

Z-Tech (India) Ltd.

🔒

Sign in to Chat with AI

✨ Sign In to Chat

Free 5nance Account

Name

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

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

Operating Profit

OPM %

10.69%

25.71%

15.10%

15.45%

20.76%

20.17%

32.06%

36.78%

24.46%

20.32%

27.72%

32.89%

13.73%

-0

Interest

Depreciation

Profit before Tax

Tax %

-3.00%

26.40%

41.11%

17.18%

26.25%

23.27%

24.51%

33.23%

36.13%

23.32%

33.27%

7.22%

33.06%

Net Profit

1.16

33.46

1.16

2.97

2.26

2.34

4.50

6.63

2.12

4.23

2.73

13.23

2.79

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

164

122

Operating Profit

OPM %

3.42%

1.09%

11.98%

17.46%

29.61%

25.54%

Interest

Depreciation

Profit before Tax

Tax %

27.20%

46.86%

26.79%

23.52%

28.60%

19.85%

Net Profit

EPS

5.41

0.86

18.00

9.00

13.68

—

Dividend Payout %

0.00%

—

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

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

-3

-35

Cash from Financing

-0

129

-1

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

5.41

0.86

18.00

9.00

13.68

Book Value (₹)

84.31

85.17

103.16

23.99

102.97

Dividend per Share (₹)

0.00

Cash EPS (₹)

0.85

0.44

2.72

9.67

14.14

PROFITABILITY

Operating Margin %

4.88%

1.74%

12.58%

17.46%

29.61%

Net Margin %

2.63%

0.31%

7.70%

12.57%

20.77%

ROE %

6.42%

1.02%

19.11%

49.89%

23.05%

ROCE %

9.04%

2.32%

24.50%

61.39%

28.18%

3.03%

0.48%

9.16%

25.52%

15.72%

EFFICIENCY

Debtor Days

196

145

193

118

150

Inventory Days

Payable Days

149

119

172

224

1035

-100

-879

FINANCIAL HEALTH

Debt to Equity (x)

0.13x

0.10x

0.06x

0.01x

Interest Coverage (x)

7.11x

3.69x

23.51x

105.18x

118.56x

1.87x

1.83x

1.78x

1.84x

4.67x

GROWTH

Revenue Growth %

0.00%

35.18%

-16.04%

161.68%

40.23%

Operating Profit Growth %

0.00%

-51.66%

505.33%

264.89%

140.08%

Net Profit Growth %

0.00%

-84.08%

1990.39%

327.40%

131.72%

0.00%

-50.02%

52.10%

VALUATION

P/E (x)

0.00x

43.49x

P/B (x)

0.00x

5.78x

Dividend Yield %

0.00%

0.00x

0.84x

30.00x

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