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Swing Capital

Zen Technologies Ltd

NSE: ZENTEC BSE: 533339

Zen Technologies Limited was incorporated in 1996. The company designs develop and manufacture combat training solutions and Counter-drone solutions for defense and security forces. It is actively involved in the indigenization of technologies, which are beneficial to Indian armed forces, state police forces, and paramilitary forces. Zen Technologies is headquartered in Hyderabad, India with offices in India, UAE, and the USA. [1] [2] [3]

₹1,554
52W: ₹1223 — ₹2268
PE 96.3 · Book ₹202 · +669% vs book
Market Cap₹14,041 Cr
Stock P/E96.3Price to Earnings
ROCE11.2%Return on Capital
ROE8.31%Return on Equity
Div. Yield0.13%Face Value ₹1

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 104% CAGR over last 5 years
  • +Company's median sales growth is 38.6% of last 10 years

Weaknesses

  • −Stock is trading at 7.40 times its book value
  • −Earnings include an other income of Rs.77.2 Cr.
  • −Promoter holding has decreased over last 3 years: -11.6%
  • −Working capital days have increased from 351 days to 759 days

Shareholding Pattern

Promoters48.51%
FIIs5.99%
DIIs10.06%
Public35.04%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters55.07%51.26%▼3.849.05%▼2.249.05%49.05%48.51%▼0.548.51%48.51%
FIIs3.09%5.72%▲2.68.29%▲2.65.95%▼2.36.04%▲0.15.94%▼0.15.54%▼0.45.99%▲0.5
DIIs3.37%8.05%▲4.78.97%▲0.99.47%▲0.58.75%▼0.77.93%▼0.87.86%▼0.110.06%▲2.2
Public37.94%34.49%▼3.433.24%▼1.335.1%▲1.935.72%▲0.637.2%▲1.537.67%▲0.535.04%▼2.6

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales9813625424214229411112511672
Expenses549115116210519973836468
Operating Profit44451037937943842534
OPM %45%33%41%33%26%32%34%34%45%5%
Net Profit32337465398537464815
EPS ₹3.773.938.837.234.289.414.115.115.31.63

AI Insights

Revenue Trend

Mar 2026 revenue at ₹424Cr, down 54.5% YoY. OPM at 32%.

Debt Position

Borrowings at ₹2Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹13Cr (10% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 10.06% (+9.85pp change). FIIs: 5.99% (+2.52pp change). Promoters hold 48.51%.

Margin & Efficiency

ROCE declining from 16% (Mar 2015) to 11% (Mar 2026). Working capital days: 759.

Valuation

PE 96.3x with 11.2% ROCE. Price is 669% above book value of ₹202. Dividend yield: 0.13%.

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